# EDGAR Filing Document

**Accession Number:** 0002025416
**File Stem:** 0001193125-25-195057
**Filing Date:** 2025-9
**Character Count:** 2681638
**Document Hash:** 3be1245db1918b60c599b49fe0f4b475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195057.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-195057

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OBOOK HOLDINGS INC.
- **CENTRAL INDEX KEY:** 0002025416
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290018
- **FILM NUMBER:** 251290905

**BUSINESS ADDRESS:**
- **STREET 1:** 3F., NO. 215, SEC. 3, BEIXIN RD.,
- **STREET 2:** XINDIAN DIST.
- **CITY:** NEW TAIPEI CITY
- **STATE:** F5
- **ZIP:** 231
- **BUSINESS PHONE:** 886-2-7727-6533

**MAIL ADDRESS:**
- **STREET 1:** 3F., NO. 215, SEC. 3, BEIXIN RD.,
- **STREET 2:** XINDIAN DIST.
- **CITY:** NEW TAIPEI CITY
- **STATE:** F5
- **ZIP:** 231

##### [**Table of Contents**](#toc)
**As filed with the U.S. Securities and Exchange Commission on September 3, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM F-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## OBOOK Holdings Inc.
**(Exact Name of Registrant as Specified in Its Charter)** 

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **7372** | **N/A** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(IRS Employer<br>Identification Number)** |

---

**9F., No. 28, Wencheng Rd., Beitou Dist.,** 

**Taipei City 112, Taiwan,** 

**Republic of China** 

**+886-2-6610-0180** 

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

**Cogency Global Inc.** 

**122 East 42nd Street, 18th Floor** 

**New York, NY 10168** 

**800-221-0102** 

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

***Copies of all communications, including communications***

***sent to agent for service, should be sent to:***

---

| | |
|:---|:---|
| **Ching-Yang Lin, Esq.**<br> **Sullivan & Cromwell LLP**<br> **20th Floor, Alexandra House**<br> **18 Chater Road, Central**<br> **Hong Kong**<br> **+852-2826-8688** | **Darren Wang**<br> **OBOOK Holdings Inc.**<br> **9F., No. 28, Wencheng Rd., Beitou Dist.,**<br> **Taipei City 112, Taiwan,**<br> **Republic of China**<br> **+886-2-6610-0180** |

---

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

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, please 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, please 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 term "new or revised financial accounting standard" refers to any update issued by the Financial
Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**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, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**PRELIMINARY PROSPECTUS (Subject to Completion),** 

**Dated September 3, 2025**![LOGO](g800443g03a01.jpg)

**OBOOK Holdings Inc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A Common Shares** 

This prospectus relates to registration of the resale of up to Class A Common Shares of OBOOK Holdings Inc., by our shareholders identified in this prospectus, referred to as the registered shareholders. Unlike an initial public offering, the resale by the registered shareholders is not being underwritten by any investment bank. The registered shareholders may, or may not, elect to sell their Class A Common Shares covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on the Nasdaq Global Market of the Nasdaq Stock Market LLC, or Nasdaq, at prevailing market prices. See the section titled "Plan of Distribution." If the registered shareholders choose to sell their Class A Common Shares, we will not receive any proceeds from the sale of Class A Common Shares by the registered shareholders.

No public market for our shares currently exists. Our Class A Common Shares have an extremely limited history of trading in private transactions. From January 2023 to June 2024, we sold an aggregate of 2,757,168 shares of Class A Common Shares to investors in a private placement, at a price of US$6.53 per share. From November 2024 to February 2025, we sold an aggregate of 400,000 shares of Class A Common Shares to investors in a private placement, at a price of US$7.40 per share. From April 2025 to August 2025, we sold an aggregate of 1,560,970 shares of Class A Common Shares to investors in a private placement, at a price of US$10.00 per share. All such share sales were in private placements outside of the United States to non-U.S. persons in reliance on Regulation S under the Securities Act or pursuant to other applicable safe harbors or exemptions under the Securities Act. For more information, see the section titled "Sale Price History of Our Class A Common Shares." Our recent trading prices in private transactions may have little or no relation to the opening public price of our Class A Common Shares on Nasdaq or the subsequent trading price of our Class A Common Shares on Nasdaq. Further, the listing of our Class A Common Shares on Nasdaq without an underwritten initial public offering is a novel method for commencing public trading in our Class A Common Shares, and consequently, the trading volume and price of our Class A Common Shares may be more volatile than if our Class A Common Shares were initially listed in connection with an underwritten initial public offering.

On the day that our Class A Common Shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which D. Boral Capital LLC, or the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our Class A Common Shares are ready to trade, Nasdaq will confirm the Current Reference Price for our Class A Common Shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of our Class A Common Shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules. Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e*., minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e*., the specified price entered in an order by a customer to buy or sell) at which our Class A Common Shares will remain unmatched (*i.e*., will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder. The registered shareholders will not be involved in Nasdaq's price-setting mechanism, including any decision to delay or proceed with trading, nor will they control or influence the Advisor in carrying out its role as a financial adviser. The Advisor will determine when our Class A Common Shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. For more information, see the section titled "Plan of Distribution."

We have applied to list the Class A Common Shares on the Nasdaq, under the symbol "OWLS." We expect our Class A Common Shares to begin trading on or about .

We are an "emerging growth company" under applicable U.S. federal securities laws and are eligible for reduced public company reporting requirements.

We will be a "controlled company," within the meaning of the applicable rules of Nasdaq, since Darren Wang, our founder and CEO, will have 67.2% of the total voting power of the Company as of consummation of the listing. See "Principal and Registered Shareholders" for details.

*See "[Risk Factors](#rom800443_4)" on page 21 to read about risks you should consider before investing in the Class A Common Shares.* 

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

We have two classes of authorized common shares, Class A Common Shares and Class B Common Shares. Holders of Class A Common Shares and Class B Common Shares have the same rights except for voting and conversion rights. Each Class A Common Share is entitled to one vote, and each Class B Common Share is entitled to ten votes. Each Class B Common Share is convertible to one Class A Common Share at any time at the option of the holder thereof. Class A Common Shares are not convertible into Class B Common Shares under any circumstances. See "Principal and Registered Shareholders" and "Description of Share Capital" for details.

**Prospectus dated , 2025** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [About this prospectus](#rom800443_1a) | 1 |
|  [Prospectus Summary](#rom800443_1) | 2 |
|  [Summary of Consolidated Financial Data and Operating Data](#rom800443_3) | 17 |
|  [Risk Factors](#rom800443_4) | 21 |
|  [Cautionary Statement Regarding Forward-Looking Statements](#rom800443_5) | 80 |
|  [Use of Proceeds](#rom800443_6) | 82 |
|  [Dividend Policy](#rom800443_7) | 83 |
|  [Capitalization](#rom800443_8) | 84 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#rom800443_10) | 85 |
|  [Business](#rom800443_11) | 108 |
|  [Management](#rom800443_12) | 134 |
|  [Principal and Registered Shareholders](#rom800443_13) | 142 |
|  [Related Party Transactions](#rom800443_14) | 145 |
|  [Description of Share Capital](#rom800443_15) | 146 |
|  [Shares Eligible for Future Sale](#rom800443_17) | 157 |
|  [Sale Price History of our Share Capital](#rom800443_17a) | 160 |
|  [Taxation](#rom800443_18) | 161 |
|  [Expenses](#rom800443_19) | 168 |
|  [Plan of Distribution](#rom800443_19a) | 169 |
|  [Legal Matters](#rom800443_21) | 172 |
|  [Experts](#rom800443_22) | 173 |
|  [Enforcement of Civil Liabilities](#rom800443_23) | 174 |
|  [Where You Can Find More Information](#rom800443_24) | 175 |
|  [Index to Financial Statements](#rom800443_25) | F-1 |
|  [PART II Information Not Required in Prospectus](#rom800443_26) | II-1 |
|  [Exhibit Index](#rom800443_27) | II-5 |

---

-i-

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##### [**Table of Contents**](#toc)
For investors outside of the United States of America (the "United States"): Neither we nor any of the registered shareholders have done anything that would permit the use of or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of our Class A Common Shares by the registered shareholders and the distribution of this prospectus outside of the United States.

Neither we nor any of the registered shareholders have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared, and neither we nor any of the registered shareholders take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. We and the registered shareholders are not making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than its date, regardless of the time of delivery of this prospectus or of any sale of the Class A Common Shares.

-ii-

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROSPECTUS** 

This prospectus is a part of a registration statement on Form F-1 that we filed with the SEC using a "shelf" registration or continuous offering process. Under this process, the registered shareholders may, from time to time, sell the Class A Common Shares covered by this prospectus in the manner described in the section titled "Plan of Distribution." Additionally, we may provide a prospectus supplement to add information to, or update or change information contained in, this prospectus, including the section titled "Plan of Distribution". You may obtain this information without charge by following the instructions under the "Where You Can Find Additional Information" section appearing elsewhere in this prospectus. You should read this prospectus and any prospectus supplement before deciding to invest in our Class A Common Shares.

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##### [**Table of Contents**](#toc)
**PROSPECTUS SUMMARY** 

*This summary highlights information contained in more detail 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," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our historical consolidated audited financial statements, including the notes thereto, included elsewhere in this prospectus, before deciding to invest in our Class A Common Shares.* 

**Our Mission** 

Our mission is to use blockchain technology to provide businesses with more reliable and transparent data management, to reinvent global flow of funds for businesses and consumers and to lead the digital transformation of business operations.

**Overview of OwlTing Group and the OwlPay Platform** 

We believe in the power of blockchain technology and have focused on leveraging it to optimize and in some cases transform the way enterprises operate. Established in 2010 in Taiwan, we operate as the OwlTing Group and have delivered solutions to various industries and are expanding actively into multiple markets including the United States, Japan, Singapore, Hong Kong, Malaysia and Thailand, as well as jurisdictions in South America and the EU. Through our e-commerce, hospitality and payments offerings, we are committed to serving businesses and individuals whose commercial activities involve cross-border transactions.

From our earliest days with our product *OwlTing Market*<sup>™</sup>, our e-commerce platform that was designed to connect local Taiwanese farmers and merchants with their customers, we have worked closely with the merchants on our platform and come to understand their business pain points. Our *OwlTing Blockchain Services*<sup>™</sup> emerged from such business understanding, and we have aimed to build a blockchain traceability solution that empowers organic farmers with better transparency of their business and operations, which can be extended to other use cases.

By building our expertise in blockchain ledger transaction models, we concluded that the prevention of double spending with the use of timestamps and proof of work could also be utilized in the hospitality industry, which faces the need to address double-booking problems. We thus expanded into the hospitality sector in 2018 by offering innovative solutions to hotels and other hospitality industry customers through our platforms, including the *OwlNest*<sup>™</sup> hotel property management system, or PMS, that leverages blockchain technology to prevent double bookings. We also launched the *OwlJourney*<sup>™</sup>, an online travel agency, or OTA, platform that benefits from accurate real-time inventory data from integration with *OwlNest*'s inventory system, to empower travel service providers with optimized efficiencies. In addition, our OwlTing Experiences<sup>™</sup>, also an OTA, focuses on offering curated local activity and tour options for lodging guests, enriching their travel experiences beyond accommodations.

As we further developed our presence in the hospitality industry, we also gained a first-hand understanding of the challenges of cross-border payments faced by our hospitality clients. We saw the issues faced by our hospitality clients and their two most prominent pain points in the payment process: high processing costs from cross-border transactions and delayed settlement from the payers, including large OTAs.

In response, we launched *OwlPay*<sup>™</sup> in 2023 intending to enable businesses in the hospitality sector and beyond to use stablecoins and/or fiat currency in payouts to global suppliers. *OwlPay* is an application programming interface, or API, based payment suite with secure, real-time and cost-effective one-stop payment solutions covering a range of services from payment gateway to business payout. Using blockchain technology and developer-friendly APIs for integration, *OwlPay* aims to payments for both businesses and consumers.

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*OwlPay* is a full-stack payment service suite that supports multiple payout settlement routes, not only in fiat currency but also in stablecoin USD Coin ("USDC") backed by U.S. dollar-denominated assets, through various product offerings. We currently offer various solutions for both platform solutions that provide user interfaces to our end users and infrastructure solutions that support third-party providers, through *OwlPay Payment*, *OwlPay Wallet Pro* and *OwlPay Harbor* within the *OwlPay* suite. *OwlPay Payment* provides user interfaces that offer services ranging from payment gateway to various payout solutions in stablecoin and fiat currencies. *OwlPay Wallet Pro* is a platform product that provides a hosted wallet for business customers and an unhosted wallet for individual users, supporting stablecoin on/off-ramp services and enabling both business and individual customers to receive and send money both domestically and internationally within minutes, with stablecoins over the public blockchain ledgers Ethereum, Avalanche, Polygon, Optimism, Arbitrum and Stellar. We also provide an infrastructure solution: *OwlPay Harbor*—our proprietary API packages—provides the functionalities of payment gateway collection of customers fund via stablecoins, on/off-ramp between fiat currencies and stablecoins, cross-chain transactions between USDC across different blockchains, and payout capabilities, empowering third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions to offer stablecoin-based payment gateways, on/off-ramp services, cross-chain transactions, and payouts to their end users by leveraging our infrastructure. We currently provide these API packages across multiple blockchains, including EVM-compatible networks, the Solana network, and the Stellar network, where we serve as a "Stellar Anchor". We also plan to provide Wallet-as-a-Service (WaaS), allowing enterprises to customize and deploy wallets for their end users.

For our end customers holding a wallet with our *OwlPay Wallet Pro*, we provide the on/off-ramp services to facilitate conversion between USDCs and U.S. dollars, both directly interfacing our products and through our third-party collaborators and service providers, MoneyGram and MoonPay. For business customers that wish to leverage USDC, we offer on/off-ramping services via wire transfers and automated clearing houses ("ACH"). For individual customers, we offer on/off-ramping services via wire transfers and ACH, as well as via cash and credit card leveraging our collaborations with MoneyGram and MoonPay, respectively. We plan to further expand our on/off-ramping capabilities via debit cards using VISA Direct. Such conversion services are also available to customers of third-party wallet providers or financial institutions using *OwlPay Harbor*, our proprietary API package that enables third-party users to access our conversion capabilities, between fiat currencies and stablecoins, as well as between USDC across different blockchains (which also integrates stablecoin-based payment gateway solutions and payout capabilities). All transactions are within standard security and compliance infrastructure on par with a traditional financial institution. To make transactions more convenient for our *OwlPay Wallet Pro* customers on supported blockchains, we handle the payment of the gas fees (which are transaction fees paid for executing transactions on a blockchain network, typically paid in the digital asset native to such blockchain network) incurred on these blockchains on behalf of our *OwlPay Wallet Pro* customers for certain types of customers and transactions, so that these customers do not need to hold the native digital assets of the transaction chain. We currently support *OwlPay Wallet Pro*'s customers to send, receive and hold USDC, EURC, ZUSD, and GYEN and the conversion between USD and USDC. Additionally, for individual customers, we also support sending, receiving and holding native digital assets. *OwlPay*'s customers are currently able to access various fiat currency and USDC payment options and perform these payment transactions within *OwlPay* suite. We plan to expand *OwlPay Wallet Pro* services to support more blockchains, including Base, and plan to diversify our stablecoin offering to enable a broader set of conversion corridors between fiat currencies and stablecoins, as well as to facilitate foreign exchange transactions using stablecoins in the future. We have also rolled out our *OwlPay Harbor* services to other participants in the digital asset economy and payment industry, including serving as a "Stellar Anchor" for on/off-ramping USDC on Stellar to third parties on the Stellar Network and supporting EVM-compatible blockchains and Solana.

*OwlPay* is designed to simplify backend financial operations and cross-border transactions. For potential business clients without in-house technical teams to support system integration but requiring payment gateway and cross-border payout services, we offer *OwlPay Payment*—an user interface solution that seamlessly connects with their bank accounts/wallets, facilitating vendor and order management, mass payouts, real-time exchanges and automated payment processes using fiat currency and USDC. The payout transactions are signed using

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hardware security module technology, a specialized security device used to manage, process and store digital keys securely, in order to ensure cryptographic operations are performed within a tamper-resistant environment. All of these features enhance the payment experience for businesses, especially SMEs that have limited scale of operations but still require efficient cross-border payment solutions. Beyond business clients, we expect to further develop and release services for individual customers that would integrate payment services offered by card networks, such as VISA Direct, to provide our individual customers a convenient way to send funds from a bank or card account to another party's card or bank account within the same card network.

Within the *OwlPay* suite, our customers can access various fiat currency and USDC payment options and seamlessly perform transactions through different solutions, and we believe we are an early mover to provide the one-stop service framework which enables businesses to collect payments from end-users and make payments to vendors, with the flexibility to settle transactions in either fiat currency or USDC and enables individuals a simpler, more convenient and faster way to perform cross-border transactions and remittances.

According to CB Insights' latest Stablecoin Market Map, OwlTing is ranked among the top 2 global players in the "Enterprise & B2B" category, earning a high Mosaic score of 832—underscoring its leadership in blockchain-powered financial infrastructure for businesses. *OwlPay* for its business customers supports B2B stablecoin transactions via a hosted wallet infrastructure and a comprehensive suite of services, including stablecoin payment gateway services, on/off-ramp capabilities, cross-chain transfers and payout services. These services enable key use cases such as e-commerce payments, cross-border remittances, payroll, and treasury management. The Mosaic score—CB Insights' proprietary metric evaluating market opportunity, momentum, and financial strength—highlights OwlTing's strong market positioning and growth potential in the enterprise stablecoin ecosystem.

*OwlPay* continues to build multi-jurisdictional capabilities and aims to expand its service offerings internationally. For example, we currently hold money transmitter licenses, or MTLs, in 35 states in the United States and the Virtual Asset Service Provider, or VASP, registration in Poland, and the Electronic Payment Instrument Service Provider, or EPISP, registration in Japan. We are in the process of applying for MTLs in remaining states in the United States, a fund transfer service license and a stablecoin license in Japan, a major payment institution license in Singapore and a money service operator license in Hong Kong; and we expect to upgrade the qualification as a Crypto Asset Service Provider, or CASP, under Markets in Crypto-Assets Regulation (MiCAR) in the EU. We also plan to further expand to Brazil, Argentina and other markets in South America where we could provide virtual asset services without being subject to licensing requirements.

For the year ended December 31, 2024, our company's total revenue was comprised of our operations in the following main business segments: (i) Payments contributed to 53% of our total revenue; (ii) Hospitality (which include software services and platform services) contributed to 37% of our total revenue; and (iii) E-commerce contributed to 10% of our total revenue.

***OwlPay's Market***

*OwlPay* aims to serve the cross-border payments markets, including our own end customers and those through third-party participants in the digital assets economy and in the payment industry. According to the 2024

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McKinsey Global Payments Report, the global payment industry handled US$1.8 quadrillion in transaction value in 2023; global payment revenue, comprised of both commercial and consumer domestic and cross-border payment services, reached an all-time high of over US$2.4 trillion in 2023 and will reportedly grow at a 5% annual rate after 2023. It is also expected to exceed US$3.1 trillion by 2028 according to the same report. We believe that cross-border payment dynamics are robust, and according to the 2024 McKinsey Global Payments Report, global revenue from cross-border transactions was estimated at around US$288 billion in 2023, a 20% increase from the previous year.

*OwlPay* targets cross-border B2B business payments and B2C payments. According to the 2024 McKinsey Global Payments Report, the global B2B cross-border payments market has witnessed significant growth and transformation, with cross-border payment revenue totaling approximately US$210 billion in 2023. North America, Latin America and the EMEA experienced double-digit revenue growth, while the Asia-Pacific region (excluding China) saw a 25% increase in 2023, according to the same McKinsey report. *OwlPay* also provides individuals with the ability to transfer funds cross-border within minutes with stablecoins. *OwlPay* also provides individuals with the ability to transfer funds cross-border within minutes with stablecoins. We believe that the remittance market, which represents C2C payments, also plays an important role in the global payment ecosystem.

Along with its growth, we believe that the B2B payment market is experiencing changes in the form of waves of digitization and innovation. While fintech innovators have accelerated the digitization of B2C/C2C payments, B2B payments remain highly reliant on legacy systems, leaving payors and payees with significant challenges that include access to fewer correspondent banks, slow settlement, high overall costs and a lack of transparency. Intermediary banking today remains the most prevalent cross-border payment method. We believe that the total available market size for B2B payments is significant and rapidly expanding as trends towards digitization broaden access to more users. By offering modernized, streamlined end-to-end payment solutions, we believe that we are well-positioned to capitalize on our early mover advantage in the blockchain-enabled payment industry to capture a meaningful share of the growing B2B and B2C markets.

***OwlPay's Competitive Strengths***

According to CB Insights' latest Stablecoin Market Map, OwlTing ranks among the top 2 global players in the 'Enterprise & B2B' category, with a Mosaic score of 832—demonstrating its leadership in blockchain-powered financial infrastructure for businesses. Our *OwlPay* solution facilitates B2B stablecoin transactions through hosted wallet, stablecoin payment gateway, conversion, and payout services, enabling key use cases such as cross-border payments, payroll, and treasury management. The Mosaic score—CB Insights' proprietary metric—assesses a company's market opportunity, momentum, and financial strength, further highlighting OwlTing's strong position and growth potential in the enterprise stablecoin space. We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Early mover advantage in the payment industry.* We are an early mover in the use of blockchain technology
and stablecoin to provide a one-stop payments framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our global licensing infrastructure.* We have built and are continuing to build our global licenses
portfolio that could help us expand our reach for clients and potential collaborations with financial service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our AML and cybersecurity capability.* We collaborate with industry leading AML diligence service providers
to deliver integrated products and invest in data security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our understanding of blockchain technology and its diverse applications.* We have almost a decade of
experience in applying blockchain technology to businesses and are committed to applying blockchain technology to improve operational efficiency for businesses in multiple industries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Our platform in business services.* Our E-commerce and Hospitality
business segments provide a network of established customers and market players as the initial customer base for our payment products and services, creating opportunities for faster adoption.

**Our Current Products and Services** 

Since our founding, we have developed, and continue to develop and deploy, a range of technology products and services, including those leveraging blockchain technology, to meet the needs of specific business sectors and to address the common challenges faced by clients and individuals, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment products and services under *OwlPay* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform solutions, including payment gateway services and payout services under *OwlPay Payment* and
digital-asset based transaction services under *OwlPay Wallet Pro* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Infrastructure solutions with capabilities access via API package under *OwlPay Harbor* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality products and services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality-related software services under *OwlNest* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality-related platform services, including the OTA platforms *OwlJourney* and *OwlTing Experiences*, and self-branded offline platform services providing accommodation under *OwlStay* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• E-commerce platform and services under *OwlTing Market* 

**Our Customers** 

Our main client base for payment services consists of businesses and individuals involved in cross-border payments. Both payers and payees could be our customers across our *OwlPay* ecosystem. Within the *OwlPay*, payers can use the *OwlPay Payment*, a platform to conduct cross-border payout, whether as business payment to vendors or individual remittances to family. With our payment gateway services, the merchant-payees receiving consumer payments are also our customers. Additionally, payees can open a wallet through *OwlPay Wallet Pro* to receive funds. We also offer *OwlPay Harbor*, our proprietary API package that enables third-party users to access our capabilities—stablecoin payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions, where third-party wallet providers and financial institutions are our customers for our seamless fiat-to-stablecoin conversions and payout services, which these customers could further extend to their end users. Our services provide businesses and individuals with a flexible bridge between traditional finance and digital assets, improving liquidity and transaction efficiency, and enable merchants and platform operators to quickly settle payments with customers who prefer using digital assets. Our key target markets for payment service expansion include the United States, Japan, the EU, South America, Singapore and Hong Kong. We hope to leverage our collaborators' networks and establish connections with financial institutions to expand our customer base. *OwlPay* is targeting wallet service providers, financial institutions, e-commerce platforms, and large OTAs. We also anticipate serving merchants in other segments, such as ticketing companies that process flight and transportation bookings, as well as logistics companies that handle international merchandise shipments, both of which rely heavily on global vendor payments and cross-border transactions. As an example of our customer for payment services, *OwlPay* has a contracted customer that is a digital assets economy participant, which provides platforms for its clients to engage in fintech innovation and digital asset management. As these clients of our customer conducts business using USDC, our customer has set up a hosted wallet through *OwlPay Wallet Pro* to receive USDC from their clients and, through our on/off-ramp services, facilitate conversion from USDC into USD for their clients, and thus streamlining the financial operations.

Our hospitality services include software services and platform services. *OwlNest* and *OwlJourney* serve SMEs in the hospitality sector, including hotels and B&Bs. *OwlTing Experiences* provides travelers with travel

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activities and experiences as we connect with travel experience business owners and *OwlStay* provides travelers with room accommodation services. Our hospitality services have footprints into several regional markets, including Taiwan, Japan, Malaysia, Thailand and the United States. *OwlTing Market*, our e-commerce platform, provides a platform for farmers and small business owners in Taiwan to extend their reach to end consumers.

**Our Growth Strategies** 

We aim to maintain and strengthen our position and intend to pursue the following key strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continue to expand our *OwlPay* business operations organically by leveraging existing and future business
collaborations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explore strategic acquisitions and transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand regional licensing and approvals to operate in additional jurisdictions.

**Our Corporate Structure and History** 

Darren Wang, a serial entrepreneur and blockchain industry angel investor, founded the OwlTing Group in 2010. We are a blockchain technology company headquartered in Taipei, Taiwan and have subsidiaries in the United States, Japan, Singapore, Hong Kong, Malaysia, Thailand and Poland. We were incorporated under our current holding company, OBOOK Holdings Inc., under the laws of the Cayman Islands in April 2011. We believe developing and managing our diverse business operations by business segments and groups enables us to formulate more effective business strategies and operating guidelines that fit the needs of the group. The following diagram illustrates our corporate structure, including our subsidiaries, as of the date of this prospectus:

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![LOGO](g800443g90y00.jpg)

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We are continuously developing and deploying easy access to blockchain solutions for industries that have a need for cost-effective resilience and transparency across the globe. *OwlTing Market* was our first business line developed. It continues to serve as a platform dedicated to enabling Taiwanese local businesses and farmers to reach out directly to end consumers. We offer consumers diverse and high-quality products through *OwlTing Market*'s stable business relationships with small- and medium-sized farmers and businesses in Taiwan.

We expanded our footprint into the hospitality sector in 2018 by introducing *OwlNest*, a powerful and easy-to-use hotel PMS leveraging blockchain technology, which now connects more than 2,500 hospitality providers with their customers. We also launched the OTA platforms *OwlJourney* and *OwlTing Experiences* to provide various types of properties and tours for travelers. Additionally, we launched the platform offline services to offer accommodations under our own brand *OwlStay*.

In 2023, we launched *OwlPay*, a payment platform specifically developed to simplify backend financial operations in connection with cross-border transactions.

In May 2023, we further enhanced our payments offerings by acquiring PayNow, a prominent Taiwanese payment gateway service provider, in order to deliver current and future one-stop payment solutions from payment gateway to business payout solutions with fiat currency, credit cards and stablecoin.

Today, we have an international team of more than 200 professionals, dedicated to driving innovation, simplifying complex processes and fostering global connections through blockchain technology.

Our strategic investors include SBI Holdings, a leading Japanese financial services company that made an investment of US$17.5 million in us in 2018. Additional investments in our company include those from the major shareholder and chairman of Globe Union Industrial Corp (TPE: 9934) in 2017, the owner family of Howard Hotel Group in 2018, the National Development Fund, Executive Yuan of Taiwan in 2020, MaiCoin and the owner family of Taiwan Toyota (Hotai Motor Co., Ltd., TPE: 2207) in 2022, the Stellar Development Fund in 2023, Taiwan-based family funds and United Kingdom-based institutional investors in 2024 and 2025.

As of the end of 2024, we had raised financing totaling approximately US$53.7 million. In 2025, we further raised an additional US$16.6 million via equity and US$2.5 million via SAFE agreements, and our cumulative fund raised since inception amounts to approximately US$72.8 million, providing a strong foundation for our continued global expansion. All such equity financing were in private placements outside of the United States to non-U.S. persons or pursuant to other applicable exemptions under the Securities Act.

**Summary of Risk Factors** 

You should carefully consider all of the information in this prospectus before making an investment in the Class A Common Shares, especially the risks and uncertainties discussed under "Risk Factors," and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations." Please find below a summary of the principal risks and uncertainties we face, organized under relevant headings. These risks are discussed more fully in "Risk Factors."

***Risks Related to Our Business and Industry and Our Operations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our growth may not be sustainable and depends on our ability to retain existing customers and users, attract new
customers and users and increase processed volumes and revenue from both new and existing customers and users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we do not continue to improve our operational, financial and other internal controls and systems to manage
growth effectively, our business, financial condition, results of operations and prospects may be materially and adversely affected.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success depends on our ability to develop products and services to address the rapid and significant
technological changes and evolving markets in the business sectors we compete in. If we cannot keep pace with rapid technological developments to provide new and innovative products and services, our business could be materially and adversely
affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our current operations are international in scope, and we plan to further expand globally, which may subject us
to significant challenges, uncertainties and risks, including increasing obligations to comply with the laws, rules, regulations and policies of a variety of jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face substantial and increasingly intense competition worldwide, including in the global payments industry,
and we may compete against unregulated or less-regulated companies and companies with greater financial and other resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a new business model and a short operating history in developing and rapidly evolving markets for our
products and services, which makes it difficult to evaluate our future prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We make selective investments in new products and services and enhancement to our existing products and services,
including with respect to industries and areas or technologies with which we have little or no prior development or operating experience, which may not be successful and may not achieve expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pricing decisions may fail to generate expected results and may adversely affect our ability to attract new
merchants and retain existing merchants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our strategy and focus on delivering high-quality, compliant, easy-to-use, and secure blockchain-related financial services may not maximize short-term or medium-term financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global and regional economic conditions may materially and adversely affect our business.

***Risks Related to Our Financial Results***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have incurred operating losses in the past and we intend to continue to invest in our business. Thus, our
ability to achieve or maintain profitability in the future is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may require additional capital to support our operations and the growth of our business, and we cannot be
certain that financing will be available on reasonable terms when required, or at all, and our existing credit facility and our senior notes contain, and any future debt financing may contain, covenants that impact the operation of our business and
pursuit of business opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant amount of our business and revenues is derived from a relatively small number of customers, and the
loss of these customers, including a reduction in their transaction volume, could have an adverse effect on our business, operating results and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirements of being a public company may strain our resources and distract our management, which could make
it difficult to manage our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial results may fluctuate significantly and periodically, which may make our period-to-period results
volatile and our future performance difficult to predict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in exchange rates could result in foreign currency exchange losses in our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of our business requires the application of complex financial accounting rules, and there is limited
guidance from accounting standard setting bodies on certain topics, including on digital assets.

***Risks Related to Digital Assets and Stablecoin***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The future development and growth of digital assets are subject to a variety of factors that are difficult to
predict and evaluate. If the adoption and market acceptance of digital assets, in particular the

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stablecoin, does not grow as we expect, our business, operating results and financial condition could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due to unfamiliarity and some negative publicity associated with the blockchain economy, existing and potential
customers may have less confidence in or be less receptive to our payment services utilizing stablecoin or wallet products for holding digital assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, we may encounter technical issues in connection with the integration of digital assets and
changes and upgrades to their underlying networks, which could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We hold stablecoins and other digital assets for our business operations and are subject to the risks associated
with such digital assets. While we currently hold a *de minimis* amount of stablecoins and other digital assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in
relation to the utilization of our stablecoin solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositing and withdrawing digital assets into and from our products involve risks, which could result in loss of
customer assets, customer disputes and other liabilities, which could adversely impact our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A particular digital asset, product or service's status as a "security" in any relevant
jurisdiction is subject to a high degree of uncertainty, and if we are unable to properly characterize a digital asset or product offering, we may be subject to regulatory scrutiny, inquiries, investigations, fines and other penalties, which may
adversely affect our business, operating results and financial condition.

***Risks Related to Our Technology, Data Privacy and Intellectual Property***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business interruptions or systems failures, including any disruption in any of the blockchain networks we
support, may impair the availability of our websites, applications, products or services, result in a loss of customers or funds or otherwise have an adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our services must integrate with a variety of operating systems, software, hardware and web browsers. If we are
unable to ensure that our services interoperate with such operating systems, hardware and web browsers, our business may be materially and adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our products and services may not function as intended due to errors in our software, hardware and systems,
product defects, or due to security breaches or incidents or human error in administering these systems, which could materially and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and our merchants, collaborators and others who use our services obtain and process a large amount of
sensitive customer data. Any real or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cyberattacks and security vulnerabilities could result in serious harm to our reputation, business and financial
condition.

***Risks Related to Laws and Regulations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to obtain or maintain the relevant regulatory licenses, permissions or registrations to carry
out our business in the various jurisdictions in which we operate, which may subject us to fines or penalties or force us to discontinue operations in such jurisdiction, any of which could have a material adverse effect on our business, financial
condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to AML, CTF and sanctions regulations, and failure to comply with these regulations may lead to
administrative sanctions, criminal penalties and/or reputational damage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to regulatory oversight and enforcement by authorities regulating financial services in the
jurisdictions we operate, and subject to important obligations and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to extensive regulations and supervision by the regulatory and law enforcement agencies regulating
financial products and enforcing consumer protections laws, and changes in existing regulations or the implementation of future regulations may adversely affect our financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to complex and evolving regulations and oversight related to data protection, privacy and
information security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our provision of virtual currency-related services may be subject to a highly evolving regulatory landscape and
any changes to laws or regulations could adversely affects our prospects or operations in this respect.

***Risk Related to Third Parties***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have in the past, and may in the future, enter into collaborations, joint ventures or strategic alliances with
third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties, or if these third parties fail to deliver certain operational services, our business, operating results and financial condition
could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providers of payment solutions, including us, depend on both direct and sponsored membership in payment networks
and compliance with payment network rules, or relationships with sponsoring financial institutions to provide access to those networks. Changes to payment card networks or bank fees, rules or practices could harm our business.

***Risks Related to Doing Business in Taiwan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Taiwan subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may
restrict our ability to satisfy the liquidity requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Taiwan subsidiaries are subject to foreign exchange control imposed by Taiwan authorities, which may affect
the paying dividends, repatriating the interest or making other payments to us.

***Risks Related to the Class A Common Shares***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our listing differs significantly from an underwritten initial public offering; the impact of awareness of our
brand and consumer and investor recognition of our Company on the demand for our Class A Common Shares is unpredictable and our marketing and brand development efforts may not be successful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading prices of our Class A Common Shares are likely to be volatile, which could result in substantial
losses to holders of our Class A Common Shares and could subject us to litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active, liquid and orderly trading market for our Class A Common Shares on the Nasdaq might not develop or be
sustained. The trading prices of our Class A Common Shares may fluctuate significantly and you may be unable to sell your Class A Common Shares at or above the price you bought them for.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors in our Class A Common Shares may be unable to bring claims under Sections 11 and 12(a)(2) of the
Securities Act due to tracing requirements, which may limit the remedies available to investors in a direct listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of our shareholders are expected to have different contractual lock-up agreements or other contractual
restrictions on transfer from what is customary in an

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underwritten initial public offering. Following our listing, sales of substantial amounts of our Class A Common Shares in the public markets, or the perception that sales might occur, could cause the trading price of our Class A Common Shares to decline. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to meet each of the quantitative requirements of the Nasdaq Global Market's Market Value
Standard for direct listings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we do not meet the expectations of equity research analysts, if they do not publish research or reports about
our business or if they issue unfavorable commentary or downgrade our Class A Common Shares, the price of our Class A Common Shares could decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our issuance of additional share capital in connection with financings, acquisitions, investments, equity
incentive plans or otherwise will dilute all other shareholders.

**Implications of Being an Emerging Growth Company** 

We are an "emerging growth company," as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act (the "JOBS Act"). As such, we are eligible for and intend to rely on certain exemptions and reduced reporting requirements provided by the JOBS Act, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002; (ii) the exemptions from say-on-pay, say-on-frequency and say-on-golden parachute voting requirements; and (iii) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.

The Company will remain an emerging growth company under the JOBS Act until the earliest of: (1) the last day of the fiscal year (a) following the fifth anniversary of the date on which Class A Common Shares were offered in connection with this listing, (b) in which it has total annual gross revenues of at least US$1.235 billion, or (c) in which it is deemed to be a "large accelerated filer," as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of its common shares that are held by non-affiliates exceeds US$700 million as of the end of the prior fiscal year's second fiscal quarter; or (2) the date on which it has issued more than US$1.0 billion in non-convertible debt during the prior three-year period.

**Implications of Being a Foreign Private Issuer** 

The Company is an exempted company limited by shares incorporated in 2011 under the laws of the Cayman Islands with limited liability. We are a foreign private issuer within the meaning of the rules under the Exchange Act. Under Rule 405 of the Securities Act, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and accordingly, the next determination will be made with respect to us on June 30, 2026. Even after we no longer qualify as an emerging growth company, for so long as we qualify as a foreign private issuer, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules requiring domestic filers to issue financial statements prepared under U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of
a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading
activities and liability for insiders who profit from trades made in a short period of time; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material non-public information under Regulation Fair Disclosure, or Regulation FD, which regulates selective disclosure of material non-public information by issuers.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. We will publish our results on a semi-annual basis through press releases. The related financial results and material events through press releases will be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. Accordingly, our shareholders will receive less or different information about us than a shareholder of a U.S. domestic public company would receive.

The Company is a non-U.S. company with foreign private issuer status and plan to be listed on the Nasdaq. Nasdaq rules permit a foreign private issuer such as us to follow the corporate governance practices of our home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards.

We intend to rely on the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate governance requirements of the Nasdaq applicable to U.S. domestic public companies. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

Foreign private issuers, similar to emerging growth companies, are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we are no longer qualified as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither emerging growth companies nor foreign private issuers.

See "Risk Factors—Risks Related to the Class A Common Shares—As a foreign private issuer in the United States, we are exempt from certain U.S. proxy rules and disclosure requirements under the Exchange Act, which may afford less protection to holders of our Class A Common Shares than they would enjoy if we were a domestic U.S. company." and "—As a foreign private issuer in the United States, we are permitted to, and will, rely on exemptions from certain Nasdaq corporate governance standards, which may afford less protection to holders of our Class A Common Shares."

**Implication of Being a Controlled Company** 

We will be a "controlled company," as defined under the rules of the Nasdaq, since Darren Wang, our founder and CEO, will have 67.2% of the total voting power of the Company upon the consummation of this listing. For so long as we remain a controlled company under this definition, we are permitted to elect to rely, and currently intend to rely, on certain exemptions from corporate governance rules, including the exemption from the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of our board of directors consist of "independent directors" as defined under the rules of
Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our director nominees be selected, or recommended for our board of directors' selection, by a
nominating/governance committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation of our executive officers be determined, or recommended to our board of directors for
determination, by a compensation committee comprised solely of independent directors.

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**Conventions That Apply to This Prospectus** 

Unless otherwise indicated or the context otherwise requires, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AML" are to anti-money laundering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ACH" are to automated clearing houses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "APIs" are to application programming interfaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "B&B" are to bed and breakfast providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "B2B" are to transactions or business conducted between businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "B2C" are to transactions or business conducted between businesses and consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Board" or "Board of Directors" are to the board of directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "C2C" are to transactions or business conducted between individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAGR" are to compound annual growth rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CEO" are to the chief executive officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CFTC" are to the Commodity Futures Trading Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Common Shares" are to the Class A common shares with nominal or par value of
US$0.001 per share of OBOOK Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Preferred Shares" are to the Class A preferred shares with nominal or par value of US$0.001
per share of OBOOK Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Common Shares" are to the Class B common shares with nominal or par value of
US$0.001 per share of OBOOK Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Common Shares" are to the Class A Common Shares and the Class B Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CTF" are to counter-terrorist financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "E-commerce" or "E-commerce platform" are to our
business segment of e-commerce platform and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EMEA" are to Europe, Middle East and Africa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EU" are to the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EURC" are to a digital stablecoin managed by Circle and designed to track Euros in value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" are to the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "gas fees" are to transaction fees paid for executing transactions on a blockchain network, typically
paid in the digital asset native to such blockchain network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GYEN" are to a digital stablecoin managed by GMO Trust and designed to track Japanese yen in value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hospitality" or "Hospitality services" are to our business segment of hospitality
products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IASB" are to the International Accounting Standards Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IFRS" are to International Financial Reporting Standards as issued by IASB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MSBs" are to the money services businesses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MTLs" are to money transmitter licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NTD" and "NT$" are to New Taiwan dollars, the legal currency of the Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OTAs" are to online travel agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*OwlPay*" are to our platform for payment-related products and services, including *OwlPay Wallet Pro* and PayNow except when distinguished as required by the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OwlPay Holdings" are to OWLPAY HOLDINGS PTE. LTD, a company incorporated under the laws of Singapore
and a wholly-owned subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Payment" or "Payment services" are to our business segment of payment products and
services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PayNow" are to PayNow Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PMSs" are to property management systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PSPs" are to payment service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SaaS" are to software-as-a-service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" are to the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" are to the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shares" are to a share in the capital of the Company, including the Common Shares and the
Class A Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SMEs" are to the small- and medium-sized enterprises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "stablecoins" are a type of digital asset designed to maintain a relative stable value by tracking
the price of a reserve asset, typically a fiat currency like the U.S. dollar or a commodity like gold. A USD stablecoin is a specific type of stablecoin that tracks the value of the U.S. dollar on a one-to-one ratio and is backed by reserves of U.S.
dollars or equivalent assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "wallet" are to a set of network addresses on certain blockchain networks, each of which network
address is generated through a unique "public key" and "private key" pair; "hosted wallet" are to a wallet for which the complete private key is held by a third-party wallet service provider such as us and the
private key cannot be exported by the user; "unhosted wallet" are to a wallet for which at least some portion of the private key is held directly by the user (without which no transactions could be initiated from the wallet) and the
portion of private key held by a third-party wallet service provider such as us can be exported by the user at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our company," "our," "the Company,"
"OwlTing" and "OwlTing Group" are to OBOOK Holdings Inc., and, except where the context otherwise requires, its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$," "U.S. dollars" and "$" are to the legal currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "USDC" are to USD Coin, a digital stablecoin managed by Circle and designed to track U.S. dollars in
value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ZUSD" are to a digital stablecoin managed by GMO Trust and designed to track U.S. dollars in value.

We own service marks and trade names for use in connection with the operations of our business, including, but not limited to, *OwlTing Market*, *OwlNest*, *OwlJourney*, *OwlStay*, *OwlTing Experiences*, *OwlPay* and *OwlPay Wallet Pro*. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus may be listed with or without the <sup>™</sup> symbol, but we will assert, to the fullest extent under applicable law, our applicable rights in these trademarks, service marks and trade names.

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**SUMMARY OF CONSOLIDATED FINANCIAL DATA AND OPERATING DATA** 

The following summary of consolidated statement of profit or loss and other comprehensive income (loss) data for the years ended December 31, 2023 and 2024, summary of consolidated statement of financial position data as of December 31, 2023 and 2024 and summary of consolidated statement of cash flow data for the years ended December 31, 2023 and 2024 have been derived from our audited consolidated financial statements included elsewhere in this prospectus.

Our consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), and include the accounts and operations of the Company and all of the entities in which the Company has a controlling financial interest and are presented in U.S. dollars. Our historical results are not necessarily indicative of results expected for future periods. You should read this Summary Consolidated Financial Data and Operating Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

The following is a summary of our business operations:

**Overview of Business Segments** 

Our business operations consist of the main business segments, including:

**Payment services**. We offer payment services through *OwlPay*. As of December 31, 2024, our payment service revenue was entirely generated from *OwlPay Payment* under *OwlPay* suite which includes our operations in: (i) payment gateway services, enabled by our acquisition of PayNow in May 2023, which offers payment collection functionality to businesses and proprietors to receive consumer payments; and (ii) payout services that support multiple payout settlement routes in fiat currency or stablecoin. As of December 31, 2024, the transactions we helped process had been conducted via fiat currency, and we are further rolling out and expanding our payment services with other settlement routes including via stablecoin. Our business model depends on attracting business customers and individual customers to use our payment-related products and services, for which we charge fixed-amount, per-transaction handling fees and/or percentage-based transaction fees (e.g., for foreign exchange conversion and conversion between stablecoin and fiat currency). Our payment services helped process US$218.6 million in GPV (as defined below) in 2024 and registered over 3,901 Active Accounts (as defined below) as of December 31, 2024. Substantially all of the GPV in 2023 and 2024 came from our payment gateway services enabled by our acquisition of PayNow in May 2023.

**Hospitality services**, including software services and platform services. Our hospitality-related software services are through *OwlNest*, a PMS for hoteliers, and our hospitality-related platform services are through *OwlJourney* and *OwlTing Experiences*, which are OTA platforms for hoteliers and local tour guides, and *OwlStay*, our self-branded offline platform service providing accommodation to travelers. We are primarily focused on growing our hospitality services through the expansion of *OwlNest*, as we seek to acquire more subscribers to *OwlNest* in the international markets and strengthen our SaaS subscription-based revenue sources. Success of our *OwlNest* business depends on our ability to attract hospitality providers to use our software services, for which we charge periodic subscription fees or commissions on transactions. The number of *OwlNest* Subscribers (as defined below), which tracks the hospitality providers using *OwlNest*, reached more than 2,500, as of December 31, 2024, increasing from over 2,300 as of December 31, 2023. *OwlNest* recorded an Annual Recurring Revenue (as defined below) of US$965,630 from its PMS subscriptions as of December 31, 2024, a 25% increase from that as of December 31, 2023, and achieved a Dollar-Based Net Retention Rate (as defined below) of 108% as of December 31, 2024. Additionally, for clients using the *OwlNest* platform as their booking engine, we also provide the optional add-on room fee collection services to help process room fees payments to

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our clients. We also generate revenues from our OTA platforms for hoteliers (*OwlJourney*) and local tour guides (*OwlTing Experiences*) and our room accommodation to travelers (*OwlStay*). The average room occupancy rate for *OwlStay* was 83% and 81% for the years ended December 31, 2023 and 2024, respectively.

**E-commerce platform**. Our e-commerce platform, *OwlTing Market*, focuses on sales of agricultural products. Our business model involves sourcing from local producers in Taiwan and connecting these local producers with international customers through our platform.

In 2024, we generated revenue of US$7.6 million, reflecting a 18% increase compared to 2023. Such growth as primarily driven by the enhanced performance of our payment services, attributed to the acquisition of the payment gateway company, PayNow, in May 2023. Our net operating loss in 2024 increased to US$8.9 million from US$6.8 million in 2023, primarily driven by increased operating expenses from higher professional service fees related to preparation for the prior attempt of initial public offering and ongoing payment-related license applications.

***Key recent developments***

In May 2023, we acquired PayNow, a payment gateway company in Taiwan, for a total cash consideration of US$2.1 million, in order to further supplement our payment services offerings. Since the acquisition, we have been integrating the payment gateway capability within our payment services *OwlPay*, allowing for a one-stop full-services payment solutions for our customers. Effective in January 2025, PayNow was transferred from OwlPay Holdings to be held directly by us under OBOOK Holdings Inc.

**Financial Highlights** 

The following table presents our summary consolidated statement of profit or loss and other comprehensive income (loss) data for the years ended December 31, 2023 and 2024 respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | |
|  | **US$'000** | **% of<br>total** | **US$'000** | **% of<br>total** |<br>**% of<br>change** |
|  **Revenue**  | **6399** | **100.0** | **7570** | **100.0** | **18.3** |
|  Costs of revenue | (5130) | (80.2) | (6563) | (86.7) | 27.9 |
|  **Gross profit**  | **1269** | **19.8** | **1007** | **13.3** | **(20.6)** |
|  **Operating expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing and sales | (2456) | (38.3) | (2120) | (27.9) | (13.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | (3361) | (52.5) | (5232) | (69.0) | 55.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | (2231) | (34.9) | (2571) | (33.9) | 15.2 |
|  **Total operating expenses** | **(8048)** | **(125.7)** | **(9923)** | **(130.8)** | **23.3** |
|  **Net operating loss** | **(6779)** | **(105.9)** | **(8916)** | **(117.5)** | **31.5** |
|  **Non-operating income and expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 96 | 1.5 | 75 | 1.1 | (21.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange gains | 88 | 1.4 | 7 | 0.2 | (92.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange losses | (16) | (0.3) | (1053) | (13.8) | 6481.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on financial liabilities at fair value through profit or loss | (144) | (2.2) | (259) | (3.3) | 79.9 |
|  Loss on extension of preference share liabilities | (26) | (0.4) |  |  |  |
|  Other losses | (24) | (0.4) | (26) | (0.2) | 8.3 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | |
|  | **US$'000** | **% of<br>total** | **US$'000** | **% of<br>total** |<br>**% of<br>change** |
|  Other income | 154 | 2.4 | 76 | 1.1 | (50.6) |
|  Finance costs | (137) | (2.1) | (178) | (2.3) | 29.9 |
|  **Total non-operating income and expenses**  | **(9)** | **(0.1)** | **(1358)** | **(17.2)** | **14988.9** |
|  **Loss before tax** | **(6788)** | **(106.0)** | **(10274)** | **(134.7)** | **51.4** |
|  Income tax benefit | 7 | 0.1 | 2 | 0 | (71.4) |
|  **Net loss**  | **(6781)** | **(105.9)** | **(10272)** | **(134.7)** | **51.5** |
|  **Other comprehensive income (loss):** |  |  |  |  |  |
|  **Components of other comprehensive income (loss) that will be reclassified to profit or loss** |  |  |  |  |  |
|  Exchange differences on translation of foreign financial statements | (53) | (0.8) | 1321 | 17.5 | (2592.5) |
|  Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss |  |  |  |  |  |
|  **Components of other comprehensive income (loss) that will be reclassified to loss** | **(53)** | **(0.8)** | **1321** | **17.5** | **(2592.5)** |
|  **Other comprehensive income (loss)**  | **(53)** | **(0.8)** | **1321** | **17.5** | **(2592.5)** |
|  **Total comprehensive loss**  | **(6834)** | **(106.7)** | **(8951)** | **(117.2)** | **31.0** |

---

The following table presents our summary consolidated statement of financial position data as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>December 31,** |
|  | **2023** | **2024** |
|  | **(US$ in thousands)** | **(US$ in thousands)** |
|  **Summary consolidated statement of financial position data:** |  |  |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and restricted cash | 7997 | 8722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable and accounts receivable | 357 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables due from related parties | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayment | 393 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current financial assets | 4870 | 5397 |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-assets | 682 | 4557 |
|  **LIABILITIES AND EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current contract liabilities | 1268 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 1804 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables to related parties | 1965 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities – receipts under custody | 10404 | 11855 |
|  **Non-current liabilities**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities at fair value through profit or loss | 1707 |  |
|  **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | 78 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for share capital | 10920 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus | 31972 | 51678 |

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The following table presents our summary consolidated statements of cash flow data for the years ended December 31, 2023 and 2024 respectively:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2023** | **2024** |
|  | **(US$ in thousands)** | **(US$ in thousands)** |
|  Net cash flows used in operating activities | (5415) | (9070) |
|  Net cash flows from investing activities | 3346 | (750) |
|  Net cash flows from financing activities | 7516 | 9261 |
|  Effect of exchange rate changes on cash and restricted cash | (31) | 1284 |
|  Net increase in cash and restricted cash | 5416 | 725 |
|  Cash and restricted cash at beginning of year | 2581 | 7997 |
|  **Cash and restricted cash at end of year** | **7997** | **8722** |

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**RISK FACTORS** 

*An investment in our Class A Common Shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes, before deciding to invest in our Class A Common Shares. Additional risks not known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price and value of our Class A Common Shares could decline due to any of these risks, and you may lose all or part of your investment.* 

**Risks Related to Our Business and Industry and Our Operations** 

***Our growth may not be sustainable and depends on our ability to retain existing customers and users, attract new customers and users and increase processed volumes and revenue from both new and existing customers and users.***

While we have recorded growth in the past five years, there is no assurance that our rate of growth would necessarily continue, or that we would continue to grow at all. Additionally, our rate of revenue and gross profit growth may vary among our business segments. For example, we are currently focused on developing and expanding our Payment segment, particularly in stablecoin-related services, through a suite of platform solutions—such as *OwlPay Payment* for stablecoin acceptance and USDC payouts, and *OwlPay Wallet Pro* for enterprise digital asset management—and infrastructure solution, *OwlPay Harbor*, which offers APIs for stablecoin payment gateway integration, on/off-ramp services, cross-chain transactions, and payout services, all of which may materially transform the financial, operational, and growth profile of our Payment segment and significantly impact our overall business and financial performance as well as our future prospects. As another example, our Hospitality segment has grown at a faster rate than our other business segments since the launch of *OwlNest*. The growth of our business depends on our ability to retain existing customers, attract new customers, and encourage our existing and/or new customers to expand their engagement with our products and services. To do so, we must continue to offer leading technologies and ensure that our products and services are secure, reliable and engaging. We must also expand our products and services, and offer competitive rates and prices in an increasingly crowded and price-sensitive market. There is no assurance that we will be able to continue to do so, that we will be able to retain our current customers or attract new customers, or keep our customers engaged. If our growth slows or stops, our business performance may be materially and adversely affected.

Our customers, including business customers, have no obligation to continue using our services, and we cannot assure you that they will. Our standard contracts with business customers provide for a termination clause, which generally allows business customers to terminate their contracts at any time or following a limited notice period, and our individual customers may terminate the use of our products and services at any time and freely switch to other payment service providers.

Our customers' activity with us may decrease for a variety of reasons, including their level of satisfaction with our products and services, the effectiveness of our support services, the pricing and quality of our products and services in comparison with competing products or services, the effects of global economic conditions, or reductions in the aggregate spending of our customers or shoppers with our business customers. Furthermore, in connection with our payment products and services, the complexity and costs associated with switching transaction volume to a competitor may not be significant enough to prevent our customers from switching payment service providers, especially for larger merchants who commonly engage multiple service providers at any one time. Any failure on our part to retain existing customers, attract new customers, and increase revenue from both new and existing customers could materially and adversely affect our business, financial condition, results of operations and prospects.

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***If we do not continue to improve our operational, financial and other internal controls and systems to manage growth effectively, our business, financial condition, results of operations and prospects may be materially and adversely affected.***

Our historical growth has come in waves and driven by our rollout of additional products or services. In particular, our business has grown, and may continue to grow, in connection with our recent investment and business focus on our Payment segment. Since the launch of *OwlPay* in 2023, we have expanded our business footprint into the United States, Japan, EU, Singapore and Hong Kong and grown our team to more than 10 full-time employees in these regions, and consulted with local counsels in license applications across various jurisdictions. Our business may become increasingly complex as we grow, including as we roll out various new payment and stablecoin-related products and services, and will continue exerting substantial demands on our management. In order to facilitate effective growth development, we must continually improve our existing infrastructure and operational procedures, bolster our internal controls and reporting systems, and take steps to address any potential issues in a timely and accurate manner. There could be no assurance that our existing resources would meet the demand of our continued growth in both the products and services offerings and the jurisdictions in which we operate. If we do not adapt to meet these evolving challenges, or if our team does not effectively manage our growth, our ability to compete and achieve our business objectives could be impaired.

As we work towards expanding into additional jurisdictions, we could experience ongoing operating difficulties in managing our business, including the difficulties in adapting to the market demands and business operations models in local markets, as well as in hiring, training, and managing a diverse and growing employee base. Our continued growth could increase the challenges associated with preserving our company's core values, strategies and goals, and effectively communicating these principles to our employees across the world. Failure to preserve our company culture with growth could harm our future success, including our ability to retain and recruit personnel and to effectively focus on and pursue our corporate objectives.

Our growth could also heighten the challenges involved in improving internal controls and procedures for financial reporting and accounting systems. Any failure of our internal controls could undermine our ability to provide accurate, timely and reliable reports on our financial and operating results in compliance with applicable regulations, including the financial statements provided herein. There could also be errors, omissions or fraud that our systems and processes fail to prevent or detect. In connection with our growth, we may experience heightened challenges to maintain and improve our internal controls and procedures, as well as higher related expenses such as fees to professional parties. If we are unable to implement any of the required changes to our internal control over financial reporting effectively or efficiently or are required to do so earlier than anticipated, it could adversely affect our operations, financial reporting and results of operations.

We may also incur significant expenditures to successfully implement our growth strategy, and there could be no assurance that our increased investment and expenditures would result in corresponding revenue growth.

***Our success depends on our ability to develop products and services to address the rapid and significant technological changes and evolving markets in the business sectors we compete in. If we cannot keep pace with rapid technological developments to provide new and innovative products and services, our business could be materially and adversely affected.***

We expect that new services and rapid, significant technological change applicable to the industries in which we operate, including payment, hospitality, e-commerce and blockchain services will continue emerging and developing. New services and technologies, offered by existing, new and/or yet unknown competitors or other market players may be superior to, cheaper than, impair or render obsolete our current products, services and technologies. Our success will depend on our ability to develop new technologies and to adapt to technological changes and evolving industry standards. For example, we have continued to develop our payment products and services offerings under *OwlPay*, particularly in stablecoin-related services, through a suite of platform solutions—such as *OwlPay Payment* for stablecoin acceptance and USDC payouts, and *OwlPay Wallet Pro* for enterprise digital asset management—and infrastructure solution, *OwlPay Harbor*, which offers APIs for

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payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions. As another example, *OwlNest*, our hospitality solution of PMS, enables hoteliers to efficiently connect with OTAs, enhance their visibility in various online platforms and streamline their operations. If we cannot provide enhancements and new features that achieve market acceptance or that keep pace with rapid technological developments and evolving industry standards, our business, financial condition, results of our operations and prospects could be materially and adversely affected.

Incorporating new technologies into our products and services may require substantial expenditures and take considerable time, and we may not be successful in realizing a return on these development efforts in a timely manner or at all. There is no assurance that any new products or services that we develop and offer to our customers will achieve market acceptance or success. Furthermore, our ability to develop new products and services, in particular with respect to our payment products and services, may be inhibited by industry-wide standards, including standards followed by financial institutions and payment networks, laws and regulations, resistance to change from our customers or their payment counterparties, or third parties' intellectual property rights.

Our success of enhancements, new features and products and services depends on several factors, including the timely completion, introduction and market acceptance of the enhancements or new features or services. We depend not only on our own initiatives and innovations, but also on third parties, for the development of and access to new technologies. Failure to accurately predict or respond effectively to industry developments may materially and adversely affect our business, financial condition, results of operations and prospects.

***Our current operations are international in scope, and we plan to further expand globally, which may subject us to significant challenges, uncertainties and risks, including increasing obligations to comply with the laws, rules, regulations and policies of a variety of jurisdictions.***

We offer our services and products in multiple markets, including Taiwan, Japan, the United States, EU, Singapore, Hong Kong, Malaysia and Thailand, and we plan to further expand our business internationally. Our operations and expansion, in both our existing and new global markets, will require additional resources and new or expanded controls and may take considerable time. We may not be successful in entering into these new markets, or we may not be successful enough in these new markets to recoup our investments in a timely manner or at all. Such expansion, and the ongoing operation of our global business, subject our business to substantial risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local regulatory, licensing, reporting and legal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and challenges associated with operating in markets in which we may have limited or no experience,
including effectively localizing our products and services and adapting them to local preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition from competing entities who have strong, established positions in particular markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in receiving payments from different geographies, including difficulties associated with exchange
rate fluctuations, transfer of funds, longer cycles for payment and collecting accounts receivable, especially in emerging markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in developing, staffing and simultaneously managing foreign operations due to distance, language and
cultural differences and in light of varying laws, regulations and customs; difficulties in recruiting and retaining qualified employees and maintaining our company culture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more stringent regulations relating to privacy and data security and the unauthorized use of, or access to,
commercial and personal information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• profit repatriation restrictions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential tariffs, sanctions, fines, or other trade barriers or restrictions, or import or export regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with U.S. and foreign anti-bribery, anti-corruption, sanctions, AML and CTF laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interpretation and application of laws of multiple jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to different tax jurisdictions and potential adverse tax consequences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• national or regional political, economic, or social instability and geo-political tensions.

If we are unable to successfully manage the complexity of our international operations and deal with associated challenges and risks, our business, financial condition and results of operations could be adversely affected.

Our international operations also may heighten many of the other risks described in this "Risk Factors" section. Any violations of the complex laws, rules and regulations that may apply to our international operations may result in lawsuits, enforcement actions, criminal actions, or sanctions against us and our directors, officers and employees; prohibit or require us to change our business practices; and damage our reputation. Although we have implemented policies and procedures designed to promote compliance with these laws, there can be no assurance that our employees, contractors or agents will not violate our policies. Laws in various jurisdictions regulating financial services, the internet, mobile technologies, crypto and related technologies are rapidly evolving, extensive and often impose different, more specific or even conflicting obligations on us, as well as broader liability. In addition, we are required to comply with laws and regulations related to economic sanctions and export controls, AML and CTF. We have maintained compliance programs to meet the various legal requirements in the jurisdictions in which we operate, but there can be no guarantee that our compliance programs will be sufficient in preventing any violations of laws and regulations in such jurisdictions. These risks are inherent in our international operations, may increase our costs of doing business internationally and could materially and adversely affect our business.

Regulations of the blockchain economy continue to evolve and develop in many jurisdictions in which we operate. New developments in one jurisdiction may be extended to additional services and other jurisdictions, which may magnify regulatory risks in affecting our business in another place or involving another service. Conversely, if regulations diverge worldwide, we may face difficulty adjusting our products, services and other aspects of our business with the same effect. The complexity of international regulatory and enforcement regimes, coupled with the international, cross-border nature of our operations and the evolving global regulatory environment, could also result in a single event prompting overlapping investigations and legal and regulatory proceedings by multiple government authorities in different jurisdictions. Any of the foregoing could, individually or in the aggregate, harm our reputation, damage our brand and business, and adversely affect our operating results and financial condition.

***We face substantial and increasingly intense competition worldwide, including in the global payments industry, and we may compete against unregulated or less-regulated companies and companies with greater financial and other resources.***

We operate in markets characterized by vigorous competition. Many of the areas in which we compete are rapidly evolving with innovative and disruptive technologies, shifting user preferences and needs, price sensitivity of merchants and consumers, and frequent introductions of new products and services. Competition may also intensify as existing and new competitors introduce new products and services or enhance existing products and services, new competitors emerge, competitors enter into business combinations and partnerships, and established companies in other sectors expand to become competitive with various aspects of our business. If we are unable to differentiate our products and services from those of our competitors, drive value for our customers, or effectively and efficiently align our resources with our goals and objectives, we may not be able to compete effectively.

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The global payments industry, including its intersection with blockchain economy, is highly competitive, dynamic, innovative and increasingly subject to uncertain and evolving regulatory requirements. Our competitors in the payment services may include incumbent payment service providers and financial institutions and their joint ventures, as well as non-traditional payment processors and other parties entering the digital payments industry. Companies not traditionally associated with the payments industry have introduced products or services that are or may become competitive with our business. The hospitality industry is also intensely competitive, and our hospitality services compete with both established and emerging online and traditional providers of travel-related services, including OTAs, hospitality property management service providers and travel products and experiences suppliers.

Many of our competitors have greater financial resources and substantially larger customer bases than we do, which may provide them with significant competitive advantages. Our competitors may devote greater resources to the development, promotion, and sale of products and services, and/or offer lower prices or more effectively offer their own innovative programs, products and services, all of which could adversely impact our growth. We often enter into collaboration relationships with other businesses that are important to our business, while there can be no assurance that we will be able to continue establishing, cultivating or maintaining these collaboration relationships given the competitive landscape.

Certain competitors have long-standing exclusive, or nearly exclusive, relationships with their customers with products and services that compete with what we offer. These relationships can make it difficult or cost-prohibitive for us to expand our customer base and conduct material amounts of business with certain customers. Competing services tied to established brands may also engender greater confidence in the security and efficacy of their services.

We may also face pricing pressures from competitors. Some competitors may offer lower prices by cross-subsidizing certain services that we also provide through other products they offer. Such competition may result in the need for us to alter our pricing and could reduce our gross profit. Also, our customers may demand more customized and favorable pricing from us, and competitive pressures may require us to agree to such pricing, reducing our gross profit.

Some of our competitors, in particular those competing with our digital wallet product, may also be subject to less burdensome licensing, capital, liquidity and other regulatory requirements. These less-regulated competitors may offer lower prices or be more agile in adapting to trends and developing new products and services, including supporting a greater number of digital assets on their payments and wallet products. If we were unable to offer popular products and services, including products and services that our unregulated or less-regulated competitors are able to offer to a group that includes many of our customers, which may adversely impact our business, financial condition and results of operations.

***We have a new business model and a short operating history in developing and rapidly evolving markets for our products and services, which makes it difficult to evaluate our future prospects.***

We established an e-commerce platform in 2014 and further expanded into the hospitality sector in 2018 and the payment and fintech industry in 2023. Our limited and evolving operating history makes it difficult to effectively evaluate our future prospects or forecast our future results. As we compete in multiple developing and rapidly evolving sectors, we face substantial uncertainty concerning how these sectors may develop, as well as our ability to develop or implement additional strategic initiatives and enhancements to our products and services, to successfully expand our operations and enhance the value of our brand across industries and internationally, to maintain and strengthen our competitive edge on key products and services and to maintain a reliable, secure, high-performance and scalable technology infrastructure. For example, we are currently focused on developing and expanding our Payment segment, particularly in stablecoin-related services, through a suite of platform solutions—such as *OwlPay Payment* for stablecoin acceptance and USDC payouts, and *OwlPay Wallet Pro* for enterprise digital asset management—and infrastructure solution, *OwlPay Harbor*, which offers APIs for

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payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions, which may result in material changes to our overall financial and business performance and prospect, and there could be no assurance that such products and services development and expansion would result in success for us.

***We make selective investments in new products and services and enhancement to our existing products and services, including with respect to industries and areas or technologies with which we have little or no prior development or operating experience, which may not be successful and may not achieve expected returns.***

Our ability to grow and expand our business depends on selectively developing and investing in new products and services, as well as enhancing our existing products and services, both internally and through acquisitions. For example, after we launched *OwlTing Market*, an e-commerce platform for local Taiwanese businesses and farmers in 2014, we introduced in 2018 *OwlNest*, a hospitality property management service platform, expanded into payment services in 2023 with the launch of *OwlPay*, and further supplemented our payment gateway services with the acquisition of PayNow in May 2023. We are currently focused on developing and expanding our Payment segment, particularly in stablecoin-related services, through a suite of payment solutions—such as *OwlPay Payment* for stablecoin acceptance and USDC payouts, and *OwlPay Wallet Pro* for enterprise digital asset management—and infrastructure solution, *OwlPay Harbor*, which offers APIs for payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions.

We may potentially introduce significant changes to our existing products and services or develop and introduce new and unproven products and services, including relating to areas or technologies with which we have little or no prior development or operating experience, which may adversely affect our chance to successfully develop and market these products and services. We may incur substantial costs and may not be successful in generating profits from these efforts. Any new features may also cause technical issues that diminish the performance or attractiveness of our products and services, resulting in our failure to attract or retain customers in both the short term and long term. In addition, the introduction of new products and services, or changes to existing products and services, could result in new or enhanced governmental or regulatory scrutiny, litigation or other complications that could adversely affect our reputation, business and operating results.

***Our pricing decisions may fail to generate expected results and may adversely affect our ability to attract new merchants and retain existing merchants.***

Our business and financial performance may depend on our decisions as to the pricing of our various products and services across our business segments. Our pricing models are subject to changes from time to time, and such changes may not yield expected benefits to our business and financial results and could also negatively affect the willingness of our customers to use our products and services. If our pricing models are not optimal, it may adversely affect our profitability. Moreover, our customers may be sensitive to changes in our pricing models compared to prices offered by our competitors. As a result, our pricing decisions may result in loss of market share and in the future we may be required to reduce our prices, which could adversely affect our revenue, gross profit, profitability, financial position and cash flows.

***Our strategy and focus on delivering high-quality, compliant, easy-to-use, and secure blockchain-related financial services may not maximize short-term or medium-term financial results.***

Our business strategy includes taking actions that we believe are in the best interests of our customers and our own long-term business interest, but may not necessarily maximize short- or medium-term results. These actions could include expending significant managerial, technical and legal efforts on complying with laws and regulations that apply to our products and services and ensuring the security of our products. We also focus on

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creating long-term customer engagement through developing new, innovative products and technologies. These decisions may not be consistent with the short-term and medium-term expectations of our shareholders and may not produce the expected long-term benefits, which could adversely affect our business, operating results and financial condition, both in the short term and potentially in the long term as well.

***Global and regional economic conditions may materially and adversely affect our business.***

Our operations and performance depend on global and regional economic conditions. Adverse global and regional economic conditions such as turmoil affecting the banking system or financial markets, including, but not limited to, tightening credit markets, extreme volatility or distress in the financial markets (including the fixed income, credit, currency, equity and commodity markets), higher interest rates, higher unemployment, high consumer debt levels, recessionary or inflationary pressures, supply chain issues, reduced consumer confidence or economic activity, government fiscal, monetary and tax policies, local and international trade relationships, agreements, treaties, tariffs and restrictive actions, government austerity programs, and other negative financial news or macroeconomic developments could have a material adverse impact on us. We could suffer weakened demand for our products and services, including without limitation a reduction in the volume and size of transactions we process and a reduction in consumer activity and spending with hospitality sector customers that we serve. Our payment products and services focus on cross-border payments, whose volume is closely tied to global and regional economic conditions. At the time of adverse global or regional economic conditions, the cross-border payments volume that we process, as well as the overall market demand for cross-border payment, may suffer disproportionately and our financial and operating results could be adversely affected. See "—Any factors that reduce cross-border trade or make such trade more difficult could harm our business." Additionally, any inability to access the capital markets when needed due to volatility or illiquidity in the markets or increased regulatory liquidity and capital requirements may strain our liquidity position. Global or regional economic conditions may also expose us to fluctuations in foreign currency exchange rates or interest rates that could materially and adversely affect our financial results.

***The successful operation of our business depends upon the performance, reliability and security of the Internet infrastructure in markets in which we operate or are expanding our operations.***

Our business depends on the performance, reliability and security of the Internet infrastructure in countries in which we operate or are expanding our operations and the general public's ability to access the Internet and continued willingness to use the Internet as a means to pay for purchases, book for hospitality experiences, hold and settle funds and conduct other commercial transactions, including through mobile devices. In certain existing or prospective regional markets for us, the current state of the Internet infrastructure remains less developed and may not be able to provide the necessary bandwidth or reliable access to the Internet, which could interfere with the speed and availability of our products and services. If our target customer base becomes unable, unwilling or less willing to use the Internet for commerce for any reason, including lack of high-speed access or Internet outages, disruptions or other damage to their technology systems, increases in the cost of accessing the Internet or security and privacy risks or the perception of such risks, our business could be adversely affected.

***An occurrence of a widespread health epidemic or other outbreaks or natural disasters could have a material adverse effect on our business, financial condition and results of operations.***

Natural disasters or other catastrophic events may cause damage or disruption to our operations, business, operating results and financial condition, either directly or indirectly through disruption to and adverse effects on international commerce and the global economy. Our business operations could be materially and adversely affected by natural disasters, such as earthquakes, snowstorms, storm surges, floods, fires, droughts and other extreme weather events and other effects of climate change; the outbreak of a widespread health epidemic or pandemic, such as ones involving COVID-19, swine flu, avian influenza, severe acute respiratory syndrome, Ebola and Zika; or other events, such as wars, acts of terrorism, geo-political unrest, power shortages or communication interruptions. We may be unable to continue our operations and may endure lengthy system

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interruptions, reputational harm, delays in development of our products and services, breaches of data security and loss of critical data, all of which could have an adverse effect on our future operating results. To the extent natural disasters or other catastrophic events concurrently impact data centers we rely on, customers may experience significant delays in withdrawing funds or, in the extreme scenarios, we may suffer loss of customer funds. See "—We may hold a substantial amount of funds belonging to our customers at any given time. If we are unable, or perceived as unable, to effectively manage our customers' fiat currencies and digital assets, our business could be harmed."

***Any factors that reduce cross-border trade or make such trade more difficult could harm our business.***

Cross-border trade is a key component of the transaction volume processed with our payment products and services and a critical source of revenues and profits. Our payment products and services are designed to provide integrated, easy-to-use payments processing across multiple jurisdictions. Our payment services target individual and business customers with needs for cross-border payments, including, for example, individuals working abroad sending remittances home, or business customers making payments to their supply chains members located overseas. Cross-border transactions also typically offer higher revenues and operating income than domestic transactions that could better contribute towards our profitability.

For our payment services business, we charge fixed-amount, per-transaction handling fees and/or percentage-based transaction fees. Our revenue from the payment services is largely based on the total transaction volume processed via our services. Our cross-border payments transaction volume depends on the level of cross-border trade activity. Cross-border trade may be negatively impacted by various factors including foreign currency exchange rate fluctuations, tariffs, trade barriers or restrictions, sanctions, import or export controls, geopolitical tensions and varying interpretation and application of laws of multiple jurisdictions relating to cross-border trade and foreign exchange. In early 2025, the U.S. government implemented or proposed to implement policies restricting international trade in the form of new or higher tariffs, and other countries have reacted by implementing or proposing to implement new or higher tariffs. There remains to be a high degree of uncertainty around the U.S. trade policies and tariffs as of the date hereof, and it remains uncertain how U.S. trade policies and tariffs may affect international trade and global economy outlook. Any factor that raises the costs of cross-border trade for us or our customers or that restricts, delays, or makes cross-border trade more difficult or impractical could reduce our cross-border transactions and volume, negatively impacting our revenues and profits and harming our business.

***Failure to deal effectively with fraud, abusive behaviors, bad transactions and negative customer experiences may increase our loss rate and could negatively impact our business and severely diminish merchant and consumer confidence in and use of our services.***

We offer payments and other products and services to a large number of customers and may be subject to fraud, abusive behaviors or illegal transactions. Third parties may continue attempting to abuse access to and misuse our payment services to commit fraud by, among other things, creating fake accounts using stolen or synthetic identities or personal information, making transactions with stolen financial instruments, abusing or misusing our services to seek financial gain, or fraudulently inducing our customers to engage in fraudulent transactions or conducting fraudulent or illegal sales of goods or services. These schemes or fraud attacks may be difficult to detect and may be deployed at a volume that would not be possible in physical transactions. Various evolving fraud schemes and misuse of our payment products and services could result in significant costs and liabilities on our part, require a change in our business practices, cause us to incur significant remediation costs, lead to diminished customer confidence in, or decreased use of, our products and services, harm our reputation and brands, divert the attention of management from business operations and require us to pay substantial compensation or contractual penalties to our customers and their payment counterparties as a result of losses or claims.

Our risk management policies, procedures, techniques and processes may not be sufficient to identify all of the risks to which we are exposed, particularly given the novel and rapidly changing forms of fraud or activity, to

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enable us to prevent or mitigate the risks we have identified, or to identify additional risks to which we may become subject in the future. Our risk management and compliance processes may face significant demands as we expand our regional and products and services footprint and our business becomes more complex. When we introduce new products or services, expand existing services, including online payment acceptance and expanded payments options, focus on new business areas or begin to operate in markets where we have a limited history of fraud loss, we may be less able to forecast and carry appropriate reserves on our books for those losses. We will need to continue developing, improving, and making investments into our risk management infrastructure, techniques and processes, and there could be no assurance that such development and improvement will be sufficient to meet our evolving demands.

We could incur significant losses from fraudulent or erroneous transactions and situations where funding instruments used for legitimate transactions are closed or do not have adequate funds to satisfy payments, or the payment is mistakenly initiated to an unintended recipient. Any of our efforts to recover transaction losses may be insufficient to compensate for all losses. Payers using our payment products and services may have reimbursement rights from their payment card issuer, which in turn will seek recovery from us. Excessive losses incurred by us related to payment card transactions could cost us the ability to accept payment cards for payment, which would negatively impact our business. Failure to effectively monitor and evaluate any of our merchants that experience bankruptcy, insolvency, business failure or other business interruption may also result in losses in our payments processing operations.

***Use of our payment services for illegal activities or improper purposes could harm our business.***

Our products and services, in particular our payments and wallet services, may potentially be used for illegal activities or improper purposes, including money laundering, terrorist financing, sanctions evasion, corruption, illegal online gambling, fraudulent sales of goods or services, illegal telemarketing activities, illegal sales of prescription medications or controlled substances, piracy of software, movies, music and other copyrighted, trademarked or digital goods, bank fraud, child pornography, human trafficking, prohibited sales of alcoholic beverages or tobacco products, securities fraud, pyramid or Ponzi schemes, or the facilitation of other illegal or improper activity. Further, certain activity that may be legal in one jurisdiction may be illegal in another jurisdiction, and a merchant may be found responsible for intentionally or inadvertently importing or exporting illegal goods, resulting in liability for us. We could also become targets for owners of intellectual property rights or government authorities that seek to bring legal action against providers of payment services who are tangentially involved in selling infringing or allegedly infringing items.

Any illegal or improper uses of our payment products and services or failure on our part to detect or prevent illegal or improper activity by our customers may subject us to claims, individual and class action lawsuits and government and regulatory requests, inquiries or investigations that could result in liability, restrict our operations, impose additional restrictions or limitations on our business or require us to change our business practices, harm our reputation, increase our costs and negatively impact our business. In particular, we are subject to laws aimed at preventing money laundering, corruption, sanctions evasion and the financing of terrorism across the various jurisdictions in which we operate, and the relevant regulatory landscape is complex and constantly evolving. While our risk management and compliance framework contains measures to prevent and detect illegal activities that may occur using our payment services, these measures may not be effective in detecting and preventing illegal activity or improper uses. We may also incur substantial monitoring and compliance costs in implementing as well as continuously improving these measures.

Certain of our services involve transfers or holding of, or require intermediary exchanges with and into, digital assets, including stablecoins. While fiat currencies can be used to facilitate illegal activities, digital assets, including stablecoins, are relatively new and, in many jurisdictions, may be lightly regulated or largely unregulated. Certain digital assets have characteristics such as the speed with which digital asset transactions can be conducted, the ability to conduct transactions without the involvement of regulated intermediaries, the ability to engage in transactions across multiple jurisdictions, the irreversible nature of certain digital asset transactions,

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and encryption technology that anonymizes these transactions, which may make digital assets susceptible to use in illegal activity. Furthermore, the perception that digital assets are susceptible to use in illegal activity may motivate further intensified regulatory scrutiny on businesses within the blockchain economy, including us. Regulatory authorities in the United States, for example, investigate, issue subpoenas and civil investigative demands and take legal action against persons and entities alleged to be engaged in fraudulent schemes or other illicit activity involving digital assets. While our risk management and compliance system contains features specially addressing our operations involving digital assets, including stablecoins, there could be no assurance that we will be able to detect all illegal activities through our products and services involving the use of digital assets, and we may incur substantial costs in complying with evolving regulatory regimes on the blockchain economy.

***We may not have sufficient insurance coverage to cover our business risks.***

We have obtained insurance providing coverage in certain jurisdictions from certain customer losses resulting from breaches of our physical security, cybersecurity, or theft by employees or third parties. Additionally, we hold surety bonds as mandated by our money transmitter licenses, providing consumer protection against potential financial losses if we are unable to fulfill our obligations. However, our business insurance is necessarily limited in scope and we may not be able to acquire or maintain sufficient insurance to cover all types of business risks that we may face, and our coverage may be inadequate to compensate for all losses that may occur, particularly with respect to loss of business or operations. Any business disruption, litigation, regulatory action, outbreak of epidemic disease or natural disaster could also expose us to substantial costs and diversion of resources, and there can be no assurance that our insurance coverage is adequate to compensate for any loss or that we could successfully claim our losses under our current insurance policy on a timely basis, if at all.

We may also determine that, for certain types of risks, the costs of insuring and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for us to have such insurance. If we incur any loss not covered by our insurance policies, or the compensated amount is significantly less than our actual loss, our business, financial condition and results of operations could be materially and adversely affected.

***Merchant defaults could potentially lead to financial losses for us due to chargebacks and refunds.***

We could incur substantial losses due to chargebacks on payment cards used by shoppers to fund their purchases, if a shopper asserts that our business customer has not performed or that the goods or services do not match the description or have not been received. While we seek to recover those losses from our business customer as the merchant, we may not be able to fully recover if the merchant is unwilling or unable to pay. In the event of the bankruptcy or other business interruption of a merchant that sells goods or services in advance of the date of their delivery or use, we face a substantial chargeback risk and may remain financially responsible for merchant defaults. While we have implemented risk mitigation measures, these measures, including the level of reserves, may be insufficient and thus may adversely affect our business, reputation, financial condition, results of operations and prospects.

***We may hold a substantial amount of funds belonging to our customers at any given time. If we are unable, or perceived as unable, to effectively manage our customers' fiat currencies and digital assets, our business could be harmed.***

We may hold a substantial amount of funds belonging to our customers, including in the form of fiat currencies and digital assets. The success of our business depends on our customers' confidence that we can effectively manage and safeguard their balances and assets and handle substantial transaction volume and customer funds. We are also subject to regulatory requirements with respect to customer balances in certain jurisdictions where we operate. Any failure to manage customer funds in compliance with applicable regulatory

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requirements, or any public loss of confidence in us or our ability to effectively manage customer balances, could lead customers to discontinue or reduce their use of our products and services or reduce customer balances held with us, or significant penalties and fines and additional restrictions, any of which could significantly harm our business.

While we have processes and measures developed and maintained aiming to protect customer funds, hackers, employees or service providers could still circumvent these processes and measures to improperly access our systems or documents, or the systems or documents of our customers and their payment counterparties, agents or service providers, and improperly access, obtain or misuse customer digital assets and funds. The tactics used to obtain unauthorized access, disable or degrade service or sabotage systems are also constantly changing and evolving and may be difficult to anticipate or detect.

We have also build relationships with third parties, such as with Circle, the issuer of USDC, where we or such third parties receive and hold customer funds. See "Business—Our Third-Party Collaborations." Our and our collaborators' abilities to manage and accurately hold customer cash and cash held for our own operating purposes require a high level of internal controls. We have a limited ability to manage the controls and processes of our collaborators, including any third-party vendors, and may rely on our collaborators' and vendors' operations, liquidity and financial condition to manage these risks. As we maintain, grow and expand our products and services offerings, we may not be able to scale and strengthen our internal controls and processes, and monitor our third-party collaborators' and vendors' abilities to similarly scale and strengthen.

Our ability to maintain insurance also depends on the insurance carriers' ongoing underwriting criteria. Any loss of customer cash or digital assets could lead our insurance coverage to lapse, which could cause a substantial business disruption, adverse reputational impact, inability to compete with our competitors, and regulatory investigations, inquiries or actions. Additionally, any security incident where customer assets are compromised could impose substantial costs on us and necessitate the notification of impacted individuals, and in some cases regulators, potentially exposing us to regulatory enforcement actions, including substantial fines or limitation of our ability to provide services, subjecting us to litigation and significant financial losses, damaging our reputation, and adversely affecting our business, operating results, financial condition and cash flows.

***Acquisitions, strategic investments, new businesses, joint ventures, divestitures and other transactions we enter into could fail to achieve strategic objectives, disrupt our ongoing operations or result in operating difficulties, liabilities and expenses, harm our business and negatively impact our results of operations.***

We may evaluate and consider a wide array of potential strategic transactions as part of our overall business strategy, including business combinations, acquisitions and dispositions of certain businesses, technologies, services, products and other assets, as well as joint ventures, strategic investments, and commercial and strategic collaborations. These transactions may involve significant challenges and risks. We have previously acquired or invested in, and continue to seek to acquire or invest in, businesses, technologies, regulatory licenses or other assets that could complement or grow our business, including new or similar lines of business adjacent to or outside of our existing infrastructure or geographic presence. As our company continues growing, the pace and scale of our acquisitions and investments may correspondingly increase.

For example, we acquired control of PayNow, a prominent payment gateway services provider in Taiwan, on May 1, 2023. Prior to being acquired, PayNow had been a supplier to our hospitality products in connection with its consumer-to-business payment gateway services. We acquired PayNow in order to supplement and strengthen our service offerings in the payment sector. We plan to develop our regional payment services capacity in various jurisdictions through acquisitions of regional players carrying local licenses and expect to continue explore strategic acquisition opportunities.

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There can be no assurance that we will be successful in identifying, negotiating and consummating favorable transaction opportunities. These potential transactions could create significant challenges and risks, regardless of whether they are ultimately completed, including risks that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction may not advance our business strategy or may hinder our growth, profitability or reputation, or
fail to generate a satisfactory return on our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to secure necessary regulatory approvals or satisfy other closing conditions in a prompt manner, or
at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction may divert management's attention or incur significant acquisition and transaction costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transactions may entail further regulatory burdens, including local and international regulatory burdens from
overseas operations, that could impact our business in unanticipated and negative ways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• integrating systems, culture or management of the acquired business could be difficult;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated benefits or synergies from the transaction may not be realized within an expected time period, or
at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retention of key personnel, vendors, customers and collaborators of acquired businesses may not be successful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquired businesses may not possess adequate controls, processes and procedures to ensure compliance with
laws and regulations, including with respect to data privacy, data protection and information security, and our due diligence process may not identify compliance issues or other liabilities to the fullest extent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may underestimate the liabilities or shortcomings of the acquired business, resulting in additional financial,
legal, regulatory, or tax exposure and litigation, compliance or remediation costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there may be undetected security weaknesses, cyberattacks, breaches or incidents at acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may face difficulty in entering into new markets or geographic territories; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions may result in dilutive issuances of equity securities or incurrence of debt that could arise from
potential ventures.

Any of these aforementioned risks could harm our business and negatively impact our operational results or incur substantial opportunity and transactional costs.

We may in the future also seek to enter into joint ventures and minority investments, which necessarily involve a lesser degree of control over business operations, which could potentially increase the associated financial, legal, operational, regulatory and/or compliance risks. We may also divest certain businesses or investments. We may encounter difficulty obtaining favorable terms for a divestiture in a timely manner or at all. Divestitures may subject the business pending divestment as well as the remaining business to a decline in business performance and loss of employees, customers or suppliers, any of which could have a material adverse effect on us.

***We may not be able to successfully integrate acquired businesses or combine internal businesses, and the ongoing integration of PayNow could incur time and monetary costs and adversely affect our future results of operations.***

We may evaluate and consider a wide array of potential strategic transactions as part of our overall business strategy, and have entered into such strategic transactions in the past. For example, we acquired control of PayNow, a prominent payment gateway services provider in Taiwan, on May 1, 2023. Prior to being acquired,

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PayNow had been a supplier to our hospitality products in connection with its consumer-to-business payment gateway services. We acquired PayNow in order to supplement and strengthen our service offerings in the payment sector.

Integrating acquired businesses often requires significant time and resources, and we may not manage these processes successfully. After acquiring PayNow, we have been working to enhance the product's functionality, implement internal controls and accounting processes and systems and adopt relevant corporate governance policies and ****procedures. Some of these initiatives have been completed, while others are still undergoing adjustment and ****improvement. It is also possible that we would adjust at a future time our internal structure of business segments, which may involve combining and integrating internally our business resources that have been managed independently. Our integration efforts may be complex, costly and create a variety of risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruption or harm to the businesses involved, or to our other businesses, including the need for management to
spend time and attention on the integration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with different sets of cultures, systems, processes, and internal policies and practices, the difficulty in
merging across different businesses and/or implementing and maintaining effective internal controls, procedures, and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenge in retaining key personnel after the strategic transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any loss of important business collaborators of the acquired business as a result of the strategic transaction.

There could be no assurance that we would successfully integrate businesses we acquired or invested in or achieve the strategic, financial, or operating objectives of an acquisition or integration, and if any of our integration efforts fail, such failure could adversely affect our business, results of operations, or value of our acquisitions or investments.

***We depend on the continuing efforts of our founders, senior management team and key personnel, and our business operations may be negatively affected if we lose their services. We may also be unable to attract, retain and develop the highly skilled employees we need to support our business.***

Our company's current and future performance depends on the continued services of our founders and senior management team, including our founder and CEO, Darren Wang. We also depend on continued services of key personnel who possess significant expertise and industry knowledge and our ability to continue to attract retain, and develop such personnel we need to maintain our competitive position. The loss of key personnel, including members of management, as well as key engineering, product development, marketing and sales personnel, could disrupt our operations and have an adverse effect on our reputation and business.

There could be no assurance that we will continue to attract and retain the personnel needed to maintain our competitive position or in line with our growth. Competition for key and other highly skilled personnel is intense in the sector we belong to, and we may need to invest significant resources to attract and retain new employees, while we may not realize returns on these investments. If our stock price declines or if our reputation were to be harmed due to media, legislative or regulatory scrutiny or otherwise, we could face more difficulty in attracting and retaining the critical personnel needed for the continued success of our business. Additionally, restrictive laws or policies on immigration, travel or visa availability for skilled workers could limit our ability to recruit or hire internationally.

We grant equity-based compensation to retain and incentivize our employees. Issuance of significant equity to attract or retain employees may incur substantial additional share-based compensation costs at the expense of diluting the ownership of our shareholders. Retaining and motivating key existing personnel could also be difficult to the extent the wealth from our equity compensation could affect their decision about continued employment with us.

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***Real or perceived inaccuracies in our key business metrics may harm our reputation and negatively affect our business, and these key business metrics are subject to assumptions and limitations and may not provide an accurate indication of our future or expected results.***

The key business metrics we use to measure our business are calculated using internal company data based on the activity we measure on our platforms and may be compiled from multiple systems, including systems that are organically developed or acquired through business combinations. There are inherent challenges and limitations in measuring our business across various jurisdictions, and the methodologies used to calculate our metrics inherently require certain assumptions and judgments. We regularly review our processes for calculating these metrics, and from time to time we may make adjustments to improve their accuracy or relevance. Further, as our business develops, we may revise or cease reporting metrics if we determine that such metrics are no longer appropriate measures of our performance. If investors, customers or other stakeholders do not believe our reporting metrics accurately reflect our business, or they disagree with our methodologies, our reputation may be harmed and our business may be adversely impacted.

The key business metrics we use may not always reflect our actual performance, and investors should consider these metrics in light of the assumptions used in calculating such metrics and limitations as a result thereof. In addition, investors should not place undue reliance on these metrics as an indicator of our future or expected results. Moreover, these metrics may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics.

***Failure to deal effectively with fraudulent or illegal activities or misconduct by our employees, strategic collaborators or service providers would harm our business.***

Illegal, fraudulent, corrupt or collusive activities or misconduct, whether actual or perceived, by our employees, strategic collaborators or service providers could subject us to legal liability, financial losses and regulatory sanctions, and could seriously harm our reputation and negatively affect our business. Such misconduct could include engaging in improper or unauthorized transactions or activities, misappropriation of customer funds and misappropriation of information, failing to supervise other employees or service providers, or improperly using confidential information.

We have implemented and continue to improve our internal controls and policies concerning account management, sales activities, data security and other relevant matters. However, there can be no assurance that our controls and policies will prevent fraud, corrupt or illegal activity or misconduct, or any negligence by our employees, representatives, agents, strategic collaborators or service providers or that similar incidents will not occur in the future. Employee or service provider errors, including mistakes in executing, recording or processing transactions for customers, could expose us to the risk of material losses even if the errors are detected. The risk of employee or service provider error or misconduct may be compounded with any novel products and services we release.

We could be subject to regulatory investigations and liabilities in connection with misconduct by our employees or service providers, which would materially and adversely affect our business operations, customer relationships and reputation. If we were found to have not met our regulatory oversight and compliance and other obligations, we could be subject to regulatory sanctions, financial penalties, restrictions on our activities for failure to properly identify, monitor and respond to potentially problematic activity. Further, allegations by regulatory or criminal authorities of improper trading activities could affect our brand and reputation.

***Our compliance and risk management efforts may not be effective, which could expose us to losses and liability and otherwise harm our business.***

Our ability to comply with complex and evolving laws, regulations and rules primarily depends on establishing, maintaining and scaling our compliance, internal audit and reporting systems to continue keeping

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pace with increased customer activity and transaction volume, as well as our ability to attract and retain qualified compliance and other risk management personnel. While we have expended significant resources to develop policies, programs and procedures that identify, monitor and manage our risks, and expect to continue to do so in the future, we cannot guarantee that our policies and procedures are and will always be effective or that we have been and will always be successful in monitoring or evaluating potential market risks, including unidentified or unanticipated risks.

Our products and services, including our payment products and services, are available to a large number of customers, and our day-to-day operations may involve many collaborators. We bear a variety of risks in connection with our operations, including fraudulent and illegal transactions, illegal or improper use of our products and services or other deceptive or malicious practices, and we could suffer resulting losses and liability, including when we settle those funds for customers and are unable to recover or when we are subject to chargebacks and refunds in connection with payments made via credit cards. See "—Failure to deal effectively with fraud, abusive behaviors, bad transactions and negative customer experiences may increase our loss rate and could negatively impact our business and severely diminish merchant and consumer confidence in and use of our services" and "—Use of our payment services for illegal activities or improper purposes could harm our business." As more customers use our services, our exposure to material risk losses could increase accordingly. Our risk management efforts require continuous improvement and may not be wholly effective in detecting and deterring all of such fraud and illegitimate transactions or activities, or preventing losses. Our risk management policies and procedures depend on a combination of technical and human controls and supervision, all of which can be subject to error and failure. There could be unidentified gaps in our risk management policies and procedures that may require us to expend significant resources and management attention. Certain of our risk management policies and procedures are developed and maintained based on internally developed controls, observed historical market behavior and standard industry practices, which could become ineffective in preventing losses, particularly at the time of extreme market movements. Our risk management policies and procedures also may not adequately prevent losses from technical errors if our testing and quality control practices are ineffective in preventing failures. We could also voluntarily adjust our risk management policies and procedures to allow for an increase in risk tolerance, which could expose us to the risk of greater losses.

We could be subject to periodic review by regulators regarding our compliance with our own policies and procedures and with various laws and regulations. We may receive additional examination reports citing violations of rules and regulations and inadequacies in existing compliance programs, and requiring us to improve certain aspects of our compliance program, including due diligence, training, monitoring, reporting and recordkeeping. If we fail to adequately comply with or address these filings, regulators could take a variety of actions that impair our ability to conduct our business, including, but not limited to, delaying, denying, withdrawing, or conditioning approval of our permits and licenses or certain products and services.

***Declines or disruptions in the hospitality industry could adversely affect our business and financial performance.***

Our business and financial performance could likely be detrimentally affected by prolonged declines or disruptions in the hospitality industry. Most recently, the COVID-19 pandemic and efforts to contain it had a severe negative impact on the global hospitality industry and materially adversely impacted the business and financial performance of our Hospitality segment. Factors that could materially and adversely affect the hospitality industry and in turn our business include adverse macroeconomic conditions; political instability and geopolitical conflicts; major public health issues including pandemics; hotel supply and occupancy fluctuations; extreme weather or natural disasters; taxes and surcharges imposed; the prevalence of hospitality-related accidents or safety incidents; and alterations to visa, immigration or border control policies.

As these occurrences are difficult or impossible to forecast, they can instantly and drastically impact the hospitality industry in an adverse manner, including by causing decreases in demand and negatively affecting people's travel behavior. Any decline or disruption to the hospitality industry could adversely affect our business,

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working capital and financial performance over the short and long term, both directly through reduced consumer demand for our hospitality offerings through *OwlTing Experiences* and *OwlJourney*, and indirectly through reduced consumer demand for hospitality suppliers using our products such as *OwlNest* or *OwlPay*.

***Success of our hospitality business depends on our relationships with hospitality suppliers.***

Maintaining and expanding relationships with hospitality suppliers is integral to the success of our business. We seek to grow our hospitality products and services by connecting with more hospitality suppliers, including local hoteliers and tour experience providers. However, there are no guarantees that hospitality suppliers will choose to participate in our platform or use or services, that our compensation, access to inventory or access to inventory at competitive rates will not be further reduced or eliminated in the future, or that certain hospitality suppliers may fail to provide us with accurate booking information or may otherwise take actions that would increase our operating expenses. In addition, many hospitality suppliers covered by our Hospitality segment may be smaller in size and less stable and have a higher likelihood to fail, which may result in greater difficulties and costs for us to continue building and maintaining our network of hospitality suppliers. Any of these circumstances, or other similar circumstances, could reduce our revenue and margins thereby adversely affecting our business and financial performance.

***Our supplier relationships subject us to a number of risks in relation to our e-commerce business.***

Certain suppliers to our business, in particular to our E-commerce segment, are important to our sourcing of merchandise that we offer on our platforms, including on the *OwlTing Market*. While we have mid-to-long-term arrangements with some of our suppliers, we cannot guarantee the availability of the merchandise, particular payment terms for such merchandise or the extension of credit limits from our suppliers. Our current suppliers, including some single-source suppliers, may limit or stop providing merchandise to us on acceptable terms, or delay delivery, including as a result of one or more supplier bankruptcies due to poor economic conditions, natural or human-caused disasters (including public health crises), geopolitical events or for other reasons. In these circumstances, we may be unable to procure alternatives from other suppliers in a timely and efficient manner and on acceptable terms, or at all, or we could be forced to incur additional resources and time in onboarding new suppliers. In addition, violations by our suppliers or other vendors of applicable laws, regulations, contractual terms, intellectual property rights of others, as well as products or practices regarded as unethical, unsafe or hazardous, could expose us to claims, damage our reputation, limit our growth and negatively affect our operating results.

***If we are not able to maintain and enhance our brand awareness, or if our reputation or our brands are damaged, our business and operating results may be materially and adversely affected.***

Having a strong and trusted brand is pivotal to the success of our business and greatly affects our ability to attract and retain customers. We have developed a set of brands with our products including *OwlPay*, *OwlNest*, *OwlTing Market*, *OwlJourney*, *OwlTing Experiences* and *OwlStay*. Maintaining and enhancing awareness of these brands will be essential to growing and expanding our company, and will depend on our ability to continue providing reliable and innovative products and services and maintain trust with our customers and collaborators. Maintaining and enhancing our brands may require substantial investments, which may not be successful. If we fail to successfully promote and maintain our brand awareness or if we incur excessive expenses in this effort, our business, financial condition and results of operations may be adversely affected.

Our reputation or brand could be damaged or diminished in various ways, including from unsuccessful new products and services; decisions regarding user privacy, data practices and information security; scrutiny or criticism from customers, collaborators, employees, government entities, media, advocacy groups, and other influencers or stakeholders; attacks from our competitors; negative publicity or reviews; or legal proceedings or investigations. Our brand could also be harmed by inadequate protection or misuse of sensitive information; fraud committed by third parties using our products or services; compliance failures and claims; incorrect or false content posted by third parties

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on our platforms, errors caused by us or our collaborators or third parties utilizing our platforms; and misconduct by our collaborators, service providers or other counterparties. Any negative publicity about the industries we operate in or are associated with, including the blockchain economy, could also adversely affect our brand or reputation even if the negative publicity or commentary is not directly related to us. If our brand or reputation is damaged or diminished in any of the foregoing ways, our business and operating results may be adversely impacted.

**Risks Related to Our Financial Results** 

***We have incurred operating losses in the past and we intend to continue to invest in our business. Thus, our ability to achieve or maintain profitability in the future is uncertain.***

We recorded net losses of US$6.8 million in 2023 and US$10.3 million in 2024. Our future profitability depends on various factors that are beyond our immediate control. Our operating expenses will likely increase as we continue investing in our business and after we have become a public company.

We intend to continue making investments in our business, including expending resources on developing new products and services; international expansion into additional markets; sales and marketing; infrastructure; attracting and retaining personnel; strategic opportunities, including acquisitions and investments; and general administration, including legal, finance and other expenses related to being a public company. These investments could increase our expenses but may not lead to a corresponding increase in revenue or business growth. Growth in the number of our users could also result in increased losses, as we incur higher costs associated with a larger customer base up front but recognize revenue in future periods as our customers use our products and services. Moreover, businesses we acquire may have different profitability than our existing business, including business generating losses historically, and the synergies with such business acquisitions may not realize in time or at all. If we cannot achieve adequate revenue growth or effectively manage our expenses, we could incur substantial future losses.

If we are unable to achieve or maintain profitability, we may not be able to raise the necessary capital to satisfy our anticipated expenditures and other cash needs, or the capital we receive may not be on acceptable terms or in a timely manner. In this case, our business, operational results and financial condition could be adversely affected in a material way.

We may also incur additional costs as a result of being a public company, including significant legal, accounting and other new expenses under the requirements of the laws and regulations applicable to public companies, including the Sarbanes-Oxley Act of 2002, as well as various SEC and stock exchange rules on governance and disclosure.

***We may require additional capital to support our operations and the growth of our business, and we cannot be certain that financing will be available on reasonable terms when required, or at all, and our existing credit facility and our senior notes contain, and any future debt financing may contain, covenants that impact the operation of our business and pursuit of business opportunities.***

We have funded our operations since inception primarily through equity financings, bank loans and revenue generated by our products and services, as well as other debt instruments that will be terminated, redeemed or converted upon or shortly after this direct listing. As we intend to continue to invest in our business and address various operational needs, including developing new products and services, expanding into additional jurisdictions and making strategic acquisitions and investment, we may periodically require additional financing. However, there can be no assurance that any additional financing will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funds as needed, there would be a material adverse effect on our business and results of operations or financial condition. We believe that our current cash, cash inflow expected from payment business expansion and creation of new revenue stream and cash from private placement to provide the necessary financial support to meet further short-term capital needs and to fund our current obligations, including the accrued dividends on and the redemption of all Class A

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Preferred Shares shortly after this direct listing, projected working capital requirements, debt service requirements and capital spending requirements at least for the next 12 months.

Our ability to obtain additional financing, if and when necessary, is subject to investor and lender demand, our operating performance and the state of capital markets, among other factors. If we incur additional debt, debt holders would possess rights that are senior to holders of our Class A Common Shares to make claims on our assets. Such debt may also impose restrictions on our operations, including our ability to pay dividends on our Class A Common Shares. If we raise additional funds through issuing equity securities, our existing shareholders would experience dilution and these new equity securities may have rights, preference or privileges senior to those of our Class A Common Shares. We cannot be certain that we could obtain additional financing on favorable terms or in a timely manner, or at all, when needed, and any failure for us to obtain financing could impede our ability to continue supporting the operation and growth of our business and adversely affect our operating results.

Our decision to raise capital in the future will depend on numerous considerations, including factors beyond our control, and we cannot predict or estimate the amount, timing or nature of any future issuance of debt or shares. As a result, holders of our Class A Common Shares bear the risk of future issuances of debt or shares reducing the value of their securities and diluting their interests.

***A significant amount of our business and revenues is derived from a relatively small number of customers, and the loss of these customers, including a reduction in their transaction volume, could have an adverse effect on our business, operating results and financial condition.***

We have a large and diversified customer base; however, a relatively small number of customers, primarily business customers, may account for a significant amount of our revenues. For example, for the year 2024, our top 10 customers in payment services represent 20% of consolidated revenue. If we fail to retain our large customers and other customers, our business performance could be adversely impacted and/or experience significant fluctuations. Our customers may seek to alter the existing contractual arrangement during the renewal process, including on price, scope of services, payment terms or volume changes, and there could be no assurance that we could continue providing products and services for our customers on terms no less favorable than current.

We may also experience customer attrition as a result of several factors, including business cessation of our customers or switching of services by our customers to our competitors. We cannot predict the level of attrition in the future and our revenues could decline as a result of higher than expected attrition, especially for any loss of large customers contributing to our revenues, which could have a material adverse effect on our business, financial condition and results of operations. Should the rate of growth of our customers' business slow or decline, this could also have an adverse effect on their volume of transactions processed and/or spending on third-party products and services, and therefore an adverse effect on our results of operations. We may also face price competition as our customers, including any large customers contributing to our revenues, may seek to lower prices or propose different pricing structures that are less advantageous to us. Furthermore, the business customers that are larger in size are more likely to have arrangements with multiple providers that compete with our products and services, in particular for our payment products and services (primarily to mitigate risks of downtime or default of any single payments provider). As a result, these customers could shift business away from us to another service provider at any given time without necessarily terminating the contract with us. If we lose any larger customers or lose the amount of business we do with any larger customer, or if we are unsuccessful in retaining contract terms that are favorable to us with any large customers, we may not be able to replace such customers with other customers and our business, financial condition, results of operations and prospects may be materially and adversely affected.

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***The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business.***

As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company, which could further increase once we are no longer an "emerging growth company". The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of the Nasdaq, and other applicable securities laws, rules and regulations impose various requirements on public companies. Our management and other personnel do not have prior experience in managing a public company and we will be required to devote a substantial amount of time to compliance with these requirements. Adhering to these rules and regulations will increase our legal and financial compliance costs, and could render some activities, such as sales, marketing and recruitment, more difficult, time-consuming or costly and increase demand on our systems and resources. We cannot predict or estimate the amount of additional costs we will incur as a public company or the specific timing of such costs.

The need to establish necessary corporate infrastructure and focus on the complex day-to-day operations of a growing public company may divert our management's attention from implementing our growth strategy, which could prevent us from improving our business, financial condition and operational results. We have made, and will continue to make, changes to internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a public company; however, the measures taken may not be sufficient to satisfy our obligations as a public company and we may be required to invest additional resources. Changing laws, regulations and corporate governance and public disclosure standards could also create further uncertainty and costs to us to comply as a public company, or impose new requirements that we may lack prior experience in complying with. All of the above could potentially adversely affect our business, financial or operational results.

***Our financial results may fluctuate significantly and periodically, which may make our period-to-period results volatile and our future performance difficult to predict.***

Our periodic financial results may fluctuate significantly in the future due to various reasons, many of which we are unable to predict or are beyond our control. You should also take into account the risks and uncertainties frequently encountered by companies in rapidly evolving markets. Period-to-period comparison of operating results should not be viewed as a reliable indicator of our future performance.

Our periodic financial results could be influenced by fluctuations in many factors, including without limitation: level of market activity in our end markets including payments and hospitality; level of success for our growth and expansion strategies; development and introduction of new products or services by us or our competitors and the market reaction to such new products or services; our expense levels, including expenses in sales, marketing, professional service or other operating expenses; the amount of available capital for investing in the market; fluctuations in currency exchange rates and changes in the proportion of our revenue and expenses denominated in foreign currencies; general economic conditions and changes in prospect of the economy; legal or regulatory developments; accounting implications; and seasonal spending trends.

Our results of operations could fall below the expectations of public market analysts and investors, or experience significant fluctuations in our financial results, any of which could cause the market price of our Class A Common Shares and/or other securities to fluctuate significantly.

***Fluctuations in exchange rates could result in foreign currency exchange losses in our business.***

A predominant portion of our revenues and costs are denominated in NTD, and a significant portion of our assets are also denominated in NTD. As of December 31, 2024, over 99% of our revenue came from Taiwan. As we expect to expand further internationally, our revenues and costs may also increasingly become denominated in other non-U.S. dollar foreign currencies in the future. Although our exposure to foreign currency risks should

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be limited in general, the reporting result of operations in the financial statements will be affected by the exchange rates between U.S. dollars and other currencies, as we use U.S. dollars as the reporting currency. For the years ended on December 31, 2023 and 2024, foreign exchange gain (loss) (including realized and unrealized portions) amounted to US$71,170 and US$(1,046,680), respectively.

The value of the NTD or other non-U.S. dollar foreign currencies against the U.S. dollar may fluctuate and is difficult to predict, which could be affected by, among other things, changes in political and economic conditions and the foreign exchange and/or monetary policies adopted in the United States, Taiwan or any other jurisdiction in which we operate. Fluctuations in exchange rates of the NTD and any other currencies, in which our business are denominated, against our reporting currency U.S. dollars, could have a material adverse effect on our financial condition and results of operations.

***The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard setting bodies on certain topics, including on digital assets.***

We must comply with complex accounting rules and regulations that are subject to interpretation from the IASB, the SEC, and various other entities responsible for promulgating and interpreting appropriate accounting principles. Recent actions and public comments from the SEC and accounting standard setting entities have focused on the integrity of financial reporting and internal controls and regulators are subjecting companies' accounting policies to heightened scrutiny. Further, there is limited guidance from accounting standard setting entities on the appropriate financial accounting of digital assets, including stablecoins, and the related valuation and revenue recognition. In March 2022, the SEC issued the Staff Accounting Bulletin No. 121 ("SAB 121"), which added interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for their platform users. We did not hold digital assets for our customers as of December 31, 2023 or December 31, 2024, and currently hold a *de minimis* amount of digital assets for our customers. However, as we expect to further roll out our payment services, we may start holding digital assets for our customers in the future, and we will be required to comply with related accounting guidance, including SAB 121. A change in these principles or interpretations could significantly impact our reported financial results and may even affect the reporting of transactions completed before the announcement or effectiveness of a change.

There remains significant uncertainty on the accounting treatment for digital assets, including stablecoins, and their value and related revenue. The uncertain and potentially evolving nature of regulatory or financial accounting standards could require us to potentially adjust our accounting methods or restate our financial statements, thus impeding our ability to provide timely, accurate financial information, which in turn could adversely affect our financial statements, result in a loss of investor confidence, and more generally impact our business, operating results and financial condition.

***We are subject to changes in financial reporting standards or policies, including as a result of choices made by us, which could materially adversely affect our reported results of operations and financial condition.***

Our consolidated financial statements are prepared in accordance with IFRS as issued by IASB, which may be periodically revised or expanded. As a result, we may be required to adopt new or revised accounting standards. Future accounting standards and financial reporting standards or policies, including those that we voluntarily adopt or are required to adopt, could change the accounting treatment that applies to our consolidated financial statements. These changes could have a materially adverse impact on our reported operational results and financial condition.

***If our estimates or judgment relating to our critical accounting estimates prove to be incorrect, our operating results could be adversely affected.***

Our preparation of financial statements to conform with IFRS as issued by IASB involves the making of estimates and assumptions which may affect the amounts reported in the consolidated financial statements and

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accompanying notes. These estimates are based on historical estimates and other reasonable assumptions, and influence our judgments about the carrying values of assets, liabilities, and equity, and the revenue and expense amounts that are not readily apparent from other sources. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates." Our critical accounting estimates include: (i) impairment of non-financial assets other than goodwill; (ii) recognition of deferred tax assets; and (iii) impairment of goodwill.

If our estimates or associated judgment proves to be incorrect, or if our assumptions change, or if actual circumstances deviate from our assumptions, our operating results may be adversely affected.

***If we fail to maintain an effective system of internal control over financial reporting in the future, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner.***

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS as the applicable accounting standards to us. As a public company in the United States, we are required, pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, to furnish a report by management, among other things, on the effectiveness of our internal control over financial reporting beginning with our first annual report as a public company. In addition, after we no longer qualify as an emerging growth company, we will be required to comply with auditor attestation requirement, pursuant to which our independent registered public accounting firm must attest to the effectiveness of our internal control over financial reporting.

There continues to be a possibility that our management will conclude that our internal control over financial reporting is not effective. It is also possible that our independent registered public accounting firm, after conducting its own independent testing, may issue a qualified report if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. As a public company, we have certain reporting obligations, including our efforts to remediate any deficiency in our internal controls and maintain adequate internal controls, which may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation. As a result, we anticipate investing significant resources to enhance and maintain our financial controls, reporting system and procedures over the coming years.

If we fail to achieve and maintain an effective internal control environment, we may not be able to prepare and disclose, in a timely manner, our financial statements and other required disclosures, or comply with existing or new reporting requirements. Any failure of our internal controls could undermine our ability to provide accurate, timely, and reliable reports on our financial and operating results in compliance with applicable regulations, including the financial statements provided herein. As a result, our businesses, financial condition, results of operations and prospects, as well as the trading price of our Class A Common Shares, may be materially and adversely affected. Additionally, ineffective internal controls over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange, regulatory investigations and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods.

**Risks Related to Digital Assets and Stablecoin** 

***The future development and growth of digital assets are subject to a variety of factors that are difficult to predict and evaluate. If the adoption and market acceptance of digital assets, in particular the stablecoin, does not grow as we expect, our business, operating results and financial condition could be adversely affected.***

Our business operations, including our payment products and services offering the option to transfer funds via stablecoins, our wallet products for holding and transfer of digital assets and our API packages for stablecoin

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payment gateway integration, on/off-ramp, and cross-chain transactions to third-party wallet providers, financial institutions, and cross-border payment platforms, heavily rely on the underlying digital assets, including stablecoins, and their underlying blockchain networks. Digital assets built on blockchain technology were only introduced in 2008, and stablecoins in 2014, and both remain in the early stages of development. Different digital assets are designed for disparate purposes. The continued growth and development of these digital assets, their underlying networks, and other cryptographic and algorithmic protocols governing the creation, transfer and usage of digital assets represent a new and evolving model which is subject to numerous factors that are difficult to evaluate, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any stablecoin project, like USDC, relies on third parties, such as Circle, the issuer of USDC, to maintain the
underlying blockchain infrastructure, financial institutions and counterparties, to hold funds, cash equivalents and other assets to back the stablecoins that are issued, outstanding and freely circulating. These parties have their own policies and
may change their view and acceptance of any stablecoin at any time. This may result in delays and other barriers to our operations involving that depend on stablecoin. Additionally, the fiat-reserves backing stablecoins held at or through financial
institutions or intermediaries may be subject to the risk of loss, theft, insolvency, and governmental and regulatory freezes and seizures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The markets for digital assets, including stablecoins, have varying degrees of liquidity. There is no assurance
that there will continue to be an active market for one to transfer any digital assets, including stablecoins, which would be a critical pre-condition to certain of our products and services including the
payment services via stablecoins and wallet services for digital assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many blockchains where digital assets, including stablecoins, are built, such as USDC in Ethereum, Polygon,
Solana and Stellar, have limited operating histories, have not been validated in production, and are still in the process of developing and making significant decisions that will affect the underlying blockchain, any of which could adversely affect
the digital assets, including stablecoins, whose protocols are built on top of such blockchains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The successful launch and adoption of central bank digital assets and tokenized deposits, as well as any bank-led
consortia payment networks, including those already underway, could directly and adversely impact the demand for stablecoins such as USDC as well as our payment products and services built upon the stablecoin ecosystem, and if we cannot adapt to any
shifting trends in adoption of such other asset types or clearing networks as payment and clearing options, our payment products and services may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The governance of many decentralized blockchain networks is by voluntary consensus and open competition, and many
developers are not directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular digital asset network, a lack of incentives for developers to maintain or develop the
network and other unforeseen issues, any of which could result in unexpected or undesirable errors, bugs, or changes, or stymie such network's utility and ability to respond to challenges and grow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security issues, bugs and software errors have been identified within many digital assets, including stablecoins,
and their underlying blockchain networks, some of which have already been exploited by malicious actors. There are also inherent security weaknesses in some digital assets, including when creators of certain digital asset networks use procedures
that could allow hackers to counterfeit tokens. Any weaknesses identified with a digital asset could adversely affect its price, security, liquidity and adoption. If a malicious actor or botnet (a volunteer or hacked collection of computers
controlled by networked software coordinating the actions of the computers) obtains a majority of the compute or staking power on a digital asset network, as has previously occurred, it could manipulate transactions, which could lead to financial
losses for asset holders, damage the network's reputation and security, and adversely affect its value. Certain digital asset networks are in the process of implementing, or may implement from time to time, software upgrades and other protocol
changes, which could introduce bugs, security risks or adversely affect the respective networks; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The development of new technologies for mining, such as improved application-specific integrated circuits
(commonly referred to as ASICs), or changes in industry patterns, such as the consolidation of mining power in a small number of large mining farms, could reduce the security of the blockchain networks where the digital assets, including
stablecoins, operate. Any reduction in rewards and transactions fees for miners or validators on any particular blockchain could likewise hurt such blockchain network's security and increase the likelihood of a malicious attack, which could
adversely affect our payment products and services to the extent we depend on such blockchain networks.

Certain of our business operations, including our payment products and services via stablecoins and our wallet products, are heavily focused on stablecoins such as USDC. Although the prices of stablecoins are intended to be stable compared to their respective reference assets, in many cases the prices of stablecoins, including USDC, could fluctuate, and sometimes do fluctuate significantly.

New legislative and regulatory frameworks are being introduced in the United States regarding the regulations of stablecoins and other digital assets. On July 18, 2025, the GENIUS Act was passed and signed into law of the United States, which directs for a federal regulatory framework for the issuance of "payment stablecoins" that are designed to be used as a means of payment and settlement. Under the GENIUS Act, payment stablecoins can only be issued by permitted issuers that are subject to qualifications and regulatory oversight and meet certain reserve, liquidity and periodic disclosure requirements. Non-compliant stablecoins, beginning from three years (or such other periods as specified in the Act) from the enactment of the GENIUS Act, will be prohibited from secondary market trading or being offered or sold in the United States by a digital asset service provider, subject to limited exceptions. Under the GENIUS Act, a person may only provide custodial or safekeeping services for payment stablecoin reserves, payment stablecoins used as collateral, or private keys used to issue payment stablecoins if they are subject to certain supervision by applicable regulators. Specific rules will need to be promulgated under the GENIUS Act to implement the act. In addition, the U.S. Congress is contemplating the CLARITY Act to establish the regulatory framework for digital assets and digital assets market, including by specifying the regulatory oversight authority for the applicable regulators and defining key concepts related to the digital assets. In particular, the CLARITY Act is expected to, if passed, define a digital asset that is intrinsically linked to and derive value from use in a blockchain system as "digital commodities", and provide for certain exclusion or exemption for the digital commodities from being treated or regulated as a "security." Under the CLARITY Act, the CFTC will have primary regulatory oversight authority over spot digital commodities. The CLARITY Act has not yet been passed and signed into law, and will require further rules to be promulgated to implement.

Regulators have initiated enforcement actions focused on certain stablecoins and their issuers, such as Tether, alleging false and misleading statements by its issuer regarding the assets backing Tether. Regulators have also initiated enforcement actions against BUSD and UST, alleging that such stablecoins are "securities" under the federal securities laws. The SEC also sent a subpoena to the financial technology company PayPal relating to the PayPal USD stablecoin that requested the production of documents. The SEC has since then dropped the probes into BUSD and PayPal USD stablecoin. The regulatory and legislative landscape has further developed; on April 4, 2025, the SEC published a Statement on Stablecoins stating its view that the offer and sale of certain dollar-backed stablecoins, in the manner and under the circumstances described therein, would not involve an offer and sale of "securities" within the meaning of U.S. securities laws, subject to facts and circumstances analysis. The GENIUS Act and, if passed, the CLARITY Act, also proscribe a regulatory framework that would further reduce uncertainty of the legal status and treatment of "payment stablecoins" or other digital assets in general and clarify in certain instances that such digital assets would not be treated or regulated as "securities."

However, the regulatory framework for stablecoins remain in flux and subject to further promulgation of specific rules and regulatory interpretations in the United States, as well as more generally across the various regimes in which we operate. There could be no assurance that the regulatory regime for stablecoins or digital assets in general would evolve in any direction that is necessarily favorable to our business operations, or that our

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efforts to comply with the applicable regulatory regimes would not adversely affect our business or financial performance. Neither could there be assurance that the regulators, in the United States or any other jurisdictions, would not initiate enforcement actions against any particular stablecoin or digital assets which our products and services support or which we purchase, hold or transact in as part of our business operations. Our stablecoin solutions services do not currently involve, and we do not intend to expand our services in the future to involve, Tether, BUSD, UST or PayPal USD.

Stablecoins are a relatively new phenomenon, and it is impossible to know all of the risks accompanying stablecoins and their operations. Many factors, including significant volatility in price and regulatory limitations, might materially hinder the usage of stablecoins, and our products and services focused on stablecoins could be materially and adversely affected.

Other technical issues have also been discovered periodically with digital assets, including stablecoins, which have disabled functionalities, exposed certain users' personal information, resulted in the theft of users' assets and other negative consequences, and required a resolution with the attention and efforts of their global miner, user and development communities. If any such risks materialize, and in particular if they are not resolved, the development and growth of digital assets may be significantly affected and, as a result, our business, operating results and financial condition could be adversely affected. These risks are fundamentally beyond our control and could materially and adversely affect stablecoins and our business, financial condition and operating results.

***Due to unfamiliarity and some negative publicity associated with the blockchain economy, existing and potential customers may have less confidence in or be less receptive to our payment services utilizing stablecoin or wallet products for holding digital assets.***

Products and services that are based on digital assets are relatively new. Certain participants in the blockchain economy, including competitors of our products and services offerings, are unlicensed, unregulated, operate without supervision from any governmental authority, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity and regulatory compliance. Thus, customers and the general public may have diminished confidence or interest in digital asset and blockchain technology, including regulated products and services like ours.

Since the inception of the blockchain economy, numerous digital asset platforms have been the subject of lawsuits, investigations or have been shut down because of fraud, manipulative practices, business failure and security breaches. In many of these instances, customers of these platforms were not adequately compensated or made whole for the losses they incurred. In addition, there have been reports that a significant amount of digital asset trading volume on digital asset platforms, specifically on unregulated platforms located outside the United States, is fabricated and false. These reports may indicate that the digital asset platform activities market is substantially smaller than otherwise understood.

Negative perception, a lack of stability and standardized regulation in the blockchain economy, and the closure or temporary shutdown of digital asset platforms or other participants in the blockchain economy due to fraud, business failure, hackers or malware or government-mandated regulation, and associated customer losses may reduce confidence or interest in the blockchain economy. Any of these events could adversely affect our business and our customers' perception of us, increase the difficulty and resources required for us to introduce and promote our products and services to potential customers, hurt our brand and reputation, including with respect to our business segments unrelated to the blockchain economy, or diminish customer demand for our products and services.

***From time to time, we may encounter technical issues in connection with the integration of digital assets and changes and upgrades to their underlying networks, which could adversely affect our business.***

In connection with our *OwlPay* suite of products, which support various aspects of the holding and transferring of digital assets and the embedded on/off-ramp services for our own end users, and our APIs for

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payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions, various front- and back-end technical and development work is needed to implement our wallet, custody, transfers and other customer solutions for our supported digital assets and integrate such supported digital assets with our existing technical infrastructure. Our wallet product and service currently supports holding, transferring and on/off-ramping of USDC. Certain digital assets require a significant amount of development work and successful integration with any existing or future digital asset is not guaranteed. Additionally, we may experience from such integration software errors or weaknesses within our products, including our existing technical infrastructure. Technical changes, software upgrades, soft or hard forks, cybersecurity incidents or other changes to the underlying blockchain network could also occur from time to time and result in incompatibility, technical issues, disruptions or security weaknesses to our products. If we cannot successfully identify, troubleshoot and resolve any such issues, we may fail to support such digital asset, our customers' assets may be frozen or lost and our products and technical infrastructure may be affected, all of which could adversely impact our business.

***We hold stablecoins and other digital assets for our business operations and are subject to the risks associated with such digital assets. While we currently hold a de minimis amount of stablecoins and other digital assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in relation to the utilization of our stablecoin solutions.***

We hold stablecoins and other digital assets for our business operations and may start holding stablecoins for our customers in the future as a result of further growth of our *OwlPay* services. Under GENIUS Act, a person may only provide custodial or safekeeping services for payment stablecoin reserves, payment stablecoins used as collateral, or private keys used to issue payment stablecoins if they register with and are subject to certain supervision by applicable regulators in the United States. Under CLARITY Act, it is also expected that custodying digital commodities in many circumstances would trigger requirements to register with applicable regulators in the United States. Our business operations could become subject to such registration requirements and supervision by various regulators, subject to the specific rules promulgated under these Acts, and our business and financial performances could be adversely affected by additional compliance burdens and costs.

We may own stablecoins for our own account as a part of our day-to-day operations for our payment services. While we have been building relationships with Circle, the issuer of USDC, and Coinbase Prime, a digital asset exchange, under which we may convert between USDC and U.S. dollars in fiat currency at a one-to-one conversion rate, we cannot assure you that Circle or any other stablecoin issuers or collaborators would always hold the corresponding asset underlying each stablecoin in circulation and are therefore able to fulfill one-for-one conversion, or that Coinbase Prime or any other digital asset exchange would be able to transact for us between USDC and U.S. dollars at a one-to-one conversion. See "Business—Our Third-Party Collaborations." In addition, many stablecoin issuers are unregulated and do not provide transparent disclosure regarding their compliance with applicable licensing and regulatory requirements or the financial institutions that hold the underlying stable assets. Some stablecoins issuers may become subject to regulatory enforcement actions that could adversely impact their ability to continue operating and accepting conversion of stablecoins. There could also be volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins, or regulatory concerns about stablecoin issuers or intermediaries supporting stablecoins. Any of the above could affect, among others, the value, credentials, exchangeability and liquidity of stablecoins.

In connection with our day-to-day business operations in payment, we may also hold digital assets other than stablecoins, including for our payment of gas fees. Digital assets have historically experienced high levels of volatility far in excess of that experienced in fiat currencies. Digital asset prices and volatility may be determined by a range of factors, including changes in the supply and demand for a particular digital asset, market sentiment, macroeconomic factors, utility of a particular digital asset, and idiosyncratic events such as exchange outages or commentary on social media. A decline in our digital assets price may require us to take an impairment charge on

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our digital assets, or could have further adverse impact on our operating results in any given period. Volatility in the value of digital assets or other market factors may limit our ability to convert digital assets into fiat currency at attractive prices or at all.

While we currently hold a *de minimis* amount of stablecoins and other digital assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in relation to the utilization of our stablecoin solutions. If any of these factors or events affecting stablecoins or other digital assets were to occur, we could suffer materials losses from the decline in value of stablecoins or other digital assets we hold, and we may not be able to mitigate our losses by timely converting our digital assets into other viable forms.

***Depositing and withdrawing digital assets into and from our products involve risks, which could result in loss of customer assets, customer disputes and other liabilities, which could adversely impact our business.***

Our failure to safeguard and manage our customers' digital assets could adversely impact our business, operating results and financial condition, and we are subject to a variety of risks in our efforts to protect our customers' funds. See "—We may hold a substantial amount of funds belonging to our customers. If we are unable, or perceived as unable, to effectively manage our customers' fiat currencies and digital assets, our business could be harmed."

Our product *OwlPay Wallet Pro* offers a hosted wallet product that enables customers to deposit and withdraw digital assets, including stablecoins, which are being held by us for our customers. In order to own, transfer and use a digital asset on its underlying blockchain network, a person must have a private and public key pair associated with a set of network addresses, commonly referred to as a "wallet." Each wallet is associated with a unique "public key" and "private key" pair, each of which is a string of alphanumerical characters. A public key can be converted to the blockchain addresses in different blockchain networks. To deposit digital assets held by a customer into our hosted wallet product, a customer must "sign" a transaction which includes the blockchain address of a hosted wallet that we control and which we provide to the customer, by the private key of the wallet from where the customer is transferring digital assets, and broadcast the deposit transaction onto the underlying blockchain network. Similarly, to withdraw digital assets from our hosted wallet product, the customer must provide us with the blockchain address of the wallet that the digital assets are to be transferred to, and we would be required to "sign" a transaction authorizing the transfer. In addition, some digital asset networks require additional information to be provided in connection with any transfer of digital assets to or from our platforms.

A number of errors can occur in the process of depositing or withdrawing digital assets into or from our hosted or unhosted wallet products, such as typos, mistakes or the failure to include the information required by the blockchain network. For instance, a user may incorrectly enter our wallet's address or the desired recipient's address when depositing and withdrawing from our platforms, respectively. Alternatively, a user may transfer digital assets to a wallet address that the user does not own, control or hold the private keys to. In addition, each wallet address is only compatible with the underlying blockchain network on which it is created, and if digital assets are sent to a wallet address associated with a different type of digital assets, all of the customer's sent digital assets will be permanently and irretrievably lost with no means of recovery. Such incidents could result in customer disputes, damage to our brand and reputation, legal claims against us and financial liabilities, any of which could adversely affect our business.

Moreover, for our hosted wallet product, we hold customer assets one-to-one at all times and we have procedures to process redemptions and withdrawals expeditiously, following the terms of the applicable user agreements. However, similar to traditional financial institutions, we may experience temporary process-related withdrawal delays. For example, we, and traditional financial institutions, may experience such delays if there is a significant volume of withdrawal requests that is vastly beyond anticipated levels. This does not mean we

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cannot or will not satisfy withdrawals, but this may mean a temporary delay in satisfying withdrawal requests, which we still expect to be satisfied within the withdrawal timelines set forth in the applicable user agreements or otherwise communicated by us. To the extent we have process-related delays, even if brief or due to blockchain network congestion or heightened redemption activity, and within the terms of an applicable user agreement or otherwise communicated by us, we may experience increased customer complaints and damage to our brand and reputation and face additional regulatory scrutiny, any of which could adversely affect our business.

***A particular digital asset, product or service's status as a "security" in any relevant jurisdiction is subject to a high degree of uncertainty, and if we are unable to properly characterize a digital asset or product offering, we may be subject to regulatory scrutiny, inquiries, investigations, fines and other penalties, which may adversely affect our business, operating results and financial condition.***

The regulatory treatment of a range of digital assets, products and services, including stablecoins like USDC, is highly uncertain and has drawn significant attention from legislative and regulatory bodies around the world.

The SEC has previously taken the position that a range of digital assets, products and services could fall within the definition of a "security" under U.S. federal securities laws. Some stablecoins have been asserted to be securities under the federal securities laws by the SEC and/or federal courts, including BUSD, a U.S. dollar stablecoin issued by Binance, and UST, a U.S. dollar stablecoin issued by Terra. The SEC also sent a subpoena to the financial technology company PayPal relating to the PayPal USD stablecoin that requested the production of documents. The SEC has since then dropped the probes into BUSD and PayPal USD stablecoin. Our stablecoin solutions services do not currently involve, and we do not intend to expand our services in the future to involve, BUSD, UST or PayPalUSD. In addition, the SEC has previously brought enforcement actions against certain participants in the digital assets economy, in which the SEC has asserted that digital assets including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO, are securities under the federal securities laws. In first half 2025, the SEC dismissed its enforcement actions against certain digital assets economy participants, including Coinbase and Kraken, the enforcement actions against whom were based on alleged failures to register as broker-dealers, exchanges and clearing agencies, which in part hinged upon the security status of various digital assets. There can be no guarantee that the SEC will not bring similar claims involving these or other digital assets in the future. However, these dismissals by the SEC expressed, according to the SEC releases, the intent to rectify its approach and develop crypto policy in a more transparent manner. Our current operations involve, on our own account and as a part of our services to handle gas fees payments for the business customers, holding and transacting MATIC and SOL, and may further expand to other digital assets. ****The SEC could also allege other digital assets as securities, including digital assets that are currently being held or transacted by us or otherwise involved in our business operations.

Determination of the "security" status for any given digital asset, product, or service has historically been based on highly complex, fact-driven analysis and is difficult to predict. While the legislative and regulatory efforts under the GENIUS Act and CLARITY Act are expected to introduce further certainty, there can be no assurance that the determining the legal status of a digital assets would become less challenging, or that our legal determination of "security" status, including any conclusions we may draw based on our risk-based assessment regarding the likelihood that a particular digital asset, product or service could be deemed a "security" or "securities offering" under applicable laws, would be the same as the determination of the applicable regulator or the court. It is also possible that future changes in the U.S. government or the appointment of new SEC commissioners could substantially impact the approach to enforcement by the SEC and its staff. Foreign jurisdictions vary in their approaches on classifying any digital assets, products and services as "securities." As a result, certain digital assets, products or services may be classified as a "security" under the laws of some jurisdictions but not others. Various foreign jurisdictions may, in the future, adopt additional laws, regulations or directives that affect the characterization of digital assets, products or services as "securities."

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Certain of our business operations, including our payment products and services via stablecoins, our wallet products and our APIs for payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions, necessarily involve digital assets, including stablecoins. The issuance and resale of digital assets, including stablecoins, may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, AML, commodities, securities, sanctions, and other laws and regulations in the United States and in other jurisdictions. The classification of a digital asset, product or service as a security under applicable law has broad implications for the regulatory obligations that flow from the offer, sale, trading and clearing, as applicable, of such assets, products or services.

A digital asset, product or service that is a "security" in the United States may generally only be offered or sold in the United States pursuant to a registration statement filed with the SEC or in an offering that qualifies for an exemption from registration. Platforms on which such digital assets are utilized may be required to be regulated as securities intermediaries, and subject to applicable rules, which could effectively render the platform and its products and services impracticable. For example, persons that effect transactions in digital assets, products or services that are securities in the United States may be subject to registration with the SEC as a "broker" or "dealer"; platforms that bring together purchasers and sellers to trade digital assets that are securities in the United States are generally subject to registration as national securities exchanges, or must qualify for an exemption, such as by being operated by a registered broker-dealer as an alternative trading systems ("ATS") in compliance with rules for ATSs; persons facilitating clearing and settlement of securities may be subject to registration with the SEC as a clearing agency. Foreign jurisdictions may have similar licensing, registration, and qualification requirements.

We provide on/off-ramp services to our end customers, as well as end customers of third-party wallet providers and financial institutions, that allow these customers to convert between fiat currencies and stablecoins. We currently support the conversion between fiat currencies and USDC on the blockchains Ethereum, Avalanche, Arbitrum, Polygon and OP Mainnet (all using the ERC-20 standard), as well as USDC on Stellar (using the Stellar Asset standard) and USDC on Solana (using SPL standard), and expect to, in the future, support conversion between fiat currencies and other stablecoins including EURC, ZUSD and GYEN. We also provide wallet services that support our customers to hold multiple stablecoins. As part of our regular business operations in facilitating on/off-ramp services and paying gas fees on behalf of our customers, we also hold and transact in a variety of digital assets, including ETH on Ethereum, AVAX on Avalanche, MATIC on Polygon, ETH (ARB) on Arbitrum, ETH (OP) on OP Mainnet, XLM on Stellar, and SOL on Solana, and expect to, in the future, hold and transact in ETH (Base) on Base. We only provide services to our customers with respect to a stablecoin for which we have determined that there are reasonably strong arguments to conclude that such stablecoin is not a security and one that could reasonably be expected to comply with the GENIUS Act requirements as a "payment stablecoin." However, any of our assessments on any digital asset is a risk-based judgment and does not constitute a legal determination binding on regulators or the courts. There can be no assurance that we will over time properly characterize any given digital asset, product or service offering as a security or non-security, or that the SEC, a foreign regulatory authority or a court having final determinative authority on the topic, if the question was presented to it, would agree with our assessment.

If an applicable regulatory authority or a court, in either case having final determinative authority on the topic, were to determine that a stablecoin that we support is a "security," we may no longer be able to support such stablecoin in our services, as well as other stablecoins or digital assets having similar characteristics, until we are able to do so in compliance with the laws and regulations governing such "security." If the SEC or any state regulatory authority, through enforcement actions or other regulatory actions, were to assert that a stablecoin which we support is a "security," or if we were to conclude that a stablecoin that we support could be determined as a "security," we may likewise decide to suspend our services with respect to such stablecoin or other similar digital assets. The business models behind most digital assets, including stablecoins, are often incompatible with regulations applying to transactions in securities, and thus if a stablecoin is determined to be a security, it is likely to become difficult or impossible for such stablecoin to continue being transacted or transferred in an operationally feasible manner and for us to continue providing services with respect to such stablecoin at all. Furthermore, the SEC has brought enforcement actions alleging that certain digital assets trading platforms operated as unregistered securities exchanges, brokerages and clearing agencies, on the basis

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that certain digital assets transacted on such platforms are securities. We are not registered or licensed with the SEC or foreign authorities as a broker-dealer, national securities exchange, or ATS, or any foreign equivalents, and have no intention to be registered as such, and therefore we may be unable to provide on/off-ramp services for conversion between fiat currencies and a stablecoin determined to be a "security." If it is subsequently determined that we have participated in the unregistered offering or distribution of "securities", or have acted as "securities" intermediaries in violation of securities laws, we could be subject to judicial and regulatory actions, including litigation, regulatory investigations and significant fines and penalties. In particular, our stablecoin solutions are an integral part of our business, and if we are unable to support a type of stablecoin because that stablecoin is a "security," our business and growth prospect and financial condition might be materially adversely affected. To the extent any customer suffer losses from transacting stablecoins using our services, customers may seek to rescind a transaction that we facilitated on the basis that it was conducted in violation of applicable law, which could, if such claim is ultimately successful, subject us to significant liability. If any other digital assets involved in our operations are "securities," we may be unable to hold or transact such digital assets in an operationally feasible and compliant manner, which would require us to modify or even discontinue certain of our services or product features. For example, if the digital assets supporting the payment of gas fees on the various blockchains underlying the stablecoin are "securities," we may be unable to handle the payment of gas fees in such digital assets on behalf of our customers, and our customers may have to obtain and hold directly such digital assets to pay for gas fees for their stablecoins transactions, which could make the experience with our services more cumbersome for our customers. More generally, if any digital assets, including stablecoins, involved in our operations, or any of our products and services are classified as a security in the United States or in other jurisdictions, the adoption of relevant digital assets could also be materially impacted and be limited in its liquidity, usability and transactability for the purpose of our business operations.

***The loss or destruction of private keys required to access any digital assets held in custody for our own account or for our customers may be irreversible. If we are unable to access our private keys or if we experience a hack or other data loss relating to our ability to access any digital assets, it could cause regulatory scrutiny, reputational harm and other losses.***

Digital assets can generally only be controlled if an individual possesses the unique private key associated with the digital wallet that holds specific assets. While blockchain protocols typically require public addresses to be published when used in a transaction, private keys must be safeguarded and kept private to prevent third-party access to the digital assets held in such a wallet. Although we possess backups for the secret shares of a private key, if a majority of the secret shares of private keys relating to our wallets containing digital assets held for our own accounts or for our customers is lost, destroyed or otherwise compromised or unavailable, or our backup of the secret shares of private key becomes inaccessible, we and our customers will be unable to access the digital assets held in the related wallets. We may retain third-party providers for backup of the secret shares of private keys. Any inappropriate access or theft of digital assets held by us or any third-party custodian, or the third-party custodian's failure to maintain effective controls over the custody and other settlement services provided to us, could materially and adversely affect us. Furthermore, security breaches, hacking or other malicious activities continue targeting and affecting the blockchain economy. Such attacks could also result in loss of private keys relating to, or other hack or compromise of, the wallets storing our customers' digital assets. Any of the above circumstances could require us to reimburse our customers for their losses and lead to significant financial costs for us as well as diminished customer trust and damages to our brand and reputation. The total value of digital assets in our possession and control could be significantly greater than the total value of insurance coverage that would compensate us in the event of theft or other loss of funds, which could cause our business, operating results and financial condition to be adversely impacted in the event of such uninsured loss.

***The prices of digital assets are extremely volatile, and price fluctuations may adversely impact the value of digital assets that we hold.***

Digital assets have historically experienced high volatility levels that far exceed the volatility of fiat currencies. Various factors contribute to changing digital asset prices and volatility, including evolving supply and demand for a particular digital asset, market sentiment, macroeconomic factors, utility of a particular digital asset, and events such as

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exchange outages or social media commentary. To the extent we continue to hold digital assets for our operational needs, we may be subject to the high degree of price volatility associated with these digital assets, and fluctuations in digital assets value could affect our financial performance. A price decrease may require us to take an impairment charge on our digital assets, and any decline in digital asset value could potentially have a more significant detrimental impact on our operating results during any given period. Volatility in digital asset value or other market factors may also limit our ability to convert digital assets into fiat currency at attractive prices or at all. See "—We hold stablecoins and other digital assets for our business operations and are subject to the risks associated with such digital assets. While we currently hold a *de minimis* amount of stablecoins and other digital assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in relation to the utilization of our stablecoin solutions."

***A particular digital asset may be subject to regulatory authority by the Commodity Futures Trading Commission ("CFTC"). Any fraudulent or manipulative activity in a digital asset occurring via our products or services could subject us to increased regulatory scrutiny, regulatory enforcement, and litigation.***

The CFTC has stated and judicial decisions involving the CFTC enforcement actions have confirmed that at least some digital assets, including stablecoins such as USDC, fall within the definition of a "commodity" under the U.S. Commodity Exchange Act of 1936. Furthermore, the U.S. legislature is contemplating the CLARITY Act to establish the regulatory framework for digital assets and digital assets market, including by specifying the regulatory oversight authority for the applicable regulators, including the CFTC. The CLARITY Act is expected to, if passed, define a digital asset that is intrinsically linked to and derive value from use in a blockchain system as "digital commodities" and subject such digital assets to the oversight by the CFTC. Notably, under the CLARITY Act, payment stablecoins will be carved out of the definition of digital commodity and subject to a separate regulatory framework.

Under the CLARITY Act, the CFTC will have primary regulatory oversight authority over spot digital commodities. To the extent that we are deemed to be an entity that, as a regular business, solicits or accepts orders for the purchase or sale of digital commodities and maintains control over customer funds or transaction execution, or act as counterparty for the purchase or sale of digital commodities, in each case beyond activities incidental to making, sending, receiving or facilitating payments, we may be required to register as a digital commodity broker or digital commodity dealer with the CFTC and subject to additional supervision, which could affect our regulatory compliance burden. The CLARITY Act has not yet been passed and signed into law, and will require further rules to be promulgated to implement. The CFTC has general enforcement authority to police against manipulation and fraud in connection with transactions involving in at least some spot digital assets. From time to time, manipulation, fraud, and other forms of improper activity by market participants have resulted in, and may in the future result in, CFTC investigations, inquiries and enforcement actions, similar actions by other regulators, government agencies and civil litigation. If we become subject to such investigations, inquiries, enforcement actions or litigation, we may incur substantial costs and could suffer negative publicity.

***Future developments regarding the treatment of digital assets for U.S. and foreign tax purposes could adversely impact our business.***

Due to the new and evolving nature of digital assets and the lack of comprehensive legal and tax guidance regarding digital asset products and transactions, there is much uncertainty as to how U.S. and foreign tax regimes will treat digital asset transactions and what tax guidance will be issued in the future.

In 2014, the Internal Revenue Service ("IRS") released Notice 2014-21, discussing certain aspects of "virtual currency" for U.S. federal income tax purposes and, in particular, stating that such virtual currency (i) is "property," (ii) is not "currency" for purposes of the rules relating to foreign currency gain or loss, and (iii) may be held as a capital asset. From time to time, the IRS has released other notices and rulings relating to the tax treatment of virtual currency or digital assets reflecting the IRS's position on certain issues. The IRS has not addressed other significant aspects of the U.S. federal income tax treatment of digital assets and related transactions.

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There continues to be uncertainty regarding the timing, character and amount of income inclusions for various digital asset transactions in different jurisdictions. The IRS or tax authorities in other jurisdictions may disagree with our treatment of certain of our digital asset events for tax purposes, which could adversely affect our customers and the vitality of our business. There can be no assurance that the IRS, the U.S. States revenue agencies or tax authorities or other tax authorities will not alter their respective positions with respect to digital assets in the future or that a court of valid jurisdiction would uphold the treatment set forth in existing positions. It also is unclear what additional tax authority positions, regulations, or legislation may be issued in the future regarding the treatment of existing digital asset transactions and future digital asset innovations in the United State or other jurisdictions in which we operate. Any of these developments could result in adverse tax consequences for digital assets holders and could adversely affect the value of digital assets and the broader blockchain economy. Future technological and operational developments that may arise with respect to digital assets may increase the uncertainty as to how digital assets are treated for U.S. and foreign tax purposes. The uncertainty regarding tax treatment of digital asset transactions impacts our customers and could impact our business, both domestically and abroad.

***Concerns about the environmental impacts of blockchain technology could adversely impact usage and perceptions of our services.***

The blockchain technology underlying the blockchain economy could incur substantial energy usage and environmental impacts, particularly relating to proof of work mining, which has attracted considerable attention. Government and publicity scrutiny related to restrictions on digital assets mining facilities and their energy consumption may increase, resulting in additional regulation that could adversely impact usage of digital assets, including stablecoins, on which certain of our operations depend, and limit our products and services offerings and harm our business. The considerable electricity consumption by mining operators may also have a negative environmental impact, including contributing to climate change, which could create a negative consumer sentiment and perception of the blockchain economy generally, which may adversely affect our brand image and complicate our marketing efforts, as well and adversely affect our business, prospects, financial condition and operating results.

**Risks Related to Our Technology, Data Privacy and Intellectual Property** 

***Business interruptions or systems failures, including any disruption in any of the blockchain networks we support, may impair the availability of our websites, applications, products or services, result in a loss of customers or funds or otherwise have an adverse effect on our business.***

Our systems and the systems of our third-party providers and strategic collaborators may experience service interruptions or degradation from hardware and software defects or malfunctions, distributed denial-of-service (DDoS) and other cyberattacks, insider threats, break-ins, sabotage and vandalism. Such service interruptions or degradation may also result from human errors, earthquakes, hurricanes, floods, fires and other natural disasters, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, computer viruses or other malware, or other changes or events.

We have experienced high growth rates in the transaction volumes processed by third-party service providers collaborating with us over the past years, and we expect growth to continue for the coming years; and the risk of security incidents may increase as we experience an increase in electronic payments, e-commerce and other online activity. See "Business—Our Third-Party Collaborations." Despite our efforts to continually improve and upgrade our information systems and technologies, there can be no assurance that our transaction processing capacity would meet potential future growth in the demand for our payment products and services. It is also possible that our payment products and services could reach the limits of the number and volume of transactions that we are able to process, resulting in longer processing time or even downtime. Implementing new systems and technologies is complex, costly and time-consuming, and may not be successful. If we fail to swiftly and successfully implement new information systems and technologies or conduct improvements or upgrades to existing information systems and technologies, or if such systems and technologies do not operate as intended, it could adversely impact our business, internal controls, operating results, and financial condition.

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Our reputation and ability to attract and retain customers, especially business customers of our payment products and services, as well as to further our ability to expand our business, depends on our ability to operate our various products and services at high levels of reliability, scalability and performance. Any significant disruption in our products and services or information technology systems could result in loss of revenue, and could lead to a loss of customers or funds and adversely impact our reputation and our business, operating results and financial condition. A prolonged interruption in the availability or underperformance in the functionality of our products and services could materially harm our reputation and business. Significant or persistent service interruptions could lead current or potential customers or collaborators to believe that our systems are unreliable, causing them to switch to our competitors or to avoid or reduce the use of our products and services, and could permanently harm our reputation and brands. Should any system failure or similar event cause damage to our customers or their payments counterparties, we may be subject to claims for their losses, which, even if unsuccessful, would likely be time-consuming and costly for us to address.

Because we are a regulated financial service provider in certain jurisdictions, interruptions could result in regulatory scrutiny, and significant or persistent interruptions could lead to significant fines and penalties and mandatory and costly changes to our business practices, including specific business continuity and disaster recovery plans and more rigorous testing of such plans. Unfavorable regulatory scrutiny arising from frequent or persistent service interruptions could ultimately cause us to lose existing licenses or banking relationships necessary for operating or prevent or delay us from obtaining additional required licenses. Any resulting setbacks in establishing a strong portfolio of regulatory licenses and permits could significantly limit our growth and adversely affect our business operations and prospects.

***Our services must integrate with a variety of operating systems, software, hardware and web browsers. If we are unable to ensure that our services interoperate with such operating systems, hardware and web browsers, our business may be materially and adversely affected.***

We offer our products and services across a range of operating systems and platforms, and we rely on the seamless integration of our products and services with such various scenarios where customers access and use our products and services. We cannot control these operating systems or platforms, and any alterations to these systems could diminish the functionality of our products and services, impose additional costs or requirements or provide preferential treatment to competing services, including creating self-preference.

Additionally, we may need to expend special efforts in allowing for our products and services to be seamlessly integrated with various operating systems and platforms and to deliver consistent experience to our customers across different operating systems and platforms. If our customers struggle to access and use our products and services due to any compatibility issue, our business, financial condition, results of operations and prospects may be materially and adversely affected.

***Our products and services may not function as intended due to errors in our software, hardware and systems, product defects, or due to security breaches or incidents or human error in administering these systems, which could materially and adversely affect our business.***

Our software, systems and processes underlying our products and services are complex and could contain undetected errors or vulnerabilities that could have a material adverse effect on our business, especially if these errors or vulnerabilities are not swiftly detected and addressed. Any failure to successfully correct such errors, defects, security vulnerabilities or software bugs in a timely manner, or at all, could result in lost revenue, significant expenditures of capital, a delay or loss in market acceptance, government inquiries or investigations, claims and litigation, and damage to our reputation and brand, any of which could have an adverse effect on our business, financial condition and results of operations.

We have previously identified potential periodical defects and errors in our software and software updates, internal systems, external facing communications, processes and technical integrations with third-party systems, including software and process underlying our customized software-as-a-service ("SaaS") products, and new

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errors or vulnerabilities could transpire in the future. As our operations increase in size and complexity, and as we integrate new, acquired subsidiaries with different technology stacks and practices, these risks may correspondingly increase.

We regularly release product and service updates and functional enhancements, which increase the possibility of errors. We deploy new versions and enhancements to our customers in bulk simultaneously, and any errors, defects, security vulnerabilities or software bugs contained in such updates or enhancements could lead to more severe consequences than if such updates or enhancements were only deployed to a smaller number of our customers.

Our products and services, in particular within the Payments and Hospitality segments, are designed to process complex transactions and deliver reports and other transactional information at high volumes and processing speeds. Any errors, data leaks, security breaches or incidents, service disruptions, or other performance problems with our products or services caused by external or internal actors could damage our customers' businesses and our reputation.

We could also be subject to cyberattacks by malicious actors taking advantage of any security vulnerabilities. See "—Cyberattacks and security vulnerabilities could result in serious harm to our reputation, business and financial condition."

***We and our merchants, collaborators and others who use our services obtain and process a large amount of sensitive customer data. Any real or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business.***

We and our third-party service providers may obtain and process large amounts of sensitive and/or personal data related to our customers, payment counterparties of our customers and their transactions. Our operations may involve the storage and transmission of sensitive data of individuals and businesses using our services, including without limitation their names, addresses, social security/tax ID numbers (or foreign equivalents), government IDs, payment card numbers and expiration dates and bank account information.

A core aspect of our business, in particular with respect to our payment products services, is our reliability and security. Any real or perceived improper use of, disclosure of, or access to such data, or any compromise of security that results in the unauthorized use, theft or destruction of such data, could harm our reputation and our ability to retain customers or attract new customers and adversely affect our business. Managing and protecting these data will expose us to risks, including to our reputation, that will only increase as our business continues expanding, including through potential acquisitions of or investments in other companies and technologies. While we have implemented administrative, technical and physical security measures and controls, there can be no assurance that our security measures would be adequate and not subject to data breaches. Our products and services operate in conjunction with, and we are dependent upon, third-party providers, and it is also possible that our third-party providers may be subject to data breaches that affect our products and services or our customers.

More specifically, under card network rules and our contracts with our card processors, if there is a breach of payment card information that we store or that is stored by our merchants or other third parties with which we do business, we could be liable to the card network or payment card issuing banks for certain of their costs and expenses. If there is improper disclosure of or unauthorized access to funds, digital assets, or other assets, or other sensitive data on our systems or our collaborators' systems, we could incur significant financial losses and remediation costs and become subject to claims, litigation, regulatory scrutiny and investigations. In addition, if our own confidential business information or sensitive customer information were improperly disclosed, our business could be adversely affected.

We are subject to numerous laws across various jurisdictions regarding the collection, use, retention, processing and transfer of data in connection with our operations, and these laws and related regulatory regimes are evolving and may be subject to differing interpretations. Many jurisdictions have enacted laws requiring companies to notify individuals, customers or government regulators of data security breaches involving certain

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types of personal data and our agreements with certain business customers and our collaborators require us to notify them in the event of a security incident, and such notification may be costly and could lead to negative publicity. Any failure, or perceived failure, for us to comply with our privacy policies or with any applicable privacy laws in one or more jurisdictions could result in proceedings or actions against us by governmental entities or others, including class action privacy litigation in certain jurisdictions, significant fines, penalties, judgments and reputational damages to us.

***Cyberattacks and security vulnerabilities could result in serious harm to our reputation, business and financial condition.***

We have experienced and may in the future experience cybersecurity incidents, including breaches of our security measures, network breaches and compromise of personally identifiable customer information due to human error, deception, malfeasance, insider threats, system errors, defects, vulnerabilities or other irregularities. Our networks and systems, as well as our third-party providers' networks and systems, may be vulnerable to physical and electronic breaches, computer viruses and other attacks by cyber-criminals, internet fraudsters, employees or others, which could lead to, amongst other things, a leakage of data, damage related to incursions, destruction of documents, inability or delays in performing our services, including processing transactions and unauthorized transactions.

The methods used to launch cyberattacks continue to evolve. Unauthorized parties may attempt to use different methods to obtain illegal access to systems and information (including our customers' and our customers' payment counterparties' personal data), disable or degrade service, exploit vulnerabilities or sabotage systems. These methods may not be detected until they have been launched. Cyberattacks could involve hacking into our systems or facilities or those of our customers, strategic collaborators or other third-party providers, and attempting to fraudulently induce users of these systems (including employees, vendor and collaborator personnel and customers) into disclosing usernames, passwords, payment card information, multi-factor authentication application access or other sensitive information used to access such systems or facilities. This information may, in turn, be used to access our customers' confidential personal or proprietary information and financial instrument data stored on or accessible through our information technology systems and those of our third-party service providers. This information may also be used to execute fraudulent transactions or engage in other fraudulent actions. Various evolving cybersecurity threats, including advanced and persisting cyberattacks, cyberextortion, distributed denial-of-service (DDoS) attacks, ransomware, spear phishing and social engineering schemes, the introduction of computer viruses or other malware, and the physical destruction of all or portions of our information technology and infrastructure and those of our strategic collaborators and third-party providers or of other components within our information technology supply chain, are becoming increasingly sophisticated and complex, may be difficult to detect, and could compromise the confidentiality, availability, and integrity of system data and the systems themselves.

An increasing number of organizations, including large businesses, technology companies and financial institutions, as well as government institutions, have disclosed breaches of their information security systems, some of which have involved sophisticated and highly targeted attacks. Attacks upon systems across a variety of industries, including the blockchain economy, are increasing in their frequency, persistence and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors.

Cybersecurity breaches and other exploited security vulnerabilities, whether actual or perceived, could interrupt our operations, result in our systems or products and services being unavailable, subject us to significant costs and third-party liabilities, result in improper data disclosure and violations of applicable privacy and other laws, require us to alter our business practices, incur significant remediation costs, diminish customer confidence in, or decreased use of, our products and services, damage our reputation and brands, divert management from concentrating on business operations, result in significant compensation or contractual penalties from customer losses or claims, or leave us susceptible to litigation, regulatory investigations, and significant fines and penalties. See "—We and our merchants, collaborators and others who use our services obtain and process a large amount of sensitive customer data. Any real or perceived improper use of, disclosure of, or access to such

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data could harm our reputation, as well as have an adverse effect on our business." In addition, any cybersecurity incidents, including cyberattacks or data security breaches affecting our merchants or third-party vendors (including data center and cloud computing providers) could have similar negative effects.

Although we have developed systems and processes that are designed to protect against cybersecurity breaches, there can be no guarantee that these security measures will be sufficient and we may need to continue to expend significant resources to bolster these protections. While we maintain insurance policies intended to help offset the potential financial impact of these risks, our coverage may be insufficient to fully compensate for all losses caused by security breaches and other damage to or unavailability of our systems.

***Our intellectual property rights are valuable, and any inability to protect them could adversely impact our business, operating results and financial condition.***

Our intellectual property rights are integral to our business. We rely on, and expect to continue to rely on, trademark, trade dress, domain name, copyright, trade secret and patent rights to safeguard our brand and other intellectual property rights. However, as effective maintenance of intellectual property rights is costly and difficult, these efforts may not be sufficient or effective. Our intellectual property rights may be infringed, misappropriated, contested or circumvented, which could result in our intellectual property rights being narrowed in scope or declared invalid or unenforceable. We may rely on agreements with employees and third parties to protect our unpatented proprietary information and technology, such as trade secrets and confidential information. Such agreements may be insufficient or may be breached, which could potentially lead to the unauthorized use or disclosure of our trade secrets and other intellectual property, including to our competitors, which could diminish any competitive advantage we derive from the relevant intellectual property. Our unpatented proprietary information and technology could also be compromised if our security measures or those of our third-party service providers are unable to prevent cyberattacks. Significant impairments of our intellectual property rights, and limitations on our ability to assert our intellectual property rights against others, could have a material and adverse effect on our business.

We routinely apply and submit registration for our intellectual property rights related to our products and services in the United States and internationally, particularly focusing on filing new patent applications for U.S. invention patents related to fintech technology. We have been running a long-term intellectual property incentive program to encourage employees providing their creative ideas. We may incur time and resources in pursuing such application and registration of intellectual property rights, though these efforts may not always succeed. Further, certain foreign jurisdictions in which we operate may lack effective intellectual property rights protection or may not protect our intellectual property rights in a similar fashion as under U.S. laws. We may need to expend additional resources to defend our intellectual property in these countries, and the inability to do so could impair our business or adversely affect our international expansion. In some instances, we may be unable to or choose not to obtain legal protection for our intellectual property due to the cost.

Our intellectual property rights protection and management are implemented through the in-house team. We maintain an effective chart of trademark asset management, including maintaining accurate records of trademark-related assets, documents, and registration certificates. We regularly monitor the patent publications and issued patents of potential competitors and analyze the patent portfolio of the new competitors for researching their strengths and weaknesses. We also engage external advisors to seek their opinion about intellectual property portfolio strategy and to coordinate with their local representations to carry out the application filing and maintenance in multiple jurisdictions. There can be no assurance that our intellectual property rights protection and management will be sufficient. In addition, there can be no assurance that our intellectual property rights will be sufficient to protect against our competitors' products or services substantially similar to ours, or that they would provide us with competitive advantages or distinguish our products and services from those of our competitors.

***We may be subject to intellectual property infringement claims or other allegations by third parties, which may cause substantial costs and materially and adversely affect our business operations.***

We may be subject to claims by third parties that we have infringed, misappropriated or otherwise violated their copyrights, patents and other intellectual property rights. Disputes on intellectual property rights could be

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commonplace among companies in technology-related industries, who own large numbers of intellectual property rights and may enter into expensive and time-consuming litigation regarding intellectual property rights. Additionally, various "non-practicing entities" that own patents, copyrights, trademarks, trade secrets and other intellectual property rights may attempt to assert claims to extract payments from technology companies.

While we allocate substantial resources towards compliance with the statutory, regulatory, and judicial frameworks and the terms and conditions of statutory licenses, we cannot assure you that we are not infringing or violating any third-party intellectual property rights or that we will not do so in the future. As we seek to expand our business operations into additional jurisdictions and sectors, we may face increasing risk exposure to intellectual property rights claims from competitors and non-practicing entities. Furthermore, we could also be implicated in intellectual property disputes among third parties to the extent any of our agreements with our business collaborators require indemnification for intellectual property claims against them.

Adverse rulings against us involving a claim of intellectual property right infringement could lead to payment of substantial damages or license fees, which may be even greater if we are found to have willfully infringed upon a party's intellectual property; cease the use of products, services, solutions, content or other assets at issue of the claim that we had previously had the ability to use; expend additional development resources to redesign our products and services; enter into potentially unfavorable royalty or license agreements in order to obtain the necessary right to use; indemnify our collaborators and other third parties; and/or take other actions that may have material and adverse effects on our business, operating results and financial condition.

Given the uncertainty and evolving legal and regulatory framework in various jurisdictions in which we operate, it could be difficult to predict whether assertions of third-party intellectual property rights or any infringement or misappropriation claims arising from such assertions are meritorious or will substantially harm our business, operating results and financial condition. If we are forced to defend against any infringement or misappropriation claims, whether they are with or without merit, are settled out of court or are determined in our favor, we may be required to expend significant time and financial resources on the defense of such claims.

**Risks Related to Laws and Regulations** 

***We may not be able to obtain or maintain the relevant regulatory licenses, permissions or registrations to carry out our business in the various jurisdictions in which we operate, which may subject us to fines or penalties or force us to discontinue operations in such jurisdiction, any of which could have a material adverse effect on our business, financial condition and results of operations.***

We have obtained licenses to operate as a money transmitter or the equivalent in the United States and in the states where such licenses or equivalent is required. We are also registered as an "MSB" with the U.S. Department of Treasury's Financial Crimes Enforcement Network ("FinCEN"). As a licensed money transmitter, we are subject to obligations and restrictions applicable to entities in the United States. In certain other jurisdictions, we have also obtained regulatory registrations to conduct our business, or are in the process of obtaining approval for such registrations, from the applicable financial regulatory authorities in accordance with applicable law in the jurisdictions in which we operate. For additional information on our licenses and regulations applicable to our operations, see "Business—Regulations".

There can be no assurance that we will be able to obtain or maintain any of the required regulatory licenses, certifications and regulatory approvals in the jurisdictions or industry in which we operate or may in the future operate. Even where we maintain regulatory licenses, certifications and regulatory approvals, there may be substantial costs and potential regulatory determinations, interpretations or changes associated with maintaining such licenses, certifications, registrations and approvals, and we could be subject to fines or other enforcement action if we violate applicable requirements. Regulatory compliance could result in substantial cost and delays in the provision of our payment services, or could require significant or costly operational changes to comply with applicable licenses. Regulatory laws and standards governing our licenses are subject to change or to varying interpretations, in many cases due to lack of specificity or due to the uncertain nature of their application to a new business such as ours.

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In a number of emerging markets, new regulations applicable to financial institutions with business models similar to ours are being considered or in the process of being implemented. Moreover, it is not always clear how such laws and regulations apply to our business, especially as some of these laws were adopted prior to the advent of the internet, mobile and related technologies, and as a result, do not contemplate or address the unique issues of the internet and related technologies, which may be especially relevant in the context of the payments industry in which we operate. As a result, the actions required to comply with licensing regulations may evolve over time as new guidance is provided by supervisory authorities and the interpretation of requirements by supervisory authorities and courts may be further clarified over time. In addition, in certain jurisdictions, companies engaged in our types of business could be required to maintain a higher minimum authorized capital than other companies. We may be unsuccessful in our efforts to comply with existing or evolving regulatory interpretations applicable to licenses, authorizations and applicable regulations in the jurisdictions in which we conduct business, including as a result of our rapid growth and lack of familiarity with the regulatory requirements applicable to new jurisdictions. Failure to comply with relevant regulations, directly and indirectly, could subject us to fines or penalties or force us to discontinue operations in certain jurisdictions which would have a material adverse effect on our business, financial condition and results of operations.

Due to ongoing developments in payments regulation, we obtain advice from external counsel as required in order to assess any applicable risk and, where necessary, may determine to limit the extent of our operations in a particular jurisdiction or will consider whether to obtain a license in such jurisdiction. However, the adoption of new payment processing, money transmitter or other licensing statutes in the jurisdictions in which we operate, changes in regulators' interpretation of existing money transmitter or other licensing statutes or regulations, or disagreement by a regulatory authority with our interpretation of such statutes or regulations, could require additional registrations or licenses, substantial increase in legal fees, limit certain of our business activities until they are appropriately licensed, and expose us to financial penalties. Furthermore, if we were found to be in violation of any current or future regulations, or to have previously been in breach of any regulation, in any markets from which we accept merchants or customers, this could result in a requirement for future compliance, fines, other forms of liability, increased legal fees and expenses and/or force us to change business practices or to cease operations altogether, and we, our directors, executive officers or employees may also be exposed to a financial liability, civil or criminal liability, any of which could have a material adverse effect on our results of operations, financial condition and future prospects.

***We are subject to AML, CTF and sanctions regulations, and failure to comply with these regulations may lead to administrative sanctions, criminal penalties and/or reputational damage.***

We are subject to laws, regulations, and executive orders regarding AML, CTF, including the Bank Secrecy Act of 1970 ("BSA"), and economic and trade sanctions that could hinder our global competitiveness or subject us to potential criminal or civil penalties if we violate them.

We have implemented policies and procedures that we believe are sufficiently compliant with currently applicable AML, CTF and sanctions rules and regulations. However, we cannot wholly guarantee that these policies and procedures will completely prevent instances of money laundering, including by employees, merchants, collaborators, or other parties for which we may be held responsible. Further, our payment and financial services related activities may be susceptible to illegal and improper uses, including money laundering, terrorist financing, and payments to sanctioned parties. These laws and regulations to which we are now or in the future may be subject to are highly complex, may be vague, and could change and may be interpreted to make it difficult or impossible for us to comply with them. If we fail to comply with applicable laws and regulations, we would face significant consequences, including litigation, sanctions, administrative measures, fines, criminal penalties and reputational consequences, which could have a material adverse effect on our business, financial condition, results of operations.

***We are subject to regulatory oversight and enforcement by authorities regulating financial services in the jurisdictions we operate, and subject to important obligations and restrictions.***

We are also subject to regulatory oversight and enforcement by the authorities regulating financial services in the jurisdictions we operate, including FinCEN, and have registered with FinCEN as an MSB. As a licensed

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money transmitter, we are subject to obligations and restrictions regarding AML, investment of customer funds, reporting, bonding, and inspection by state and federal regulatory agencies concerning those aspects of our business considered money transmission. Evaluation of our compliance efforts and the questions of whether and to what extent our products and services constitute money transmission, are subject to regulatory interpretation and subject to change.

In addition, regulators may increase enforcement of these obligations, which may require us to make adjustments to our compliance program, including the procedures we use to verify the identity of our customers and to monitor our merchants' transactions. Regulators may conduct audits of our compliance framework, which can include a review of all applicable records to verify identities of customers, reporting of suspicious transactions and transactional activity including monitoring processes implemented and all components of the compliance framework, and compliance with these audit processes can result in increased costs or subject us to potential enforcement proceedings. Any perceived or actual breach of compliance by us with respect to applicable laws, rules and regulations could have a significant impact on our reputation as a trusted brand and could cause us to lose existing customers, prevent us from obtaining new customers, require us to expend significant funds to remedy problems caused by breaches and to avert further breaches and expose us to legal risk and potential liability.

***We are subject to extensive regulations and supervision by the regulatory and law enforcement agencies regulating financial products and enforcing consumer protections laws, and changes in existing regulations or the implementation of future regulations may adversely affect our financial condition and results of operations.***

We are subject to extensive regulations and supervision by the regulatory and law enforcement agencies regulating financial products and enforcing consumer protection laws, including the Consumer Financial Protection Bureau, in the markets in which we operate. The laws or regulations of the jurisdictions in which we operate may be amended, adopted, enforced or interpreted in a manner that could have an adverse effect on our financial condition and results of operations. Any failure to adopt adequate responses to such changes in the regulatory framework may have an adverse effect on our financial condition and results of operations. Consumer protection legislation may prevent or reduce our existing ability to package financial products and thus decrease our profitability per customer. We cannot predict whether and to what extent new laws and regulations, or changes to existing laws and regulations, affecting our business will be adopted in the future, the timing of any such adoption and what effect such events would have on our financial condition and results of operations.

***We are subject to complex and evolving regulations and oversight related to data protection, privacy and information security.***

As privacy, data protection, and information security continue to be rapidly evolving areas, further legislative activity will likely continue occurring in the United States and other jurisdictions. These legislative efforts could have far-reaching effects that may necessitate the modification of our current practices and incur substantial costs due to the challenges of compliance. Any failure, real or perceived, by us to comply with our privacy, data protection, or information security policies, changing consumer expectations, or with any evolving legal or regulatory requirements, industry standards, or contractual obligations could result in claims, demands, and litigation by private parties, investigations and other proceedings by regulatory authorities, and fines, penalties and other liabilities, may harm our reputation and competitive position, and may cause our customers to reduce their use of our products and services and materially and adversely affect our business.

***Our provision of virtual currency-related services may be subject to a highly evolving regulatory landscape and any changes to laws or regulations could adversely affects our prospects or operations in this respect.***

As virtual currency remains a relatively new development in the payments and financial services sector, its regulatory status remains somewhat unclear in the United States and other jurisdictions. As regulatory interpretations continue developing globally, we may be required to obtain new registrations and licenses, and may be obliged to adhere to further compliance obligations, which could materially impact our business.

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Our products and services involve the use of, as well as conversion from fiat currency from and into, stablecoins. The regulatory treatment of fiat-backed stablecoins such as USDC is highly uncertain and has drawn significant attention from legislative and regulatory bodies around the world, even with the passing of GENIUS Act in the United States governing payment stablecoins. See "—The future development and growth of digital assets are subject to a variety of factors that are difficult to predict and evaluate. If the adoption and market acceptance of digital assets, in particular the stablecoin, does not grow as we expect, our business, operating results and financial condition could be adversely affected." The resale of such stablecoins may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, anti-money laundering, commodities, securities, sanctions, and other laws and regulations in the United States and in other jurisdictions. See "—A particular digital asset, product or service's status as a 'security' in any relevant jurisdiction is subject to a high degree of uncertainty, and if we are unable to properly characterize a digital asset or product offering, we may be subject to regulatory scrutiny, inquiries, investigations, fines, and other penalties, which may adversely affect our business, operating results, and financial condition."

Given the highly evolving industry that we are in, the laws, rules and regulations are still subject to constant variations and may be modified and applied within a short period of time. If we fail to comply with these laws, rules and regulations, we could be subject to significant fines and other regulatory consequences, which would adversely affect our business. We may face adverse impacts to our ability to continue operating our business and to pursue our future strategies, which would have a material adverse effect on our business, prospects or operations.

***We are subject to the laws and regulations concerning escheatment of unclaimed property.***

We are subject to the laws and regulations concerning identification, reporting and escheatment of unclaimed property in the United States and certain other jurisdictions in which we operate. We are also subject to audit and examination for compliance with these requirements, which may result in fines or penalties. Litigation may be brought by, or on behalf of, one or more entities, seeking to recover unclaimed property. Laws and regulations relating to unclaimed property are periodically revised to increase revenues relating to collection of unclaimed property, which may adversely affect our business.

However, there is significant uncertainty as to how the existing laws or new laws regarding unclaimed property may be interpreted to cover digital assets. Changes in current laws or regulations or the imposition of new laws and regulations in the jurisdictions we operate, or any withdrawal by us from certain markets because of such actions, could adversely affect our business, including by giving our competitors an opportunity to penetrate geographic markets that we cannot access.

***We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act or similar anti-bribery and anti-corruption laws in other jurisdictions in which we operate.***

The U.S. Foreign Corrupt Practices Act ("FCPA") and similar anti-bribery and anti-corruption laws in other jurisdictions in which we conduct activities generally prohibit companies from making or offering improper payments to public officials for the purpose of obtaining or retaining business, directing business to another, or securing an advantage. In addition, the FCPA requires U.S. public companies to maintain records that accurately and fairly represent their transactions and have an adequate system of internal accounting controls. As such, if we fail to comply with the requirements of the FCPA or similar legislation, governmental authorities in the United States and elsewhere could seek to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on our business, reputation, operating results and financial condition.

***We are subject to laws and regulations worldwide, many of which are still developing and which could increase our costs or materially and adversely affect our business.***

We are subject to a variety of laws internationally that affect our business, including laws regarding privacy, data protection, information security, virtual currencies, identity theft, tax, marketing, labor and employment, and anti-competition, all of which are continuously evolving and developing. The scope and interpretation of the laws

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that are or may be applicable to us are often uncertain and may be conflicting and compliance with laws, regulations and similar requirements may be burdensome and expensive. Laws and regulations may be inconsistent from jurisdiction to jurisdiction, which may increase the cost of compliance and doing business. Any such costs, which may rise in the future as a result of changes in these laws and regulations or in their interpretation, could make any of our products and services less attractive to our customers or cause us to change or limit our ability to sell our products and services. We have policies and procedures designed to ensure compliance with applicable laws and regulations, but we cannot assure you that our employees, contractors or agents will not violate such laws and regulations or our policies and procedures. In addition, any failure or perceived failure by us to comply with any laws, regulatory requirements, legal obligations, or policies relating to privacy, data protection, information security, or consumer protection may result in governmental investigations or enforcement actions, litigation, claims, or public statements against us by consumer advocacy groups, or others, and could result in significant liability and otherwise materially and adversely affect our reputation and business.

***We are subject to scrutiny under antitrust and competition laws.***

We could be subject to scrutiny by various government agencies under the United States and other foreign laws and regulations, including antitrust and competition laws. These agencies could in the future allege that our actions violate the antitrust or competition laws of the United States, individual states, other countries, or otherwise constitute unfair competition. Our business agreements or arrangements with merchants or other companies could give rise to regulatory action or antitrust litigation, and the broad remit of our business could lead otherwise uncontroversial business practices to be deemed anticompetitive. Any claims or investigations could be costly, time-consuming, generate negative publicity, and substantial diversion of management attention, and could lead to reputational harm, significant monetary judgments against us, or require the alteration of business practice, any of which could materially and adversely affect our business, financial condition, results of operations and prospects.

***As of December 31, 2024, over 99% of our revenue came from Taiwan. Changes in Taiwan, U.S. and foreign tax laws, as well as the application of such laws, could adversely impact our financial position and operating results.***

We launched *OwlPay* in 2023, and as of December 31, 2024, over 99% of the revenue from payment services came from Taiwan. Similarly, our revenue from other non-payment services in overseas markets as of December 31, 2024 was less than 1%. We are subject to complex tax laws and regulations in Taiwan, the United States, and various foreign jurisdictions. All of these jurisdictions have in the past and may in the future alter their corporate income tax rates and other income tax laws which could increase our future income tax provision. Our tax liability determination is subject to review and audit by the applicable U.S. and foreign tax authorities, and could be challenged by such tax authorities. An adversely decided challenge could hurt our operating results and financial condition.

Determining our worldwide tax provision and other tax liabilities requires significant judgment and, in the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is complex and uncertain. Moreover, as a multinational business, we have subsidiaries that engage in many intercompany transactions in various tax jurisdictions, and each jurisdiction's tax authority could interpret applicable tax laws in divergent and even conflicting ways. The tax authorities of the jurisdictions in which we operate may challenge our tax treatment of certain items or the methodologies we use, which could impact our worldwide effective tax rate and harm our financial position and operating results.

We also are subject to non-income taxes, such as payroll, sales, use, value-added, digital services, net worth, property, and goods and services taxes in the United States and various foreign jurisdictions. Specifically, we may be subject to new allocations of tax as a result of increasing efforts by certain jurisdictions to tax activities that may not have been subject to tax under existing tax principles. Companies such as ours may be adversely impacted by such taxes. Tax authorities may disagree with certain of our positions and impose additional tax liabilities that could have an adverse effect on our operating results and financial condition.

Because of the foregoing factors, the ultimate amount of tax obligations owed may differ from the amounts recorded in our financial statements and any such difference may harm our operating results in future periods in which we change our estimates of our tax obligations or in which the ultimate tax outcome is determined.

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***We and our merchants may be subject to sales reporting and recordkeeping obligations on companies that engage in or facilitate e-commerce to improve tax compliance.***

The U.S. federal government, states, and foreign governments have implemented or are currently implementing reporting or recordkeeping obligations on companies that engage in or facilitate e-commerce to improve tax compliance. We have endeavored to meet known requirements and expect that further modifications may be required to comply with future requirements, which may change our merchant experience and increase operational costs. Any failure on our part to conform with these reporting and recordkeeping obligations could result in substantial monetary penalties and other sanctions, impact our ability to do business in certain jurisdictions, and materially and adversely affect our business, financial condition, results of operations and prospects.

***Our consolidated balance sheets may not contain sufficient amounts or types of regulatory capital to meet the changing requirements of our various regulators worldwide, which could adversely affect our business, operating results, and financial condition.***

Effective management of our capital and liquidity is critical to our ability to operate our businesses, to grow organically and to pursue our strategy. As a regulated and licensed entity in various jurisdictions, we are required to possess sufficient financial soundness and strength to adequately support our regulated affiliate entities. The maintenance of adequate capital and liquidity is also necessary for our financial flexibility in the face of turbulence and uncertainty in the global economy. We may from time to time incur indebtedness and other obligations which could make it more difficult to meet these capitalization requirements or any additional regulatory requirements.

Although we are not a bank holding company for purposes of U.S. law or the law of any other jurisdiction, as an international provider of financial services and in light of the changing global regulatory environment, we could become subject to new capital requirements introduced or imposed by the U.S. and international regulators. Changes to applicable current or future capital and liquidity requirements could require us to raise additional regulatory capital or hold additional liquidity buffers. If we are unable to raise the requisite regulatory capital, we could be forced to reduce the amount of its risk exposure amount or business levels, restrict certain activities or dispose of core and other non-core businesses, which may not occur on a timely basis or at attractive prices. A prolonged inability to raise sufficient regulatory capital could adversely impact the market's trust in our long-term viability and may drive merchants to engage our competitors for their payment needs. As a result of stricter liquidity requirements or higher liquidity buffers, we could be forced to optimize our funding composition, resulting in potentially higher funding costs and the need to maintain liquid asset buffers that yield lower returns than less liquid assets. Additionally, if we cannot effectively manage our liquidity position, we may not be able to meet our short-term financial obligations. Any changes that limit our ability to manage effectively our balance sheet, liquidity position and capital resources going forward, or to access funding sources, could have a material adverse impact on our financial position, regulatory capital position and liquidity provision.

As a financial institution licensed to engage in money transmission in the United States, we are subject to strict rules governing how we hold customer fiat currency and digital assets. We maintain complex treasury operations to manage and move customer fiat currency and digital assets across our platforms and to comply with regulatory requirements. However, it is possible we may experience errors in fiat currency and digital asset handling, accounting, and regulatory reporting that lead us to be out of compliance with these requirements.

***We may from time to time become a party to litigation, regulatory scrutiny, government inquiries and other legal or administrative disputes and proceedings that may materially and adversely affect us.***

The volume and significance of disputes and government inquiries could increase as our products, services and business expand in complexity, scale, scope and geographic reach. Any regulatory inquiry or legal proceedings would be costly, time-consuming, disruptive to our operations, and potentially generate negative publicity and reputational harm, regardless of the outcome. In case of an adverse verdict, we could be forced to

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pay substantial monetary judgments, prevented or limited from offering certain products or services; forced to change our business practices or customer agreement terms in ways that may increase costs or reduce revenues; delay or preclude planned transactions or product launches or improvements; or suspend or terminate parts of our operations. Determining legal reserves or possible losses from legal matters involves significant estimates and judgments and may not reflect the full range of uncertainties and unpredictable outcomes. We may be exposed to losses in excess of the amount recorded, and such amounts could be material. If our estimates and assumptions change or prove to have been incorrect, this could have a material adverse effect on our business, financial position, results of operations or cash flows.

***Focus on our environmental, social, and governance responsibilities have and will likely continue to result in additional costs and risks, and may adversely impact our reputation, employee retention, and willingness of customers and collaborators to do business with us.***

Certain investors, regulators, customers, employees and other stakeholders are focused on environmental, social, and governance ("ESG") matters. Fulfilling our ESG commitments, initiatives, and objectives may require additional investments and costs, and successful attainment of these goals is not assured. If we are unsuccessful, or perceived to be unsuccessful, in our efforts or if any of our ESG commitments, initiatives, or goals are revised, our reputation and ability to attract and retain employees could be harmed, and we may be negatively perceived by investors or our customers.

Should our required or voluntary ESG disclosures increase, we could also be criticized or face claims regarding the accuracy, adequacy, or completeness of such disclosures and our reputation could be negatively impacted, or we could face claims regarding our policies and programs. Additionally, regulatory requirements regarding carbon emissions disclosures and other ESG matters may increase compliance burdens on our business and supply chain, and may increase our operating costs.

Further, we may be subject to criticism for our initiatives and revisions, including contentious or punitive actions, including anti-ESG legislation, boycotts, and adverse media campaigns, which could detrimentally affect our reputation, business, financial results and growth.

***We may be subject to governmental export and import controls, which could impair our ability to compete in international markets and subject us to liability if we violate the controls.***

Geopolitical and trade tension between leading global economies have led to the imposition of tariff and non-tariff trade barriers and sections, including export and import control restrictions against certain countries and private companies. In early 2025, the U.S. government implemented or proposed to implement policies restricting international trade in the form of new or higher tariffs, and other countries have reacted by implementing or proposing to implement new or higher tariffs. There remains to be a high degree of uncertainty around the U.S. trade policies and tariffs as of the date hereof, and it remains uncertain how U.S. trade policies and tariffs may affect international trade and global economy outlook. Increased use of export and import control restrictions, particularly those that target certain countries or entities, or any expansion of the extraterritorial jurisdiction of export control laws may hinder our ability to compete globally. Additionally, measures adopted by an affected country to counteract impacts of another country's actions or regulations could generate significant legal liability or financial losses to multinational corporations, including our own.

***Foreign government initiatives to restrict or ban access to our products in their countries could seriously harm our business.***

Foreign governments may censor or restrict access to our products in their respective countries, require data localization, or impose other laws or regulations that would be difficult or even impossible for us to comply with, or would require us to rebuild our products or the infrastructure for our products. Access restrictions to our products due to foreign government actions or initiatives, or any withdrawal by us from certain countries because

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of such actions or initiatives, would adversely affect our monthly active users, including by providing our competitors an opportunity to penetrate inaccessible geographic markets. Thus, our consumer growth, retention, and engagement may be seriously harmed, and we may not be able to maintain or grow our revenue as anticipated, which would materially affect our business.

**Risk Related to Third Parties** 

***We have in the past, and may in the future, enter into collaborations, joint ventures or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties, or if these third parties fail to deliver certain operational services, our business, operating results and financial condition could be adversely affected.***

We have previously, and may in the future, enter into collaborations, joint ventures or strategic alliances with third parties that may be essential to our development, operation and enhancement of our products and provision of our services. We currently collaborate with third-party service providers in enabling various payment options for our customers, including via cash, credit card and stablecoins. For example, we build relationships with USDC issuer, digital assets exchanges or settlement providers (including Circle, Coinbase Prime, MoneyGram, and MoonPay) to facilitate the conversion from fiat currency to USDC, and vice versa, in connection with our on/off-ramp services between fiat currency and USDC. We have rolled out our *OwlPay Harbor* services to provide our in-house conversion capabilities through an API package to other participants in the digital asset economy and payment industry. As a start, we collaborate with Stellar and serve as a "Stellar Anchor" on the send-side and/or receive-side that provides on/off-ramping capabilities with USDC on Stellar to third parties on the Stellar Network. See "Business—Our Third-Party Collaborations." Also, we offer our capabilities on EVM-compatible networks.

It may cost us substantial time and resources to identify and negotiate strategic relationships with third parties, as well as maintaining our relationship and further strengthening our cooperation with mission-critical third-party collaborators. These efforts could be complex and divert management attention, but may not yield anticipated benefits in a timely fashion or at all.

While we evaluate a broad range of factors in assessing potential collaborators, including the counterparties' reputation, operating results and financial condition, operational ability to satisfy our and our customers' needs in a timely manner, efficiency and reliability of systems, certifications costs to us or to our customers, and licensure and compliance status, these parties may not fulfill our or our customers' needs, and thus may adversely affect our ability to deliver products and services to customers, and adversely impact our business, operating results and financial condition. These counterparties may have interests or objectives that are, or that may become, inconsistent with our own interests or objectives, and may leave us susceptible to additional risks if the third party becomes the subject of negative publicity, faces its own litigation or regulatory challenges, or encounters other adverse circumstances.

Our collaborators may decide to halt relationships with us for any or no reason, and we may not be able to establish alternative collaborations providing similar functionalities in a timely fashion, or at all. Conflicts may arise between us and our collaborators regarding issues such as the interpretation of significant terms under our agreement, which could lead to time-consuming and potentially costly litigation or arbitration proceedings. In some cases, we rely on single-source collaboration relationships for provision of certain of our services offerings and products functionalities. For example, we primarily collaborate with NIUM to provide fiat currency exchange and payment services across various fiat currencies. If we fail to secure relationships with certain collaborators, our products and services, including the delivery of payment services via certain payment options or channels or to or from certain regional markets, could be impaired. If we fail to provide a broad scope of payment services due to the lack of certain collaboration relationships, our ability to compete in the marketplace or to grow our revenue could be harmed and our financial condition could be adversely affected.

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***Providers of payment solutions, including us, depend on both direct and sponsored membership in payment networks and compliance with payment network rules, or relationships with sponsoring financial institutions to provide access to those networks. Changes to payment card networks or bank fees, rules or practices could harm our business.***

Some of the transactions we process are through international credit and debit card, bank or other payment networks, which mandate compliance with the requirements of those payment networks. If we fail to comply with payment network rules or if our relationship with those networks or sponsors deteriorates, those payment networks or sponsors could terminate or suspend our access or impose fines.

Rules of these payment networks govern all aspects of network transactions, including fees and other practices and are subject to changes. Payment networks have from time to time increased the fees and assessments for transactions that access their networks, including imposing special fees or assessments for transactions that are executed through digital wallets. We may bear additional costs as our payment processors may have the right to pass any fee and assessment increases on to us by increasing their own processing fees. Any increase in interchange fees, special fees, or assessments for transactions that we pay to the networks or our payment processors could make our pricing less competitive, increase our operating costs and reduce our operating income, which could materially harm our business, financial condition and results of operations. Card networks also promulgate operating rules, including mandatory technology requirements that could subject us to additional compliance costs and various fines and penalties.

Sufficiently material violations of network rules risk damaging our relationship with the payment networks such that these networks may be less willing to expand their relationship with us. Our failure to comply with the payment card network rules, or the deterioration in our relationships with the payment networks for any other reason, could also result in the restriction, suspension or termination of our licenses to acquire payment transactions in various jurisdictions, or to act with sponsoring banks to use their acquiring licenses. Should this occur, we would be unable to process transactions using the relevant payment network in the relevant jurisdiction, which could have a material adverse effect on our business, financial condition and results of operations.

The network rules may also increase the cost of, impose restrictions on, or otherwise impact the development of, our products and services which may negatively affect product deployment and adoption. The networks could adopt new operating rules or interpret or re-interpret existing rules that we may find difficult or impractical to follow or costly to implement, which could require significant changes to our products, increase our operational costs and negatively impact our business. Furthermore, as payment networks have become increasingly focused on proprietary technology and seek to provide value-added services, there may be an increasing likelihood of conflict of interest between us and the payment networks that could harm our business.

***We rely on bank relationships to provide our payments and custodial services. Loss of a critical banking or insurance relationship could adversely impact our business, operating results and financial condition.***

We rely on certain bank relationships to for various functions of our services, including clearing of payments and custody of customer funds. We could encounter difficulties in establishing or maintaining these banking relationships due to various factors including instability in the global banking system, increasing regulatory uncertainty and scrutiny, or our banking collaborators' policies. If we lose these banking collaborators or if these banking collaborators impose operational restrictions, the resulting inability for us to utilize other financial institutions may disrupt business activity and create regulatory risks. Additionally, financial institutions may decide not to provide, or may be prohibited from providing financial services to our operations related to digital assets or the blockchain economy generally, due to evolving regulatory policies, the general risks associated with digital assets or other adverse events. If these financial institutions limit or end their activity related to digital assets, there could be temporary delays in or unavailability of services in such country that are critical to our operations, or general disruption to the blockchain economy which may adversely impact our business, operating results and financial condition.

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For our operations in the United States, we rely on insurance carriers to cover certain customer losses resulting from breaches of our physical security, cybersecurity, or theft by employees or third parties. Additionally, we hold surety bonds as mandated by our MTLs in certain jurisdictions, which would provide protection to our consumers using our payment products and services against potential financial losses if we are unable to fulfill our obligations. Our ability to maintain these forms of insurance is subject to the insurance carriers' ongoing underwriting criteria and there could be no assurance that we would be able to continue maintaining appropriate insurance coverage.

***We currently rely on third-party service providers for many aspects of our operations, including the processing of transaction data and settlement of funds to us and our customers, and any interruptions in services provided by these third parties may impair our ability to support our customers.***

For many aspects of our business operations, we depend on our strategic collaborators and other third-party service providers for many aspects of our business operations, including payment networks, banks, payment processors, and third-party payment gateways that link us to the payment card and bank or blockchain-based clearing networks to process transactions; digital assets custodial service providers; and external business collaborators and contractors who provide other key functions (e.g., information technology and data center). See "—We have in the past, and may in the future, enter into collaborations, joint ventures or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties or if these third parties fail to deliver certain operational services, our business, operating results and financial condition could be adversely affected." Thus, we are susceptible to various risks inherent in relying on third parties.

Our third-party service providers could suffer interruptions or outages in their services provision to us, refuse to process transactions or any or all services to us on acceptable terms or at all, provide services with reduced functionality, or impose additional costs or requirements on us. Any of these foregoing situations could disrupt our operations and ability to support our customers, and materially and adversely affect our business, financial condition, results of operation and prospects. Further, if any of the foregoing situations were to occur, we may be unable to procure an adequate alternate provider in a timely and efficient manner and on acceptable terms, if at all, which could also materially and adversely affect our business. Additionally, our relationships with third-party service providers inherently involve a lesser degree of control over their business operations, governance and compliance, which potentially increases our financial, legal, reputational and operational risk.

***If our business collaborators fail to comply with applicable laws or regulations, our reputation, business, financial condition and results of operations may be materially and adversely affected.***

We may work closely with our business collaborators, including any third-party service providers and wallet providers and financial institutions to which we provide APIs for payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions under *OwlPay Harbor*, as part of our operations and delivery of our products and services. The business relationships may involve, in connection with our services, sharing data of our customers with certain third-party service providers in accordance with our privacy policies, agreements and applicable laws. If our business collaborators engage in activities that are negligent, fraudulent, illegal or otherwise harm the trustworthiness and security of our platform, fail to comply with any laws, regulations, professional code of conduct and practice standards or government requirements, become subject to regulatory investigations, enforcement actions, fines or penalties, or cause any property damage or personal injuries, we may, either directly or by association with such business collaborators, suffer corresponding loss of business and revenue, reputational harm, liabilities, or be subject to regulatory scrutiny, investigation or actions.

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***If one or more of our counterparty financial institutions default on their financial or performance obligations to us or fail, we may incur significant losses.***

In connection with our payment products and services, our customers' funds may be held with our business collaborators or at accounts of depositary institutions as necessary steps for the payments clearing and settlement. At any given time, significant amounts of cash, cash equivalents, or other investments of ours or our customers may be on deposit or in accounts with banks or other financial institutions in the United States and abroad. Therefore, we may be exposed to the risk of default on obligations by, or deteriorating operating results or financial condition or failure of, these counterparty financial institutions. In the case that any of our counterparty financial institutions were to become insolvent, placed into receivership or file for bankruptcy, we may have limited recourse against such counterparty financial institutions to recover losses incurred as a result of default or to access or recover assets that are deposited, held in accounts with, or otherwise due from, such counterparty due to the insufficiency of the failed institutions' estate to satisfy all claims in full or the applicable laws or regulations governing the insolvency, bankruptcy or resolution proceedings. In the event of default on obligations by, or the failure of, one or more of these counterparties, we could incur significant losses, which could negatively impact our results of operations and financial condition. While we explicitly disclaim any liabilities in our agreements with our customers using our payment products and services in such case of counterparty financial institutions default, we may nevertheless be subject to customers' claims for losses and costly litigation, as well as potential regulatory scrutiny, investigation or actions.

***We rely on AWS, a third-party cloud system, for the vast majority of our computing, storage, bandwidth, and other services. Any service interruption of the third-party cloud system's operating systems, networks and hardware or could disrupt or interfere with our operations.***

Our platform depends on the efficient and uninterrupted operation of third-party cloud systems for computing, storage, bandwidth and other service needs. We currently run the vast majority of our computing on the third-party cloud systems including AWS. We have also built our software and computer systems to use computing, storage capabilities, bandwidth and other services provided by such third-party cloud systems. Interruptions, outages and delays in these third-party cloud systems' operating systems, networks or hardware, or other disruptions of or interference with our use of these cloud operations could materially hinder our ability to operate and limit the functionality or accessibility of our various products and services. This in turn could damage our reputation and brand, significantly disrupt the operations of our customers, cause us to lose customers and adversely affect our business and results of operations.

We currently primarily rely on AWS for the provision of cloud system and services. Any third-party cloud system that we use now or in the future may take actions beyond our control that could seriously harm our business, including: (i) discontinuing or limiting our access to its cloud platform; (ii) increasing pricing terms; (iii) terminating or seeking to terminate our contractual relationship altogether; (iv) establishing more favorable relationships or pricing terms with one or more of our competitors; and (v) modifying or interpreting its terms of service or other policies in an unfavorable manner to us. The third-party cloud systems generally have broad discretion to change and interpret their terms of service and other policies with respect to us and alter how we are able to process data on their cloud platforms, which could adversely affect our operations. We may face substantial technical difficulty and incur significant time and expense if we decide to transition away from a third-party cloud systems provider, and such transition may not be successful or feasible. We may also see increased hosting costs if our customer base further expands, and we cannot assure you that our business revenue would grow in parallel. Any continued expansion in our customer base and future development in business model may also require us to incur substantial investments in our technology infrastructure and reduce reliance on third-party cloud systems, and we cannot assure you that such investments in technology infrastructure would succeed.

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***We depend on major mobile operating systems and third-party platforms for the distribution of certain products, such as Google Play, the Apple App Store, or other platforms. Any interruption or deterioration in our relationship with such entities may negatively impact our business.***

Our products and services are distributed via multiple distribution platforms. Our mobile apps-based products, including *OwlPay Wallet Pro*, *OwlNest*, *OwlTing Market*, *OwlJourney* and *OwlTing Experiences*, are dependent on third-party global application distribution platforms for downloads, including Apple App Store and Google Play. Demand for our other products such as *OwlPay* may depend on their ability to be distributed through or integrated with other third-party platforms such as Shopify. Maintaining successful relationships with such third-party distribution platforms is essential to the success of our business.

The promotion, distribution and operation of our products are dependent on these distribution platforms' standard terms and policies, which may be subject to the interpretation of, and frequent changes by, these distribution platforms. There could be no assurance that these third-party platforms will continue supporting our products or services, or that our customers will be able to continue accessing our products or services. Any changes, bugs, technical or regulatory issues with third-party platforms, our relationships with the third-party distribution platforms, or changes to their terms of service or policies could degrade our products' functionalities, reduce or eliminate our ability to distribute our products, give preferential treatment to competitive products, limit our ability to deliver high-quality offerings, or impose fees or other charges, any of which could affect our product usage and harm our business.

**Risks Related to Doing Business in Taiwan** 

***Our Taiwan subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy the liquidity requirements.***

As an exempted company with limited liability incorporated under the laws of the Cayman Islands structured as a holding company, the Company may require dividends and other distributions on equity from our Taiwan subsidiaries to satisfy our liquidity requirements. Current Taiwan regulations permit our Taiwan subsidiaries to pay dividends to their respective shareholders only from its accumulated profits, if any, which shall first comprise previous losses and set aside at least 10% of its accumulated profits each year as a statutory reserve. These reserves are not distributable as cash dividends. Furthermore, if any of our Taiwan subsidiaries incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other payments to us. Any limitation on the ability of our Taiwan subsidiaries to distribute dividends or to make payments to us may restrict our ability to satisfy our liquidity requirements. In addition, the dividend payments by our Taiwan subsidiaries to us shall be subject to a withholding tax of 21% under current Taiwan tax law.

***Our Taiwan subsidiaries are subject to foreign exchange control imposed by Taiwan authorities, which may affect the paying dividends, repatriating the interest or making other payments to us.***

Currently, Taiwan regulates only those foreign exchange transactions that involve currency conversion from NTD to foreign currency or from foreign currency to NTD (collectively, "Regulated Transactions"). Generally, Regulated Transactions involving NTD 500,000 or more shall be declared to the Central Bank of Taiwan. Furthermore, (i) for a single remittance of Regulated Transaction involving NTD equivalent to US$1 million or more, relevant documents shall be verified by banks before such transactions can be processed, and (ii) if the annual accumulated settlement amount of Regulated Transactions exceeds US$50 million, such foreign exchange settlement is subject to the approval of the Central Bank of Taiwan. The Taiwan government may impose further foreign exchange restrictions in certain emergency situations, where the Taiwan government experiences extreme difficulty in stabilizing the balance of payments or where there are substantial disturbances in the financial and capital markets in Taiwan. If our payment-related products and services, or the dividend payments or other payments by our Taiwan subsidiaries to us, involve the currency conversion from NTD to a foreign currency, such conversion would be subject to the foregoing foreign exchange control.

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***We may be required to obtain approvals from the Taiwan authority for investment in our Taiwan subsidiaries if the shareholding by any PRC person reaches the threshold for such approval.***

Under current Taiwan laws, regulations and policy, the shareholder of a Taiwan subsidiary will be required to obtain approval from the Department of Investment Review, Ministry of Economic Affairs of Taiwan for its investment in its Taiwanese subsidiary if more than 30% of its capital is directly or indirectly owned by, or beneficially owned by any PRC person or it is under control by any PRC person. Failure to obtain such approval, if needed, may subject us to a Taiwan authority's monetary penalty of from NTD120,000 to NTD25,000,000 and be ordered to rectify within a specific timeline; if such approval is not applied for, the Taiwan authority may order investment withdrawal and operations in Taiwan to be suspended.

***Any lack of requisite approvals, licenses, permits or filings or failure to comply with any requirements of Taiwan laws, regulations and policies may materially and adversely affect our daily operations.***

In accordance with the relevant Taiwan laws and regulations, we are required to maintain various approvals, licenses, permits and filings to operate our business. Such approvals, licenses, permits and filings may include a license as an electronic payment institution in connection with providing electronic payment services, if our business triggers the requirement to obtain such license under the relevant laws in Taiwan. Whether such approvals, licenses, permits and filings are obtained is subject to satisfactory compliance with, among others, the applicable laws and regulations. If we are unable to obtain any of such licenses and permits or extend or renew any of the current licenses or permits upon expirations, or if we are required to incur significant additional costs to obtain or renew such licenses, permits or approvals, our daily operations could be materially and adversely affected.

***Cross-Straits relationship imposes macroeconomic risks which could negatively affect our business.***

We conduct business in Taiwan through our subsidiaries, OBOOK Inc., OWLSTAY Inc., OWLTING Travel Service Inc. and PayNow Inc. As of December 31, 2024, over 99% of our revenue came from Taiwan. Our office and substantially all of our assets are located in Taiwan. Accordingly, our business, financial condition and results of operation may be affected by potential economic, social and/or geopolitical issues in or affecting Taiwan which are outside of our control.

Taiwan has a unique international political status. Although Taiwan and the PRC have established significant economic and cultural relationships in recent years, the PRC government asserts sovereignty over the PRC and Taiwan, does not recognize the legitimacy of the government of Taiwan, and has refused to renounce the possibility of using force at some point to gain control over Taiwan. Sanctions against Taiwanese entities or persons, and military blockage or actions from the PRC, may significantly harm Taiwan's economy. The financial markets have viewed certain past developments between Taiwan and the PRC as occasions to depress general market prices of the securities of Taiwanese or Taiwan-related companies. Any cross-straits tension may negatively impact the local economic and political environment, which could in turn materially and adversely affect our business, financial condition and results of operations.

**Risks Related to the Class A Common Shares** 

***Our listing differs significantly from an underwritten initial public offering; the impact of awareness of our brand and consumer and investor recognition of our Company on the demand for our Class A Common Shares is unpredictable and our marketing and brand development efforts may not be successful.***

There have been few companies that have undertaken a direct listing such as our listing to date and there are many uncertainties associated with such type of listing.

This is not an underwritten initial public offering of our Class A Common Shares. This listing of our Class A Common Shares on Nasdaq differs from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are no underwriters conducting an underwritten initial public offering. Consequently, prior to the opening
of trading on Nasdaq, there will be no traditional book building process and no price at which

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underwriters initially sold shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on Nasdaq. Therefore, buy and sell orders submitted prior to and at the opening of trading of our Class A Common Shares on Nasdaq will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold Class A Common Shares to the public, as would be the case in an underwritten initial public offering. Moreover, there will be no underwriters assuming risk in connection with the initial resale of our Class A Common Shares. Additionally, because there are no underwriters, there is no underwriters' option to purchase additional Class A Common Shares. In an underwritten initial public offering, the underwriters may engage in "covered" short sales in an amount of Class A Common Shares representing the underwriters' option to purchase additional Class A Common Shares. To close a covered short position, the underwriters purchase Class A Common Shares in the open market or exercise the underwriters' option to purchase additional Class A Common Shares. In determining the source of Class A Common Shares to close the covered short position, the underwriters typically consider, among other things, the price of Class A Common Shares available for purchase in the open market as compared to the price at which they may purchase Class A Common Shares through the underwriters' option to purchase additional Class A Common Shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the market price of Class A Common Shares. Given that there will be no underwriters' option to purchase additional Class A Common Shares and no underwriters engaging in stabilizing transactions, there could be greater volatility in the public price of our Class A Common Shares during the period immediately following the listing. See also "— An active, liquid and orderly trading market for our Class A Common Shares on the Nasdaq might not develop or be sustained. The trading prices of our Class A Common Shares may fluctuate significantly and you may be unable to sell your Class A Common Shares at or above the price you bought them for." <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is not a fixed number of Class A Common Shares available for sale. Therefore, there can be no assurance
that any registered shareholders or other existing shareholders will sell any or all of their Class A Common Shares and there may initially be a lack of supply of, or demand for, our Class A Common Shares on Nasdaq. Alternatively, we may have a
large number of registered shareholders or other existing shareholders who choose to sell their Class A Common Shares in the near term resulting in an oversupply of our Class A Common Shares, which could adversely impact the public price
of our Class A Common Shares once listed on Nasdaq and thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain of our shareholders are expected to have different contractual lock-up agreements or other contractual
restrictions on transfer from what is customary in an underwritten initial public offering. In an underwritten initial public offering, it is customary for an issuer's officers, directors, and certain of its other shareholders to enter into a
180-day contractual lock-up arrangement with the underwriters to help promote orderly trading immediately after such initial public offering. Our lock-up arrangement is different from and could be less restrictive than what is customary in an
underwritten initial public offering. In our direct listing, our executive officers, directors, directors of our subsidiaries and shareholders holding more than 10% of our issued and outstanding Common Shares in aggregate are subject to customary
lock-up agreements with us under which they cannot sell, transfer or dispose of any Common Shares (except for certain customary exceptions) for a period of 180 days from the effective date of this registration statement of which this prospectus
forms a part. Certain of our non-affiliate shareholders owning greater than 100,000 Common Shares but no more than 10% of our issued and outstanding Common Shares are subject to customary lock-up agreements with us under which they cannot sell,
transfer or dispose of more than 50% of any Common Shares (excluding any Common Shares already subject to other existing contractual restrictions on resale) (except for certain customary exceptions) held by such shareholders, for a period of 180
days from the effective date of this registration statement of which this prospectus forms a part. See "Plan of Distribution" and "Shares Eligible for Resale—Lock-Up." Consequently, certain of our current shareholders
may sell any or all of their Class A Common Shares (including any Class B Common Shares on an as-converted basis) at any time (subject to any restrictions under applicable law), including immediately upon listing. If such sales were to occur in
a significant volume in a short period of time following our listing, it may result

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in an oversupply of our Class A Common Shares in the market, which could adversely impact the public price of our Class A Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will not conduct a traditional "roadshow" with underwriters prior to the opening of trading on
Nasdaq. Instead, we intend to host an investor day, as well as engage in certain other investor education meetings. In advance of the investor day, we will announce the date for such day over financial news outlets in a manner consistent with
typical corporate outreach to investors. We will prepare an electronic presentation for this investor day, which will have content similar to a traditional roadshow presentation, and make one version of the presentation publicly available, without
restriction, on a website. There can be no guarantees that the investor day and other investor education meetings will have the same impact on investor education as a traditional "roadshow" conducted in connection with a firm-commitment
underwritten initial public offering. In addition, there remains uncertainty as to how the Company's brand awareness and recognition by consumers and investors could impact the demand for our Class A Common Shares, and there can be no
guarantees that the Company's brand awareness and recognition by consumers and investors, currently or at any time after the listing, could adequately support any amount of demand for our Class A Common Shares on the market. There can also be
no guarantees that the investor day and other investor education meetings may positively affect our brand awareness or consumer recognition in any way. As a result, there may not be efficient price discovery  **** ** with respect
to Class A Common Shares or sufficient demand among investors immediately after our listing, which could result in a more volatile public price of our Class A Common Shares.  **** ** 

Such differences from an underwritten initial public offering could result in a volatile trading price for our Class A Common Shares and uncertain trading volume, which may adversely affect your ability to sell any Class A Common Share that you may purchase.

***The trading prices of our Class A Common Shares are likely to be volatile, which could result in substantial losses to holders of our Class A Common Shares and could subject us to litigation.***

The trading prices of our Class A Common Shares are likely to be volatile and fluctuate widely due to various factors, many of which are beyond our control. The stock market in general and the market for technology companies and blockchain technology companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors may not be able to sell Class A Common Shares at or above the price paid for the shares. The market price for Class A Common Shares may be influenced by many factors, including: actual or anticipated variations in our operation results or earnings that are not aligned with market or securities research analyst expectation; changes in financial estimates by us or by securities research analyst; regulatory developments, including new laws and regulations issued and the overall trend of government enforcement actions; announcements made by us or our competitors of new product and service offerings, technologies, acquisitions, divestitures, strategic relationships, joint ventures or capital commitments; announcements of investigations or regulatory scrutiny of our operations or lawsuits filed against us; additions to or departures of our management or other key personnel; publication of operating or industry metrics by third parties, including government statistical agencies, that differ from industry or securities research analysts expectations; changes in pricing by us or our competitors; actual or perceived general industry, regulatory, economic and business conditions and trends; changes as a result of the COVID-19 pandemic, or similar macroeconomic events; investors' general perception of our company and our business; stock market price and volume fluctuations of comparable companies, particularly those operating in the blockchain and digital asset platform sectors; and sales or perceived potential sales or other dispositions of existing or additional Class A Common Shares by directors and officers or specific shareholders.

Any of these factors may result in large and sudden changes in the volume and trading prices of our Class A Common Shares. Additionally, the stock market has from time to time experienced significant price and volume fluctuations unrelated to the operating performance of particular companies and industries, which may significantly affect the trading prices of our Class A Common Shares. Furthermore, in the past, shareholders have initiated class

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action lawsuits against companies following periods of volatility in the market price of a company's securities. Such litigation, if instituted against us, could cause us to incur substantial costs and divert management's attention from our day-to-day operations, which could harm our business. If adversely determined, the class action suits may have a material adverse effect on our financial condition and results of operations.

***An active, liquid and orderly trading market for our Class A Common Shares on the Nasdaq might not develop or be sustained. The trading prices of our Class A Common Shares may fluctuate significantly and you may be unable to sell your Class A Common Shares at or above the price you bought them for.***

We expect our Class A Common Shares to be listed and traded on Nasdaq. Prior to the listing on Nasdaq, there has not been a public market for any of our securities, and an active, liquid and orderly trading market for our Class A Common Shares may not develop or be sustained after the listing, which could depress the market price of our Class A Common Shares and could affect the ability of our shareholders to sell our Class A Common Shares. In the absence of an active public trading market, investors may not be able to liquidate their investments in our Class A Common Shares. An inactive market may also impair our ability to raise capital by selling our Class A Common Shares, our ability to motivate our employees through equity incentive awards and our ability to acquire other companies, products or technologies by using our Class A Common Shares as consideration.

While our Class A Common Shares (including any Class B Common Shares on an as-converted basis) will be freely transferable by our registered shareholders pursuant to this prospectus or by our other existing shareholders in accordance with Rule 144 under the Securities Act, unlike an underwritten initial public offering, there can be no assurance that any registered shareholders or other existing shareholders will sell any of their Class A Common Shares and there may initially be a lack of supply of, or demand for, Class A Common Shares on Nasdaq. In the case of a lack of supply of our Class A Common Shares, the trading price of our Class A Common Shares may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our Class A Common Shares if they are unable to purchase a block of our Class A Common Shares in the open market due to a potential unwillingness of our existing shareholders to sell a sufficient amount of Class A Common Shares at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our Class A Common Shares, the market for our Class A Common Shares may be more volatile without the influence of long-term institutional investors holding significant amounts of our Class A Common Shares. Conversely, there can be no assurance that the registered shareholders and other existing shareholders will not sell all of their shares, resulting in an oversupply of our Class A Common Shares on Nasdaq. In the case of a lack of market demand for our Class A Common Shares, the trading price of our Class A Common Shares could decline significantly and rapidly after our listing. Therefore, an active, liquid and orderly trading market for our Class A Common Shares may not initially develop or be sustained, which could significantly depress the public price of our Class A Common Shares and/or result in significant volatility, which could affect your ability to sell your Class A Common Shares.

In particular, as this listing is taking place through a novel process that is not an underwritten initial public offering, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on Nasdaq. On the day that our Class A Common Shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which D. Boral Capital LLC, or the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our Class A Common Shares are ready to trade, Nasdaq will confirm the Current Reference Price for our Class A Common Shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding with the opening of trading at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of our Class A Common Shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in

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accordance with Nasdaq rules. The Advisor will determine when our Class A Common Shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. Although we have provided the historical sales prices of our capital stock in private transactions in the section titled "Sale Price History of Our Class A Common Shares", this information may have little or no relation to broader market demand for our Class A Common Shares or Class A Common Shares and thus the public trading price of our Class A Common Shares or Class A Common Shares on the Nasdaq once trading begins. As a result, you should not place undue reliance on these historical sales prices as they may differ materially from the opening public trading prices and subsequent public trading prices of our Class A Common Shares or Class A Common Shares on the Nasdaq. For more information, see "Plan of Distribution."

Additionally, prior to the opening trade, there will not be a price at which underwriters initially sold Class A Common Shares to the public as there would be in an underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, upon listing on Nasdaq, the public price of our Class A Common Shares may be more volatile than in an underwritten initial public offering and could decline significantly and rapidly.

Furthermore, because of our novel listing process on Nasdaq, Nasdaq's rules for ensuring compliance with its initial listing standards, such as those requiring a valuation or other compelling evidence of value, are more stringent. In the absence of a prior active public trading market for our Class A Common Shares, if the price of our Class A Common Shares or our market capitalization falls below those required by Nasdaq's eligibility standards, we may not be able to satisfy the ongoing listing criteria and may be required to delist.

In addition, because of our novel listing process, individual investors, retail or otherwise, may have greater influence in setting the opening public price and subsequent public prices of our Class A Common Shares on Nasdaq and may participate more in our initial trading than is typical for an underwritten initial public offering. These factors could result in a public price of our Class A Common Shares that is higher than other investors (such as institutional investors) are willing to pay, which could cause volatility in the trading price of our Class A Common Shares and an unsustainable trading price if the price of our Class A Common Shares significantly rises upon listing and institutional investors believe our Class A Common Shares is worth less than retail investors, in which case the price of our Class A Common Shares may decline over time. Further, if the public price of our Class A Common Shares is above the level that investors determine is reasonable for our Class A Common Shares, some investors may attempt to short our Class A Common Shares after trading begins, which would create additional downward pressure on the public price of our Class A Common Shares. To the extent that there is a lack of consumer awareness among retail investors, such a lack of consumer awareness could reduce the value of our Class A Common Shares and cause volatility in the trading price of our Class A Common Shares.

***Investors in our Class A Common Shares may be unable to bring claims under Sections 11 and 12(a)(2) of the Securities Act due to tracing requirements, which may limit the remedies available to investors in a direct listing.***

In June 2023, the U.S. Supreme Court held in *Slack Technologies, LLC v. Pirani* that shareholders asserting Section 11 claims must plead and prove that their shares are traceable to an allegedly defective registration statement. This decision confirms that tracing requirements apply in the context of direct listings, making it harder for investors in these offerings to bring Securities Act claims. While the Supreme Court did not rule on the scope of Section 12(a)(2) liability, courts may impose similar traceability requirements; in February 2025, the U.S Court of Appeals for the Ninth Circuit, on remand of the *Slack* case, held that the same traceability requirements apply to Section 12(a)(2) liability.

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Because direct listings typically involve a greater proportion of unregistered to registered shares in the public pool of listed shares, any tracing requirement is more pronounced in a typical direct listing as compared to a traditional firm commitment underwritten IPO where the majority of the unregistered shares of the issuer could be subject to a customary lock-up for a period of time upon an IPO. In a direct listing like ours, investors may be unable to establish that their shares were issued pursuant to a registration statement. As a result, liability under Section 11 and Section 12(a)(2) may be unavailable to some investors, even in the event of a material misstatement or omission in a registration statement.

As a result, investors in this offering may have fewer legal protections compared to those available to investors in a traditional initial public offering, which could adversely affect investor confidence and demand for our Class A common stock. If a shareholder is nonetheless successful in bringing a Securities Act claim against us stemming from our direct listing, any adverse outcome in such litigation may have a material adverse impact on our business, results of operations and/or financial condition.

***Certain of our shareholders are expected to have different contractual lock-up agreements or other contractual restrictions on transfer from what is customary in an underwritten initial public offering. Following our listing, sales of substantial amounts of our Class A Common Shares in the public markets, or the perception that sales might occur, could cause the trading price of our Class A Common Shares to decline.***

In addition to the supply and demand and volatility factors discussed above, sales of a substantial number of Class A Common Shares into the public market, particularly sales by our founders, directors, executive officers, and principal shareholders, or the perception that these sales might occur in large quantities, could cause the trading price of our Class A Common Shares to decline. Our lock-up arrangement is different from and could be less restrictive than what is customary in an underwritten initial public offering. In our direct listing, our executive officers, directors, directors of our subsidiaries and shareholders holding more than 10% of our issued and outstanding Common Shares in aggregate are subject to customary lock-up agreements with us under which they cannot sell, transfer or dispose of any Common Shares (except for certain customary exceptions) for a period of 180 days from the effective date of this registration statement of which this prospectus forms a part. Certain of our nonaffiliated shareholders owning greater than 100,000 Common Shares but no more than 10% of our issued and outstanding Common Shares are subject to customary lock-up agreements with us under which they cannot sell, transfer or dispose of more than 50% of any Common Shares (excluding any Common Shares already subject to other existing contractual restrictions on resale) (except for certain customary exceptions) held by such shareholders, for a period of 180 days from the effective date of this registration statement of which this prospectus forms a part. As a result, the lock-up arrangements will play a lesser role in limiting the number of share sale by our existing shareholders.

As of September 1, 2025 (taking into effect certain conversion from Class B Common Shares to Class A Common Shares that is pending formal registration), we had 37,869,671 shares of Class A Common Shares outstanding and 50,508,000 shares of Class B Common Shares outstanding, all of which are "restricted securities" (as defined in Rule 144 under the Securities Act). Approximately of these shares of Class A Common Shares may be immediately sold either by the registered shareholders pursuant to this prospectus or by our other existing shareholders under Rule 144 since such shares held by such other shareholders will have been beneficially owned by non-affiliates for at least one year. Moreover, once we have been a reporting company subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act for 90 days and assuming the availability of certain public information about us, (i) non-affiliates who have beneficially owned our Common Shares for at least six months may rely on Rule 144 to sell their Class A Common Shares, and (ii) our directors, executive officers, and other affiliates who have beneficially owned our Class A Common Shares for at least six months, including certain of the shares of Class A Common Shares covered by this prospectus to the extent not sold hereunder, will be entitled to sell their shares of our Class A Common Shares subject to volume limitations under Rule 144.

In addition, following the effectiveness of the registration statement of which this prospectus forms a part, we intend to file a registration statement on Form S-8 under the Securities Act to register all shares subject to our

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equity compensation plans. As of September 1, 2025, we had 806,260 shares of Class A Common Shares subject to unvested RSU awards. Accordingly, these shares will be able to be freely sold in the public market upon issuance, subject to applicable vesting requirements, our lock-up arrangements and compliance by affiliates with Rule 144.

Following the effectiveness of the registration statement of which this prospectus forms a part, the holders of up to 15,308,819 shares of our Common Shares issued, will have rights, subject to some conditions, to require us to file registration statements for the public resale of such shares or to include such shares in registration statements that we may file for us or other shareholders. Any registration statement we file to register additional shares, whether as a result of registration rights or otherwise, could cause the trading price of our Class A Common Shares, to decline or be volatile.

***We may not be able to meet each of the quantitative requirements of the Nasdaq Global Market's Market Value Standard for direct listings.***

We have applied to have our Class A Common Shares listed on Nasdaq Global Market. In order for Nasdaq Global Market to approve our listing application, we will need to meet the quantitative requirements of the Nasdaq Global Market's Market Value Standard for direct listings, as provided in Nasdaq Listing Rules 5405(a) and 5405(b)(3) and IM-5405-1. While we expect to meet all listing requirements, no assurance can be that we will meet all such requirements or that our application will be approved by Nasdaq. In the event that we were unable to meet such requirements or if our Class A Common Shares were otherwise not approved for listing by Nasdaq, our Class A Common Shares would not be listed on Nasdaq Global Market. If this were to occur, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability of market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Class A Common Share is "penny stock" that will require brokers trading in
our Class A Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited to no amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited ability to issue additional securities or obtain additional financing in the future.

Furthermore, if our Class A Common Shares are not listed on Nasdaq Global Market or any other national securities exchange, we will not be able to qualify for certain federal preemption and would be subject to laws and regulations in each state in which we offer our securities.

***If we do not meet the expectations of equity research analysts, if they do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our Class A Common Shares, the price of our Class A Common Shares could decline.***

The trading market for our Class A Common Shares will rely in part on the research and reports that equity research analysts publish about us and our business. The analysts' estimates are based upon their own opinions and often differ from our estimates or expectations. If our results of operations are below the estimates or expectations of public market analysts and investors, the price of our Class A Common Shares could decline. Moreover, the price of our Class A Common Shares could decline if one or more securities analysts downgrade our Class A Common Shares or if those analysts issue other unfavorable commentary or cease publishing reports about us or our business.

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***Our issuance of additional share capital in connection with financings, acquisitions, investments, equity incentive plans or otherwise will dilute all other shareholders.***

We expect to issue additional share capital in the future that will result in dilution to all other shareholders. We expect to grant equity awards to directors and key employees under the Share Incentive Plan. The maximum aggregate number of the Class A Common Shares that may be issued under the Share Incentive Plan shall be 10,000,000 Class A Common Shares. See "Management — Share Incentive Plan". Additionally, we may raise capital through equity financings in the future. As part of our business strategy, we may make or receive investments in companies, solutions or technologies and issue equity securities to pay for such acquisitions or investments. Any such issuances of additional share capital may cause shareholders to experience significant dilution of their ownership interests and the per share value of Class A Common Shares to decline.

***Our CEO has control over key decision-making as a result of his control of a majority of the voting rights of our outstanding common shares and our dual-class share structure. Our dual-class share structure may limit your ability to influence corporate matters and could discourage others from pursuing any change of control transaction that holders of our ordinary shares may view as beneficial.***

We have adopted a dual-class share structure that consists of Class A Common Shares, each entitled to one vote per share, and Class B Common Shares, each entitled to ten votes per share. Darren Wang, our founder and CEO, will be able to exercise voting rights with respect to 67.2% of the voting power of our outstanding shares through his holding of 3,105,778 Class A Common Shares and 36,150,000 Class B Common Shares upon consummation of this listing, and we will therefore be a Controlled Company as defined by Nasdaq. Therefore, he has the ability to control the outcome of matters submitted to our shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. This concentrated control could discourage, delay or prevent a change of control, merger, consolidation, or sale of all or substantially all of our assets that our other shareholders support, or conversely this concentrated control could result in the consummation of such a transaction that our other shareholders do not support. This concentrated control could also discourage a potential investor from acquiring Class A Common Shares, each of which has one vote, compared to each Class B Common Share with ten votes, and might harm the trading price of Class A Common Shares.

In addition, as our CEO, Darren Wang has control over the day-to-day management and major strategic investments of our company, subject to authorization and oversight by the Company's board of directors. In the event of his death, the Class A Common Shares and the Class B Common Shares that Darren Wang owns will be transferred to the persons or entities that he has designated. As a board member and officer, Darren Wang owes a fiduciary duty to our shareholders and must act in good faith in a manner he reasonably believes to be in the best interests of our shareholders. As a shareholder, even a controlling shareholder, Mr. Wang is entitled to vote his shares in his own interests, which may not always be in the interests of our shareholders generally.

***We will be a "controlled company" within the meaning of the rules of Nasdaq and the rules of the SEC and, as a result, qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to shareholders of other companies that are subject to such requirements.***

We will be a "controlled company," as defined under the rules of the Nasdaq, since Darren Wang, our founder and CEO, will have 67.2% of the total voting power of the Company upon the consummation of the listing. For so long as we remain a controlled company under this definition, we are permitted to elect to rely, and currently intend to rely, on certain exemptions from corporate governance rules, including the exemption from the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of our board of directors consist of "independent directors" as defined under the rules of
Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our director nominees be selected, or recommended for our board of directors' selection, by a
nominating/governance committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation of our executive officers be determined, or recommended to our board of directors for
determination, by a compensation committee comprised solely of independent directors.

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Following this listing, we intend to rely on these exemptions. Accordingly, you may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

***We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Class A Common Shares.***

We currently intend to retain most, if not all, of our available funds and any future earnings after this listing to fund the development and growth of our business. As a result, we do not intend to pay any cash dividends on our common shares in the foreseeable future. Furthermore, any determination to pay dividends in the future will be at the discretion of the Company's board of directors. Even if the Company's board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on the future results of operations and cash flow, capital requirements and surplus, the amount of distributions, if any, received by us from subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by the Company's board of directors. Accordingly, you may need to rely on a price appreciation of Class A Common Shares, which may never occur, as the only way to realize any future gains on your investment.

***We are an "emerging growth company," and we cannot be certain if the reduced reporting and disclosure requirements applicable to emerging growth companies will make our Class A Common Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not "emerging growth companies." In particular, while we are an "emerging growth company," we will not be required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act; we will be exempt from any rules that could be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotations or a supplement to the auditor's report on financial statements; we will be subject to reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and we will not be required to hold non-binding advisory votes on executive compensation or shareholder approval of any golden parachute payments not previously approved.

We may be an "emerging growth company" until the fiscal year-end following the fifth anniversary of the completion of this listing, though we may cease to be an "emerging growth company" earlier under certain circumstances, including if (i) we have more than $1.235 billion in annual revenue in any fiscal year, (ii) the market value of common shares that is held by non-affiliates exceeds $700 million as of the last business day of the most recently completed second fiscal quarter, or (iii) we issue more than $1.0 billion of non-convertible debt over a three-year period.

The exact implications of the JOBS Act are subject to interpretation and guidance by the SEC and other regulatory agencies, and we cannot assure that we will be able to take advantage of all of the benefits of the JOBS Act. In addition, investors may find our Class A Common Shares less attractive to the extent we rely on the exemptions and relief granted by the JOBS Act. If some investors find our Class A Common Shares less attractive as a result, there may be a less active trading market for our Class A Common Shares and our share price may decline or become more volatile. Furthermore, our costs of operating as a public company may increase when we cease to be an "emerging growth company."

***As a foreign private issuer in the United States, we are permitted to, and will, rely on exemptions from certain Nasdaq corporate governance standards, which may afford less protection to holders of our Class A Common Shares.***

As a foreign private issuer, we are exempted from certain corporate governance requirements of Nasdaq. We are required to provide a brief description of the significant differences between our corporate governance

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practices and the Nasdaq corporate governance practices required to be followed by domestic U.S. companies listed on Nasdaq. The standards applicable to us are considerably different from the standards applied to domestic U.S. issuers. For instance, we are not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a majority of the board of directors be independent (although all of the members of the audit committee must
be independent under the Securities Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a compensation committee or a nominating or corporate governance committee consisting entirely of
independent directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have regularly scheduled executive sessions with only independent directors.

We intend to continue to rely on some of these exemptions. As a result, holders of our Class A Common Shares may not be provided with the benefits of certain corporate governance requirements of Nasdaq.

***As a foreign private issuer in the United States, we are exempt from certain U.S. proxy rules and disclosure requirements under the Exchange Act, which may afford less protection to holders of our Class A Common Shares than they would enjoy if we were a domestic U.S. company.***

As a foreign private issuer in the United States, we are exempt from, among other things, the rules prescribing the furnishing and content of proxy statements under the Exchange Act and the rules relating to selective disclosure of material non-public information under Regulation FD under the Exchange Act. In addition, our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit and recovery provisions contained in Section 16 of the Exchange Act. We are also not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic U.S. companies with securities registered under the Exchange Act. For example, in addition to annual reports with audited financial statements, domestic U.S. companies are required to file with the SEC quarterly reports that include interim financial statements reviewed by an independent registered public accounting firm and certified by the companies' principal executive and financial officers. By contrast, as a foreign private issuer, we are not required to file such quarterly reports with the SEC or to provide quarterly certifications by our principal executive and financial officers. As a result, holders of our Class A Common Shares may be afforded less protection than they would under the Exchange Act rules applicable to domestic U.S. companies.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and accordingly, the next determination with respect to us will be made on June 30, 2026. In the future, we would lose our foreign private issuer status if more than 50% of our outstanding voting securities are directly or indirectly owned by U.S. residents and we fail to meet additional requirements necessary to maintain our foreign private issuer status. 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 mandatorily 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. As a U.S.-listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

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***Our shareholders may face difficulties in protecting their interests, and the ability of our shareholders, the SEC, the U.S. Department of Justice, and other U.S. authorities to bring actions against us may be limited in the foreign jurisdictions where we operate.***

We are incorporated in the Cayman Islands with limited liability and conduct a substantial portion of our operations in Taiwan through our subsidiaries. Most of our directors and substantially all of our executive officers reside outside the United States and a substantial portion of their assets are located outside of the United States. As a result, it may be difficult or impossible for our shareholders to bring an action against us or against these individuals in the Cayman Islands or in Taiwan in the event that they believe that their rights have been infringed under the securities laws of the United States or otherwise. Even if shareholders are successful in bringing an action of this kind, the laws of the Cayman Islands and Taiwan may render them unable to enforce a judgment against our assets or the assets of our directors and officers. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States or Taiwan, although the courts of the Cayman Islands will generally recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

Our corporate affairs are governed by the Company's Third Amended and Restated Memorandum and Articles of Association, and by the Cayman Companies Act (2025 Revision) (the "Companies Act") as well as common law of the Cayman Islands. The rights of shareholders to take legal action against us and our directors, actions by minority shareholders and the fiduciary duties of our directors 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 English common law, which provides persuasive, but not binding, authority in a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less-developed body of securities laws than the United States and provides significantly less protection to investors. In addition, shareholders in Cayman Islands companies may not have standing to initiate a shareholder derivative action in U.S. federal courts.

Furthermore, due to jurisdictional limitations, matters of comity and various other factors, the ability of U.S. authorities, such as the SEC and the U.S. Department of Justice, or the DOJ, to investigate and bring enforcement actions against companies may be limited in foreign jurisdictions, including Taiwan. Local laws may constrain our and our directors' and officers' ability to cooperate with such an investigation or action. Accordingly, without the consent of the competent Taiwanese securities regulators and relevant authorities, no organization or individual may provide documents or materials relating to securities business activities to overseas parties. As a result of the foregoing, our public shareholders may have more difficulty in protecting their interests through actions against us, our management, our directors, our officers or our major shareholders, than they otherwise would with respect to a corporation incorporated in a jurisdiction in the United States. Shareholder protection through actions by the SEC, the DOJ and other U.S. authorities also may be limited.

***We are a Cayman Islands holding company with no operations of our own and, as such, we depend on our subsidiaries for cash to fund our operations and expenses, including future dividend payments, if any.***

Our Class A Common Shares are equity securities of a Cayman Islands holding company rather than equity securities of our subsidiaries. As a holding company with no business operations, we have as our principal source of cash flow the distributions or payments from our operating subsidiaries. Therefore, our ability to fund and conduct our business, service our debt and pay dividends, if any, in the future will depend on the ability of our subsidiaries to make upstream cash distributions or payments to us, which may be impacted, for example, by their ability to generate sufficient cash flow or limitations on the ability to repatriate funds whether as a result of currency liquidity restrictions, monetary or exchange controls or otherwise. Our operating subsidiaries are separate legal entities, and although they are directly or indirectly wholly owned and controlled by us, they have no obligation to make any funds available to us, whether in the form of loans, dividends or otherwise. To the extent the ability of any of our subsidiaries to distribute dividends or other payments to us is limited in any way, our ability to fund and conduct our business, service our debt and pay dividends, if any, could be harmed.

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***We are incorporated in Cayman Islands; Cayman Islands law differs from the laws in effect in the United States and may afford less protection to our shareholders.***

We are a Cayman Islands exempted company incorporated in the Cayman Islands with limited liability. There is some uncertainty as to whether the courts of the Cayman Islands would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws. The United States. and the Cayman Islands do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters, and, accordingly, common law rules apply in determining whether a judgment of obtained in a U.S. court is enforceable in the Cayman Islands.

As a Cayman Islands company, we are governed by common law of the Cayman Islands, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of a Cayman Islands company generally are owed to the company only. Shareholders of Cayman Islands companies generally do not have a personal right of action against directors or officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction of the United States.

***We may be or may become a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to holders of our Class A Common Shares that are U.S. investors.***

A non-U.S. corporation, such as our company, will generally be classified as a "passive foreign investment company," or "PFIC," for U.S. federal income tax purposes, for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash and assets readily convertible into cash are categorized as passive assets and the company's goodwill and other unbooked intangibles are generally taken into account when determining the value of its assets.

Based on our current and projected income and assets, and projections as to the value of our assets immediately following this listing, we do not expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we will be or become a PFIC is a factual determination made annually that will depend, in part, upon the composition of our income and assets and the value of our assets. Fluctuations in the market price of the Class A Common Shares may cause us to be or become a PFIC for the current or future taxable years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of the Class A Common Shares from time to time (which may be volatile). If our market capitalization is less than anticipated or subsequently declines, we may be or become a PFIC for the current taxable year or future taxable years. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets. Under circumstances where our revenue from activities that produce passive income significantly increases relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming a PFIC may substantially increase.

If we are or were to become a PFIC, there may be adverse U.S. federal income tax consequences to holders of our Class A Common Shares that are U.S. investors. For example, if we are a PFIC for any taxable year during which any such U.S. investor holds our Class A Common Shares, such U.S. investor may become subject to increased tax liabilities under U.S. federal income tax laws and regulations, and will become subject to burdensome reporting requirements. You are urged to consult your own tax advisors concerning the U.S. federal income tax consequences of the application of the PFIC rules.

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus and any prospectus supplement include forward-looking statements regarding, among other things, our plans, strategies and prospects, both business and financial. These statements are based on the beliefs and assumptions of our management. Although we believe that our respective plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words "believe", "estimate", "expect", "forecast", "may", "will", "should", "seek", "plan", "scheduled", "anticipate" or "intend" or similar expressions. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business and financial performance, including our revenue, operating expenses and our ability to
achieve profitability and maintain our future business and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future developments, trends and conditions in the industry and markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business strategy and plans, including our growth plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding the relationship with our third-party collaborators and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relevant government policies and regulations relating to our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our systems and infrastructures from cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the result of future financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future market position and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain the listing of our securities on the Nasdaq; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes adversely affecting the business in which we are engaged.

Such forward-looking statements with respect to our revenues, earnings, performance, strategies, prospects and other aspects of the businesses are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, anticipated events and trends, the economy and other future conditions that are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability regarding future performance, events or circumstances. Many of the factors affecting actual performance, events and circumstances are beyond our control. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" and other sections in this prospectus. You should read thoroughly this prospectus and the documents that we refer to with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements. Should one or more of these risks or factors materialize, or should any of assumptions prove incorrect, actual results may vary in material respects from those anticipated in these forward-looking statements. There may be additional risks considered to be immaterial or which are unknown. It is not possible to predict or identify all such risks.

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In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us, as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that such party has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this prospectus. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date.

All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by applicable laws and regulations, we undertake no obligations to update these forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events. In the event that any forward-looking statement is updated, no inference should be made that we will make additional updates with respect to that statement, related matters, or any other forward-looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of additional significant risk factors, may appear in our public filings with the SEC, which will be (as appropriate) accessible at www.sec.gov and which you are advised to consult. For additional information, please see the section titled "Where You Can Find More Information" on page 175.

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**USE OF PROCEEDS** 

Registered shareholders may, or may not, elect to sell our Class A Common Shares covered by this prospectus. To the extent any registered shareholder chooses to sell our Class A Common Shares covered by this prospectus, we will not receive any proceeds from any such sales of our Class A Common Shares. See the section titled "Principal and Registered Shareholders."

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**DIVIDEND POLICY** 

The board of directors of the Company has sole discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided always 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. Even if we decide 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.

We do not anticipate paying any cash dividends on our Class A Common Shares in the foreseeable future. We intend to retain all available funds and any future earnings to fund the operation and expansion of our business.

The Company is a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in Taiwan, Hong Kong, Japan, the United States, Malaysia, Singapore, Thailand and Poland for our cash requirements, including any payment of dividends to our shareholders. Regulations in the jurisdictions where our subsidiaries incorporated may restrict the ability of our subsidiaries to pay dividends to us.

Cash dividends on our Class A Common Shares, if any, will be paid in U.S. dollars.

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**CAPITALIZATION** 

The following table sets forth our cash and restricted cash and our total capitalization as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis, to give effect to (i) quarterly redemption of in aggregate 150,000 Class A
Preferred Shares prior to this direct listing between January 1, 2025 and September 1, 2025 and (ii) fundraising conducted between January 1, 2025 and September 1, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to further give effect to (i) the redemption of the remaining
850,000 Class A Preferred Shares shortly following this direct listing, which is expected to be consummated within two months of this direct listing and (ii) the assumed full conversion, upon the direct listing, of rights issued in
connection with the SAFE agreements entered into in 2025, in the amount of financing of US$2.55 million, into 255,000 Class A Common Shares immediately following the listing, assuming the conversion price at US$10.00 per share, which is equal
to the price at which we sold an aggregate of 1,560,970 shares of our Class A Common Shares to investors in a private placement from April 2025 to August 2025. For more details, see "Description of Share Capital—History of Securities
Issuances—Financing Agreements."

The information in this table should be read in conjunction with our audited financial statements and notes thereto, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and other financial information included in this prospectus. Our historical results do not necessarily indicate our expected results for any future periods.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Actual** | **Pro Forma** | **As Adjusted** |
|  | **US$'000** | **US$'000** | **US$'000** |
|  **Cash and restricted cash** | **8722** | **27537** | **25866** |
|  **Short-term debt (current portion of long-term debt)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings, current portion | 333 | 333 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current preference share liabilities | 406 | 406 |  |
|  **Total short-term debt** | **739** | **739** | **333** |
|  **Long-term debt (excluding current portions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | 801 | 801 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current preference share liabilities | 1570 | 1265 |  |
|  **Total long-term debt** | **2371** | **2066** | **801** |
|  Non-current financial liabilities at fair value through profit or loss |  | 2550 |  |
|  **Total indebtedness** | **3110** | **5355** | **1134** |
|  **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for share capital | 2000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus | 51678 | 70246 | 72795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (60613) | (60613) | (60613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity | 2556 | 2556 | 2556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest | 3 | 3 | 3 |
|  **Total shareholders' equity** | **(4295)** | **12274** | **14824** |
|  **Total capitalization** | **(1185)** | **17629** | **15958** |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the section entitled "Summary of Consolidated Financial Data and Operating Data", our historical consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section of this prospectus. Actual results could differ materially from those contained in any forward-looking statements.* 

**Overview** 

We have almost a decade of experience applying blockchain technology to improve operational efficiency for businesses. We first launched *OwlTing Market*, an e-commerce platform designed to elevate local businesses and farmers by improving product quality and enhancing global market exposure. Expanding its footprint into the hospitality sector, we introduced *OwlNest* in 2018, the innovative PMS, which connects more than 2,500 hospitality providers as of December 31, 2024. In that same year, we launched the OTA platforms *OwlJourney* and *OwlTing Experiences*, to provide various types of properties and tours for travelers. Additionally, we launched the platform offline services to offer accommodations under our own brand, *OwlStay*. The integration of systems, platforms, and accommodation services facilitates unique travel experiences for travelers.

Through close interaction with businesses in the hospitality industry and efforts to modernize their backend management systems, we have gained a deep understanding of the distinct challenges that overseas suppliers and businesses encounter in managing global payments. These challenges encompass complex reconciliation processes which require a significant investment in time and resources. In response, leveraging our experiences in blockchain technology, we launched *OwlPay* intending to provide businesses and individual customers with options to use both stablecoin and fiat currency across a wide range of financial applications. Additionally, in May 2023, we acquired a Taiwanese payment gateway company, PayNow to complete our payment ecosystem with secure, real-time and cost-effective one-stop payment solutions covering a range of services from payment gateway to business payout.

Our business operations consist of the main business segments, including:

**Payment services**. We offer payment services through *OwlPay*. As of December 31, 2024, our payment service revenue was entirely generated from *OwlPay* Payment under *OwlPay* suite which includes our operations in: (i) payment gateway services, enabled by our acquisition of PayNow in May 2023, which offers payment collection functionality to businesses and proprietors to receive consumer payments; and (ii) payout services that support multiple payout settlement routes in fiat currency or stablecoin. As of December 31, 2024, the transactions we helped process had been conducted via fiat currency, and we are further rolling out and expanding our payment services with other settlement routes including via stablecoin. Our business model depends on attracting business customers and individual customers to use our payment-related products and services, for which we charge fixed-amount, per-transaction handling fees and/or percentage-based transaction fees (e.g., for foreign exchange conversion and conversion between stablecoin and fiat currency). Our payment services helped process US$218.6 million in GPV (as defined below) in 2024 and registered over 3,900 Active Accounts (as defined below) as of December 31, 2024. Substantially all of the GPV in 2023 and 2024 came from our payment gateway services enabled by our acquisition of PayNow in May 2023.

**Hospitality services**, including software services and platform services. Our hospitality-related software services are through *OwlNest*, a PMS for hoteliers, and our hospitality-related platform services are through *OwlJourney* and *OwlTing Experiences,* which are OTA platforms for hoteliers and local tour guides, and *OwlStay*, our self-branded offline platform service providing accommodation to travelers. We are primarily focused on growing our hospitality services through the expansion of *OwlNest*, as we seek to acquire more subscribers to *OwlNest* in the international markets and strengthen our SaaS subscription-based revenue sources.

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Success of our *OwlNest* business depends on our ability to attract hospitality providers to use our software services, for which we charge periodic subscription fees or commissions on transactions. The number of *OwlNest* Subscribers (as defined below), which tracks the hospitality providers using *OwlNest*, reached more than 2,500, as of December 31, 2024, increasing from over 2,300 as of December 31, 2023. *OwlNest* recorded an Annual Recurring Revenue (as defined below) of US$965,630 from its PMS subscriptions as of December 31, 2024, a 25% increase from that as of December 31, 2023, and achieved a Dollar-Based Net Retention Rate (as defined below) of 108% as of December 31, 2024. Additionally, for clients using the *OwlNest* platform as their booking engine, we also provide the optional add-on room fee collection services to help process room fees payments to our clients. We also generate revenues from our OTA platforms for hoteliers (*OwlJourney*) and local tour guides (*OwlTing Experiences*) and our room accommodation to travelers (*OwlStay*). The average room occupancy rate for *OwlStay* was 83% and 81% for the years ended December 31, 2023 and 2024, respectively.

**E-commerce platform**. Our e-commerce platform, *OwlTing Market*, focuses on sales of agricultural products. Our business model involves sourcing from local producers in Taiwan and connecting these local producers with international customers through our platform.

In 2024, we generated revenue of US$7.6 million, reflecting a 18% increase compared to 2023. Such growth was primarily driven by the enhanced performance of our payment services, attributed to the acquisition of the payment gateway company, PayNow, in May 2023. Our net operating loss in 2024 increased to US$8.9 million from US$6.8 million in 2023, primarily driven by increased operating expenses from higher professional service fees related to preparation for the prior attempt of initial public offering and ongoing payment-related license applications.

***Key recent developments***

In May 2023, we acquired PayNow, a payment gateway company in Taiwan, for a total cash consideration of US$2.1 million, in order to further supplement our payment services offerings. Since the acquisition, we have been integrating the payment gateway capability within our payment services *OwlPay*, allowing for a one-stop full-services payment solutions for our customers. Our wholly-owned subsidiary, OwlPay Holdings, entered into a share purchase agreement with certain shareholders of PayNow on December 1, 2022, to purchase a controlling interest of 52.94% of PayNow for cash consideration of US$0.6 million, and such purchase was consummated on May 1, 2023. OwlPay Holdings further entered into subsequent share purchase agreements with certain shareholders of PayNow on July 17, 2023 and August 1, 2023, respectively, to purchase an additional 46.44% of PayNow for cash consideration of US$1.5 million, and such purchases were consummated on September 15, 2023. These share purchase agreements contained customary conditions, representations and warranties. Effective in January 2025, PayNow was transferred from OwlPay Holdings to be held directly by us under OBOOK Holdings Inc.

**Key Factors Affecting Our Results of Operations** 

The following are the principal factors that have affected and will continue to affect our business, financial condition, results of operations and prospects.

***Ability to Grow Existing Revenue Streams***

We have built and developed our operations in the hospitality-related services and e-commerce platform, constituting a steady foundation of our current revenue streams. Our financial performance will depend on our continued efforts to expand the market presence of our products and services in the hospitality and e-commerce sectors, in particular *OwlNest*, our blockchain technology-enabled property management services, including their further expansion into international markets. To drive growth of our hospitality and e-commerce products and services, we have sought to leverage technological advancements, optimize pricing strategies, enhance customer experiences and expand our market reach through strategic collaborations.

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***Ability to Develop and Grow Future Revenue Streams***

Our future growth and financial performance may largely depend on our payment services, which is the main business line that we are currently investing in for development and expansion. Our revenue from the payment services largely depends on the total transaction volume processed via our services. We have invested heavily in enhancing our payment service offerings and engaging sales and marketing efforts to roll out our products, so as to build and enlarge the customer base using our payment services. We acquired PayNow in May 2023, which supplemented our payment service offerings with payment gateway capacity and introduced a substantial existing customer base for cross-sale opportunities. The key to continue growing our payment services is to further strengthen our payment products and service offerings, in particular to deliver an easy-to-use, one-stop and low-cost payment product so as to further attract customers and boost customer usage and engagement with our payment services. We also introduced *OwlPay Harbor* services in 2025, our APIs for payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions—to third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions, which we hope to further grow demand for our services in addition to and along with our end user customer base under *OwlPay Wallet Pro*. We intend to draw on and continue investing in our experienced research and development teams, market-leading technologies, accumulated customer insights and effective sales and marketing strategies to engage more customers and achieve faster expansion into global markets.

***Investments in In-house Research and Development Capability***

The growth of our customers base and level of customer engagement across all of our business segments depends on our ability to develop and deliver solutions to real-world pain points using blockchain-empowered, innovative products and services. Investing in research and development has been a cornerstone of our strategy to maintain competitive advantage and drive innovation. Our research and development investments have been focused on our payment services as the key growth area, specifically regarding: (i) enhancing the technical performance and user experience with our payment products and services and developing our capability to enable funds transfers along the full chain of our business customers' commercial operations from collecting customers' payment to backend payout to suppliers; (ii) integrating into our payment services the capabilities of our financial settlement service providers and enabling a variety of payment options including fiat currency, credit cards and stablecoin; and (iii) optimizing our Know Your Customer ("KYC") and AML systems used in connection with our payment services, including on/off-ramping for conversion between fiat currency and stablecoin. Our investment in research and development aims to further integrate blockchain technology and develop its applications, in order to meet the demands for easy-to-use, end-to-end solutions that facilitate cross-border transactions in a shorter time and at a lower cost, as well as in sectors that we have not yet entered into. After we achieved the product development milestone with the launch of *OwlPay* in 2023, we temporarily shifted our research and development focus to maintaining stable operations of our existing products and optimizing integration with our service providers. This allowed us to rapidly expand the range of services and offer customers more options through additional third-party functions within the framework of our existing products and services. We implemented a strategic adjustment in the mix of research and development staff towards junior-level and newly hired employees. Aligned with our objective of integrating blockchain technology and developing its applications, we plan to enter into the next phase of product development, which will require more specialized talent and additional resources, and expect to continue increasing our investment in our research and development in the foreseeable future.

***Ability to Secure Strategic Collaborations and Participate in the Blockchain Economy***

We offer a one-stop payment solution, including payment gateway and backend business payout, and our business payout allows for a variety of payment options including via fiat currency, credit/debit card and stablecoin. We seek to enable a variety of payment options and from and to multiple sets of jurisdictions by leveraging synergistic relationships with diversified financial settlement providers. Our proactive efforts to enter into business collaborations have allowed us to rapidly grow our payment service offerings and to advance the

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development and launch of various new products in our pipeline, and would continue to affect the growth of our user base. In particular, our service offering for the stablecoin payment option, through which we integrate capabilities of various blockchain economy participants, aims to upgrade the current payment infrastructure to the Web3 ecosystem. On the other hand, there are also risks inherent in our cooperation with business collaborators and third parties that may negatively affect our performance results. See also "Risk Factors — Risks Related to Third Parties — We have in the past, and may in the future, enter into collaborations, joint ventures or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties or if these third parties fail to deliver certain operational services, our business, operating results, and financial condition could be adversely affected."

***Investments in Sales and Marketing***

Sales and marketing investments are crucial for driving growth and increasing brand awareness, and we have invested in our brand image and reputation through the decade of operations in the digital economy in a variety of regional markets. Our brand awareness has provided crucial help in our cross-selling of various service offerings across our business segments and multiplying user engagement with a multitude of our products and services. We intend to leverage our brand recognition in our existing markets to further expand our regional and international presence as we continue to release new products and services offerings. To support our expansion in additional regional markets, we expect to incur increasing marketing and sales expenses as we retain marketing professionals including local market researchers and consultants, further invest in building localized sales and customer support team, and develop and implement sales and marketing strategy to further enhance awareness and adoption of our products and services.

***Growth Through Strategic Acquisitions***

Strategic acquisitions have played a significant role in our expansion strategy. Our acquisition of PayNow in May 2023, for instance, was instrumental in enhancing our payment solutions and expanding our customer base. This acquisition alone contributed an additional US$2.5 million in revenue in 2023 and completed our offering in payment from end to end. Our disciplined approach to acquisitions helps us focus on targets that offer strategic value and align with our long-term goals. Our operational results would depend on our ability to effectively integrate the acquired businesses in a way that minimizes disruptions and creates synergies. Since acquiring control of PayNow in May 2023, we have been integrating PayNow's payment gateway capability into our payment product *OwlPay*, as well as PayNow's business operations, technology and personnel with our existing structure. However, there can be no assurance that we will be successful in identifying, negotiating, and consummating favorable transaction opportunities. See also "Risk Factors — Risks Related to Our Business and Industry and Our Operations — Acquisitions, strategic investments, new businesses, joint ventures, divestitures, and other transactions we enter into could fail to achieve strategic objectives, disrupt our ongoing operations or result in operating difficulties, liabilities and expenses, harm our business, and negatively impact our results of operations."

**Key Business Metrics** 

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources, and assess our performance. In addition to our financial results, we use the following key business metrics across different business segments to evaluate our business, measure our performance, and make strategic decisions. We believe that these indicators provide useful information in understanding and evaluating our results of operations. The presentation of key performance indicators is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS Accounting Standards. See "Risk Factors—Risks Related to Our Business and Industry and Our Operations—Real or perceived inaccuracies in our key business metrics may harm our reputation and negatively affect our business, and these key business metrics are subject to assumptions and limitations and may not provide an accurate indication of our future or expected results."

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***Payment services***

As our revenue from payment services is typically correlated with gross payment volume, or GPV, growth and the number of Active Accounts (as defined below), management uses these operating metrics to gain insights into the scale and strength of our payment platform, the engagement level of our customers and underlying activity and trends that may be indicators of current and future performance.

*Gross Payment Volume (GPV)* 

Gross Payment Volume, or GPV, is defined as the total value of transactions processed through our payment services, including via our payment gateway services, fiat currency cross-border remittances, foreign exchange for fiat currency (as standalone transactions not involving fund transfers) and stablecoins solutions (including on/off-ramp services and cross-chain transactions), and further net of transaction reversals. Our payment services were launched in 2023 with the acquisition of PayNow in May 2023. For the year ended December 31, 2024, the GPV grew by 62.5% compared to the GPV of the same period in 2023, which only included the eight-month period after our acquisition of PayNow in May 2023. If comparing across only the eight months ended December 31, the GPV of such eight-month period in 2024 was US$148.6 million, representing a 10.5% increase over the same period in 2023. This growth was driven by our ability to leverage our e-commerce customer base and onboard new customers, supported by API enhancements that streamlined the customer integration process. Substantially all of the GPV in 2023 and 2024 came from our payment gateway services enabled by our acquisition of PayNow in May 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **YoY**<br>**Growth** |
|  | **2023<sup>(1)</sup>** | **2024** | **YoY**<br>**Growth** |
|  | **US$ in millions** | **US$ in millions** | **YoY**<br>**Growth** |
|  Gross Payment Volume | 134.5 | 218.6 | 62.5% |

---

Notes:

(1) The payment services were launched in 2023 with the acquisition of PayNow in May 2023.

*Active Accounts* 

An Active Account is defined as an account registered on our payment platforms that has completed at least one transaction on our payment platforms within the past 12 months. A unique individual or business user may register on our platforms to access different services and may register more than one account to access a service. Accordingly, a single unique user may have more than one Active Account. However, as we have multiple products under *OwlPay*, a unique user that has registered on both *OwlPay Wallet Pro* and *OwlPay Payment* is counted only once for the purpose of determining Active Accounts, in order to maintain consistency in this metric after the integration completes. The number of Active Accounts provides management with additional perspective on the overall scale of users using our payment products and services. As of December 31, 2024, the number of Active Accounts grew by 9.7% compared to the number of Active Accounts as of December 31, 2023, as we leveraged our customer base in e-commerce and enhanced the user experience through integration and features improvements. Substantially all of the Active Accounts as of December 31, 2023 and 2024 came from our payment gateway services through *OwlPay Payment* enabled by our acquisition of PayNow in May 2023, as our payment platform services under *OwlPay Wallet Pro* were launched in 2024 and are still in the process of gradually building a customer base. We aim to continue expanding its payment business and increasing the number of its payment platform users.

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **YoY<br>Growth** |
|  | **2023<sup>(1)</sup>** | **2024** | **YoY<br>Growth** |
|  Active Accounts | 3556 | 3901 | 9.7% |

---

Notes:

(1) The payment services were launched in 2023 with the acquisition of PayNow in May 2023.

***Hospitality services***

Although our future focus is on the payment business, we also seek to expand "*OwlNest*," our PMS service offerings, and acquire more subscribers in the international markets and strengthen our revenue sources. Therefore, management also focuses on the performance and growth of *OwlNest*, which is a part of our hospitality services, as another area of our overall business development. Since *OwlNest* is delivered on a SaaS basis, management uses *OwlNest*'s Annual Recurring Revenue, or ARR, to gain insights into *OwlNest*'s growth trajectory, revenue potential and operational stability. Additionally, management considers *OwlNest*'s Dollar-Based Net Retention Rate as a key indicator of *OwlNest*'s overall revenue growth and customer retention. In tracking *OwlNest*'s ARR and Dollar-Based Net Retention Rate, management focuses only on the revenues that are contractually committed on a periodic subscription basis, since *OwlNest*'s transaction volume-based revenues from our alternative fee model on a commission basis or from our add-on room fee collection services are tied to the sales performance of *OwlNest*'s customers that we could not control. We use also the number of *OwlNest* Subscribers to assess our ability to acquire new customers.

*OwlNest's Annual Recurring Revenue (ARR)* 

*OwlNest*'s Annual Recurring Revenue, or ARR, is defined as contractually committed recurring *OwlNest* revenue from PMS subscriptions, excluding one-time or non-recurring fees, recognized in the last month of the reporting period and calculated on an annualized basis. *OwlNest*'s ARR also excludes *OwlNest*'s transaction volume-based revenues from our alternative fee model on a commission basis or from our add-on room fee collection services. *OwlNest*'s ARR is calculated based on the assumption that any contract expiring in the next 12 months will be renewed at the rate prevailing in the final month of such contract, unless we determine that such contract will be cancelled or reduced, in which case revenue from such contract will be excluded from the calculation. Our calculation of ARR does not give effect to the impact of any anticipated future price increases. *OwlNest*'s ARR as of December 31, 2024 increased by 25% compared to its ARR as of December 31, 2023, driven by increased spending from *OwlNest*'s existing customers and our onboarding of new customers. We believe that the growth reflected the build-up of *OwlNest*'s brand awareness over time and our continued efforts to enhance and develop *OwlNest*'s features and functionalities, which we view as important factors for achieving widespread adoption of the *OwlNest* platform. The type of revenues represented by *OwlNest'*s ARR accounted for 24% and 27% out of our total hospitality services revenue for the years ended December 31, 2023 and December 31, 2024 respectively, and accounted for 11% and 10% of our total revenue for the years ended December 31, 2023 and December 31, 2024, respectively. *OwlNest*'s ARR is an operating business metric and should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **YoY<br>Growth** |
|  | **2023** | **2023** | **2024** | **2024** | **YoY<br>Growth** |
|  *OwlNest's ARR* | US$ | 772364 | US$ | 965630 | 25.0% |

---

*OwlNest's Dollar-Based Net Retention Rate* 

*OwlNest*'s Dollar-Based Net Retention Rate, as of a specified period end and expressed as a percentage, is defined as the Current Period ARR divided by the Prior Period ARR on a fixed exchange rates basis as of the prior period end, each associated with such specified period end and as defined below. The Prior Period ARR

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associated with a period end is *OwlNest*'s ARR from the cohort of all customers as of 12 months prior to that period end. The Current Period ARR associated with a period end is *OwlNest*'s ARR from the same cohort of customers (as those in the Prior Period ARR) as of that period end, including any expansion and net of any contraction or churn over the past 12 months but excluding ARR from new *OwlNest* Subscribers gained during the past 12 months. Both *OwlNest*'s Dollar-Based Net Retention Rate as of December 31, 2023 and 2024 exceeded 100%, highlighting *OwlNest*'s strong customer retention and its capability to effectively address growing customer needs. *OwlNest'*s Dollar-Based Net Retention Rate as of December 31, 2024 increased to 107.7% from 102.4% as of December 31, 2023, primarily driven by the adjustment of subscription fee in 2024 and increased adoption of upgraded features enabled by our ongoing system enhancements.

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2022** | **2023** |
|  *OwlNest's Dollar-Based Net Retention Rate* | 102.4% | 107.7% |

---

*OwlNest Subscribers* 

The number of *OwlNest* Subscribers is defined as the total number of paid customers for *OwlNest* subscription at the end of a specified period. We treat each customer account that has a corresponding contract as a unique *OwlNest* Subscriber, and a single organization with multiple branches may be counted as multiple *OwlNest* Subscribers. The number of *OwlNest* Subscribers increased from 2,343 as of December 31, 2023, to 2,587 as of December 31, 2024 primarily due to the growth of *OwlNest*'s product visibility, which enhanced our ability to onboard new customers.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **YoY**<br>**Growth** |
|  | **2023** | **2024** | **YoY**<br>**Growth** |
|  *OwlNest* Subscribers | 2343 | 2587 | 10.4% |

---

Our key metrics are calculated using internal company data based on the activity we measure on our platforms and compiled from multiple systems, including systems that are internally developed or acquired through business combinations. While the measurement of our key metrics is based on what we believe to be reasonable methodologies and estimates, there are inherent challenges and limitations in measuring our key metrics on a global scale. The methodologies we use to measure these metrics are subject to significant judgment. There is no guarantee that increases or decreases in our key business metrics will correspond with increases or decreases in our revenue. See "Risk Factors—Risks Related to Our Business and Industry and Our Operations—Real or perceived inaccuracies in our key business metrics may harm our reputation and negatively affect our business, and these key business metrics are subject to assumptions and limitations and may not provide an accurate indication of our future or expected results."

**Key Components of Results of Operations** 

***Revenue***

We derived our revenue from our (i) Payment services; (ii) Hospitality services, including hospitality-related software services and hospitality-related platform services; (iii) E-commerce platform; and (iv) Other. Total revenue grew from US$6.4 million in 2023 to US$7.6 million in 2024. During the periods presented, the majority of our revenue was derived from customers based in Taiwan.

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The following table set forth a breakdown of our external revenue by business segments for the periods indicated.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** |
|  | **US$'000** | **% of**<br>**total** | **US$'000** | **% of**<br>**total** | **% of**<br>**change** |
|  Payment services | 2466 | 38.6 | 4028 | 53.2 | 63.3 |
|  Hospitality services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related software services | 1146 | 17.9 | 1158 | 15.3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related platform services | 1903 | 29.7 | 1623 | 21.5 | (14.7) |
|  E-commerce platform | 863 | 13.5 | 752 | 9.9 | (12.9) |
|  Other | 21 | 0.3 | 9 | 0.1 | (57.1) |
|  **Total** . . . . . . | 6399 | 100 | 7570 | 100 | 18.3 |

---

*Payment services* 

Our revenues generated from payment services are entirely from *OwlPay Payment,* which consists of (i) payment gateway services; and (ii) payout services. We provide a one-stop payment solution from collecting payments from consumers to business payouts services. We offer payment gateway services by acquiring PayNow in May 2023, a payment gateway service provider, supporting a wide range of payment collection methods, including credit cards, mobile payments, web ATM and payment at convenience stores. We charge the merchants using our payment gateway services a transaction fee for each successful card payment based on a predetermined rate, which varies depending on the markets and merchants, and a fixed-amount handling fee when disbursing the collected funds. For payout services, with the KYC and AML system, each transaction will be screened to check whether a transaction should be authorized for completion on our payment platform. When we authorize a transaction, we become obligated to our customers to complete the payment transaction. Our main source of revenue under the payout services comes from cross-border transactions. We charge fixed-amount, per-transaction handling fees and/or percentage-based transaction fees which vary based on different currency conversions and payment regions.

*Hospitality services* 

Our revenues generated from hospitality services consist of (i) hospitality-related software services; and (ii) hospitality-related platform services, including OTA platform and platform offline service providing accommodation service.

For hospitality-related software services, we offer a PMS called *OwlNest* for property providers in the hospitality sector. We provide two fee models for our *OwlNest* customers: (i) subscription fees, under which model we charge our clients SaaS fees on an annual basis, which vary depending on the number of rooms a client provides; and (ii) commission fees, under which model we charge a commission fee based on the price of orders we process for our clients through our PMS services. Additionally, for our add-on room fee collection services to *OwlNest* clients, we charge a processing fee based on a contractually agreed percentage of the collected amounts.

For hospitality-related platform services, we offer *OwlJourney*, an OTA platform for hotel and B&B providers and charge a fee of each transaction; we collaborate with suppliers to sell experiential tour services to travelers through *OwlTing Experiences* platform; and we have platform offline service to provide room accommodation to travelers under our own brand name *OwlStay* and charge the room rates.

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*E-commerce platform* 

Our revenues generated from the e-commerce platform primarily consists of the sales of agriculture products over the platform *OwlTing Market*. We promote the quality of products and enhance their visibility through unique collections and through an international reach, making it an attractive option for both local producers and international consumers. We sell our products at a predetermined unit price on the platform.

*Others* 

Our revenues generated from other services primarily consist of transactions of NFTs and small *OwlTing Blockchain Services* projects in collaboration with the Taiwan government. However, due to numerous controversies surrounding NFT transactions and unclear regulations, we have discontinued NFT-related services in 2024. Currently, there are no NFTs that remain on any of our platforms.

***Cost of Revenue***

The following table sets forth a breakdown of cost of revenue of us by business segments for the periods indicated.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** |
|  | **US$'000** | **% of**<br>**total** | **US$'000** | **% of**<br>**total** | **% of**<br>**change** |
|  Payment services | 2140 | 41.7 | 3866 | 58.9 | 80.7 |
|  Hospitality services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related software services | 726 | 14.2 | 674 | 10.3 | (7.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related platform services | 1505 | 29.3 | 1406 | 21.4 | (6.6) |
|  E-commerce platform | 740 | 14.4 | 588 | 9.0 | (20.5) |
|  Other | 19 | 0.4 | 29 | 0.4 | 52.6 |
|  **Total**  | 5130 | 100.0 | 6563 | 100.0 | 27.9 |

---

*Payment services* 

The cost of revenue for payment services consists of fees associated with transfer of funds, including transaction processing fees, such as acquirer bank fees and bank handling fees, and periodic subscription fees for payment settlement service providers, and personnel costs related to payment system operation and maintenance

*Hospitality services* 

For hospitality-related software services, the cost of revenue consists of system maintenance expenses, such as personnel costs, and the monthly rental fee for the electronic invoice platform.

For hospitality-related platform services, the cost of revenue consists of system maintenance expenses, such as personnel costs, fees paid for local travel experience providers, and staff and depreciation costs associated with our offline room accommodation.

*E-commerce platform* 

The cost of revenue for e-commerce platform services consists of cost of goods purchased for sale on our e-commerce platform, logistics costs, and system maintenance expenses, such as personnel costs.

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*Others* 

The cost of revenue for others consists of (i) payments to NFT creators based on revenue-sharing arrangements; and (ii) personnel costs for system development and maintenance engineers for small OwlTing Blockchain Services projects.

***Operating Expenses***

Our operating expenses consist of expenses from (i) marketing and sales; (ii) general and administrative; and (iii) research and development.

The following table sets forth a breakdown of operating expenses of us for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$'000** | **% of**<br>**total** | **US$'000** | **% of**<br>**total** |
|  Marketing and sales | 2456 | 30.5 | 2120 | 21.4 |
|  General and administrative | 3361 | 41.8 | 5232 | 52.7 |
|  Research and development | 2231 | 27.7 | 2571 | 25.9 |
|  **Total**  | 8048 | 100.0 | 9923 | 100.0 |

---

*Marketing and sales* 

Our marketing and sales expenses mainly consist of personnel-related expenses for employee salaries and allowance, employee benefits, and performance bonus for employees engaged in sales and marketing, consultancy fees and advertising expenses.

We plan to continue investing in sales and marketing to expand our customer base, focusing on both customer acquisition and retention, while also enhancing brand awareness. Consequently, we anticipate that marketing and sales expenses will increase in absolute terms. However, in the long term, we expect these expenses to decrease as a percentage of revenue as we achieve greater scale and operational efficiencies.

*General and administrative* 

Our general and administrative expenses primarily consist of legal and professional service fees, license application fee, depreciation and amortization expenses, and other operation-related expenses.

We expect that our general and administrative expenses as a percentage of revenue will decrease over the long term as we expand our revenue streams and achieve greater operational scale. However, in the near term, we expect to incur additional expenses as a result of operating as a public company, including expenses to comply with the rules and regulations applicable to companies listed on a national securities exchange, expenses related to compliance and reporting obligations pursuant to the rules and regulations of the SEC, as well as higher expenses for general and director and officer insurance, investor relations and professional services, and expect that our administrative and other operating expenses will increase in absolute dollar terms as we improve various office infrastructure and operate as a public company.

*Research and development* 

Our research and development expenses mainly consist of salaries and benefits for our research and development engineers.

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We plan to continue to hire specialized research and development employees, invest in technology infrastructure and work on research projects to develop new products and services. We expect that our research and development expenses will continue to increase in absolute dollar terms.

***Interest Income***

Our interest income consists of interest earned on bank deposits and deposits for guarantees.

***Foreign Currency Exchange Gains / Losses***

As the Company is a holding company with subsidiaries located in different jurisdictions, each subsidiary typically uses the primary currency of its operating location as its functional currency, and its revenue is mainly in that functional currency. However, due to cross-border suppliers and customers, we experience gains or losses from exchange rate conversions or fluctuations.

***Financial Liabilities at FVTPL***

A financial liability is classified as at FVTPL if it is held for trading, including derivatives, or is designated as such on initial recognition. Our financial liabilities at FVTPL represents the fair value of our financial liabilities in relation to several Simple Agreements for Future Equity ("SAFE Agreements") entered into by the Company in the years of 2022 and 2023. According to IAS 32, "Financial Instruments: Presentation", because the Company does not have the unconditional right to avoid settling the contract in cash or in another way that it would be a financial liability, the SAFE Agreements are accounted for as a liability. Please refer to "Note 14" of our consolidated financial statements for more information. As of December 31, 2024, all SAFE Agreements entered into by the Company in the years of 2022 and 2023 had been either converted into Class A Common Shares or cashed out.

***Loss on Extension of Preference Share Liabilities***

Our loss on extension of preference share liabilities primarily represents changes in the carrying amount of preference shares liabilities.

***Other Losses***

Our other losses primarily consist of the disposal costs of computer software and impairment loss.

***Other Income***

Our other income primarily consists of subsidies from the local government and some one-time events. We do not expect material subsidies from the local government in the foreseeable future.

***Finance Costs***

Our finance costs primarily consist of interest expenses on lease liabilities, interest expenses on trade financing and non-discretionary dividends of preference shares liabilities.

***Income Tax Benefit***

Our income tax benefit primarily consists of income taxes in the jurisdictions in which we do business. These jurisdictions have different statutory tax rates. Accordingly, our effective tax rate will vary depending on the relative proportion of income derived in each jurisdiction, use of tax credits, changes in the valuation of our deferred tax assets, and liabilities and changes in respective tax laws.

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**Result of Operations** 

The following table sets forth a summary of our consolidated results of operations for the periods indicated, both in absolute amounts and as percentages of our revenues. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** |
|  | **US$'000** | **% of<br>total** | **US$'000** | **% of<br>total** | **% of<br>change** |
|  **Revenue** | **6399** | **100.0** | **7570** | **100.0** | **18.3** |
|  Costs of revenue | (5130) | (80.2) | (6563) | (86.7) | 27.9 |
|  **Gross profit** | **1269** | **19.8** | **1007** | **13.3** | **(20.6)** |
|  **Operating expenses:** |  |  |  |  |  |
|  Marketing and sales | (2456) | (38.3) | (2120) | (27.9) | (13.7) |
|  General and administrative | (3361) | (52.5) | (5232) | (69.0) | 55.7 |
|  Research and development | (2231) | (34.9) | (2571) | (33.9) | 15.2 |
|  **Total operating expenses** | **(8048)** | **(125.7)** | **(9923)** | **(130.8)** | **23.3** |
|  **Net operating loss** | **(6779)** | **(105.9)** | **(8916)** | **(117.5)** | **31.5** |
|  Non-operating income and expense |  |  |  |  |  |
|  Interest income | 96 | 1.5 | 75 | 1.1 | (21.9) |
|  Foreign currency exchange gains | 88 | 1.4 | 7 | 0.2 | (92.0) |
|  Foreign currency exchange losses | (16) | (0.3) | (1053) | (13.8) | 6481.3 |
|  Loss on financial liabilities at fair value through profit or loss | (144) | (2.2) | (259) | (3.3) | 79.9 |
|  Loss on extension of preference share liabilities | (26) | (0.4) |  |  |  |
|  Other losses | (24) | (0.4) | (26) | (0.2) | 8.3 |
|  Other income | 154 | 2.4 | 76 | 1.1 | (50.6) |
|  Finance costs | (137) | (2.1) | (178) | (2.3) | 29.9 |
|  **Total non-operating income and expenses** | **(9)** | **(0.1)** | **(1358)** | **(17.2)** | **14988.9** |
|  **Loss before tax** | **(6788)** | **(106.0)** | **(10274)** | **(134.7)** | **51.4** |
|  Income tax benefit | 7 | 0.1 | 2 | 0 | (71.4) |
|  **Net loss** | **(6781)** | **(105.9)** | **(10272)** | **(134.7)** | **51.5** |
|  **Other comprehensive income (loss):** |  |  |  |  |  |
|  **Components of other comprehensive income (loss) that will be reclassified to profit or loss** |  |  |  |  |  |
|  Exchange differences on translation of foreign financial statements | (53) | (0.8) | 1321 | 17.5 | (2592.5) |
|  Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss |  |  |  |  |  |
|  **Components of other comprehensive income (loss) that will be reclassified to loss** | **(53)** | **(0.8)** | **1321** | **17.5** | **(2592.5)** |
|  **Other comprehensive income (loss)** | **(53)** | **(0.8)** | **1321** | **17.5** | **(2592.5)** |
|  **Total comprehensive loss** | **(6834)** | **(106.7)** | **(8951)** | **(117.2)** | **31.0** |

---

"n.m." means not meaningful.

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**Comparison of the Years Ended December 31, 2023 and December 31, 2024** 

***Revenue***

Our revenue increased from US$6.4 million for the year ended December 31, 2023 to US$7.6 million for the year ended December 31, 2024. This growth was primarily driven by the increased revenue from our payment services, attributable to recognizing full year of revenue from PayNow, which was acquired in May 2023. We have recognized revenue from each service line for the year ended December 31, 2023 and 2024 as follows.

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| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Payment services | 2465859 | 4027727 |
|  Hospitality services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related software services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OwlNest property management system |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subscription fees | 729202 | 756361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission fees | 8956 | 8087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OwlNest add-on room fee collection services | 408292 | 393918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related platform services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OwlTing Experience | 514592 | 307192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OwlJourney | 65459 | 27183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OwlStay | 1322446 | 1288486 |
|  E-commerce platform | 863484 | 751635 |
|  Others | 21097 | 9041 |
|  **Total** | **6399387** | **7569630** |

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Notes:

(1) The consolidated statement of profit and loss and other comprehensive income data for 2023 reflects our
acquisition of PayNow on May 1, 2023.

*Payment services* 

External revenue from payment services increased from US$2.5 million to US$4.0 million, as we recognized full year of revenue from the payment gateway business generated by PayNow, which we acquired in May 2023. The revenue we generated from our payment services for the year ended December 31, 2024 is entirely from *OwlPay Payment,* which consisted of (i) US$4.0 million generated from payment gateway services via PayNow; and (ii) US$8,143 generated from domestic and international payout services.

*Hospitality services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Hospitality-related software services* 

External revenue from hospitality-related software services increased from US$1,146,450 for the year ended December 31, 2023, to US$1,158,366 for the year ended December 31, 2024. The change was attributed to a growth in the number of *OwlNest* Subscribers, which drove an increase in our external revenue from *OwlNest* property management system from US$738,158 (including US$729,202 from subscription fees and US$8,956 from commission fees) for the year ended December 31, 2023 to US$764,448 (including US$756,361 from subscription fees and US$8,087 from commission fees) for the year ended December 31, 2024. This was partly offset by a decrease in external revenue from *OwlNest* add-on room fee collection services, from US$408,292 for the year ended December 31, 2023 to US$393,918 for the year ended December 31, 2024, which resulted from lower booking amounts and a decrease in the flow of funds processed by the *OwlNest* system as the consequence of an earthquake in Taiwan in April, 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Hospitality-related platform services* 

External revenue from hospitality-related platform services decreased from US$1.9 million (including US$514,592 from *OwlTing Experiences*, US$65,459 from *OwlJourney* and US$1,322,446 from *OwlStay*) for the year ended December 31, 2023 to US$1.6 million (including US$307,192 from *OwlTing Experiences*, US$27,183 from *OwlJourney* and US$1,288,486 from *OwlStay*) for the year ended December 31, 2024, primarily due to a reduced amount of tourist activities in Taiwan as the consequence of an earthquake that struck Taiwan in April 2024, which along with subsequent aftershocks severely impacted eastern Taiwan by damaging transportation routes to the region. These effects led to reduction in booking amounts and external revenue of our hospitality-related platform services for the year ended December 31, 2024.

*E-commerce platform* 

External revenue from e-commerce platform service decreased from US$863,484 for the year ended December 31, 2023 to US$751,635 for the year ended December 31, 2024, primarily due our adjustments to our product offerings on our e-commerce platform in 2024, including the temporary ceasing of fruit import business, as a result of the challenges in controlling the quality and schedule of imported fruits.

*Others* 

External revenue from other services decreased from US$21,097 for the year ended December 31, 2023 to US$9,041 for the year ended December 31, 2024, due to our discontinuation of our NFT-related services in 2024 as a result of the numerous controversies surrounding NFT transactions and unclear regulations.

***Cost of Revenue***

Our cost of revenue increased from US$5.1 million for the year ended December 31, 2023 to US$6.6 million for the year ended December 31, 2024, primarily due to the full-year recognition of costs of revenue from PayNow, the payment gateway company we acquired in May 2023.

***Operating Expenses***

*Marketing and sales* 

Our marketing and sales expenses decreased from US$2.46 million for the year ended December 31, 2023 to US$2.12 million for the year ended December 31, 2024, due to temporary workforce restructuring and role consolidation during the year 2024, partly driven by our office relocation, which prompted operational adjustments. These changes led to lower average monthly salary expenses, even though the number of employees returned to previous levels by year-end.

*General and administrative* 

Our general and administrative expenses increased from US$3.36 million for the year ended December 31, 2023 to US$5.23 million for the year ended December 31, 2024, due to (i) an increase in legal and professional service fees from US$687,299 for the year ended December 31, 2023 to US$1,887,362 for the same period in 2024; and (ii) an increase in depreciation expense from US$254,973 for the year ended December 31, 2023 to US$376,346 for the same period in 2024, related to the new lease contract for the Company's new headquarters in Taiwan, which has a term of five years.

*Research and development* 

Our research and development expenses increased from US$2.23 million for the year ended December 31, 2023 to US$2.57 million for the year ended December 31, 2024, due to the investment in enhancing the system performance of cloud service and the price increase by the cloud service providers.

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***Interest Income***

Our interest income decreased from US$96,575 for the year ended December 31, 2023 to US$75,103 for the year ended December 31, 2024, due to a higher level of capital raised through private placement in 2023 compared to 2024, which led to a higher cash balance, resulting in higher interest income for that period.

***Foreign Currency Exchange Gains / Losses***

Since we operate with multiple functional currencies, foreign exchange gains and losses on monetary items are disclosed in aggregate. For the year ended December 31, 2023 and 2024, foreign exchange gain (loss) (including both realized and unrealized portions) amounted to US$(71,170) and US$(1,046,680), respectively. Our operations are primarily denominated in NTD, while our consolidated financial statements are presented in U.S. dollars. The increased volatility in the NTD-to-U.S. dollar exchange rate during the year ended December 31, 2024, compared to the same period in 2023, led to higher foreign currency exchange losses in 2024.

***Loss on Financial Liabilities at FVTPL***

Our loss on financial liabilities at FVTPL increased from US$143,693 for the year ended December 31, 2023 to US$259,418 for the year ended December 31, 2024, due to the conversion of financial liabilities associated with SAFE Agreements into Class A Common Shares in 2024. The loss was recognized based on the fair values of the SAFE Agreements, as determined by a third-party valuation specialist.

***Loss on Extension of Preference Share Liabilities***

Our loss on extension of preference share liabilities decreased from US$26,209 for the year ended December 31, 2023 to nil for the year ended December 31, 2024, due to the second extension of Subscription Agreement with National Development Fund Management Committee of the Executive Yuan in 2023, pursuant to which the present value of preference share liabilities was recalculated and the resulting loss was recognized in 2023.

***Other Losses***

Other losses decreased from US$24,288 for the year ended December 31, 2023 to US$25,741 for the year ended December 31, 2024, due to a loss from a one-time disposal of assets that occurred in 2024.

***Other Income***

Other income decreased from US$154,226 for the year ended December 31, 2023 to US$76,365 for the year ended December 31, 2024, due to a one-time settlement of a payable in 2023, resulting in a higher other income for that period as the associated obligation was extinguished.

***Finance Costs***

Our finance costs increased from US$137,210 for the year ended December 31, 2023 to US$177,888 for the year ended December 31, 2024, due to increased interest expenses associated with the new lease contract for the Company's new headquarters in Taiwan.

***Total Comprehensive Loss***

As a result of the foregoing, our total comprehensive loss increased from US$6.8 million for the year ended December 31, 2023 to US$9.0 million for year ended December 31, 2024.

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**Liquidity and Capital Resources** 

***Cash Flows and Working Capital***

Our liquidity strategy involves maintaining a balance between adequate cash reserves and capital investments to support our growth initiatives. We have implemented robust cash management policies to ensure that we meet our short-term and long-term financial obligations while optimizing the use of our resources. Our principal source of liquidity has been cash generated from our operations, bank borrowings and loans from related parties and fund raising through equity financing and SAFE Agreements. As of December 31, 2023 and December 31, 2024, our cash was US$4.9 million and US$4.5 million, respectively. Cash comprises cash on hand and demand deposits, which we can access without any restrictions. Our cash is primarily denominated in U.S. dollars. As of December 31, 2024, our long-term borrowings (including current portion) from banks and financial institutions were US$1.1 million, which consisted of term loans from banks and financial institutions in Taiwan. As of December 31, 2024, our borrowings from related parties were US$1.7 million, which were interest-free loans from our controlling shareholders. See "Related Party Transactions—Other Transactions with Related Parties." We entered into SAFE agreements with certain investors in 2022 and 2023 with the aggregate amounts of US$1.8 million; all rights issued in connection with such SAFE agreements we entered into in 2022 and 2023 have been converted into Class A Common Shares of the Company or cashed out as of December 31, 2024. Our primary requirements for liquidity and capital are to finance working capital, capital expenditures, the payment of accrued dividends on, and the redemption of, Class A Preferred Shares, as well as for general corporate purposes. For further information on the redemption of Class A Preferred Shares, see Note 15, "Preference share liabilities" to our consolidated financial statements included elsewhere in this registration statement.

Between OBOOK Holdings Inc. and its subsidiaries, the cash is transferred from OBOOK Holdings Inc. to its subsidiaries in the form of capital contributions or through intercompany advances. If needed, cash may be transferred between OBOOK Holdings Inc. and its subsidiaries in the United States, Japan, Taiwan, Singapore, Hong Kong, Malaysia, Thailand and Poland, and there are currently no restrictions on transferring funds between OBOOK Holdings Inc. and its subsidiaries in these jurisdictions. Cash generated from OBOOK Holdings Inc. is used to fund operations of its subsidiaries. Under our cash management policy, the amount of intercompany transfer of funds is determined based on the working capital needs of the subsidiaries and is subject to internal approval process and funding arrangements. Our management reviews and monitors our cash flow forecast and working capital needs of the subsidiaries on a regular basis.

We believe that our current cash, cash inflow expected from payment business expansion and creation of new revenue stream and cash raised from private placement financing in the amount of US$18.7 million in the year of 2025 will provide sufficient liquidity to fund our current obligations, including the accrued dividends on and the redemption of all Class A Preferred Shares shortly after this direct listing (which we expect to complete within two months following this direct listing), projected working capital requirements, debt service requirements and capital spending requirements at least for the next 12 months. We may, however, require additional cash resources due to changing business conditions or other future developments, including any investments or acquisitions we may decide to selectively pursue. If our existing cash resources are insufficient to meet our requirements, we may seek to sell equity or equity-linked securities, sell debt securities, borrow from banks or borrow from our major shareholders. We cannot assure you that financing will be available in the amounts we need or on terms acceptable to us, if at all. The sale of additional equity securities would result in additional dilution to our shareholders. The incurrence of indebtedness and issuance of debt securities would result in debt service obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders. See also "Risk Factors — Risks Related to Our Financial Results — We may require additional capital to support our operations and the growth of our business, and we cannot be certain that financing will be available on reasonable terms when required, or at all and our existing credit facility and our senior notes contain, and any future debt financing may contain, covenants that impact the operation of our business and pursuit of business opportunities."

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We do not have any present plan to pay any cash dividends on our common shares in the foreseeable future after listing. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. See also "Risk Factors — Risks Related to the Class A Common Shares — We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Class A Common Shares."

The following table sets forth a summary of our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2023** | **2024** |
|  | **(US$ in thousands)** | **(US$ in thousands)** |
|  Net cash flows used in operating activities | (5415) | (9070) |
|  Net cash flows from investing activities | 3346 | (750) |
|  Net cash flows from financing activities | 7516 | 9261 |
|  Effect of exchange rate changes on cash and restricted cash | (31) | 1284 |
|  Net increase in cash and restricted cash | 5416 | 725 |
|  Cash and restricted cash at beginning of year | 2581 | 7997 |
|  **Cash and restricted cash at end of year** | **7997** | **8722** |

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***Operating Activities***

Cash from operating activities represent cash flows related to a company's day-to-day business operations, including cash receipts from the sale of products or services, payments to suppliers for the purchase of goods and services, payment of payrolls, utilities, taxes, and other routine business expenses, as well as the collection of accounts receivable from customers and the payment of accounts payable.

Net cash flows used in operating activities was US$9.1 million in 2024. The difference between our loss for the year ended December 31, 2024 of US$10.3 million and cash used in operations was primarily due to (i) adjustment for certain non-cash items, which included depreciation expense of US$1,257,626, amortization expense of US$83,828, loss on financial liabilities at FVTPL of US$259,418, finance costs of US$177,888, interest income of US$(75,103), and profit from lease modification of US$(15,113); and (ii) the net changes in operating assets and liabilities of US$(442,767), which were primarily related to a decrease in accounts receivable of US$53,997 from the settlement of sales, an increase in prepayment of US$1,742,690 due to the prepayment of expenses related to this listing, a decrease in other current assets of US$83,544 due to a reduction in inventory as a result of our commercial decision to discontinue the fruit imports under *OwlTing Market*, an increase in contract liabilities of US$467,503 due to higher advance payments in *OwlNest* and PayNow's collection on behalf of merchants, a decrease in accounts payable of US$116,125 due to the impact of the Taiwan earthquake on the tourism market, which reduced booking volumes and subsequently supplier payables, an increase in other payables of US$786,680 due to accrued fees for auditors and legal counsels, and an increase in provisions of US$26,563 due to the estimate of the provision of paid leave.

Net cash flows used in operating activities was US$5.4 million in 2023. The difference between our loss for the year of US$6.8 million and cash used in operations was primarily due to (i) adjustment for certain non-cash items, which included depreciation expense of US$869,702 and amortization expense of US$78,461, loss on financial liabilities at FVTPL of US$143,693, finance costs of US$137,210, interest income of US$(96,575), and loss on extension of preference share liabilities of US$26,209; and (ii) the net changes in operating assets and liabilities of US$255,394, which were primarily related to a decrease in accounts receivables of US$262,285 from the settlement of sales, an increase in other receivables of US$45,456 due to the acquisition of PayNow in May 2023, an increase in prepayment of US$81,604 due to the prepayment of IPO fees, a decrease in contract liabilities of US$264,301 due to the refund based on a sale agent agreement, an increase in account payables of

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US$569,998 due to subsidence of COVID-19 pandemic led to the recovery of the hospitality business and an increase in booking volume, resulting in a rise in a higher amount of account payables to property providers, a decrease in other payable of US$52,108 due to the accrued fees for legal counsels, an increase in provisions of US$42,381 due to the estimate of the provision of paid leave, a decrease in other current liabilities of US$64,457 due to the payment of employee withholding taxes and collected insurance premiums, an increase in other payables from related parties of US$18,569 due to advance operating expenses from related parties, and a decrease in other non-current liabilities of US$64,951 due to cancellation of long-term account payables.

***Investing Activities***

Cash flows from investing activities represent the cash flows used for capital expenditures and asset transactions, including purchases and sales of property, plant, equipment and intangible assets, acquisition of subsidiaries, acquisition or disposal of financial assets and payments of collateral.

Net cash flows used in investing activities was US$0.8 million in 2024, which was attributable to the acquisition of property, plant and equipment of US$151,964 mainly for computer, company vehicle and *OwlStay* room renovation, acquisition of intangible assets of US$106,078 for computer software, an increase in non-current other financial assets of US$62,125 for an increase of restricted time deposits, an increase in guarantee deposits paid of US$326,042, a decrease in guarantee deposits paid of US$101,769 for increases or decreases of lease deposits for rental contracts, and the prepaid equipment cost of US$205,672, primarily attributable to renovation and equipment expenditures for the new headquarters.

Net cash flows from investing activities was US$3.3 million in 2023, which was attributable to the acquisition of property, plant and equipment of US$141,620 mainly for computer equipment, acquisition of intangible assets of US$20,517 for computer software, disposal of intangible asset of US$11,291, a decrease in other current financial assets of US$32,568 for release of time deposits, an increase in non-current other financial assets of US$131,262 for an increase of restricted time deposits, an increase in guarantee deposits paid of US$65,725, a decrease in guarantee deposits paid of US$10,739 for increases or decreases of lease deposits for rental contracts, and acquisition of subsidiaries of US$3.7 million for acquiring controlling interest in PayNow with 52.94% shareholdings as phase one in May 2023, net of the cash and restricted cash from acquiree.

***Financing Activities***

Cash flows from financing activities include proceeds from issuance of common stock, purchases or repayments under financing arrangements, changes in receipts under custody, and changes in collateral received related to lease contracts.

Net cash flows from financing activities was US$9.3 million in 2024, which was attributable to proceeds from long-term borrowings of US$1,186,709, repayments of long-term borrowings of US$831,391, repayments of preference share liabilities of US$101,592, repayments of installment payables of USD$13,865, a decrease in other payables from related parties of US$216,478 for repayment, an increase in other current liabilities – receipts under custody of US$923,093 for collection of customer funds, an increase in guarantee deposits received of US$35,801 and a decrease in guarantee deposits of US$9,557 for leasing MPOS machines to merchants, an increase in advance in receipts for share capital of US$9.2 million from equity fundraising, with a portion pending completion of stock registration, payment of lease liabilities of US$781,844 for leasing properties, and payment of non-current financial liabilities at FVTPL of US$100,000 for cash-out of SAFE Agreements.

Net cash flows from financing activities was US$7.5 million in 2023, which was attributable to repayments of long-term borrowings of US$335,574, a decrease in other payables from related parties of US$228,096 for repayment, a decrease in other current liabilities – receipts under custody of US$696,133 for disbursement of customer funds, an increase in guarantee deposits received of US$25,497 and a decrease in guarantee deposits

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received of US$10,752 for leasing MPOS machines to merchants, an increase in advance receipts for share capital of US$10.8 million from equity fundraising pending completion of stock registration, advance receipts for preference share liabilities of $98,554 from the fundraising of the subsidiary, payment of lease liabilities of US$763,225 for leasing properties, proceeds from non-current financial liabilities at FVTPL of US$430,000 from SAFE Agreements, payment of non-current financial liabilities at FVTPL of US$300,000 for cash-out of SAFE Agreements, acquisition of equity interest in subsidiaries of US$1.5 million for gaining non-controlling interests of PayNow with 46.44% shareholdings as phase two, and dividends paid to non-controlling interest of US$20,136.

**Material Contractual Obligations** 

Other than the ordinary cash requirements for our operations, our material cash requirements as of December 31, 2024, and any subsequent interim period primarily include lease liabilities, long-term borrowings, and preference share liabilities. The following table sets forth their details as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(US$)** | **Contractual cash<br>flows** | **Within 1 year** | **1-5 years** | **Over 5 years** |
|  Lease liabilities (including current portion) | 5284874 | 1304676 | 3980198 |  |
|  Long-term borrowings (including current portion) | 1228579 | 394775 | 833804 |  |
|  Preference share liabilities (including current portion) | 2069929 | 436844 | 1633085 |  |

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**Off-Balance Sheet Arrangements** 

During the periods presented, we did not have any relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities, which were established for the purpose of facilitating off-balance sheet arrangements.

***Internal Control over Financial Reporting***

We are a private company with limited accounting personnel and other resources to address our internal control over financial reporting. The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligations. If we fail to develop or maintain an effective system of internal control over our financial reporting, we may not be able to accurately report our financial conditions or results of operations or meet our reporting obligations. See "Risk Factors — Risks Related to Our Financial Results — If we fail to maintain an effective system of internal control over financial reporting in the future, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner."

**Critical Accounting Estimates** 

Our consolidated financial statements are prepared in accordance with IFRS, and the preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions. We base our estimates on historical experience and on other assumptions that, under the circumstances, we believe to be reasonable. Our actual results may differ from these estimates under different assumptions or conditions. This is especially true with some accounting estimates that require higher degrees of judgment than others in their application. We believe that the following accounting estimates are most critical to the judgments used in the preparation of our financial statements.

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***Impairment of Property, Plant and Equipment, Intangible Assets and Goodwill***

At each reporting date, we review the carrying amounts of our nonfinancial assets (other than inventories) to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units ("CGUs"). The assessment of impairment requires management to apply significant subjective judgments as illustrated below.

*Impairment of goodwill* 

The assessment of impairment of goodwill requires us to make subjective judgments. This includes determining the identified CGUs, allocating goodwill to relevant CGUs, and estimating each CGU's recoverable amount. In estimating the recoverable amount, subjective judgments are needed to determine key variables such as the discount rate, terminal growth rate, independent cash flows, and expected future revenues and expenses related to the CGU.

Goodwill from acquisition of PayNow in May 2023 has been assigned to PayNow's CGU and has been tested for impairment at the end of the annual reporting period. The recoverable amount is determined based on the value in use, calculated using cash flow forecasts from the financial budgets covering the future five-year period. We applied an annual discount rate of 18.6% in our impairment test as of December 31, 2024, to reflect the relevant specific risk in the cash-generating unit. The terminal growth rate of 2.0% was based on the following five years' average Taiwan economic growth rate.

For the years ended December 31, 2023 and 2024, we did not recognize any impairment loss on goodwill.

*Impairment of non-financial assets other than goodwill* 

In the process of evaluating the potential impairment of non-financial assets other than goodwill, we are required to make subjective judgments in determining the independent cash flows, useful lives, expected future revenue and expenses related to the specific asset groups. Any changes in these estimates, due to shifts in economic conditions or business strategies, could result in significant impairment charges or reversals in future years.

For the years ended December 31, 2023 and 2024, we recorded impairment losses of US$4,136 and US$6,183, respectively, on unused office equipment that was subsequently disposed of without proceeds. During the same periods, we recorded impairment losses of US$646 and US$641, respectively, on intangible assets.

For assets other than goodwill, an impairment loss is reversed only if the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

***Recognition of Deferred Tax Assets***

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deferred tax assets can be utilized. Assessment of the realization of the deferred tax assets requires our subjective judgment and estimate, including the future revenue growth and profitability, the sources of taxable income, the amount of tax credits that can be utilized and feasible tax planning strategies. Additionally, changes in the economic environment, the industry trends and relevant laws and regulations may result in adjustments to the deferred tax assets.

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**Emerging Growth Company Status** 

We are an emerging growth company, as defined in Section 102(b)(1) of the JOBS Act. As such, we are eligible for and intend to rely on certain exemptions and reduced reporting requirements provided by the JOBS Act, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act; (ii) the exemptions from say-on-pay, say-on-frequency and say-on-golden parachute voting requirements; and (iii) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.

The Company will remain an emerging growth company under the JOBS Act until the earliest of: (1) the last day of the fiscal year (a) following the fifth anniversary of the date on which Class A Common Shares were offered in connection with this listing, (b) in which it has total annual gross revenues of at least US$1.235 billion, or (c) in which it is deemed to be a "large accelerated filer," as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of its common shares that are held by non-affiliates exceeds US$700 million as of the end of the prior fiscal year's second fiscal quarter; or (2) the date on which it has issued more than US$1.0 billion in non-convertible debt during the prior three-year period.

**Foreign Private Issuer Status** 

The Company is an exempted company limited by shares incorporated in 2011 under the laws of the Cayman Islands with limited liability. We are a foreign private issuer within the meaning of the rules under the Exchange Act. Under Rule 405 of the Securities Act, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and accordingly, the next determination will be made with respect to us on June 30, 2026. Even after we no longer qualify as an emerging growth company, for so long as we qualify as a foreign private issuer, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules requiring domestic filers to issue financial statements prepared under U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of
a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading
activities and liability for insiders who profit from trades made in a short period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material non-public information under Regulation Fair Disclosure, or Regulation FD, which regulates selective disclosure of material non-public information by issuers.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. We will publish our results on a semi-annual basis through press releases. The related financial results and material events through press releases will be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. Accordingly, our shareholders will receive less or different information about us than a shareholder of a U.S. domestic public company would receive.

The Company is a non-U.S. company with foreign private issuer status and plan to be listed on the Nasdaq. Nasdaq rules permit a foreign private issuer such as us to follow the corporate governance practices of our home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards.

We intend to rely on the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate governance requirements of the Nasdaq applicable to U.S. domestic public companies. We

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would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

Foreign private issuers, similar to emerging growth companies, are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we are no longer qualified as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither emerging growth companies nor foreign private issuers.

**Quantitative and Qualitative Disclosures About Market Risk** 

***Foreign Currency Risk***

We undertook certain transactions in foreign currencies, which exposed us to foreign currency risk. We do not use any derivative contracts to hedge against our exposure to currency risk. We manage our currency risk by closely monitoring the movement of the foreign currency rates and consider hedging significant foreign currency exposure should such need arise.

We currently do not have a foreign exposure hedging policy. However, our management monitors foreign exchange exposure closely and will consider hedging significant foreign exchange exposure should the need arise.

We do not believe that we currently have any significant direct foreign currency risk. Although our exposure to foreign currency risks should be limited in general, the reporting result of operations in the financial statements will be affected by the exchange rate between U.S. dollars and other currencies, as we use U.S. dollars as the reporting currency. For the years ended on December 31, 2023 and 2024, foreign exchange gain (loss) (including realized and unrealized portions) amounted to US$71,170 and US$(1,046,680), respectively. For a hypothetical 5% strengthening or weakening of the U.S. dollars against the JPY and TWD, our net loss would have increased or decreased by US$614,589 and US$856,959 for the years ended December 31, 2023 and 2024, respectively. See "Risk Factors—Fluctuations in exchange rates could result in foreign currency exchange losses in our business."

***Interest Rate Risk***

We are exposed to fair value interest rate risk in relation to pledged bank deposits, other financial assets and lease liabilities. We are also exposed to cash flow interest risk in relation to variable-rate bank balances, and variable-rate bank borrowings which carry prevailing market interests. We manage our interest rate exposures by assessing the potential impact arising from any interest rate movements based on interest rate level and outlook. Management will review the proportion of borrowings in fixed and floating rates and ensure they are within reasonable range.

***Credit risk***

Our maximum exposure to credit risk which will cause a financial loss to us due to failure to discharge an obligation by the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the consolidated statement of financial position (including rental deposits, account receivables, other receivables, other financial assets, pledged bank deposits and bank balances).

We consider pledged bank deposits and bank balances that are deposited with financial institutions with high credit ratings to be low credit risk financial assets. In addition, account receivables in connection with bills

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settled through payment platforms and the issuer of other financial assets are also with high credit ratings and no past due history. We consider most of these assets to be short-term in nature and the probability of default is low and no expected credit loss was recognized as of December 31, 2023 and 2024.

We have established a credit policy conducting a credit assessment for our clients before our standard payment and delivery terms and conditions are offered. Purchase limits are established for each of our customers, representing the maximum open amount without requiring approval, which will be reviewed by us on a quarterly basis.

***Liquidity risk***

We manage our liquidity risk by regularly monitoring our liquidity requirements to ensure that we maintain sufficient reserves of cash to meet our liquidity requirement in the short and longer term. For details, see "— Liquidity and Capital Resources."

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**BUSINESS** 

**Our Mission** 

Our mission is to use blockchain technology to provide businesses with more reliable and transparent data management, to reinvent global flow of funds for businesses and consumers, and to lead the digital transformation of traditional business operations.

**Overview of OwlTing Group and the OwlPay Suite** 

We believe in the power of blockchain technology and have focused on leveraging it to optimize and in some cases transform the way enterprises operate. Established in 2010 in Taiwan, we operate as the OwlTing Group and have delivered solutions to various industries and are expanding actively into multiple markets including the United States, Japan, Singapore, Hong Kong, Malaysia and Thailand, as well as jurisdictions in South America and the EU. Through our e-commerce, hospitality and payments offerings, we are committed to serving businesses and individuals whose commercial activities involve cross-border transactions.

From our earliest days with our product *OwlTing Market*<sup>™</sup>, our e-commerce platform that was designed to connect local Taiwanese farmers and merchants with their customers, we have worked closely with the merchants on our platform and come to understand their business pain points. Our *OwlTing Blockchain Services*<sup>™</sup> emerged from such business understanding, and we have aimed to build a blockchain traceability solution that empowers organic farmers with better transparency of their business and operations, which can be extended to other use cases.

By building our expertise in blockchain ledger transaction models, we concluded that the prevention of double spending with the use of timestamps and proof of work could also be utilized in the hospitality industry, which faces the need to address double-booking problems. We thus expanded into the hospitality sector in 2018 by offering innovative solutions to hotels and other hospitality industry customers through our platforms, including the *OwlNest*<sup>™</sup> hotel property management system, or PMS, that leverages blockchain technology to prevent double bookings. We also launched the *OwlJourney*<sup>™</sup>, an online travel agency, or OTA, platform that benefits from accurate real-time inventory data from integration with *OwlNest*'s inventory system, to empower travel service providers with optimized efficiencies. In addition, our *OwlTing Experiences*<sup>™</sup>, also an OTA, focuses on offering curated local activity and tour options for lodging guests, enriching their travel experiences beyond accommodations.

As we further developed our presence in the hospitality industry, we also gained a first-hand understanding of the challenges of cross-border payments faced by our hospitality clients. We saw the issues faced by our hospitality clients and their two most prominent pain points in the payment process: high processing costs from cross-border transactions and delayed settlement from the payers, including large OTAs.

In response, we launched *OwlPay*<sup>™</sup> in 2023 intending to enable businesses in the hospitality sector and beyond to use stablecoins and/or fiat currency in payouts to global suppliers. *OwlPay* is an application programming interface, or API, based payment suite with secure, real-time and cost-effective one-stop payment solutions covering a range of services from payment gateway to business payout. Using blockchain technology and developer-friendly APIs for integration, *OwlPay* aims to payments for both businesses and consumers.

*OwlPay* is a full-stack payment service suite that supports multiple payout settlement routes, not only in fiat currency but also in stablecoin USD Coin ("USDC") backed by U.S. dollar-denominated assets, through various product offerings. We currently offer various solutions for both platform solutions that provide user interfaces to our end users and infrastructure solutions that support third-party providers, through *OwlPay Payment*, *OwlPay Wallet Pro* and *OwlPay Harbor* within the *OwlPay* suite. *OwlPay Payment* provides user interfaces that offer services ranging from payment gateway to various payout solutions in stablecoin and fiat currencies. *OwlPay*

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 *Wallet Pro* is a platform product that provides a hosted wallet for business customers and an unhosted wallet for individual users, supporting stablecoin on/off-ramp services and enabling both business and individual customers to receive and send money both domestically and internationally within minutes, with stablecoins over the public blockchain ledgers Ethereum, Avalanche, Polygon, Optimism, Arbitrum and Stellar. We also provide an infrastructure solution: *OwlPay Harbor*—our proprietary API packages—provides the functionalities of payment gateway collection of customers fund via stablecoins, on/off-ramp between fiat currencies and stablecoins, cross-chain transactions between USDC across different blockchains, and payout capabilities, empowering third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions to offer stablecoin-based payment gateways, on/off-ramp services, cross-chain transactions, and payouts to their end users by leveraging our infrastructure. We currently provide these API packages across multiple blockchains, including EVM-compatible networks, the Solana network, and the Stellar network, where we serve as a "Stellar Anchor". We also plan to provide Wallet-as-a-Service (WaaS), allowing enterprises to customize and deploy wallets for their end users.

For our end customers holding a wallet with our *OwlPay Wallet Pro*, we provide the on/off-ramp services to facilitate conversion between USDCs and U.S. dollars, both directly interfacing our products and through our third-party collaborators and service providers, MoneyGram and MoonPay. For business customers that wish to leverage USDC, we offer on/off-ramping services via wire transfers and automated clearing houses ("ACH"). For individual customers, we offer on/off-ramping services via wire transfers and ACH, as well as via cash and credit card leveraging our collaborations with MoneyGram and MoonPay, respectively. We plan to further expand our on/off-ramping capabilities via debit cards using VISA Direct. Such conversion services are also available to customers of third-party wallet providers or financial institutions using *OwlPay Harbor*, our proprietary API package that enables third-party users to access our conversion capabilities, between fiat currencies and stablecoins, as well as between USDC across different blockchains (which also integrates stablecoin-based payment gateway solutions and payout capabilities). All transactions are within standard security and compliance infrastructure on par with a traditional financial institution. To make transactions more convenient for our *OwlPay Wallet Pro* customers on supported blockchains, we handle the payment of the gas fees (which are transaction fees paid for executing transactions on a blockchain network, typically paid in the digital asset native to such blockchain network) incurred on these blockchains on behalf of our *OwlPay Wallet Pro* customers for certain types of customers and transactions, so that these customers do not need to hold the native digital assets of the transaction chain. We currently support *OwlPay Wallet Pro*'s customers to send, receive and hold USDC, EURC, ZUSD, and GYEN and the conversion between USD and USDC. Additionally, for individual customers, we also support sending, receiving and holding native digital assets. *OwlPay*'s customers are currently able to access various fiat currency and USDC payment options and perform these payment transactions within *OwlPay* suite. We plan to expand OwlPay Wallet Pro services to support more blockchains, including Base, and plan to diversify our stablecoin offering to enable a broader set of conversion corridors between fiat currencies and stablecoins, as well as to facilitate foreign exchange transactions using stablecoins in the future. We have also rolled out our *OwlPay Harbor* services to other participants in the digital asset economy and payment industry, including serving as a "Stellar Anchor" for on/off-ramping USDC on Stellar to third parties on the Stellar Network and supporting EVM-compatible blockchains and Solana.

*OwlPay* is designed to simplify backend financial operations and cross-border transactions. For potential business clients without in-house technical teams to support system integration but requiring payment gateway and cross-border payout services, we offer *OwlPay Payment*—an user interface solution that seamlessly connects with their bank accounts/wallets, facilitating vendor and order management, mass payouts, real-time exchanges and automated payment processes using fiat currency and USDC. The payout transactions are signed using hardware security module technology, a specialized security device used to manage, process and store digital keys securely, in order to ensure cryptographic operations are performed within a tamper-resistant environment. All of these features enhance the payment experience for businesses, especially SMEs that have limited scale of operations but still require efficient cross-border payment solutions. Beyond business clients, we expect to further develop and release services for individual customers that would integrate payment services offered by

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card networks, such as VISA Direct, to provide our individual customers a convenient way to send funds from a bank or card account to another party's card or bank account within the same card network.

Within the *OwlPay* suite, our customers can access various fiat currency and USDC payment options and seamlessly perform transactions through different solutions, and we believe we are an early mover to provide the one-stop service framework which enables businesses to collect payments from end-users and make payments to vendors, with the flexibility to settle transactions in either fiat currency or USDC and enables individuals a simpler, more convenient and faster way to perform cross-border transactions and remittances.

According to CB Insights' latest Stablecoin Market Map, OwlTing is ranked among the top 2 global players in the "Enterprise & B2B" category, earning a high Mosaic score of 832—underscoring its leadership in blockchain-powered financial infrastructure for businesses. *OwlPay* for its business customers supports B2B stablecoin transactions via a hosted wallet infrastructure and a comprehensive suite of services, including stablecoin payment gateway services, on/off-ramp capabilities, cross-chain transfers and payout services. These services enable key use cases such as e-commerce payments, cross-border remittances, payroll, and treasury management. The Mosaic score—CB Insights' proprietary metric evaluating market opportunity, momentum, and financial strength—highlights OwlTing's strong market positioning and growth potential in the enterprise stablecoin ecosystem.

*OwlPay* continues to build multi-jurisdictional capabilities and aims to expand its service offerings internationally. For example, we currently hold money transmitter licenses, or MTLs, in 35 states in the United States and the Virtual Asset Service Provider, or VASP, registration in Poland, and the Electronic Payment Instrument Service Provider, or EPISP, registration in Japan. We are in the process of applying for MTLs in remaining states in the United States, a fund transfer service license and a stablecoin license in Japan, a major payment institution license in Singapore and a money service operator license in Hong Kong; and we expect to upgrade the qualification as a Crypto Asset Service Provider, or CASP, under Markets in Crypto-Assets Regulation (MiCAR) in the EU. We also plan to further expand to Brazil, Argentina and other markets in South America where we could provide virtual asset services without being subject to licensing requirements.

For the year ended December 31, 2024, our company's total revenue was comprised of our operations in the following main business segments: (i) Payments contributed to 53% of our total revenue; (ii) Hospitality (which include software services and platform services) contributed to 37% of our total revenue; and (iii) E-commerce contributed to 10% of our total revenue.

**Our Development Focus and Target Market** 

In 2020, the G20 made speed, cost, accessibility and transparency the four challenges faced in business and individual cross-border payments, as stated in the Enhancing Cross-border Payments – Stage 3 Road Map report by the Financial Stability Board. Currently, cross-border business payments involve complex currency reconciliation processes that require significant investment in time and resources by a lengthy list of parties involved, including without limitation the payer and payee businesses, merchant banks, correspondent banks,

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credit card networks and card issuing banks. The traditional route of payment with the banking system relies on the SWIFT network to implement cross-border payments; alternatively, credit card networks offer payment options at higher transaction fees. Public blockchain ledger provides a new SWIFT-like settlement ledger that has the potential to complete global settlements within seconds and with much cheaper network fees.

We designed *OwlPay*<sup>™</sup> with the goal to streamline global business transactions and enhance the efficiency of digital payment systems for customers conducting cross-border payments. Supporting a flexible infrastructure for both fiat currency and stablecoins, *OwlPay* aims to develop a secure, regulated, Web2-Web3 hybrid payment solutions that can make it faster, cheaper and easier for businesses to make and accept payments on an international scale.

***OwlPay's Market***

*OwlPay* aims to serve the cross-border payments markets, including our own end customers and those through third-party participants in the digital assets economy and in the payment industry. According to the 2024 McKinsey Global Payments Report, the global payment industry handled US$1.8 quadrillion in transaction value in 2023; global payment revenue, comprised of both commercial and consumer domestic and cross-border payment services, reached an all-time high of over US$2.4 trillion in 2023 and will reportedly grow at a 5% annual rate after 2023. It is also expected to exceed US$3.1 trillion by 2028 according to the same report. We believe that cross-border payment dynamics are robust, and according to the 2024 McKinsey Global Payments Report, global revenue from cross-border transactions was estimated at around US$288 billion in 2023, a 20% increase from the previous year.

*Fast-Growing Addressable Payments Markets: Cross-Border Business Payments* 

*OwlPay* targets cross-border B2B business payments and B2C payments. According to the 2024 McKinsey Global Payments Report, the global B2B cross-border payments market has witnessed significant growth and transformation, with cross-border payment revenue totaling approximately US$210 billion in 2023. North America, Latin America and the EMEA experienced double-digit revenue growth, while the Asia-Pacific region (excluding China) saw a 25% increase in 2023, according to the same McKinsey report.

Along with its growth, we believe that the B2B payment market is experiencing changes in the form of waves of digitization and innovation. While fintech innovators have accelerated the digitization of B2C/C2C payments, B2B payments remain highly reliant on legacy systems, leaving payors and payees with significant challenges that include access to fewer correspondent banks, slow settlement, high overall costs and a lack of transparency. Intermediary banking today remains the most prevalent cross-border payment method. We believe that the total available market size for B2B payments is significant and rapidly expanding as trends towards digitization broaden access to more users. By offering modernized, streamlined end-to-end payment solutions, we believe that we are well-positioned to capitalize on our early mover advantage in the blockchain-enabled payment industry to capture a meaningful share of the growing B2B and B2C markets.

While traditional trade corridors between major economies (e.g., U.S.-China, U.S.-EU, intra-EU) continue to have large cross-border transaction volumes due to established trade relationships, payment flows in emerging markets like Latin America are experiencing strong growth and becoming increasingly prominent. We are prioritizing commercial development in these high growth markets by seeking to obtain regulatory licenses and approvals for U.S.-Japan B2B and B2C, as well as U.S.-LATAM B2B, B2C and cross-border remittance.

The Latin American digital payment market grew from US$89 billion in 2017 to US$215 billion in 2021 according to a report by the International Monetary Fund. By 2025, alternative payment methods in Latin America, such as virtual wallets and bank transfers, are expected to reach an e-commerce turnover of US$138 billion according to Americas Market Intelligence, and Latin American cross-border e-commerce volume is forecast to reach US$95 billion according to PagSeguro's Digital Renaissance's Latin America report. According to these reports, the Latin American market represents a strong area of opportunity for companies that are early movers.

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Japan's B2B payment market is also expected to grow rapidly, at a CAGR of 9% during the 2024-2034 period according to Imarc Impactful Insights. In 2021, the B2C segment of the e-commerce in Japan market accounted for US$188.1 billion and by 2021 Japan was the fourth largest e-commerce market in the world, according to the International Trade Administration. Japanese cross border e-commerce purchases from the United States were estimated at US$3.1 billion in 2021, marking an increase of 9.1% from 2020 according to the International Trade Administration. The market growth and change are being propelled by the ongoing digital transformation of the payment space and the increasing adoption of digital payment methods, including online payment portals and digital wallets.

*Fast-Growing Addressable Payments Markets: Cross-Border C2C Remittance* 

*OwlPay* also provides individuals with the ability to transfer funds cross-border within minutes with stablecoins. We believe that the remittance market, which represents C2C payments, also plays an important role in the global payment ecosystem. The global remittance market was valued at US$50 billion in revenue in 2023, growing at a CAGR of 10.5% from 2024 to 2033. The market is expected to reach US$135.7 billion by 2033 according to The Brainy Insights.

Despite this growth, we believe customers view cross-border remittances as remaining prohibitively expensive due to limited competition among providers and inadequate cross-border interoperability of legacy systems. According to the World Bank Group, in the fourth quarter of 2023, the average cost of sending US$200 globally was 6.4% of the amount being sent. Remittance flows are primarily driven by activity in advanced economies, with the United States being the largest source of remittances worldwide, particularly to low- and middle-income countries. Also according to the World Bank, remittance to Latin America and the Caribbean were US$142 billion in 2022. Migration trends and geopolitical influences will continue to fuel growth in the Latin American market. The inefficiencies in the cross-border remittance market present a compelling opportunity for low-cost providers.

*Application of Blockchain Technology* 

Blockchain technology has become increasingly important in the payment industry due to its ability to offer significant improvement in efficiency, security, transparency and cost effectiveness. Blockchain technology was first introduced in 2008 and refers to a distributed ledger software technology that is programmed to maintain records of financial and non-financial transactions. It is a distributed database that maintains records in the form of blocks. Each block has a timestamp and a unique link to a previous block. The recorded data in blocks cannot be altered or tampered with. The entire process is completed in real time by eliminating the need for any central authority or a third-party financial institution to verify the transactions. It allows every node to create immutable data, transparent record of transactions and peer-to-peer transactions in an efficient, secure and trust-free manner.

The fintech blockchain market is estimated at US$4.7 billion in 2024 and is expected to reach US$31.8 billion by 2029, with a CAGR of approximately 47%, according to Mordor Intelligence Research. While North America led with more than 43% of the fintech blockchain market share, the Asia Pacific region is expected to record a CAGR of 47% from 2023 to 2032. The SME segment is expected to grow at a CAGR of 46.3%, according to Acumen Research and Consulting.

The global digital asset wallets market is projected to grow from an estimated US$1.5 billion in 2023 to US$3.7 billion by 2033, with a CAGR of 9.3%. The hosted hot wallet segment is expected to dominate this market and accounted for 68.7% of the total preferred digital asset wallet market share in 2022, according to a Future Market Insights report. This growth underscores the increasing importance of integrating non-card payment solutions and digital asset capabilities into traditional payment processing frameworks.

As a part of the innovation and paradigm shifts in the payment industry, stablecoins have played a critical role by providing a bridge between the traditional payment system and blockchain ecosystems. Data compiled by

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VISA shows that USDC has been rapidly gaining market share, accounting for 50% of total transactions since January, with US$456 billion in transaction volume in a single week in early 2024, compared to US$89 billion for Tether's USDT. A survey conducted by Mastercard from 2022 disclosed 51% of Latin American consumers had paid with digital currency, and more than a third had paid with stablecoins. Data from a 2024 Chainalysis report shows that Latin America received nearly $415 billion in digital currency from July 2023 to June 2024, while among the top five Latin American countries with most digital currency received, stablecoins accounted for on average around three-fifths of retailed-sized digital currency transaction in the same period. *OwlPay* is one of the first movers and successfully developed a platform using USDC as an efficient means of settlement for our clients, such as international e-commerce platforms and OTAs. Under *OwlPay* suites, customers can access various fiat currency and stablecoin payment options and perform these payment transactions through various solutions. By collaborating with our third-party service providers, our stablecoin-based payment capabilities allow payment services to be provided at lower cost compared to the traditional methods. We believe the stablecoin-based payments market will continue to expand, and we plan to continue to grow and develop our conversion services offerings with more stablecoins, including EURC, ZUSD, and GYEN.

***OwlPay's Competitive Strengths***

According to CB Insights' latest Stablecoin Market Map, OwlTing ranks among the top 2 global players in the 'Enterprise & B2B' category, with a Mosaic score of 832—demonstrating its leadership in blockchain-powered financial infrastructure for businesses. Our *OwlPay* solution facilitates B2B stablecoin transactions through hosted wallet, stablecoin payment gateway, conversion, and payout services, enabling key use cases such as cross-border payments, payroll, and treasury management. The Mosaic score—CB Insights' proprietary metric—assesses a company's market opportunity, momentum, and financial strength, further highlighting OwlTing's strong position and growth potential in the enterprise stablecoin space. We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

*Early Mover Advantage in the Payment Industry* 

We are an early mover in the use of blockchain and stablecoin to provide a one-stop payments framework. Through developer-friendly API integration, *OwlPay* enables businesses to automate the accounts payable process by streamlining sales order management, finance reconciliations and international payouts with various settlement methods and currencies (including fiat currency, credit cards and stablecoin) internationally. *OwlPay* also allows individuals or businesses to transfer funds within minutes across the globe. To this end, we have invested a substantial amount of time and effort to obtain the required payment licenses in each jurisdiction in which we plan to operate and/or establish collaborations with financial institutions and payment service providers that can offer a variety of payment solutions.

We expect to take advantage of our extensive capacity-building efforts within the payment sector, particularly stablecoin-related services, by making our services generally available to business and individual end users through our *OwlPay* suite*. OwlPay Harbor*, our API packages implementing conversion and payout services, and stablecoin based payment gateway solutions, allows other wallet providers, financial institutions, and platform operators requiring cross-border payment solutions to access our capabilities for these third-party providers' own users. Currently, we are serving as a "Stellar Anchor" for USDC on the Stellar Network and supporting various blockchains, including EVM-compatible blockchains and Solana. *OwlPay Wallet Pro* offers hosted wallets for businesses and unhosted wallets for individuals, and integrates our own on/off-ramp capabilities, allowing our end customers to execute transactions in a more cost-effective manner. We also plan to provide Wallet-as-a-Service (WaaS), allowing enterprises to customize and deploy wallets for their end users. We hope the multi-layered go-to-market strategy of our payment- and digital assets-related services and capabilities would position us well for converting our early mover advantage into market presence. While our revenues for the years ended December 31, 2023 and December 31, 2024 were not substantially attributable to *OwlPay Harbor* and *OwlPay Wallet Pro*, as we continue to roll out *OwlPay Harbor* and *OwlPay Wallet Pro* and expect market adoption of stablecoins to increase, we believe *OwlPay Harbor* and *OwlPay Wallet Pro* would enhance the breadth of our *OwlPay* services and strengthen our market position in digital asset payment solutions.

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Payment service is subject to a stringent regulatory regime and the license application process could be time-consuming and expensive. As an early mover in blockchain-based payment services, we have obtained licenses, made license applications and/or entered into agreements with payment service providers that hold the required credentials in jurisdictions where we have operations. We are currently applying for new or additional licenses in the United States, Japan, Singapore and Hong Kong, and preparing to further expand to cover other regions including the EU and Latin America. In particular, we have completed the MSB registration with the U.S. federal government, and we have obtained the MTLs from a total of 35 states in the United States, the VASP registration in Poland, and the EPISP registration in Japan. For further details, see "— Regulations." To illustrate, for a business customer in Florida paying its vendors in Japan, it can exchange U.S. dollars to Japanese Yen and complete the cross-border payout to its vendors in Japan, all done with one stop through *OwlPay Payment*. Alternatively, the Florida business may also apply for a hosted wallet through *OwlPay Wallet Pro* and choose to send via USDC: it can on-ramp its U.S. dollars and convert into USDC, and send USDC to its vendors in Japan at the vendors' wallet. Similarly, an individual customer in Florida may apply for an unhosted wallet through *OwlPay Wallet Pro* and on-ramp U.S. dollars to USDC and make payments to the business's wallet. When we release our off-ramp service in Japan in the future, these vendors in Japan will also be able to use our services to receive and/or off-ramp the received stablecoin to Japanese Yen and deposit to their bank accounts.

We have built relationships with a range of established participants in the payment industry, including Circle, Coinbase Prime, MoneyGram, MoonPay, VISA and NIUM, with whom we can integrate our services with a wide range of payment solutions. For more details of our payment solutions, see "— Our Current Products and Services — Payment Products and Services." We are also actively seeking to expand our payment network with additional settlement service providers. NIUM is the leading global infrastructure for real-time cross-border payments and is headquartered in Singapore. With a global footprint, NIUM helps *OwlPay* with implementing domestic and international payout services, supporting customers in funding with 6 different fiat currencies, and assisting in converting these into over 40 currencies, allowing payments to be made to more than 190+ regions. Circle is a global financial technology firm headquartered in the United States, and we can utilize stablecoin for payout worldwide through Circle. We also work closely with the credit card networks, such as VISA, to provide virtual card solutions and instant card account payment. We have also entered into strategic cooperation with Stellar, serving as a "Stellar Anchor" to provide on/off-ramp services that can be easily integrated by other wallet providers who are also on the Stellar Network, allowing us to reach out to new customers on the Stellar network. See "—Our Third-Party Collaborations."

While leading payment companies and merchant settlement firms are now using stablecoin to solve real-world pain points in payment, we believe *OwlPay* is one of the first movers in this space and has successfully developed of a platform using stablecoin as an efficient means of settlement for our primary customers, such as international e-commerce platforms and OTAs. Under *OwlPay* suites, our customers can access various fiat currency and stablecoin payment options and perform these payment transactions through various products. Combining traditional fiat currency and credit card solutions with an advanced stablecoin transaction infrastructure in one offering, *OwlPay* aims to serve as a full-stack payment suite that empowers the users with the flexibility to choose the payment method that best suits their needs, and the liberty to switch from processing transactions with fiat currency to stablecoins. By leveraging our early mover advantages, we believe we are well-positioned to capture the opportunity for blockchain-based payment services and expand our customer base in the underserved market.

*Our Global Licensing Infrastructure* 

Many of the governments and financial authorities around the world have developed regulatory frameworks for the payment industry, which could be complicated to navigate and may continue to evolve. We have set out to build a global licenses portfolio, including the MSB registration with the U.S. federal government, the MTLs from a total of 35 states in the United States that we have obtained, the VASP registration in Poland and the EPISP registration in Japan. We have been making applications for the payment-related licenses in stages and have invested over three years in building our current license portfolio. We have also developed and invested in our business to meet various requirements for obtaining and maintaining these payment-related licenses,

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including bonding, minimum capital and net worth requirements, staffing of qualified professionals and development of suitable internal controls and reporting and recordkeeping mechanisms. For more details, see "—Regulations."

We are also in the process of applying for and obtaining additional relevant licenses in jurisdictions including the remaining states of the United States, Japan, Singapore and Hong Kong, expect to upgrade the qualification as a CASP in the EU, and are preparing to further expand our license portfolio to cover other regions including Latin America. Preparation and the application process for these payment-related licenses often take considerable amount of time and effort. We have been coordinating and building internal resources among our legal, compliance, finance and R&D teams, as well as connecting with outside counsels for various jurisdictions, in making progress in pursuit of such licenses.

We believe our global licensing portfolio better positions us in dealing with the evolving regulatory landscape and expanding our reach for clients and potential collaborations with financial service providers in various jurisdictions. The time and resources required for obtaining payment-related licenses across various jurisdictions may also create a barrier to entry for our potential competitors.

*Our AML and Cybersecurity Capability* 

We leverage the services of industry leading service providers, including Sumsub and Chainalysis, to develop comprehensive AML systems. By integrating these providers' various functions into one cohesive infrastructure, our AML system can scan not only transactions happening between bank accounts, but also transactions between digital asset wallets and between a bank account and a digital asset wallet. We plan to provide certain of our solutions under *OwlPay*, such as AML/KYC service package to financial institutions intending to leverage stablecoin payments.

We also invest in data and cybersecurity. Payment instructions on the *OwlPay Payment* can be signed with hardware security module technology, a specialized security device used to manage, process, and store digital keys securely, ensuring cryptographic operations are performed within a tamper-resistant environment. We are compliant with international standards, such as ISO 27001 and PCI DSS. ISO 27001 is an international standard for information security. PCI DSS is the global data security standard that any business of any size must adhere to in order to accept payment cards.

*Our Understanding of Blockchain Technology and its Diverse Applications* 

By leveraging our almost a decade of experience in the industry, we are committed to applying blockchain technology to improve operational efficiency for businesses in multiple industries. With *OwlTing Blockchain Services*, we offered a line of software solutions to help SMEs tackle their pain points with blockchain technology. For example, we implemented supply chain management and the IoT device using our *OwlTing Blockchain Services* system in the rice paddy fields in eastern Taiwan, allowing farmers to track and store farm products data on blockchain to maximize traceability and transparency. We also apply the *OwlTing Blockchain Services* system in multiple industries, including a traceability system of woods for the Forestry and Nature Conservation Agency of Taiwan.

We also apply our understanding of blockchain technology in our hospitality offerings. *OwlNest*, our PMS, enables our hospitality customers to coordinate reservations across distribution channels, accept customer payments directly on their websites, and manage hotel room inventory and bookings. *OwlNest* is integrated with a blockchain infrastructure to automate channel management and avoid double booking. As of December 31, 2024, we served more than 2,500 hospitality providers on *OwlNest*.

*Our Platform in Business Services* 

We believe our experience with the e-commerce and hospitality sectors has the potential to provide a network of established customers and market players who are an initial market for our payment products and services.

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We believe this will allow us to expand faster and at lower cost than entities that lack an established customer base. We aim to build an expanded platform of products and services to meet the needs of our business clients and capture more of the value chain. We have built a substantial client base through our hospitality, e-commerce and blockchain services offerings, including *OwlNest*, *OwlTing Market*, *OwlJourney* and *OwlTing Experiences*. Through our interaction with our business clients, we have a better chance in gaining insights into their business and operational needs.

In 2023, we launched *OwlPay*, our integrated payment solutions, to benefit the business customers in our existing operations, including our customers in the hospitality sector, by reducing and/or eliminating manual processes and complexity from accepting end-consumer payments and paying out suppliers. We believe the combination of our various service offerings will create the potential for a diverse and recurring revenue stream through our payment business, where payment volume is endogenously generated and captured within our OwlTing Group ecosystem.

***OwlPay's Competition***

*OwlPay* is designed to tackle the continuously evolving global payments environment. By offering a regulated, secured payment platform that combines multiple solutions in fiat and stablecoin, we believe that we are well-positioned to utilize our competitive advantages and meet the needs of today's business payments. However, we do face significant competition from existing and potential players.

The traditional payment ecosystem consisting of banks and credit card networks – despite having certain disadvantages in speed, accessibility, transparency and cost – continues to be a large and established payment ecosystem. We may face competition from participants in the traditional payment ecosystem, including merchant banks, correspondent banks, credit card networks and card issuing banks. However, as a payment platform, we may also collaborate with those incumbents in the traditional payment ecosystem: for example, we collaborate with banks to provide business customers using the bank's payment route with a more comprehensive and user-friendly payment management and payout solution. We also expect to provide certain of our solutions under *OwlPay* to banks and credit card network intending to leverage stablecoin payments, such as white label wallet and AML/KYC service package.

We also face competition from PSPs such as PayPal, Block and Stripe, which integrate processing, payment, and merchant acquiring functions, are quickly adopting blockchain technology solutions and have more financial resources and are larger organizations than we are at present. Blockchain networks present PSPs with two unique opportunities to generate additional revenue and broaden their total addressable markets: adoption at application layer, by enabling faster and more secure payment gateways, using smart contracts to automate invoice processing and offering digital wallet solutions along with traditional methods between merchants and customers; and at the infrastructure layer, by using distributed ledgers and stablecoin for faster, secure and transparent settlements between existing financial systems and public blockchain networks.

*OwlPay* differentiates itself by the comprehensive and flexible service offerings, which are rooted from our experience and understanding of the real world cross-border business payments needs. It also stands out in its regulatory landscape and extensive AML and KYC package. For businesses that are used to the legacy cross-border payment infrastructure, *OwlPay* offers them a platform product to seamlessly transition to the possibility of stablecoin payments that are faster, cheaper, more transparent, and more accessible. We have enhanced the flexibility of our payment solutions, providing customers with a diverse range of payment and settlement options.

***Development Strategies***

We expect to grow our customer base by collaborating with global financial institutions and leveraging our collaborators' networks. We have launched *OwlPay Harbor*—our proprietary API packages—which enables payment gateway collection of customers fund via stablecoins, on/off-ramp between fiat currencies and

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stablecoins, cross-chain transactions between USDC across different blockchains, and payout capabilities, empowering third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions to access our capabilities. We believe this offering will help drive broader adoption and increase demand for our services. We provide these services across multiple blockchains, including EVM-compatible networks, the Solana network, and the Stellar network, where we serve as a "Stellar Anchor".

We have also integrated our proprietary on/off-ramp capabilities into our platform solutions *OwlPay Wallet Pro*, and incorporated our USDC-based payment gateway features into *OwlPay Payment*, which collectively empower our own end customers to conduct transactions more cost-effectively*.* Under our combined approach to market, we aim to deliver our stablecoin-based payment solution to a wide range of customers in e-commerce platforms, traditional financial institutions, and other businesses interested in using digital assets for payments.

By offering a set of different solutions under *OwlPay*, we can maximize the flexibility to meet the payment needs of different types of customers, including SMEs, large enterprises, individuals and banks. By collaborating with multiple fiat currency and stablecoin settlement networks, *OwlPay* can provide our customers with the liberty to pick and choose their desired way to conduct payments. We also expect to leverage our existing payment gateway customers, and further extend our offerings to our existing customers to include business payout to their vendors globally. We have also launched *OwlPay* on large online e-commerce platforms, such as Shopify, to reach an even broader set of customers internationally.

To continue expanding our reach in global markets in compliance with local regulatory regimes, we have obtained and are continuing our efforts to obtain licenses in various jurisdictions. We have obtained MSB registration with the U.S. federal government, MTLs from a total of 35 states in the United States, the VASP registration in Poland, and the EPISP registration in Japan, and are in the process of applying for and obtaining additional relevant licenses in jurisdictions including the United States, Japan, Singapore and Hong Kong.

**Our Current Products and Services** 

Since our founding, we have developed, and are continuing to develop and deploy, a range of technology products and services, including those leveraging blockchain technology, to meet the needs of specific business sectors and to address the common challenges faced by our customers. Our e-commerce platform empowers local merchants and continues to meet the needs of SMEs in our target markets. We manage a suite of products and services tailored to the needs of the hospitality industry. We provide a range of financial technology products and services for customers seeking cross-border payment solutions, and we are continuously developing additional features to enhance our capabilities.

***Payment Products and Services***

*OwlPay* offers a comprehensive suite of features designed to streamline and facilitate cross-border payments for both business and individual customers. *OwlPay* aims to provide a one-stop solution to upgrade the current payment infrastructure to the Web3 ecosystem, including providing wallet services to business and individual customers. Our key capabilities, servicing on/off-ramp conversions between different sources of fiat currencies and digital assets on various blockchains across multiple jurisdictions, will be available to both our own end customers using *OwlPay Wallet Pro* and *OwlPay Payment* and customers of third-party wallet providers or financial institutions through *OwlPay Harbor*, our in-house capabilities through an API package. We are continuously building up the banking network in the jurisdictions where we have obtained relevant licenses to enable payments through fiat currency, as well as through stablecoin – a cheaper, faster, more transparent way to do cross-border payment.

Within our payment business our main source of revenue is expected to come from on/off-ramp services, conversion services, and cross-border transactions. We charge fixed-amount, per-transaction handling fees, and percentage-based transaction fees for conversion between stablecoin and fiat currency and for foreign exchange

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conversion. We also generate revenue from our payment gateway services where we charge transaction fees from e-commerce platforms based on the amount transacted. Additionally, we generate revenue from our hosted wallet services, consisting of initial setup fees and monthly maintenance fees. Our *OwlPay* services have historically been focused on processing transactions in fiat currencies, and our revenues for the years ended December 31, 2023 and December 31, 2024 were not substantially attributable to *OwlPay Harbor* and *OwlPay Wallet Pro*. As we continue to roll out *OwlPay Harbor* and *OwlPay Wallet Pro* and expect market adoption of stablecoins to increase, we believe *OwlPay Harbor* and *OwlPay Wallet Pro* would enhance the breadth of our *OwlPay* services and strengthen our market position in digital asset payment solutions. The following is a list of our products and services.

***OwlPay Platform Solutions***

For businesses or individuals looking to flexibly use fiat currencies and stablecoins for payments without having the technical resources for integration, our platform solutions provide seamless access to the desired services directly through our platform.

*OwlPay Payment* 

We currently offer *OwlPay*'s payment interface through our products, *OwlPay Payment*. *OwlPay Payment* simplifies business cash flow processes, enabling merchants to efficiently complete acquiring consumers' payments, reconciliation, auditing, and payment through an integrated service using fiat currency and USDC. This helps business without in-house technical teams to support system integration but requiring cross-border payments improve operational efficiency. Additionally, through collaboration with VISA Direct, *OwlPay Payment* plans to provide business and individual with a convenient way to send funds from a bank or card account to another party's card or bank account within the same card network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Payment Gateway Services* 

In May 2023, we enhanced our payments-related offerings by acquiring PayNow, a prominent Taiwanese payment gateway service provider. By integrating PayNow's payment gateway service capabilities, *OwlPay* offers an embedded payment collection function to businesses and proprietors to receive consumer payments, supporting a wide range of payment collection methods, including via credit cards, mobile payments, web ATM and payment at convenience stores. For payment gateway services, we charge the merchants a transaction fee for each successful payment based on a predetermined rate, which varies depending on the markets, and a fixed-amount handling fee when disbursing the collected funds. Our processing transaction volume of payment gateway services is US$217 million for the year of 2024. Currently, we have launched USDC-based payment gateway services to broaden the payment options available to end users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Payout Services* 

*– Domestic and International Payouts* 

We are in collaboration with payment market participants such as banks and licensed financial institutions, to facilitate fiat currency payouts to businesses and individuals domestically and internationally. Our customers have access to multi-currency payment options and foreign exchange services that allow fiat currency payouts to different markets worldwide. One of our service providers is NIUM, a company based in Singapore. NIUM helps *OwlPay Payment* with implementing domestic and international payout services, supporting customers in funding with 6 different fiat currencies, and assisting in converting these into over 40 currencies, allowing payments to be made to more than 220 regions. We charge fixed-amount, per-transaction handling fees, while the percentage-based transaction fees for foreign exchange conversion from cross-border transactions would contribute to the bulk of our revenue in our payout operations. The transaction fee percentage rates for foreign exchange conversion may vary based on the currency being converted and the jurisdictions where the customer is onboarded. We monitor market exchange rate fluctuations and aim to offer our customers a competitive foreign exchange rate.

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*– Virtual Card Solutions* 

We cooperate with credit card issuers and card networks such as VISA to provide virtual credit card services. Business customers can apply for singular corporate-owned root or "primary" cards from our collaborating issuers and utilize VISA's virtual card functions to generate multiple sub-virtual cards to pay suppliers or employees' travel and miscellaneous expenses. For business customers who wish to utilize the virtual card solution, *OwlPay Payment* provides a platform to manage their payments and automatic payout process. We charge a certain percentage transaction fee based on the transaction amount.

*– Instant Card Account Payments* 

We expect to further develop and release services that would integrate payment services offered by card networks, such as VISA Direct, to provide our customers a convenient way to send funds from a bank or card account to another party's card or bank account within the same card network. This service will enable our customers to send and receive funds nearly instantly and with lower fees compared to traditional SWIFT transfers. Also, we can execute various fiat currency exchange through VISA's network. We will charge a certain percentage transaction fee and exchange fee based on the transaction amount.

*OwlPay Wallet Pro* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Wallet Services* 

We provide a hosted wallet for businesses and unhosted wallet to individuals that support sending, receiving, and holding stablecoins, including USDC, EURC, ZUSD, and GYEN. For unhosted wallets, users can also send, receive, and hold native digital assets such as ETH on Ethereum, AVAX on Avalanche, MATIC on Polygon, and SOL on Solana. Our wallet services allow businesses and individuals to transfer funds within minutes across the globe, all within standard security and compliance infrastructure on par with a traditional financial institution. To enhance the convenience of transactions for our customers, we handle the payment of the gas fees for hosted wallet customers for supported blockchains and the payment of the gas fees for unhosted wallet customers on Stellar, so that our customers do not need to hold the native digital assets corresponding to the transaction chains. We charge business customers for our hosted wallets on initial setup fees and recurring monthly maintenance fees, utilizing differential pricing strategies tailored for the needs of our clients. Conversely, we offer free access for individual customers to our unhosted wallets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Stablecoin On/off-ramp Services* 

Our on/off-ramp services provide customers with the functionality to exchange between fiat currencies and stablecoins in both directions. We have developed in-house capability to facilitate the conversion from fiat currency via wire or ACH to USDC, and vice versa. We have also entered into collaborations with MoneyGram in December 2024 to enhance the wallet's bankless on/off-ramp capabilities allowing our customers in 31 countries to access on-ramp services converting local fiat currencies to USDC and customers in 172 countries to access off-ramp services converting USDC to local fiat currencies by leveraging more than 430,000 MoneyGram locations worldwide. In May 2025, we started working with MoonPay to enable our customers to access on-ramp services that allow conversion to USDC via credit card. See "—Our Third-Party Collaborations." We charge fixed-amount, per-transaction handling fees, while the percentage-based transaction fees for conversion from between USDC and fiat currency would contribute to the bulk of our revenue in stablecoin on/off-ramp operations. The transaction fees for conversion are calculated as the transaction amount multiplied by an agreed-upon percentage rate with customers. The transaction fees percentage rates for stablecoin on/off-ramping are determined based on the costs of transactions in each region while also referencing the prices set by industry peers. The transaction fees are retained in the applicable fiat currency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C. USDC Cross-chain Solution* 

With the rise of various Ethereum Virtual Machine-compatible networks and other blockchain networks, we aim to simplify the hassle interacting with multiple chains by offering cross-chain services, allowing users to own and transfer USDC without worrying about which blockchain it exists on. We currently offer conversion between USDC on EVM-compatible networks and USDC on the Stellar network. We also leverage Circle's Cross-Chain Transfer Protocol (CCTP) to enable seamless transfers of USDC across other supported blockchains for hosted wallet. See "—Our Third-Party Collaborations." With cross chain technology, we expect to provide a simplified payment experience to our customers by handling on our end the switching of blockchains on which the USDC transferred is based, supporting such cross-chain transactions among Ethereum, Avalanche, Polygon, Optimism, Arbitrum. For example, payers can send USDC from Ethereum, and recipients can receive it on other blockchains, such as Polygon, without attending to the specific blockchain details. When executing cross-chain transactions, we will charge a percentage-based transaction fee.

***OwlPay Infrastructure Solutions***

For third-party wallet providers, financial institutions, and platform operators with existing technical capabilities seeking cross-border payment solutions, we offer infrastructure solutions that grant direct access to our core capabilities and enable a smooth transition into Web3.

*OwlPay Harbor* 

*OwlPay Harbor* is our proprietary API package that enables third-party users to access our conversion services—between fiat currencies and stablecoins, as well as between USDC across different blockchains—along with stablecoin based payment gateway solutions and payout capabilities. Through relationships with Circle, the digital assets exchange Coinbase Prime, and our collaborating banks, we are able to offer customers to convert from fiat currency via wire or ACH to USDC, and vice versa, given more favorable conversion rates, to collect USDC from their end users, and to facilitate payouts to their suppliers or recipients in either USDC or 10 local currencies, supporting diverse global use cases. We currently operate as a "Stellar Anchor", with conversion services between USD and USDC tailored to the Stellar Network, and support various EVM-compatible blockchains and Solana. We have also launched conversion services between USDC on Ethereum and USDC on the Stellar network. As our services expand, we expect to connect with additional stablecoins issuers, digital assets exchanges to enhance our conversion capabilities. This includes on/off-ramping for stablecoins such as EURC, ZUSD, and GYEN, and supporting conversions between various stablecoins, including USDC to ZUSD and vice versa. We also leverage Circle's Cross-Chain Transfer Protocol (CCTP) to enable seamless transfers of USDC across supported blockchains, enhancing the user experience by reducing friction in blockchain switching. See "—Our Third-Party Collaborations."

We currently utilize and hold a range of existing digital assets as an operational necessity to enable our stablecoin-related services. For on/off-ramp services, we currently support the conversion between USD and USDC on the blockchains Ethereum, Avalanche, Arbitrum, Polygon and OP Mainnet (all using the ERC-20 standard), as well as USDC on Stellar (using the Stellar Asset standard) and USDC on Solana (using SPL standard). To enhance the convenience of transactions for our customers, *OwlPay Wallet Pro* handles the payment of the gas fees for hosted wallet customers for supported blockchains and the payment of the gas fees for unhosted wallet customers on Stellar, so that our customers do not need to hold the native digital assets corresponding to the transaction chains. To facilitate on/off-ramp services on multiple chains and directly handle gas fees payments (on behalf of customer), we need to hold a variety of digital assets, including ETH on Ethereum, AVAX on Avalanche, MATIC on Polygon, ETH (ARB) on Arbitrum, ETH (OP) on OP Mainnet, XLM on Stellar, and SOL on Solana. As future supported blockchains are added, we expect to need to hold ETH (Base) on Base in order to support the conversion of USDC on Base (using ERC-20 standard) in the future. We expect to continue to grow and expand our services for various

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stablecoins across different blockchain networks. Please also refer to "Risk Factors—We hold stablecoins and other digital assets for our business operations and are subject to the risks associated with such digital assets. While we currently hold a *de minimis* amount of stablecoins and other digital assets, we expect that the amount of stablecoins and other digital assets we hold will increase with the growth of our payment business in relation to the utilization of our stablecoin solutions."

***Hospitality Products and Services***

Our offerings for clients in the hospitality sector include *OwlNest*, our hotel PMS; and *OwlJourney* and *OwlTing Experiences*, which are OTA platforms for hotels and B&Bs and travel activities and experiences packages. In 2018, we introduced *OwlNest* as an innovative hotel management system that leverages blockchain technology, which now connects more than 2,500 hospitality providers. By collecting real-time accurate inventory information, the *OwlNest* system also enables our OTA *OwlJourney* to display the most up-to-date inventory data to the end customers, providing unique value add to both hospitality providers and end customers. In addition, our *OwlTing Experiences*, also an OTA, focuses on offering curated local activity and tour options for lodging guests, enriching their travel experiences beyond accommodations. We also provided our self-branded offline platform service providing accommodation to travelers under *OwlStay*.

We also provide a suite of services to hospitality sector clients. Our offerings in OTA, payment, and PMS services help remove complex layers of intermediaries for hospitality providers and provide an overall better experience for both buyers and sellers. Our extensive interaction with hospitality providers and current intermediaries also provides us with valuable market insight and opportunities to discover and address client needs more quickly than legacy competitors such as channel managers and in-house PMS.

For *OwlNest*, we operate private self-hosted nodes with consensus mechanism as proof of authority ("PoA"). We take advantage of the traceability of blockchain and flexibility of smart contract to store and manage data, even though our operations here do not involve digital assets. Our underlying blockchain nodes are configured using an open-source Ethereum client and consensus protocol. We have control over the protocol on our private nodes, but do not make modifications to the protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Hospitality-related software services: OwlNest* 

*OwlNest* provides hotel management services for our hospitality providers operating hotel properties. It provides hoteliers with the tools they need to efficiently connect with OTAs, enhance their visibility on platforms such as Google Hotels, and streamline their operations. Different from other PMS providers, *OwlNest* is a cloud-based solution providing integrated channel management solutions that use automated blockchain-based smart contracts and provide real-time inventory management and demand-adjusted pricing across all of the hotel's distribution channels, addressing the key pain point of double-booking for both providers and users of hotel and hospitality services. We also help design and provide the Booking Engine for *OwlNest* clients, a white label booking website that facilitates an easier online booking experience for hotel visitors. For clients using the *OwlNest* platform as their booking engine, we also provide the optional add-on room fee collection services to help process room fees payments to our clients.

We provide two fee models for our *OwlNest* customers: (i) subscription fees, under which model we charge our clients SaaS fees on an annual basis, which vary depending on the number of rooms a client provides; and (ii) commission fees, under which model we charge a commission fee based on the price of orders we process for our clients through our PMS services. Additionally, for our add-on room fee collection services for *OwlNest* clients, we charge a processing fee based on a contractually agreed percentage of the collected amounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Hospitality-related platform services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a. OTA Platform: OwlJourney and OwlTing Experiences* 

*OwlJourney* and *OwlTing Experiences* are OTA platforms facilitating transactions of hotels and B&Bs as well as travel activities and experiences. For the hospitality providers who also use *OwlNest*, we further integrate inventory data from *OwlNest* in displaying the most accurate real-time inventory on *OwlJourney*. *OwlJourney* and *OwlTing Experiences* empower hospitality providers with optimized efficiencies and comprehensive travel experiences to reach to broader international customers. For *OwlTing Experiences*, we sell the products at a predetermined unit price on the platforms. For *OwlJourney*, we charge a fee from completed bookings of hospitality service providers' offerings on our platform**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b. Platform Offline Services: OwlStay* 

We provide to travelers our self-branded offline platform service offering accommodation in Taiwan with an average room rate of US$100-150 per night and a total of 90 rooms. The annual average occupancy rate is over 80% in 2024.

***E-commerce Platform***

*OwlTing Market*, the initial business line we developed beginning in 2014, serves as a platform dedicated to elevating Taiwanese SMEs and farmers to compete and offer their products globally. International consumers are offered diverse and high-quality products through *OwlTing Market*'s long-standing business relationships with small-scale farmers in Taiwan.

**Our Customers** 

Our main client base for payment services consists of businesses and individuals involved in cross-border payments. Both payers and payees could be our customers across our *OwlPay* ecosystem. Within the *OwlPay*, payers can use the *OwlPay Payment*, a platform to conduct cross-border payout, whether as business payment to vendors or individual remittances to family. With our payment gateway services, the merchant-payees receiving consumer payments are also our customers. Additionally, payees can open a wallet through *OwlPay Wallet Pro* to receive funds. We also offer *OwlPay Harbor*, our proprietary API package that enables third-party users to access our capabilities—stablecoin payment gateway integration, payout services, and conversion—including on/off-ramp and cross-chain transactions, where third-party wallet providers and financial institutions are our customers for our seamless fiat-to-stablecoin conversions and payout services, which these customers could further extend to their end users. Our services provide businesses and individuals with a flexible bridge between traditional finance and digital assets, improving liquidity and transaction efficiency, and enable merchants and platform operators to quickly settle payments with customers who prefer using digital assets. Our key target markets for payment service expansion include the United States, Japan, the EU, South America, Singapore and Hong Kong. We hope to leverage our collaborators' networks and establish connections with financial institutions to expand our customer base. *OwlPay* is targeting wallet service providers, financial institutions, e-commerce platforms, and large OTAs. We also anticipate serving merchants in other segments, such as ticketing companies that process flight and transportation bookings, as well as logistics companies that handle international merchandise shipments, both of which rely heavily on global vendor payments and cross-border transactions. As an example of our customer for payment services, *OwlPay* has a contracted customer that is a digital assets economy participant, which provides platforms for its clients to engage in fintech innovation and digital asset management. As these clients of our customer conducts business using USDC, our customer has set up a hosted wallet through *OwlPay Wallet Pro* to receive USDC from their clients and, through our on/off-ramp services, facilitate conversion from USDC into USD for their clients, and thus streamlining the financial operations.

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Our hospitality services include software services and platform services. *OwlNest* and *OwlJourney* serve SMEs in the hospitality sector, including hotels and B&Bs. *OwlTing Experiences* provides travelers with travel activities and experiences as we connect with travel experience business owners and *OwlStay* provides travelers with room accommodation services. Our hospitality services have footprints into several regional markets, including Taiwan, Japan, Malaysia, Thailand and the United States. *OwlTing Market*, our e-commerce platform, provides a platform for farmers and small business owners in Taiwan to extend their reach to end consumers.

**Our Growth Strategies** 

We aim to maintain and strengthen our position and intend to pursue the following key strategies.

***Continue to Expand Our Payment Business Operations by Leveraging Existing and Future Business Collaborations***

We expect to grow our customer base by collaborating with global financial institutions and leveraging our collaborators' networks. We have rolled out *OwlPay Harbor*, our in-house capabilities via an API package to enable other wallet service providers or financial institutions to access stablecoin based payment gateway, payout services, and conversion—including on/off-ramp and cross-chain transactions to such third parties' clients, which we hope to enlarge the demand for our services. As a start, we entered into a strategic collaboration with the Stellar Development Foundation ("SDF") in 2023, an important developer in the blockchain industry, and became a "Stellar Anchor" in February 2025. See "—Our Third-Party Collaborations." This enables *OwlPay* to offer users access to a licensed and secure self-hosted payment wallet on the Stellar Network, providing a direct on/off-ramp solutions for sending and receiving stablecoins. With the strategic collaboration with Stellar, we hope to enable additional payment routes supported by the infrastructure of Stellar for our *OwlPay* customers. After becoming a "Stellar Anchor," we expect to reach out to new customers on the Stellar Network with our service offering of seamless onboarding for customers onto *OwlPay Wallet Pro* or integrating *OwlPay Harbor* into their platform or products via an API package, providing users with easy on/off-ramping to transfer fiat currency or stablecoin within the *OwlPay* payment service. Currently, *OwlPay Harbor* also support the EVM-compatible blockchains and Solana. Additionally, we expect to provide certain of our solutions under *OwlPay* to financial institutions intending to leverage stablecoin payments, such as white label wallet and AML/KYC service package.

By building relationships with Circle, Coinbase Prime, MoneyGram, MoonPay, VISA, and NIUM and large financial institutions such as SBI Holdings and international banks, we also plan to attract their customers to experience our capability to on/off-ramp between fiat currency and stablecoins and send and receive payments internationally with our technology and services. See "—Our Third-Party Collaborations."

In addition, we expect to expand our payment business by leveraging the following business drivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***OTAs*** . In connection with our hospitality offering via *OwlNest*, we work closely with global
OTAs, including but not limited to Airbnb, Booking Group, Expedia, Trip.com and Hotelbed, and we intend to cross-sell our payment solutions to further assist them in processing international payouts to their platform merchants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***E-commerce Platforms*** . Through *OwlPay*, we enable platforms to offer consumers more payment
options, including both fiat currency and stablecoins. Additionally, merchants on the platform can also choose to settle transactions in either fiat currency or stablecoins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Payment Gateway*** . Currently, payment gateways primarily support fiat currency for receiving
payments. With *OwlPay*, we are expanding payment options by enabling payment acceptance with stablecoin, which would provide consumers with more choices for payment methods. Merchants can also choose to settle transactions in either fiat
currency or stablecoins. Additionally, the majority of global payment gateways are focused on helping their clients receive payments from consumers, but are not integrated with the ability to further pay out to their clients' suppliers. With
our integrated

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payment, full-stack payment services model, we plan to continue to invest in growing in our payment gateway business, which could also help generate additional revenue from the total transaction amount in our payout business. <br>

We also aim to provide stablecoin and digital wallet solutions to emerging markets, such as South America and East Europe, to help tens of millions of unbanked small businesses to receive and send payments with stablecoin.

***Explore Strategic Acquisitions and Transactions***

We periodically consider acquisition opportunities that expand or enhance our payment network and are strategically beneficial to our long-term goal. For example, following the successful acquisition of PayNow in May 2023, a payment gateway in Taiwan, we plan to continue to acquire payment gateways and/or licensed financial institutions. By acquiring payment gateways, we will be able to expand our customer base and cross-sell our blockchain solutions and inventory management services. In addition, we plan to acquire PMS providers in order to grow our customer base in the hospitality sector, which could also become cross-selling opportunities for our payment solutions.

***Expand Regional Licensing and Approvals to Operate in Additional Jurisdictions***

In addition to our current licenses and application in the United States, Japan, Singapore and Hong Kong, we plan to further expand our capabilities by acquiring relevant payment service provider licenses or money transmitter licenses in the EU, the United Kingdom, South America and other jurisdictions where we plan to launch our *OwlPay* business. For further details, see "— Regulations." As a result, we expect to incur a substantial amount of legal fees and application fees in our attempts to apply for and obtain relevant licenses. By possessing the required qualifications in an increasing number of jurisdictions, we will be able to further grow the scope of our business offerings as well as our customer base.

**Our Technology** 

We have been focused on the power of blockchain technology and have garnered a deep understanding of the blockchain technology and its applications. We focus on creating a user and developer-friendly software that empowers enterprises with optimized efficiency in business operations. Our research and development staff are based in our headquarters in Taipei, Taiwan as we project our technology and scale our operations globally. We have continued to invest in our research and development capacity, and our technological capability is exemplified across our business segments.

In *OwlTing Blockchain Services*, we built a blockchain traceability solution for transparency in organic farming. Our solution stored on the blockchain the production information and field data collected by IoT devices, along with an intuitive, easy-to-use user interface for customers to access records of the whole supply chain. For *OwlNest*, we applied our expertise in blockchain technology under the Ethereum ledger and smart contract to address the double-booking problems in the hospitality industry and enable dynamic pricing strategy. For *OwlPay*, we built encryption mechanisms for all transactions we process with hardware security module technology. *OwlPay* also offers a wallet to customers to implement stablecoin transactions and to receive and send money with stablecoins over various public blockchain ledgers.

Our intellectual property rights are integral to our business. We utilize a combination of patents, trademarks, copyrights, trade secrets and confidentiality policies to protect our proprietary rights. We routinely apply and submit registration for our intellectual property rights related to our products and services in the United States and internationally, particularly focusing on filing new patent applications for U.S. invention patents related to fintech technology. We have registered 17 patents and 2 pending patent applications, including 2 registered patent and 1 pending patent application in the United States. We have 13 registered trademarks in the United States and 102 registered trademarks internationally including in Taiwan. We have been running a long-term intellectual property incentive program to encourage employees to provide their creative ideas.

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Our intellectual property rights protection and management is implemented through the in-house team. We maintain an effective chart of trademark asset management, including maintaining records of trademark-related assets, documents, and registration certificates. We regularly monitor the patent publications and issued patents of potential competitors, and analyze the patent portfolio of the new competitors for researching their strengths and weaknesses. We also engage outside counsel to seek their opinion about intellectual property portfolio strategy and to coordinate with their local representations to carry out the application filing and maintenance in multiple jurisdictions.

Since *OwlPay Wallet Pro* offers hosted wallet services, stringent customer asset custody technology has been one of the key focuses in our product development. We emphasize on the integrity of the storage and custody of digital assets and have employed specific measures. Our databases are backed up across different regions using AWS, which could reduce the risk of service interruptions in the case of a regional server or system compromise. All of our data in the database and files are encrypted and all data undergo integrity verification. For custody of digital assets, we use a Multi-Party Computation (MPC) architecture for private keys management. The MPC architecture splits private keys into multiple shards distributed across different nodes, and these nodes are located in highly secure data centers, with each private key shard protected through envelope encryption, which collectively reduces the likelihood of unauthorized access to a complete private key. During storage and transmission, the private key shards are encrypted and protected using AWS Key Management Services, which provides FIPS-certified security via Hardware Security Modules (HSM). The encryption system provides an extra layer of protection even if one or more nodes are compromised. Under MPC, the complete private key is never exposed or reconstructed at any time, not even temporarily.

For *OwlPay*, we adhere to industry-leading standards, including ISO 27001, to safeguard our customers' assets in the process of transmission. We have implemented comprehensive internal control procedures that address both external and internal threats, including the risks of self-dealing and other potential conflicts of interest. For instance, our risk management framework includes multi-factor authentication, regular security audits, and encryption of sensitive data. In addition to these preventative measures, we mitigate residual risks by securing insurance coverage, which provides an extra layer of protection for our customers in the event of unforeseen incidents.

Furthermore, our infrastructure is designed for strict client asset separation. Each client is assigned a unique, dedicated wallet address to isolate that client's assets securely and prevent commingling of assets between clients, with our assets, and those of affiliates of ours. Each wallet address is tied exclusively to the client, promoting transparency and clear ownership of digital assets. This address is never reused for other clients, allowing customers to independently verify their holdings at any time on public blockchain ledgers. This infrastructure design eliminates the possibility of commingling assets between customers and/or us or our affiliates.

**Our Third-Party Collaborations** 

As a player in the digital assets economy and global payment system, we build strategic collaborations and commercial relationships with third parties in the ordinary course of our business that allow us to integrate third party capacities with ours to deliver services to our customers. We enter into binding commercial agreements under customary terms with these third parties, pursuant to which we would pay agreed-upon service fees to utilize their services.

We have fostered relationships with ecosystem partners including digital assets exchanges and settlement providers which help enable us to roll out services relevant to stablecoin on/off-ramping. For example, through Circle Mint, we are able to purchase and redeem USDC for USD and our use of Circle's Cross-Chain Transfer Protocol (CCTP) enables our transfer of such stablecoins between supported blockchains. Coinbase Prime, a digital asset exchange, also allows us to effectuate conversions between U.S. Dollar and USDC and in addition provides trade execution services for us to acquire via Coinbase Prime certain digital assets that are necessary for our operations (e.g., payment of gas fees incurred on supported blockchains that we would handle on behalf of our customers). MoneyGram, a fintech payment and settlement provider, enables our individual users of

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unhosted wallet to convert between cash in local fiat currencies and USDC in multiple jurisdictions by leveraging MoneyGram locations worldwide. MoonPay, a fintech payment platform, enables our individual users of unhosted wallet to on-ramp USD to USDC via credit card.

We collaborate with fintech players such as NIUM and VISA to help deliver payment services via fiat currencies and leverage the access provided by our collaborators' and service providers' global payment network. NIUM helps provide fiat currencies exchange and cross-border remittance services to our customers using *OwlPay*. VISA provides API access to our virtual card solutions for payout needs, where our *OwlPay* customers could generate multiple sub-virtual cards to pay suppliers or employees' travel and miscellaneous expenses. We have also agreed, and are collaborating on product development, with VISA to utilize its VISA Direct for Account services that enable fiat currencies foreign exchange and cross-border remittance within the same card network, which is another fiat currency payment option that we plan to develop under our *OwlPay*. Additionally, by leveraging VISA Direct, we will be able to expand our on/off-ramp services to support debit card funding and withdrawals, further enhancing the flexibility and accessibility of our payment infrastructure.

In addition to collaboration relationships with third parties providing services to us that supplement our capabilities, we also continue to explore possibilities for mutually beneficial strategic relationships with our collaborators. In connection with an equity investment in our company by the Stellar Development Foundation ("SDF"), an important developer in the blockchain industry, we entered into a binding commercial agreement in November 2023, pursuant to which we agree to use commercially reasonable efforts to explore our further integration with the Stellar Network, a new payment standard centered around USDC led by Stellar. The strategic cooperation includes potential integration with our *OwlPay* platform, such as holding, sending, receiving and paying with USDC on Stellar, and serving as a "Stellar Anchor" on the send-side and/or receive-side that provides on/off-ramping capabilities with USDC on Stellar to third parties on the Stellar Network. A "Stellar Anchor" is an entity cooperating with SDF and providing services that can be easily integrated by other wallet providers who are also on the Stellar Network. In February 2025, we completed tailoring our on/off-ramp services to the specifications set for the Stellar Network. Currently, our *OwlPay Wallet Pro* supports the stablecoin on the Stellar transaction chain and allows our customers to execute wallet transfer transactions using the Stellar transaction chain as an option. We also hold XLM, Stellar's native digital asset, to facilitate gas fee payments for transactions on the Stellar transaction chain. In addition to serving as a "Stellar Anchor," we expect to build further strategic and commercial collaboration relationships with participants in the digital assets economy and the payments sector to provide them with our on/off-ramp capabilities.

**Our Research & Development** 

We currently have 75 employees in the research and development team including engineering staff, holding the positions of web developers, mobile apps developers, software testing engineers, UI designers and system operators. The main priorities of our research and development team are to refine and upgrade existing products and source, develop and commercialize novel product innovations.

Our web developers team (including apps, front-end and back-end developers) is responsible for development of new products, features and bug-fixes of current products by working with the UI designers. Our software testing engineers conduct quality assurance testing of new products and features and the system operation team deploys such products and features to live operation with automated tools. The system operation team is also responsible for the architecture design of our website, as well as service monitoring by tracking multiple metrics and service logs.

**Our Sales and Marketing** 

Our sales and marketing efforts are led by dedicated teams in each business unit and a public relations team that oversees our public communications. Our approach to sales and marketing includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public Relations: Our public relations team is in charge of the public communications on the level of the OwlTing
Group, including brand activities, press releases and media relations and coverage, with the goal to establish a clear and cohesive brand message to build brand visibility and creditability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Sales: Our sales team in each business unit reaches out to and conducts pitch meetings with potential
business customers via in-person meetings and events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer Relationship Management: We have customer success personnel in each business unit that provides customer
support and creates programs to reward and encourage repeat customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Content Marketing: We create content including blog posts, graphics and videos that would be informative to our
potential as well as existing customers, which would be distributed through our website, social media platforms, customer emails and advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social Media Marketing: We invest in our presence on various social media platforms including LinkedIn, Facebook,
Instagram, X, and LINE official accounts to increase customer engagement and brand awareness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Online Advertising: We leverage digital advertising platforms like Google Adwords, Facebook ads and Instagram ads
to reach our target audience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Email Marketing: By distributing periodical emails, we share informational content and promotional offers to
existing and potential customers, with the goal to enhance customer relationship and encourage engagement.

**Our Team** 

We currently have approximately 200 employees, including 75 employees in the research and development team and 87 employees in the sales and marketing team. Our employees are based in Taiwan and overseas, including the United States, Japan and Hong Kong. We have a professional and complete management team, who possesses significant expertise and industry knowledge. We believe we offer our employees competitive compensation packages and a dynamic work environment that encourages initiative and is based on merit. As a result, we have been able to attract and retain talented personnel and maintain a stable core management team.

As of December 31, 2022, we had 171 employees, including 65 engineers in the research and development team and 73 employees in sales and marketing team. As of December 31, 2023, we had 198 employees, including 75 engineers in the research and development team and 86 employees in sales and marketing team. As of December 31, 2024, we had 199 employees, including 75 engineers in the research and development team and 87 employees in sales and marketing team. We do not have temporary employees.

Our employees are mainly based in Taiwan, and we have 12 employees overseas, including in the United States, Japan, and Hong Kong. We are subject to, and comply with, local labor law requirements based on the locations of the employees. Almost all of our employees are represented by labor unions or covered by collective bargaining agreements. We consider our employee relations to be good and we have not experienced any work stoppages.

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**Our Corporate Structure and History** 

Darren Wang, a serial entrepreneur and blockchain industry angel investor, founded the OwlTing Group in 2010. We are a blockchain technology company headquartered in Taipei, Taiwan and have subsidiaries in the United States, Japan, Singapore, Hong Kong, Malaysia, Thailand and Poland. We were incorporated under our holding company, OBOOK Holdings Inc., under the laws of the Cayman Islands in April 2011. We believe developing and managing our diverse business operations by business segments and groups enables us to formulate more effective business strategies and operating guidelines that fit the needs of the group. The following diagram illustrates our corporate structure, including our subsidiaries, as of the date of this prospectus:

![LOGO](g800443g90y00.jpg)

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We are continuously developing and deploying easy access to blockchain solutions for industries that have a need for cost-effective resilience and transparency across the globe. *OwlTing Market* was the first business line we developed. It continues to serve as a platform dedicated to enabling Taiwanese local businesses and farmers to reach out directly to end consumers. We offer consumers diverse and high-quality products through *OwlTing Market's* stable business relationships with small- and medium-sized farmers and businesses in Taiwan.

We expanded our footprint into the hospitality sector in 2018 by introducing *OwlNest*, a powerful and easy-to-use hotel PMS leveraging blockchain technology, which now connects more than 2,500 hospitality providers with their customers. We also launched the OTA platforms *OwlJourney* and *OwlTing Experiences* to provide various types of properties and tours for travelers. Additionally, we launched the platform offline services to offer accommodations under our own brand *OwlStay*.

In 2023, we launched *OwlPay*, a payment platform specifically developed to simplify backend financial operations in connection with cross-border transactions.

In May 2023, we further enhanced our payments offerings by acquiring PayNow, a prominent Taiwanese payment gateway service provider, in order to deliver current and future one-stop payment solutions from payment gateway to business payout solutions with fiat currency, credit cards and stablecoin.

Today, we have an international team of more than 200 professionals, dedicated to driving innovation, simplifying complex processes and fostering global connections through blockchain technology.

**Strategic Financing Milestones** 

Our strategic investors include SBI Holdings, a leading Japanese financial services company that made an investment of US$17.5 million in us in 2018. Additional investments in our company include those from the major shareholder and chairman of Globe Union Industrial Corp (TPE: 9934) in 2017, the owner family of Howard Hotel Group in 2018, the National Development Fund, Executive Yuan of Taiwan in 2020, MaiCoin and the owner family of Taiwan Toyota (Hotai Motor Co., Ltd., TPE: 2207) in 2022, the Stellar Development Fund in 2023, Taiwan-based family funds and United Kingdom-based institutional investors in 2024 and 2025.

As of the end of 2024, we had raised financing totaling approximately US$53.7 million. In 2025, we further raised an additional US$16.6 million via equity and US$2.5 million via SAFE agreements, and our cumulative fund raised since inception amounts to approximately US$72.8 million, providing a strong foundation for our continued global expansion. All such equity financing were in private placements outside of the United States to non-U.S. persons in reliance on Regulation S under the Securities Act or pursuant to other applicable safe harbors or exemptions under the Securities Act.

**Properties**

We conduct operational and administrative activities in leased facilities in Taiwan. We currently lease 3 properties with a total gross floor area of over 6,000 square meters for our company's headquarters, conducting product development, sales, marketing, and business operations; and we currently lease 8 properties with a total gross floor area of over 2,000 square meters for *OwlStay*, our self-branded offline platform service providing accommodation to travelers, with a total of 90 rooms. The lease agreements for our current headquarters are for a period of five years starting from August 1, 2024 at an annual pre-tax rent of NTD33.2 million, with a rent-free period until January 31, 2025. The lease agreements for our previous headquarters expired on December 31, 2024.

**Regulations** 

***Payments regulations***

In the United States, we have obtained licenses to operate as a money transmitter or the equivalent in certain states, as well as in the District of Columbia, where such licenses or equivalent are required to conduct our business. We are also registered as an "MSB" with the FinCEN. These licenses and registrations subject us to,

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among other things, the BSA, restrictions and requirements with respect to the investment of customer funds and use and safeguarding of customer funds and digital assets, bonding, minimum capital and net worth requirements, prudential compliance obligations associated with customer notice and disclosure, reporting and recordkeeping requirements applicable to us, as well as requirements relating to the screening of control persons and inspection and examination by state regulatory agencies. These state licensing laws also cover matters such as regulatory approval of controlling shareholders, directors, and senior management of the licensed entity.

Our money transmission operations in Japan are subject to the requirements to obtain certain licenses including the Electronic Payment Intermediary Service Provider license (電子決濟代行業者), which enables us to connect API with a bank, the Funds Transfer Service Provider license (資金移動業者), which enables us to transfer funds for our customers and the Electronic Payment Instruments Exchange Service Provider license (電子決濟手段取引業者), which enables us to sell, purchase, exchange, serve as an intermediary or broker and transfer funds in relation to the stablecoin. We have registered as the Electronic Payment Instrument Service Provider, or EPISP, and are in the process of applying for the other two licenses in Japan. The obtaining of these licenses and the implementation of our money transmission operations under these licenses require compliance with the Payment Service Act and relevant regulations, including requirements as to the segregation of user assets, provision of information to users and measures to protect users, management of external contractors, security control of information and advertising and solicitation. The Financial Services Agency, which is the supervisory authority in Japan, periodically supervises the proper implementation of these regulations.

Our money transmission operations in Singapore are subject to obtaining of a major payment institution license. We are in the process of applying for such license. During this period of time, we aim to satisfy the requirements of the Monetary Authority of Singapore that, for our subsidiary to hold such license, its directors and chief executive officer, principal shareholders and employees are fit and proper in accordance with the regulations, and that such personnel meet the governance requirements and have sufficient experience in operating a business in the payment services industry or related areas in the financial services industry. Before the grant of the license, we expect to secure a permanent place of business in Singapore where our books and records can be securely held in the country.

Our money transmission operations in Hong Kong are subject to obtaining of a Money Service Operator (MSO) license. We are in the process of applying for such license. In order to be eligible to obtain this license, we aim to comply with the requirement that, for our subsidiary to hold such license, each of its directors and principal shareholders would be a fit and proper person in accordance with the Commissioner of Customs and Excise's Guideline to be associated with the business of operating a money service. We expect to appoint a competent Compliance Officer (CO) and a Money Laundering Reporting Officer (MLRO) to act respectively as the focal point for the oversight of our AML/CTF system and compliance measures as well as the central reference point for reporting suspicious transactions. At a later stage of the license application process, we expect to go through a Competence Assessment conducted by the Hong Kong Customs and Excise Department (C&ED) to assess our understanding of money laundering and terrorist financing risks to which our business is exposed, and our capability of implementing effective AML/CTF systems to adequately manage and mitigate the AML/CTF risks identified in order to meet the statutory AML/CTF obligations.

In Taiwan, Third-Party Payment Enterprises, or Payment Gateways, are required to complete the registration of AML and Service Capability Registration in accordance with the procedures and methods designated by the Ministry of Digital Affairs. Payment Gateways should also fulfill the obligation required by the Regulations Governing AML and CTF for the Third-Party Payment Enterprises, including but not limited to AML/KYC, assessment of money laundering/terrorist financing risks, internal control and audit systems establishment. Our Taiwan subsidiary, PayNow, has fulfilled these requirements and obligations.

***Financial services supervision***

In the United States, as a registered MSB with the FinCEN, we are subject to a comprehensive set of rules and regulations designed to maintain the integrity of our financial services. For our operations outside the

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United States, we are also subject to the regulations and guidelines of relevant authorities in each jurisdiction, such as the Hong Kong Monetary Authority (HKMA), the Hong Kong Customs and Excise Department (C&ED), the Monetary Authority of Singapore (MAS) and the Financial Services Agency of Japan (JFSA).

Under these licenses and registrations, we are subject to rules and regulations related to AML, safeguarding customer assets and funds, regulatory capital requirements, fit and proper management, operational controls, corporate governance, customer disclosures, reporting and recordkeeping. We put great emphasis on complying with these regulations and aim to operate with the highest standards of integrity and transparency, providing secure and reliable service to our investors and customers.

***Virtual currency regulations***

We are subject to certain licensing and supervisory frameworks as a result of our digital wallet offering, through which customers could store certain virtual currencies. The laws and regulations applicable to virtual currency are evolving and subject to interpretation and change. Therefore, our current and future virtual currency services may be or become subject to additional licensing, regulatory requirements and oversight by other state and federal authorities. In recent years, the SEC and U.S. state securities regulators have stated that certain digital assets or digital asset products may be classified as securities under U.S. federal and state securities laws, and initiated a number of enforcement actions and regulatory proceedings against digital assets and digital asset products and their developers and proponents, as well as against trading platforms that support digital assets. In first half 2025, the SEC dismissed its enforcement actions against certain digital assets economy participants, including Coinbase and Kraken, the enforcement actions against whom were based on alleged failures to register as broker-dealers, exchanges and clearing agencies, which in part hinged upon the security status of various digital assets. There can be no guarantee that the SEC will not bring similar claims involving these or other digital assets in the future. However, these dismissals by the SEC expressed, according to the SEC releases, the intent to rectify its approach and develop crypto policy in a more transparent manner. On April 4, 2025, the SEC published a Statement on Stablecoins stating its view that the offer and sale of certain dollar-backed stablecoins, in the manner and under the circumstances described therein, would not involve an offer and sale of "securities" within the meaning of U.S. securities laws, subject to facts and circumstances analysis.

New legislative and regulatory frameworks are being introduced in the United States regarding the regulations of stablecoins and other digital assets. On July 18, 2025, the GENIUS Act was passed and signed into law of the United States, which directs for a federal regulatory framework for the issuance of "payment stablecoins" that are designed to be used as a means of payment and settlement. Under the GENIUS Act, payment stablecoins can only be issued by permitted issuers that are subject to qualifications and regulatory oversight and meet certain reserve, liquidity and periodic disclosure requirements. Non-compliant stablecoins, beginning from three years (or such other periods as specified in the Act) from the enactment of the GENIUS Act, will be prohibited from secondary market trading or being offered or sold in the United States by a digital asset service provider, subject to limited exceptions. Under the GENIUS Act, a person may only provide custodial or safekeeping services for payment stablecoin reserves, payment stablecoins used as collateral, or private keys used to issue payment stablecoins if they are subject to certain supervision by applicable regulators in the United States. Specific rules will need to be promulgated under the GENIUS Act to implement the act. In addition, the U.S. Congress is contemplating the CLARITY Act to establish the regulatory framework for digital assets and digital assets market, including by specifying the regulatory oversight authority for the applicable regulators and defining key concepts related to the digital assets. In particular, the CLARITY Act is expected to, if passed, define a digital asset that is intrinsically linked to and derive value from use in a blockchain system as "digital commodities", and provide for certain exclusion or exemption for the digital commodities from being treated or regulated as a "security." Payment stablecoins will be carved out of the definition of digital commodity and subject to the separate regulatory framework as promulgated under the GENIUS Act. Under the CLARITY Act, the CFTC will have primary regulatory oversight authority over spot digital commodities. CLARITY Act is expected to require an entity that, as a regular business, solicits or accepts orders for the purchase or sale of digital commodities and maintains control over customer funds or transaction execution, or act as counterparty

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for the purchase or sale of digital commodities, in each case beyond activities incidental to making, sending, receiving or facilitating payments, to register as a digital commodity broker or digital commodity dealer with the CFTC and subject to additional supervision. Under CLARITY Act, it is also expected that custodying digital commodities in many circumstances would trigger requirements to register with applicable regulators in the United States. The CLARITY Act has not yet been passed and signed into law, and will require further rules to be promulgated to implement.

We have established policies and practices to evaluate each digital asset we consider for usage in our services, to assess whether any given digital assets, or whether the development, issuance, and use of such assets, have characteristics that make them more or less likely to implicate U.S. federal securities laws, and expect to continuous refine and adapt our policies and practices in light of the new legislative and regulatory framework in the United States, as well as in other jurisdictions in which we operate. Our assessment will also be informed by recent enforcement actions and decisions, including those by the SEC. The primary type of digital asset that our business operations currently involve is stablecoin. Any of our assessment on any digital asset is a risk-based judgment and does not constitute a legal determination binding on regulators or the courts.

Several foreign governments have also issued similar warnings cautioning that digital assets may be deemed to be securities under the laws of their jurisdictions. We will also become subject to additional regulations as we plan to expand our services internationally. The EU newly adopted the Markets in Crypto-Assets Regulation (MiCAR) and Brazil intends to introduce the Cryptoassets Act, which may affect our plan to expand operations in these jurisdictions. We are currently assessing the regulatory landscapes and exploring our compliance approach in these jurisdictions.

***Consumer protection***

The Consumer Financial Protection Bureau and other U.S. and foreign regulatory and law enforcement agencies regulate financial products and enforce consumer protection laws, including those applicable to credit, deposit, and payment services, and other similar services. These agencies have broad consumer protection mandates, and they promulgate, interpret, and enforce rules and regulations that affect our business.

***Data protection and privacy***

We are subject to a number of laws, rules, directives and regulations relating to the collection, use, retention, security, processing and transfer of personally identifiable information about our customers and employees in the jurisdictions where we operate. Our business relies on the processing of personal data in many jurisdictions and the movement of data across national borders. As a result, much of the personal data that we process, which may include certain financial information associated with individuals, is regulated by multiple privacy and data protection laws and, in some cases, the privacy and data protection laws of multiple jurisdictions. In many cases, these laws apply not only to third-party transactions, but also to transfers of information between or among us, our subsidiaries, and other parties with which we have commercial relationships.

***Anti-bribery and anti-corruption compliance***

We are subject to applicable anti-bribery and anti-corruption laws, including the FCPA and similar laws in other jurisdictions where we operate. These laws generally prohibit making or offering improper payments to foreign government officials to gain an unfair business advantage. The FCPA specifically mandates the establishment of adequate internal controls to prevent and identify potential violations.

***AML, CTF and sanctions regulations***

We are subject to AML and CTF laws, including the BSA. The BSA mandates that we maintain a risk-based AML program. Our financial services outside the United States also adhere to local AML regulations.

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Additionally, we are subject to the economic and trade sanctions programs enforced by the U.S. Treasury's Office of Foreign Assets Control (OFAC). These programs restrict transactions with specified countries, regimes, terrorists, international narcotics traffickers, individuals involved in the proliferation of weapons of mass destruction, and other threats to U.S. national security, foreign policy, or economy. Other entities in our group may need to comply with additional local sanctions as required by their jurisdictions.

***Regulations related to doing business in Taiwan***

Remittances by our Taiwan subsidiaries to us involving the currency conversion from NTD to U.S. dollar are under exchange controls imposed by the regulatory authority in Taiwan. According to the Taiwan Foreign Exchange Regulation Act, foreign exchange transactions of a value of NTD 500,000 or more shall be declared to the Central Bank of the Republic of China (Taiwan). Further, for a single remittance of an amount over US$1 million by a company, relevant testimonials shall be submitted to the Central Bank of the Republic of China (Taiwan). If the annual accumulated settlement amount of foreign exchange purchased or sold has exceeded US$50 million, such remittance shall be approved by the Central Bank of the Republic of China (Taiwan). The Taiwan government may impose further foreign exchange restrictions in certain emergency situations, where the Taiwan government experiences extreme difficulty in stabilizing the balance of payments or where there are substantial disturbances in the financial and capital markets in Taiwan.

We are subject to a number of laws, rules, directives, and regulations relating to the tourism and travel agency business in the markets where we operate, especially in Taiwan. Taiwan's Regulations Governing Travel Agencies require that a travel agency be approved for establishment before operating and comply with the requirements of the Regulations during its operation.

***Additional developments***

Various legislative bodies and regulatory agencies in the United States and elsewhere in our international markets continue to examine a wide variety of issues that could impact our business, including privacy, data protection, information security, virtual currencies, identity theft, tax, marketing, and labor and employment matters. As our business continues to develop and expand, additional laws, rules and regulations may become relevant.

**Legal Proceedings** 

We are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

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**MANAGEMENT** 

**Directors and Executive Officers** 

The following table sets forth certain information relating to our directors and executive officers upon the completion of this listing.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Chun-Kai Wang (Darren Wang) | 45 | Founder, Chairman and Chief Executive Officer |
| Chung-Han Hsieh (John Hsieh) | 45 | Co-founder, Director and Chief Technology Officer |
| Hsiang-Chih Wang | 45 | Director |
| Chih-Chang Yu | 44 | Director |
| Te-Yung Hsu | 43 | Director |
| Meyer Samuel Frucher | 78 | Director |
| Hsing-Ju Tsai (Tony Tsai) | 47 | Director |
| Wei-Li Lin (Winnie Lin) | 41 | Chief Financial Officer |
| Kang-Ho Wang (Patrick Wang) | 47 | Chief Business Officer |
| Meng-Shiang Lin (Ryan Lin) | 49 | Chief Compliance Officer |
| Tzu-Chu Liu (Daphny Liu) | 41 | Internal Audit Director |
| Ying Lu (Gina Lu) | 33 | Head of Legal, U.S. |

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Darren Wang is our founder and has served as our chief executive officer since 2010. Mr. Darren Wang is an expert in cryptography and information theory. In 2025, Mr. Darren Wang further honed his leadership skills by graduating the Owner/President Management Program (OPM 63) at Harvard Business School. Mr. Darren Wang earned his master's degree in electrical and computer engineering from Boston University, studying under Prof. Lev Levitin, the inventor of the Margolus–Levitin theorem. With over 19 years of experience from Silicon Valley to Asia, Mr. Darren Wang transitioned into entrepreneurship and became one of Asia's most active angel investors in the blockchain industry. Mr. Darren Wang founded the OwlTing Group in 2010 to connect the world through technology, driving innovation across various industries. The OwlTing Group has gained significant recognition, securing over USD tens of millions in investments from global investors, including SBI Holdings and the Stellar Foundation and other institutions. Mr. Darren Wang has been a prominent figure in the blockchain community in Asia, speaking at major events such as the Asia Blockchain Summit and the IEEE Blockchain Forum, and was honored with the "Future Leader Award" from Taiwan Tatler and featured on Tatler's "The New Asia" cover from 2020-2023. Mr. Darren Wang's pioneering efforts earned him the title "the father of blockchain industrial application" according to local media in Taiwan. We believe Mr. Darren Wang's insights and contributions continue to shape the future of blockchain technology and fintech innovation.

John Hsieh is our co-founder and has served as our chief technology officer since 2010. Mr. Hsieh has extensive experience with programming, internet technology and networking algorithms. Prior to joining us, Mr. Hsieh served as the chief technology officer of LGS (TaiwanGo) from 2004 to 2010. Mr. Hsieh received his bachelor's degree in bio-industrial mechatronics from National Taiwan University.

Hsiang-Chih Wang has served as our director since May 4, 2015. Dr. Hsiang-Chih Wang is currently the chief doctor of Airlee Biomedical & Cosmetic Policlinic. Dr. Hsiang-Chih Wang received his M.D. degree from the School of Medicine of National Taiwan University.

Chih-Chang Yu has served as our director since May 4, 2015. He is currently a Professor at the Department of Information and Computer Engineering at Chung Yuan Christian University, Taoyuan, Taiwan. Mr. Yu served as the principal engineer of Institute for Information Industry from 2017 to 2018. Mr. Yu also served as the assistant professor, associate professor and the chair of the computer science and information engineering department of Vanung University from 2009 to 2014. Mr. Yu received his bachelor's degree in science and doctoral degree in philosophy from National Central University, respectively.

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Te-Yung Hsu has served as our director since February 16, 2024. Prior to joining us, Mr. Hsu served as the trader in multiple companies including President Securities Corporation (TWSE: 2855) from 2016 to 2019, SinoPac Futures Corporation from 2011 to 2016, Jih Sun Securities Co., Ltd. from 2007 to 2008, China Bills Finance Corporation from 2006 to 2007 and Taishin Futures Co., Ltd. from 2004 to 2006. Mr. Hsu received his master's degree in science from National Tsing Hua University and his bachelor's degree in science from National Chiao Tung University.

Meyer Samuel Frucher has served as our independent director since October 28, 2021. Prior to joining us, Mr. Frucher served as the vice chairman of Nasdaq, Inc., a corporation that owns and operates the Nasdaq Stock Market, from 2008 to 2020. Mr. Frucher has also served as a director of The Options Clearing Corporation since 2000. From 1998 to 2008, Mr. Frucher served as chairman and chief executive officer of the Philadelphia Stock Exchange. Mr. Frucher has also served in various government positions, including as the chief labor negotiator for New York State, chief executive officer of Battery Park City Authority and chief executive officer of the School Construction Authority. He received his master of public administration degree from the John F. Kennedy School of Government, Harvard University and his bachelor's degree in government from Columbia University.

Tony Tsai has served as our director since February 27, 2025. Tony Tsai is a certified public accountant in Taiwan with extensive experience in finance and accounting. Mr. Tony Tsai holds a Master of Science in Finance from the University of Illinois at Urbana-Champaign and both a Master's and a Bachelor's degree in Accounting from National Taipei University. Mr. Tony Tsai is currently a Partner at ChengDa CPA Firm, with previous experience at Ernst & Young Taiwan.

Winnie Lin has served as our chief financial officer since September 5, 2022. Prior to joining us, Ms. Winnie Lin served at the Central Bank of Taiwan, LITE-ON Technology, Macquarie Capital Securities, McKinsey & Company and Radium Life Technology from 2006 to 2019. Ms. Winnie Lin received her master's degree in finance and her bachelor's dual degrees in business administration and accounting from National Taiwan University, respectively.

Patrick Wang has served as our chief business officer since December 16, 2019. Prior to joining us, Mr. Patrick Wang served as the senior manager of CyberTAN Technology from 2006 to 2011 and the department manager of Advanced Semiconductor Engineering Holdings from 2013 to 2018. Mr. Patrick Wang received his master's degree in international management from University of London, SOAS and his bachelor's degree in sociology from National Taipei University.

Ryan Lin has served as our chief compliance officer since May 15, 2025. Dr. Ryan Lin is an Associate Professor and Director of the School of Financial Technology at Ming Chuan University, with a Ph.D. in Law from National Taipei University. Dr. Ryan Lin's academic focus spans commercial and financial law, fintech regulation, and consumer protection. Dr. Ryan Lin concurrently serves as an adjunct associate professor at Soochow University and National Chung Cheng University. Dr. Ryan Lin holds numerous public, governmental, and industry roles, including Director of the Financial Ombudsman Institution under Taiwan's Financial Supervisory Commission, Independent Director of China Television Corporation, and Committee Member of the FSC's Human Rights Working Group. Dr. Ryan Lin has advised various public agencies on fintech, consumer rights, indigenous finance, and legal reform, and has contributed to several national policy initiatives and self-regulatory frameworks. Dr. Ryan Lin's expertise extends across cross-border governance, financial innovation, and institutional supervision, with prior roles in arbitration, regulatory drafting, and advisory positions in Taiwan and China.

Daphny Liu has served as our Internal Audit Director since February 1, 2023. Prior to joining our company, Ms. Liu served at PricewaterhouseCoopers, Taiwan from 2008 to 2021. Ms. Liu has the certificate of passing the CPA examination of Taiwan and is a Certified Information Security Auditor. Ms. Liu received her master's degree in business administration and her bachelor's dual degrees in business administration and accounting from National Taiwan University, respectively.

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Gina Lu has served as Head of Legal, U.S. since January 1, 2025, after joining our company in 2021. Prior to joining us, Ms. Gina Lu gained substantial experience at law firms in the United States and Taiwan, a global technology company in the Washington, D.C. metro area, and major financial institutions in Hong Kong and Taiwan. Ms. Gina Lu earned her Juris Doctor from Georgetown University Law Center and a Bachelor of Arts in Psychology and Sociology from the University of Washington in Seattle. Ms. Gina Lu is admitted to practice law in New York and the District of Columbia.

**Family Relationships** 

There are no family relationships among the persons listed above.

**Board of Directors** 

The board of directors of the Company (the "Board") will consist of seven directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. A director is not required to hold any shares in our company by way of qualification. A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company is required to declare the nature of his or her interest at a meeting of our directors. Subject to the Nasdaq rules and disqualification by the chairman of the relevant board meeting, a director may vote with respect to any contract or transaction, or proposed contract or transaction, notwithstanding that he or she may be interested therein, and if he or she does so his or her vote shall be counted and he or she may be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of the Company to raise or borrow money, and to mortgage or charge its undertaking, property and uncalled capital or any part thereof, and to issue debentures, debenture stock, bonds and other securities whenever outright or as security for any debt, liability or obligation of the Company or of any third party. Debentures, debenture stock, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued. None of our non-executive directors has a service contract with us that provides for benefits upon termination of service.

**Duties of Directors** 

Under the laws of the Cayman Islands, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. 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. In fulfilling their duty of care to us, our directors must ensure compliance with the Company's Third Amended and Restated Memorandum and Articles of Association, as amended and restated from time to time, and the class rights vested thereunder in the holders of the shares. In certain limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.

The Board has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of the Board include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at
such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of shares in our company, including the registration of such shares in our register of
members.

**Terms of Directors and Officers** 

Our directors may be appointed by an ordinary resolution of our shareholders. Alternatively, the Board may, by the affirmative vote of a simple majority of the directors present and voting at a board meeting, appoint any person as a director to fill a casual vacancy on the Board or as an addition to the existing Board. Our directors will hold and continue in office until they are removed from office under the terms of the Company's Third Amended and Restated Memorandum and Articles of Association or until they resign. In addition, a director will cease to be a director if, among other things, the director (i) dies; (ii) becomes bankrupt or makes any arrangement or composition with his or her creditors generally; (iii) is found to be or becomes of unsound mind; (iv) resigns his or her office by notice in writing to the Company; or (v) is removed from office by a resolution of the Company.

Our officers are appointed by and serve at the discretion of the Board, and may be removed by the Board.

**Committees of the Board of Directors** 

The Board has an audit committee. The audit committee's members and functions are described below.

***Audit Committee***

The audit committee consists of three directors, including Meyer Samuel Frucher, Tony Tsai and Hsiang-Chih Wang. Meyer Samuel Frucher is the chairperson of the audit committee. Tony Tsai satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC. Each of the audit committee members satisfies the requirements for an "independent director" within the meaning of the Nasdaq listing rules and the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

The audit committee oversees our accounting and financial reporting processes. The audit committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality and integrity of our financial statements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• internal control over financial reporting and disclosure controls and procedures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compliance with legal and regulatory requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our independent registered public accounting firm's qualifications and independence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our internal audit function, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our independent registered public accounting firm.

**Director Nominations** 

The Board considers director candidates recommended for nomination by our shareholders during such times as they are seeking proposed nominees to stand for election at the next annual meeting of shareholders (or, if applicable, a special meeting of shareholders). Our shareholders that wish to nominate a director for election to our Board should follow the procedures set forth in the Company's Third Amended and Restated Memorandum and Articles of Association.

In general, in identifying and evaluating nominees for directors, the Board considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, character, and the ability to exercise sound judgement, and relevant skills and experience, including financial literacy and experience in the context of the needs of the Board.

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**Code of Business Conduct and Ethics** 

We have adopted a new code of business conduct (the "Code of Business Conduct") that applies to all directors, executive officers and employees which is available on our website. The Code of Business Conduct is a "code of ethics" as defined in Item 406(b) of Regulation S-K. Copies of the Code of Business Conduct and charters for each of the Board committees will be provided without charge upon request from us and will be posted on our website. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our Internet website.

**Controlled Company** 

We will be a "controlled company," as defined under the rules of the Nasdaq, since Darren Wang, our founder and CEO, will have 67.2% of the total voting power of the Company upon the consummation of this listing. For so long as we remain a controlled company under this definition, we are permitted to elect to rely, and currently intend to rely, on certain exemptions from corporate governance rules, including the exemption from the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of our board of directors consist of "independent directors" as defined under the rules of
Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our director nominees be selected, or recommended for our board of directors' selection, by a
nominating/governance committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation of our executive officers be determined, or recommended to our board of directors for
determination, by a compensation committee comprised solely of independent directors.

**Foreign Private Issuer Status** 

See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Foreign Private Issuer Status*".

**Executive Officer and Director Compensation** 

For the year ended December 31, 2024, we paid an aggregate of US$553,815 in cash to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. For further information regarding share awards granted to our directors and executive officers, see "—Share Incentive Plan."

**Employment Agreements** 

We have entered into employment agreements with each of our executive officers in the form of our general employment agreement. Under these agreements, the terms of employment of our executive officers are typically not specified. We may terminate employment for cause, at any time, without advance notice, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime, or serious breach of duty of loyalty to us. We may also terminate an executive officer's employment without cause pursuant to applicable law of the jurisdiction where the executive officer is based. Executive officers typically may resign at any time with a 30-day advance written notice.

Each of these contracts of employment provides for an initial salary, discretionary annual bonus opportunity, equity incentive opportunities and participation in welfare and retirement plans. Either party must give between 10 days and one month of prior written notice of a termination of employment, subject to certain exceptions such as retirement or termination for cause. Our executive officers are generally subject to obligations not to compete with us and not to solicit our employees or customers for 24 months after termination of employment.

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Executive officers have agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our business partners, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.

**Share Incentive Plan** 

On July 15, 2021, the Board approved the Share Incentive Plan (the "Plan"). The Plan provides for the grant of option, restricted share, restricted share unit, dividend, equivalent, share appreciation right or share payment (the "Award"), within the meaning of Section 422 of the Code, to service providers, including employees and directors, of the Company or its affiliates as selected by the administrator.

*Authorized Shares.* Subject to the adjustment provisions in the Plan, the maximum aggregate number of the Class A Common Shares that may be issued under the Plan shall be 10,000,000 Class A Common Shares. If an Award terminates, expires or lapses or is cancelled for any reason, any shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan (unless the Plan has terminated).

*Plan Administration.* The administrator, delegated by the Board or the compensation committee of the Board (if applicable), will have authority to administer the Plan, and the decisions, determinations and interpretations of the administrator, shall be final, binding and conclusive for all purposes and upon all participants. The Board in its sole discretion may terminate this Plan at any time.

The administrator has the power and authority to prescribe the forms of award agreement for use under the Plan, which need not be identical for each participant, and to amend any award agreement; provided, that: (1) the rights or obligations of the participant holding the Award that is the subject of any such award agreement are not affected adversely by such amendment; (2) the consent of the affected Participant is obtained; or (3) such amendment is otherwise permitted under the Plan. The administrator also has the power and authority to prescribe, amend and rescind rules and regulations relating to the Plan and the administration of the Plan and all award agreements.

The Board in its sole discretion may terminate this Plan at any time. The Board may amend this Plan at any time in such respects as the Board may deem advisable, subject to applicable laws.

*Types of Awards.* The Plan permits the Awards of option, restricted share, restricted share unit, dividend equivalent, share appreciation right and share payment.

*Eligibility.* The Company's service providers, including employees and directors, of the Company, any subsidiary or any related entity, are eligible to participate in the Plan.

*Grant Notices.* After the administrator determines that it will offer Awards under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Awards. 

*Conditions of Awards.* The administrator determines the provisions, terms and conditions of each Award granted under the Plan, including, but not limited to, the types of Awards, the number of shares, the vesting schedule, exercise price, exercise periods and any restriction or limitation regarding the Award.

*Vesting*. The period during which an Award, in whole or in part, vests shall be set by the administrator, and the administrator may determine that an Award may not vest in whole or in part for a specified period after it is granted. At any time after grant of an Award, the administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Award vests.

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*Exercise Price.* The exercise price subject to an option shall be determined by the administrator and set forth in the award agreement, which may be a fixed or variable price determined by reference to the fair market value of the shares. The option's exercise price will not be less than the par value per share. Notwithstanding the foregoing, the exercise price of options granted to any U.S. Person will be no less than the fair market value on the date of grant unless with compliance with Section 409A of the Code or the person's consent. The exercise price of options granted pursuant to an assumption or substitution for an option granted by another company may be less than the fair market value of the shares.

*Term of Awards.* The term of each Award shall be stated in the award agreement; provided, that the term shall be no more than ten (10) years from the date of grant thereof. Any option granted shall be exercisable according to the terms at such times and under such conditions as determined by the administrator and set forth in the award agreement.

*Non-Transferability of Awards.* Any shares issued upon the exercise of or in settlement of an Award shall be subject to such special cancellation conditions, rights of repurchase or redemption, rights of first refusal, and other transfer restrictions as set forth in the shareholders agreement of the Company or as the administrator may determine as set forth in an award agreement*.* Any transfer or attempted transfer of any shares not made in compliance with such restrictions shall be rejected by the administrator.

*Dissolution or Liquidation.* In the event of the dissolution or liquidation of the Company, the administrator may provide for a participant to have the right to exercise the participant's option or share appreciation right until 15 days prior to the commencement of such dissolution or liquidation. In addition, the administrator may provide that any Company repurchase option or any vesting condition applicable to any restricted shares shall lapse as to all such restricted shares and any shares issuable under any restricted share units or as share payments shall be issued as of such date. To the extent it has not been previously exercised or paid out, all Awards will terminate immediately prior to the commencement of such proposed dissolution or liquidation.

*Change in Control*. In the event of a change of control, as defined in the Plan, the Company, as determined in the sole discretion of the Administrator and without the consent of the Participant, may (i) accelerate the vesting, in whole or in part, of any Award; (ii) purchase any Award for an amount of cash or shares equal to the value; (iii) provide for the assumption, conversion or replacement of any Award by the successor or surviving company or a parent or subsidiary of the successor or surviving company with other rights or property.

*Termination*. The Plan has a term of ten years from June 28, 2020. Except due to adjustments upon changes in capitalization or change in control, any amendment or termination of this Plan shall not affect Awards previously granted or issued, as the case may be, and such Awards shall remain in full force and effect as if this Plan had not been amended or terminated.

The following table summarizes, as of the date of this prospectus, awards we have granted to our directors and executive officers under the Share Incentive Plan. As of September 1, 2025, all options issued under the Share Incentive Plan have been exercised or have expired; 806,260 RSUs were unvested and outstanding as granted under the Share Incentive Plan.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Number of Class A<br>Common Shares<br>Underlying<br>Awards Granted** | **Excise Price**<br>**(US$/Share)** | **Grant Date** | **Expiration Date** |
|  Chun-Kai Wang (Darren Wang) | 1200000 | 1.24 | July 15, 2021 | July 14, 2023 |
|  | 3000000 |  | August 8, 2025 |  |
|  Chung-Han Hsieh (John Hsieh) | 1000000 | 1.24 | July 15, 2021 | July 14, 2023 |
|  | \* |  | August 8, 2025 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Number of Class A<br>Common Shares<br>Underlying<br>Awards Granted** | **Excise Price**<br>**(US$/Share)** | **Grant Date** | **Expiration Date** |
|  Wei-Li Lin (Winnie Lin) | \* |  | August 8, 2025 |  |
|  Kang-Ho Wang (Patrick Wang) | \* | 2.00 | July 15, 2021 | July 14, 2023 |
|  | \* |  | August 8, 2025 |  |
|  Tzu-Chu Liu (Daphny Liu) | \* |  | August 8, 2025 |  |
|  Meng-Shiang Lin (Ryan Lin) | \* |  | August 8, 2025 |  |
|  Ying Lu (Gina Lu) | \* |  | August 8, 2025 |  |
|  Meyer Samuel Frucher | \* |  | August 8, 2025 |  |
|  Hsing-Ju Tsai (Tony Tsai) | \* |  | August 8, 2025 |  |
|  **Total** | **6433414** |  |  |  |

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\* Less than 1% of our total outstanding Common Shares or voting power. 

**Insurance and Indemnification** 

To the extent permitted under Cayman Islands law, the Company is empowered to indemnify its directors against any liability they incur by reason of their directorship. The Company intends to enter into indemnification agreements with each of our directors and officers. Under these agreements, we may 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. The Company intends to obtain directors' and officers' insurance to insure such persons against certain liabilities. Insofar as indemnification of liabilities arising under the Securities Act may be permitted to the Board, executive officers or persons controlling us pursuant to the foregoing provisions, the Company has 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.

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**PRINCIPAL AND REGISTERED SHAREHOLDERS** 

The following table sets forth information regarding the beneficial ownership of our Common Shares as of September 1, 2025, (taking into effect certain conversion from Class B Common Shares to Class A Common Shares that is pending formal registration) for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person who has reported to us that such person beneficially owns 5% or more of either of our outstanding
Class A Common Shares or Class B Common Shares.

The following table also sets forth the number of Class A Common Shares and Class B Common Shares held by the registered shareholders and registered as Class A Common Shares for resale by means of this prospectus for the registered shareholders.

The registered shareholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling Class A Common Shares or interests in stock received after the date of this prospectus from a registered shareholder as a gift, pledge, partnership distribution or other transfer, may, or may not, elect to sell their shares of Class A Common Shares or interests in stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on the Nasdaq at prevailing market prices. As such, we will have no input if and when any registered shareholder may, or may not, elect to sell their Class A Common Shares or the prices at which any such sales may occur. Prior to any sales of any Class B Common Shares, a registered shareholder who holds Class B Common Shares must convert their Class B Common Shares into Class A Common Shares. See "Plan of Distribution."

The registered shareholders include (i) our affiliates and certain other shareholders with "restricted" securities under the applicable securities laws and regulations who, because of their status as affiliates of us or because they acquired their share capital from an affiliate or from us within 12 months from the date of any proposed sale, would otherwise be unable to sell their securities pursuant to Rule 144 until we have been subject to the reporting requirements of Section 13 or Section 15(d) the Exchange Act for a period of at least 90 days, and (ii) our current and former non-executive officer and non-director employees and service providers. See "Shares Eligible for Future Sale" for further information regarding sales of such "restricted" securities if not sold pursuant to this prospectus.

Information concerning the registered shareholders may change from time to time and any changed information will be set forth in supplements to this prospectus, if and when necessary. Because the registered shareholders who hold Class B Common Shares may convert their Class B Common Shares into Class A Common Shares at any time and the registered shareholders may sell all, some, or none of their Class A Common Shares covered by this prospectus, we cannot determine the number of such Class A Common Shares that will be sold by the registered shareholders, or the amount or percentage of Common Shares that will be held by the registered shareholders, either as Class A Common Shares or Class B Common Shares, upon consummation of any particular sale. In addition, the registered shareholders listed in the table below may have sold, transferred, or otherwise disposed of, or may sell, transfer, or otherwise dispose of, at any time and from time to time, Class A Common Shares or Class B Common Shares in transactions exempt from the registration requirements of the Securities Act, after the date on which they provided the information set forth in the table below. The registered shareholders have not, nor have they within the past three years had, any position, office, or other material relationship with us, other than as disclosed in this prospectus. See the sections titled "Management" and "Related Party Transactions" for further information regarding the registered shareholders.

We intend to use our commercially reasonable efforts to, and we currently intend to, keep the registration statement effective for a period of 90 days after the effectiveness of the registration statement. We have registered Class A Common Shares underlying certain Class B Common Shares currently held by registered shareholders, as well as by our affiliates, that can convert into Class A Common Shares while the registration

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statement of which this prospectus forms a part is effective. We are not party to any arrangement with any registered shareholder or any broker-dealer with respect to sales of Class A Common Shares by the registered shareholders. However, we have engaged financial advisors with respect to certain other matters relating to our listing. See "Plan of Distribution."

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. However, these shares are not included in the computation of the percentage ownership of any other person.

The percentage of shares beneficially owned before this listing is computed on the basis of 88,377,671 outstanding Common Shares in aggregate as of September 1, 2025, consisting of 37,869,671 outstanding Class A Common Shares and 50,508,000 outstanding Class B Common Shares as of September 1, 2025, which takes into effect certain conversion from Class B Common Shares to Class A Common Shares that is pending formal registration. Shares that a person has the right to acquire within 60 days of September 1, 2025 are deemed outstanding for purposes of computing the percentage ownership of the person holding such rights, but are not deemed outstanding for purposes of computing the percentage ownership of any other person. There has been no significant change in the percentage ownership held by any major shareholders during the past three years than otherwise disclosed in this registration statement.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Shares Beneficially Owned** | **Common Shares Beneficially Owned** | **Common Shares Beneficially Owned** | **Common Shares Beneficially Owned** | **Shares of<br>Class A**<br>**Common<br>Shares**<br>**being<br>Registered** |
| **Shareholder** | **Class A<br>Common<br>Shares** | **Class B<br>Common<br>Shares** | **% of total<br>Common<br>Shares†** | **% of<br>voting<br>power††** | **Shares of<br>Class A**<br>**Common<br>Shares**<br>**being<br>Registered** |
|  **Directors and Executive Officers:\*\*** |  |  |  |  |  |
|  Chun-Kai Wang (Darren Wang) (1) | 3105778 | 36150000 | 44.4 | 67.2 |  |
|  Chung-Han Hsieh (John Hsieh) (2) | 200000 | 10000000 | 11.5 | 18.5 |  |
|  Hsiang-Chih Wang | 242500 | 727500 | 1.1 | 1.4 |  |
|  Chih-Chang Yu | 112500 | 337500 | \* | \* |  |
|  Te-Yung Hsu (3) | 1099606 |  | 1.2 | \* |  |
|  Meyer Samuel Frucher | 10000 |  | \* | \* |  |
|  Hsing-Ju Tsai (Tony Tsai) (4) | 10000 |  | \* | \* |  |
|  Wei-Li Lin (Winnie Lin) (5) | 450000 | 50000 | \* | \* |  |
|  Kang-Ho Wang (Patrick Wang) (6) | 309050 |  | \* | \* |  |
|  Meng-Shiang Lin (Ryan Lin) | 9828 |  | \* | \* |  |
|  Tzu-Chu Liu (Daphny Liu) | 10125 |  | \* | \* |  |
|  Ying Lu (Gina Lu) | 13200 |  | \* | \* |  |
|  **All directors and executive officers as a group** | 5572587 | 47265000 | 59.7 | 88.1 |  |
|  **5% or More Shareholders:** |  |  |  |  |  |
|  SBI Digital Strategic Investment Co., Ltd. (7) | 15308819 |  | 17.3 | 2.8 |  |
|  **Other Registered Shareholders** |  |  |  |  |  |
|  Non-Executive Officer and Non-Director Employees and Service Providers (8) | 1844257 | 10000 | 2.1 | \* |  |
|  All Other Registered Shareholders (9) | 7616267 |  | 8.6 | 1.4 |  |

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\* Less than 1% of our total outstanding Common Shares or voting power. 

\*\* The business address of our directors and executive officers is 9F., No. 28, Wencheng Rd., Beitou Dist.,Taipei City 112, Taiwan, Republic of China.

† For each person and group included in this column, percentage ownership is calculated by dividing the number of
common shares beneficially owned by such person or group, including shares that such person or group has the right to acquire within 60 days after the date of this prospectus, by the sum of (i) the total number of common shares issued and
outstanding as of the date of this prospectus, and (ii) the number of common shares that such person or group has the right to acquire beneficial ownership of within 60 days after the date of this prospectus.

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| | |
|:---|:---|
| †† | For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B Common Shares as a single class. In respect of matters requiring a shareholder vote, each Class A Common Share is entitled to one vote and each Class B Common Share is entitled to 10 votes. Each Class B Common Share is convertible into one Class A Common Share at any time by the holder thereof. Class A Common Shares are not convertible into Class B Common Shares under any circumstances.  |

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(1) Includes 2,850,000 Class A Common Shares that are unvested Restricted Shares granted under the Share Incentive
Plan.

(2) Includes 190,000 Class A Common Shares that are unvested Restricted Shares granted under the Share Incentive
Plan.

(3) Includes 150,000 Class A Common Shares from the assumed full conversion, upon the direct listing, of rights
issued in connection with the SAFE agreement in the amount of financing of US$1,500,000, assuming the conversion price at US$10.00 per share.

(4) Includes 7,500 Class A Common Shares that are unvested Restricted Shares granted under the Share Incentive Plan.

(5) Includes 427,500 Class A Common Shares that are unvested Restricted Shares granted under the Share Incentive
Plan.

(6) Includes 252,048 Class A Common Shares that are unvested Restricted Shares granted under the Share Incentive
Plan.

(7) Represents 15,308,819 Class A Common Shares held by SBI Digital Strategic Investment Co., Ltd., a limited
liability company incorporated in Japan with registered office at 1-6-1 Roppongi, Minato-Ward, Tokyo, Japan. SBI Digital Strategic Investment Co., Ltd is majority held
by SBI Holdings, Inc.

(8) Includes 1,022,755 Class A Common Shares that are unvested Restricted Shares granted under the Share Incentive
Plan.

(9) Includes 70,000 Class A Common Shares from the assumed full conversion, upon the direct listing, of rights
issued in connection with the SAFE agreement in the amount of financing of US$700,000, assuming the conversion price at US$10.00 per share.

As of September 1, 2025 (taking into effect certain conversion from Class B Common Shares to Class A Common Shares that is pending formal registration), we had 24 holders of record of our Class A Common Shares in the United States, holding, in the aggregate 6,147,368, or 16.2% of our outstanding Class A Common Shares. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company. See "Description of Share Capital—History of Securities Issuances" for a description of issuances of our shares that have resulted in significant changes in ownership held by our major shareholders. Upon the consummation of the listing, Darren Wang, our founder and CEO, will continue to beneficially own more than 50% of the total voting power of the Company and will remain our controlling shareholder.

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**RELATED PARTY TRANSACTIONS** 

The following is a description of related party transactions we have entered into since 2022, with any directors of the Board, executive officers or holders of more than 10% of any class of our voting securities.

**Employment Agreements and Indemnification Agreements** 

See "Management — Employment Agreements" and "Management — Insurance and Indemnification."

**Private Placements** 

See "Description of Share Capital — History of Securities Issuances."

In 2024, Darren Wang, our founder, chairman and chief executive officer, purchased in aggregate 230,081 Class A Common Shares for a total cash consideration of US$1.62 million.

**Share Incentive Plans** 

See "Management — Share Incentive Plan."

**Other Transactions with Related Parties** 

***Transactions with Mr. Darren Wang***

As of December 31, 2022, 2023 and 2024 and as of June 30, 2025, the amounts of our borrowings from Mr. Darren Wang, our founder, chairman and chief executive officer, were US$1,704,161, US$1,476,065, US$1,243,058 and US$1,356,093, respectively. The purpose of these borrowings is to expand the Company's working capital. These borrowings are interest-free and subject to automatic extension for periods of one year unless the lender provides 30 days' advance notice.

As of December 31, 2022, 2023 and 2024 and as of June 30, 2025, the amounts of our payables to Mr. Darren Wang, our founder, chairman and chief executive officer, were US$781, US$19,350, US$10,332 and US$500, respectively.

As of December 31, 2022, 2023 and 2024 and as of June 30, 2025, the amounts of our receivables from Mr. Darren Wang, our founder, chairman and chief executive officer, were US$17,299, US$17,311, US$0 and US$0, respectively.

***Transactions with Mr. Chung-Han Hsieh***

As of December 31, 2022, 2023 and 2024 and as of June 30, 2025, the amounts of our borrowings from Mr. Hsieh, our co-founder, director and chief technology officer, were US$470,000, US$470,000, US$470,000 and US$470,000, respectively. The purpose of these borrowings is to expand the Company's working capital. These borrowings are interest-free and subject to automatic extension for periods of one year unless the lender provides 30 days' advance notice.

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**DESCRIPTION OF SHARE CAPITAL** 

A summary of the material provisions governing the Company's share capital following the direct listing is described below. This summary is not complete and should be read together with the Company's Third Amended and Restated Memorandum and Articles of Association, which would be effective immediately prior to the completion of the initial listing on a national securities exchange of the Company's Class A Common Shares, a copy of which is appended to this prospectus as Exhibit 3.2.

The Company is a Cayman Islands exempted company with limited liability and its affairs are governed by the Company's memorandum and articles of association, the Companies Act, and the common law of the Cayman Islands. Under the Company's Third Amended and Restated Memorandum and Articles of Association, the objects of the Company are unrestricted, and the Company has full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

The Company's authorized share capital is US$1,000,000 divided into (i) 924,000,000 Class A Common Shares, with nominal or par value of US$0.001 per share, (ii) 75,000,000 Class B Common Shares, with nominal or par value of US$0.001 per share and (iii) 1,000,000 Class A Preferred Shares, with nominal or par value of US$0.001 per share, as the Board and the shareholders of the Company may determine in accordance with the Articles. [All Common Shares issued and outstanding were fully paid and non-assessable.] The Company has also previously issued certain Class A Preferred Shares, par value US$0.001 per share, which are not convertible into any other shares of the Company, and which the Company is obligated to, and expects to, redeem in full shortly after the consummation of this listing. For further information on the redemption of Class A Preferred Shares, see Note 15, "Preference share liabilities" to our consolidated financial statements included elsewhere in this registration statement.

The following are summaries of the material provisions of the Company's Third Amended and Restated Memorandum and Articles of Association and the Companies Act insofar as they relate to the material terms of the Common Shares.

**Common Shares** 

***Voting Rights***

Subject to different rules applied to the situation of variations of rights of shares (as illustrated below), holders of Class A Common Shares and Class B Common Shares shall at all times vote together as one class on all resolutions submitted to a vote by the members. Each Class B Common Share shall entitle the holder thereof to ten votes on any ordinary or special resolution of the Company, and each Class A Common Share shall entitle the holder thereof to one vote on any ordinary or special resolution of the Company.

An ordinary resolution to be passed by the members requires the affirmative vote of a simple majority of votes attached to the Common Shares cast in a general meeting or consented to such resolution in writing by all of the members entitled to vote, while a special resolution requires the affirmative vote of no less than two-thirds of votes cast attached to the Common Shares. A special resolution will be required for important matters such as a change of name or making changes to the Company's Third Amended and Restated Memorandum and Articles of Association.

***Conversion Between Class A Common Shares and Class B Common Shares***

Subject to the Company's Third Amended and Restated Memorandum and Articles of Association, each Class B Common Share is convertible into one Class A Common Share at any time at the option of the holder thereof. Subject to the Company's Third Amended and Restated Memorandum and Articles of Association, each Class B Common Share shall be converted into one fully paid and non-assessable Class A Common Share upon the occurrence of any sale, transfer, assignment, conveyance, hypothecation or other transfer or disposition of any Class B Common Share to any natural person, firm, company, joint venture, partnership, corporation, association or other entity who is not the Designated Person (as defined in the Third Amended and Restated Memorandum and Articles of Association) or an affiliate of the Designated Person.

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***Dividends***

The directors may from time to time declare dividends (including interim dividends) and other distributions on our shares in issue and authorize payment of the same out of the profits or out of the share premium account of the Company lawfully available therefor or otherwise as permitted by law. Holders of Class A Common Shares and Class B Common Shares will be entitled to the same amount of dividends, if declared.

***Liquidation***

On a winding-up, holders of Common Shares will be entitled to participate in any surplus assets in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively.

***Transfer of Shares***

Subject to the Company's Third Amended and Restated Memorandum and Articles of Association or any relevant securities laws, any holder of Common Shares may transfer all or any shares by an instrument of transfer in writing in the form specified in the Company's Third Amended and Restated Memorandum and Articles of Association or in any usual or common form approved by the directors.

Subject to the right to transfer of shares as agreed by the Company in any contractual agreement between the Company and holder of such shares, the directors may, in their absolute discretion, decline to register any transfer of Common Shares which is not fully paid up or on which the Company has a lien. The registration of transfers may be suspended at such times and for such periods as the directors may from time to time determine provided always that such registration shall not be suspended for more than thirty days in any year.

The directors may decline to recognize any transfer of Shares unless (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; and 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.

If the directors refuse to register a transfer of any Shares, they shall, within three calendar months after the date on which the transfer was lodged with the Company, send to the transferor and the transferee notice of the refusal.

***Calls on Shares and Forfeiture of Shares***

The directors may from time to time make calls upon the members in respect of any moneys unpaid on their Shares. Any Shares that have been called upon and remain unpaid are, after a notice period, subject to forfeiture.

***Variation of Share Rights***

Whenever the share capital of the Company is divided into different classes, the rights attached to any such class may, unless otherwise provided by the terms of issue of the shares of that class, be varied with the consent in writing of the holders of majority of the issued shares of that class or with the sanction of an ordinary resolution passed at a separate general meeting of the holders of the shares of that class.

**Exempted Company** 

The Company is an exempted company with limited liability incorporated under the Companies Act. The Companies Act in the Cayman Islands 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

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies of
the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company's register of members is not open to inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may issue no par value shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. Upon the consummation of this listing, we will be subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. As our Class A Common Shares will be listed on Nasdaq, we will also be subject to the rules of Nasdaq, but we intend to follow home country practice for certain corporate governance practices in lieu of Nasdaq corporate governance listing standards. See "Risk Factors—Risks Related to the Class A Common Shares—As a foreign private issuer in the United States, we are exempt from certain U.S. proxy rules and disclosure requirements under the Exchange Act, which may afford less protection to holders of our Class A Common Shares than they would enjoy if we were a domestic U.S. company." and "—As a foreign private issuer in the United States, we are permitted to, and will, rely on exemptions from certain Nasdaq corporate governance standards, which may afford less protection to holders of our Class A Common Shares."

**Differences in 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 certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware and their shareholders.

This discussion does not purport to be a complete statement of the rights of holders of our Common 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 consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated 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 written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of 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.

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A merger between a Cayman 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 company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

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 limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, 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 (i) in the case of a shareholder scheme, by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and (ii) in the case of a creditor scheme only, by a majority in number of each class of creditors with whom the arrangement is to be made and who must in addition represent seventy-five per cent in value of each such 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 shareholder upon a tender offer. When a tender offer is made and accepted by holders of not less than 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 but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, a 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.

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***Shareholders' Suits***

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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. The Company's Third Amended and Restated 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 Law for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and executive officers prior to the consummation of this listing, that provide such persons with additional indemnification beyond that provided in the Company's Third Amended and Restated 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 acts 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, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

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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, and a duty to exercise powers for the purposes for which such powers were intended. 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 Resolution***

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. The Company's Third Amended and Restated Memorandum and Articles of Association provide that any ordinary or special resolution of shareholders and any other action that may be taken by the shareholders at a meeting may also be taken by a resolution consented to in writing, without the need for any notice, by all shareholders who would have been entitled to attend and vote at a meeting called for the purpose of passing such a resolution or taking any other action.

***Shareholder Proposals***

Under the Delaware General Corporation Law, 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. However, these rights may be provided in a company's articles of association. The Company's Third Amended and Restated Memorandum and Articles of Association do not provide for shareholders to requisite a general meeting. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting***

Under the Delaware General Corporation Law, 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 for a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but the Company's Third Amended and Restated Memorandum and 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 the Company's Third Amended and Restated Memorandum and Articles of Association, directors may be removed by an ordinary resolution of our

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shareholders. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the Company; (iv) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive meetings and the Board resolves that his office be vacated or (v) is removed from office pursuant to any other provisions of the Company's Third Amended and Restated Memorandum and Articles of Association.

***Transactions with Interested Shareholders***

The Delaware General Corporation Law 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 the target's outstanding voting share 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 not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

Under the Delaware General Corporation Law, 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 the Company's Third Amended and Restated Memorandum and Articles of Association, the 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 Law, 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 Cayman Islands law and the Company's Third Amended and Restated Memorandum and Articles of Association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of the holders of majority of the issued shares of that class or with the sanction of an ordinary resolution passed at a general meeting of the holders of the shares of that class.

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***Amendment of Governing Documents***

Under the Delaware General Corporation Law, 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. Under the Companies Act and the Company's Third Amended and Restated Memorandum and Articles of Association, the Company's governing documents may only be amended by a special resolution of shareholders.

***Rights of Non-Resident or Foreign Shareholders***

There are no limitations imposed by the Company's Third Amended and Restated 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 the Company's Third Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**History of Securities Issuances** 

The following is a summary of our securities issuances in the past three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 15, 2022, we issued 142,412 Class A Common Shares at par value US$0.001 due to equity
fundraising in 2021 for a consideration of US$1,859,925.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 26, 2022 or as later registered on the Company's register of members, we issued 1,411,215
Class A Common Shares at par value US$0.001 due to the exercise of stock options granted under the Share Incentive Plan for a consideration of US$2,994,056.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 16, 2024 or as later registered on the Company's register of members, we issued 1,666,817
Class A Common Shares at par value US$0.001 due to equity fundraising in 2023 for a consideration of US$10,884,310.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 19, 2024 or as later registered on the Company's register of members, we issued 1,090,351 Class
A Common Shares at par value US$0.001 due to equity fundraising in 2024 for a consideration of US$7,120,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 19, 2024, we issued 285,861 Class A Common Shares at par value US$0.001 upon conversion of
rights under SAFE agreements initially entered into in 2022 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 11, 2025, we issued 400,000 Class A Common Shares at par value US$0.001 due to equity fundraising
from November 2024 to February 2025 for a consideration of US$2,960,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 11, 2025 or as later registered on the Company's register of members, we issued 1,560,970
Class A Common Shares at par value US$0.001 due to equity fundraising from April 2025 to August 2025 for a consideration of US$15,609,700.

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***Financing Agreements***

We have entered into the following material contracts, other than contracts entered into in the ordinary course of our business, during the last two fiscal years:

*SAFE Agreements* 

The Company entered into SAFE agreements with certain investors in 2023 and 2025, in the aggregate amounts of US$430,000 and US$2,550,000, respectively. Please refer to Note 14, "Non-current Financial Liabilities at Fair Value Through Profit or Loss" of our consolidated financial statements for more information. The rights issued in connection with the SAFE Agreements entered into in 2023 have been converted into Class A Common Shares or cash upon the Company's equity financing event in 2024. The rights issued in connection with the SAFE Agreements entered into in 2025, in the amount of financing of US$2,550,000, will be, upon public listing of the Company's Class A Common Shares on a securities exchange, at the discretion of the SAFE purchasers, (i) cashed out at the SAFE purchase amount plus an accrued interest at the simple rate of 5% per annum, or (ii) converted into a certain number of Class A Common Shares immediately following such public listing, by dividing the SAFE purchase amount by, in the case of our contemplated direct listing, the opening trading price of the Class A Common Shares on the principal securities exchange on which they are listed on the date of the direct listing, and without any discount to such conversion price, which number of shares is estimated to be 255,000 Class A Common Shares based on an assumed conversion price of US$10.00 per share, which is equal to the price at which we sold an aggregate of 1,560,970 shares of our Class A Common Shares to investors in a private placement from April 2025 to August 2025.

*Share Subscription Agreements for Class A Common Shares* 

The Company entered into share subscription agreements with certain investors for the subscription of Class A Common Shares in 2023, 2024, and 2025 year to date, in the aggregate investment amounts of US$10,884,310, US$9,120,000, and US$16,569,700, in 2023, 2024, and 2025 year to date, respectively.

Each of the investors agreed to a customary lock-up obligation not to transfer or make any short sale of any securities of the Company for a period not to exceed 180 days in connection with the first public offering of any class of the Company's shares and upon request of the Company or the underwriters. In the event that the Board, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their respective Company shares from a bona fide third party, the Company may obligate such investors to sell all of their respective shares in the Company on the same terms and conditions as resolved by the Board or the shareholders of the Company.

*Share Subscription Agreements for Class A Preferred Shares* 

On May 18, 2020, the Company entered into a share subscription agreement with the National Development Fund (NDF), Executive Yuan of Taiwan pursuant to which the National Development Fund purchased 1,000,000 shares of the Class A Preferred Shares from the Company for NT$60,000,000. Please refer to Note 15, "Preference share liabilities" to our consolidated financial statements for more information.

Pursuant to the share subscription agreement, the Class A Preferred Shares issued to the National Development Fund shall only be entitled to vote: (i) on matters that alter or change adversely the powers, preferences or rights given to the Class A Preferred Shares; or (ii) at a meeting of the holders of Class A Preferred Shares. The Class A Preferred Shares shall not be entitled to any distribution, other than a dividend at the rate of 1.5% per annum of the subscription price paid for each Preferred Share. The Company shall redeem all Class A Preferred Shares upon the second anniversary of the issue date of the Class A Preferred Shares by paying in cash the original subscription price paid for each Class A Preferred Share together with all unpaid dividends thereon. If the Company conducts a public offering or is otherwise required pursuant to the share subscription agreement, the Company shall immediately redeem all Class A Preferred Shares.

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On November 15, 2021, the parties to the share subscription agreement agreed that the period before the Company is obligated to redeem all Class A Preferred Shares shall be extended to three years. On July 21, 2023, the parties further agreed that the agreement were revised as follows: (i) the period before the Company is obligated to redeem Class A Preferred Shares shall be further extended by one year, during which period the dividends shall accrue at the rate of 1.5% per annum; and (ii) upon expiration of such period, the Company shall redeem Class A Preferred Shares plus accrued dividends on a quarterly basis for a period of five years.

Since October 2024, the Company has been making quarterly redemption pursuant to the revised agreement. On February 7, 2025, the Company obtained NDF's consent that if the Company becomes a publicly listed company, the Company may carry out the required one-time redemption of all remaining preferred shares within two months after the listing.

***Registration Rights***

Following the effectiveness of the registration statement of which this prospectus forms a part, SBI Digital Strategic Investment Co., Ltd. (formerly named SBI Crypto Investment Co., Ltd.), a holder of our common shares who holds, as of the time of effectiveness the registration statement of which this prospectus forms a part, 15,308,819 Class A Common Shares, will be entitled to rights (the "Registration Rights") with respect to the registration of their common shares under the Securities Act, pursuant to an Investor Rights Agreement we entered into with such holder of our common shares in April 2018. Such holder's Registration Rights consist of customary rights for demand registration, F-3 registration and piggyback registration. The Registration Rights are only with respect to such holder's Class A Common Shares (including any Class A Common Shares issued or issuable upon the conversion or exercise of other securities). We will pay the registration expenses (other than underwriting discounts and commissions) of such holder of the shares registered pursuant to the registration rights described below. In an underwritten offering, the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares such holder may include. [The registration rights of SBI Digital Strategic Investment Co., Ltd. will be subject to certain lock-up arrangements. For more details, see "Shares Eligible for Future Sale—Lock-Up."]

*Demand Registration Rights* 

At any time beginning 180 days after the effectiveness of the registration statement of which this prospectus forms a part, such holder of our common shares can request that we register the offer and sale of their shares on a Form F-1 registration statement. Such request for registration must cover at least 20% of their common shares then outstanding or securities with an anticipated aggregate offering price of at least $10 million. We are obligated to effect only two such registrations. If we determine that it would be materially detrimental to us and our shareholders to effect such a demand registration, we have the right to defer such registration, not more than once in any twelve-month period, for a period of up to 90 days. Additionally, we will not be required to effect a demand registration during the period beginning 60 days prior to the public filing of a registration statement, and ending on a date 180 days following the effectiveness of a registration statement. Lastly, we will not be required to effect a demand registration if the shares proposed to be registered may be immediately registered on a Form F-3 pursuant to the F-3 registration rights.

*F-3 Registration Rights* 

If we are eligible to file a registration statement on Form F-3, such holder of our common shares may make a written request that we register the offer and sale of their shares on a registration statement on Form F-3 so long as the request covers securities with an anticipated aggregate public offering price of at least $5 million. Such holder of our common shares may make an unlimited number of requests for registration on Form F-3; however, we will not be required to effect a registration on Form F-3 during the period beginning 30 days prior to the public filing of a registration statement, and ending on a date 90 days following the effectiveness of a registration statement, or if we have effected such a registration within the twelve-month period preceding the date of the request. Additionally, if we determine that it would be materially detrimental to us and our shareholders to effect such a registration, we have the right to defer such registration, not more than once in any twelve-month period, for a period of up to 90 days.

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*Piggyback Registration Rights* 

If we propose to register any of our common shares under the Securities Act in connection with a public offering such shares solely for cash, such holder of our common shares will be entitled to certain "piggyback" registration rights allowing the such holder to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a registration related to any stock option, stock purchase or similar employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (ii) a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the shares registrable under the said agreement or (iii) a registration in which the only common shares being registered are common shares issuable upon conversion of debt securities that are also being registered, such holder of our common shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this direct listing, there has been no public market for our Class A Common Shares in the United States, and we cannot predict the effect, if any, that market sales of our Class A Common Shares, or the availability of our Class A Common Shares for sale, will have on the price of our Class A Common Shares prevailing from time to time. Although we intend to apply to list the Class A Common Shares on Nasdaq Global Market, we cannot assure you that a regular trading market for the Class A Common Shares will develop. Sales of a substantial number of our Class A Common Shares in the public market following our listing on Nasdaq, or the perception that such sales could occur, could adversely affect the public price of our Class A Common Shares and may make it more difficult for you to sell your shares at a time and price that you deem appropriate. We will have no input if and when any registered shareholders may, or may not, elect to sell their shares or the prices at which any such sales may occur.

Upon the effectiveness of the registration statement of which this prospectus forms a part, based on the number of shares of our capital stock outstanding as of September 1, 2025 (taking into effect certain conversion from Class B Common Shares to Class A Common Shares that is pending formal registration), we will have a total of 37,869,671 Class A Common Shares outstanding and a total of 50,508,000 Class B Common Shares outstanding. Each Class B Common Share will be convertible to one Class A Common Share at any time at the option of the holder thereof. Class A Common Shares are not convertible into Class B Common Shares under any circumstances.

Following the effectiveness of the registration statement of which this prospectus forms a part, our Class A Common Shares may, subject to certain lock-up arrangements, be sold either by the registered shareholders pursuant to this prospectus or by our other existing shareholders in accordance with Rule 144 of the Securities Act. Our Class A Common Shares and Class B Common Shares will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act, including, but not limited to, the shares registered hereunder, or if they qualify for an exemption from registration, including under Rules 144 or 701 under the Securities Act, which are summarized below. Restricted securities also may be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S.

As further described below, until we have been a reporting company for at least 90 days, only non-affiliates who have beneficially owned their shares for a period of at least one year will be able to sell their shares of Class A Common Shares under Rule 144. We currently anticipate that all shares not immediately saleable under Rule 144 and that are able to be resold pursuant to our lock-up arrangements will be registered pursuant to the registration statement of which this prospectus forms a part, and that the registration statement of which this prospectus remains a part will remain effective for a period of at least 90 days after the effectiveness of the registration statement.

**Lock-Up** 

[Our executive officers, directors, directors of our subsidiaries and shareholders holding more than 10% of our issued and outstanding Common Shares representing [81]% of our outstanding Common Shares in aggregate are subject to customary lock-up agreements with us under which they cannot sell, transfer or dispose of any Common Shares (except for certain customary exceptions) for a period of 180 days from the effective date of this registration statement of which this prospectus forms a part. Certain of our non-affiliate shareholders owning greater than 100,000 Common Shares but no more than 10% of our issued and outstanding Common Shares are subject to customary lock-up agreements with us under which they cannot sell, transfer or dispose of more than 50% of any Common Shares (excluding any Common Shares already subject to other existing contractual restrictions on resale) (except for certain customary exceptions) held by such shareholders, representing [7]% of our outstanding Common Shares in aggregate, for a period of 180 days from the effective date of this registration statement of which this prospectus forms a part.]

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**Rule 144** 

In general, under Rule 144 under the Securities Act as in effect on the date of this prospectus, beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, a person who is not an affiliate of ours at any time during the 90 days preceding a sale, and who has held their Class A Common Shares for at least six months, as measured by SEC rule, including the holding period of any prior owner other than one of our affiliates, may sell Class A Common Shares without restriction, provided current public information about us is available. In addition, under Rule 144, any person who is not an affiliate of ours at any time during the three months preceding a sale, and who has held their Class A Common Shares for at least one year, as measured by SEC rule, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell an unlimited number of Class A Common Shares immediately upon consummation of this listing without regard to whether current public information about us is available.

Beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, a person who is an affiliate of ours and who has beneficially owned "restricted" Class A Common Shares for at least six months, as measured by applicable SEC rules, including the holding period of any prior owner other than one of our affiliates, is entitled to sell a number of restricted Class A Common Shares within any three-month period that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Class A Common Shares then outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Class A Common Shares during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to the sale.

Sales of restricted Class A Common Shares under Rule 144 held by our affiliates are also subject to requirements regarding the manner of sale, notice and the availability of current public information about us. Rule 144 also requires that affiliates relying on Rule 144 to sell Class A Common Shares that are not restricted shares must nonetheless comply with the same restrictions applicable to restricted shares, other than the holding period requirement. In addition, in each case, these Class A Common Shares would remain subject to lock-up arrangements and would only become eligible for sale when any applicable lock-up period expires.

**Regulation S** 

Regulation S under the Securities Act provides that Class A Common Shares 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), subject to certain other conditions. In general, this means that our shares may be sold outside the United States without registration in the United States being required.

**Rule 701** 

Under Rule 701 under the Securities Act, Class A Common Shares acquired by any of our employees, members of the Board, consultants or advisors upon the exercise of options or pursuant to other rights granted under a written compensatory stock or option plan or other written agreement in compliance with Rule 701 may be resold, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons other than affiliates, beginning 90 days after the effective date of the registration statement of which
this prospectus forms a part, subject only to the manner-of-sale provisions of Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our affiliates, beginning 90 days after the effective date of the registration statement of which this prospectus
forms a part, subject to the manner-of-sale and volume limitations, current public information and filing requirements of Rule 144, in each case, without compliance
with the six-month holding period requirement of Rule 144.

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**Registration Rights**

Pursuant to a certain Investor Rights Agreement, we have granted demand, Form F-3, and piggyback registration rights to a certain shareholder of us to sell our shares. Registration of the sale of these shares under the Securities Act would result in these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration, except for shares purchased by affiliates. See "Description of Share Capital—History of Securities Issuance—Registration Rights" for additional information.

**Registration Statements on Form S-8**

In connection with this offering, we intend to file one or more registration statements on Form S-8 under the Securities Act covering our Class A Common Shares subject to outstanding grants and our Class A Common Shares reserved for future issuance under our equity compensation plans. The registration statement we file on Form S-8 is expected to become effective immediately upon filing. However, the shares registered on Form S-8 may be subject to the volume limitations and the manner of sale, notice, and public information requirements of Rule 144.

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**SALE PRICE HISTORY OF OUR SHARE CAPITAL** 

We intend to list our Class A Common Shares on the Nasdaq. Prior to the initial listing, no public market for our Class A Common Shares exists in the United States. Our Class A and Class B Common Shares (on an as-converted basis) have an extremely limited history of trading in private transactions.

From January 2023 to June 2024, we sold an aggregate of 2,757,168 shares of Class A Common Shares to investors in a private placement, at a price of US$6.53 per share.

From November 2024 to February 2025, we sold an aggregate of 400,000 shares of Class A Common Shares to investors in a private placement, at a price of US$7.40 per share.

From April 2025 to August 2025, we sold an aggregate of 1,560,970 shares of Class A Common Shares to investors in a private placement, at a price of US$10.00 per share.

All such share sales were in private placements outside of the United States to non-U.S. persons in reliance on Regulation S under the Securities Act or pursuant to other applicable safe harbors or exemptions under the Securities Act.

While our Advisor is expected to consider this information in connection with setting the opening public price of our Class A Common Shares, this information may, however, have little or no relation to broader market demand for our Class A Common Shares and thus the opening public price and subsequent public price of our Class A Common Shares on the Nasdaq. As a result, you should not place undue reliance on these historical private sales prices as they may differ materially from the opening public price and subsequent public price of our Class A Common Shares on the Nasdaq. See the section titled "Risk Factors—Risks Related to the Class A Common Shares—An active, liquid and orderly trading market for our Class A Common Shares on the Nasdaq might not develop or be sustained. The trading prices of our Class A Common Shares may fluctuate significantly and you may be unable to sell your Class A Common Shares at or above the price you bought them for."

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**TAXATION** 

The following is a general summary of certain Cayman Islands, Taiwan and United States federal income tax consequences relevant to an investment in the Class A Common Shares. The discussion is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. The discussion is based on laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change or different interpretations, possibly with retroactive effect. The discussion does not address U.S. state or local tax laws, or tax laws of jurisdictions other than the Cayman Islands, Taiwan and the United States. You should consult your own tax advisors with respect to the consequences of acquisition, ownership and disposition of the Class A Common Shares.

**Cayman Islands Taxation** 

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 save for certain stamp duties which may be applicable, from time to time, on certain instruments.

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 effect in the Cayman Islands.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (As Revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. A Cayman Islands company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

**Taiwan Taxation** 

The following discussion is a general summary of the principal Taiwan tax consequences of the acquisition, ownership and disposition of Class A Common Shares to an individual or entity who is tax resident in Taiwan. The statements made herein regarding taxation are general in nature and based upon certain aspects of the current tax laws of Taiwan and administrative guidelines issued by the relevant authorities in force as of the date hereof and are subject to any changes in such laws or administrative guidelines or the interpretation of such laws or guidelines occurring after such date, which changes could be made on a retrospective basis. The statements made herein do not purport to be a comprehensive or exhaustive description of all of the tax considerations that may be relevant to a decision to acquire, own or dispose of Class A Common Shares and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities) may be subject to special rules. Prospective shareholders are advised to consult their own tax advisers as to the Taiwan or other tax consequences of the acquisition, ownership of or disposal of Class A Common Shares, taking into account their own particular circumstances. It is emphasized that neither we nor any other persons involved in this prospectus accept responsibility for any tax effects or liabilities resulting from the acquisition, holding or disposal of Class A Common Shares.

***Dividends***

Where our company is not considered a tax resident in Taiwan for Taiwan income tax purposes, the dividend payments made by us would be considered overseas income sourced outside Taiwan. Overseas Income received by an individual who is tax resident in Taiwan will generally be subject to Taiwan Income Basic Tax. The rules relating to the determination of the income basic tax are complex, and you should consult your tax

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advisors regarding the calculation of the related tax in your particular circumstances. Overseas Income received by an entity who is tax resident in Taiwan will generally be subject to Taiwan Profit-seeking Enterprise Income Tax.

***Capital Gains***

Under Taiwan Law, capital gains on transactions in the Class A Common Shares would be considered overseas income sourced outside Taiwan. Overseas Income received by an individual who is tax resident in Taiwan will generally be subject to Taiwan Income Basic Tax. The rules relating to the determination of the income basic tax are complex, and you should consult your tax advisors regarding the calculation of the related tax in your particular circumstances. Overseas Income received by a Taiwan-resident entity will generally be subject to Taiwan Profit-seeking Enterprise Income Tax.

***Securities Transaction Tax***

A securities transaction tax will be withheld upon a sale of securities in Taiwan. As the trading of Class A Common Shares is outside of Taiwan, it is not subject to Taiwan's securities transaction tax. Accordingly, transfers of Class A Common Shares are not subject to Taiwan's securities transaction tax and withdrawal of Class A common shares from the deposit facility is not subject to Taiwan securities transaction tax.

***Estate and Gift Tax***

Under Taiwan law, an individual who is a tax resident of Taiwan is subject to estate tax on their worldwide estate and gift tax on any assets donated within Taiwan. Estate tax is currently payable at rates ranging from 10% of the first NT$50,000,000 to 20% of amounts over NT$100,000,000. Gift tax is payable at rates ranging from 10% of the first NT$25,000,000 to 20% of amounts over NT$50,000,000.

***Stamp Duty***

As our company is incorporated in the Cayman Islands and the Class A Common Shares are not registered in any register kept in Taiwan, no stamp duty is payable in Taiwan on any instrument of transfer upon a sale or gift of the Class A Common Shares.

**U.S. Taxation** 

This section describes the material United States federal income tax consequences of owning Class A Common Shares. It applies to you only if you acquire your Class A Common Shares in this offering and you hold your Class A Common Shares as capital assets for tax purposes. This discussion addresses only United States federal income taxation and does not discuss all of the tax consequences that may be relevant to you in light of your individual circumstances, including foreign, state or local tax consequences, estate and gift tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum tax. This section does not apply to you if you are a member of a special class of holders subject to special rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a dealer in securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trader in securities that elects to use a mark-to-market method of accounting for securities holdings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a tax-exempt organization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a life insurance company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person that actually or constructively owns 10% or more of the combined voting power of our voting stock or of
the total value of our stock,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person that holds Class A Common Shares as part of a straddle or a hedging or conversion transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person that purchases or sells Class A Common Shares as part of a wash sale for tax purposes, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a U.S. holder (as defined below) whose functional currency is not the U.S. dollar.

This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations, published rulings and court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis. In addition, this section is based upon the assumption that each obligation in the Deposit Agreement and any related agreement will be performed in accordance with its terms. 

If an entity or arrangement that is treated as a partnership for United States federal income tax purposes holds the Class A Common Shares, the United States federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership holding the Class A Common Shares should consult its tax advisor with regard to the United States federal income tax treatment of an investment in the Class A Common Shares.

You are a U.S. holder if you are a beneficial owner of Class A Common Shares and you are, for United States federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or resident of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a domestic corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to United States federal income tax regardless of its source, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if a United States court can exercise primary supervision over the trust's administration and one
or more United States persons are authorized to control all substantial decisions of the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A non-U.S. holder is a beneficial owner of Class A Common Shares that is
not a United States person and is not a partnership for United States federal income tax purposes.

***You should consult your own tax advisor regarding the United States federal, state and local tax consequences of owning and disposing of Class A Common Shares in your particular circumstances.***

**<u>U.S. Holders</u>**

The tax treatment of your Class A Common Shares will depend in part on whether or not we are classified as a passive foreign investment company, or PFIC, for United States federal income tax purposes. Except as discussed below under "—PFIC Classification", this discussion assumes that we are not classified as a PFIC for United States federal income tax purposes.

**Distributions**. The gross amount of any distribution we pay on our shares out of our current or accumulated earnings and profits (as determined for United States federal income tax purposes), other than certain pro-rata distributions of our shares, will be treated as a dividend that is subject to United States federal income taxation. If you are a non-corporate U.S. holder, dividends that constitute qualified dividend income will be taxable to you at the preferential rates applicable to long-term capital gains provided that you hold the Class A Common Shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and meet other holding period requirements. Dividends we pay with respect to the Class A Common Shares generally will be qualified dividend income provided that, in the year that you receive the dividend, the Class A Common Shares are readily tradable on an established securities market in the United States. We intend to list our Class A Common Shares on Nasdaq and we therefore expect that dividends we pay with respect to our Class A Common Shares will be qualified dividend income.

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Dividends we pay with respect to the Class A Common Shares will be taxable to you when the dividend is received, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to United States corporations in respect of dividends received from other United States corporations. Distributions in excess of current and accumulated earnings and profits, as determined for United States federal income tax purposes, will be treated as a non-taxable return of capital to the extent of your basis in the Class A Common Shares and thereafter as capital gain. However, we do not expect to calculate earnings and profits in accordance with United States federal income tax principles. Accordingly, you should expect to generally treat distributions we make as dividends.

Dividends that we distribute on the Class A Common Shares will generally be income from sources outside the United States and will generally be "passive" income for purposes of computing the foreign tax credit allowable to you. However, if (a) we are 50% or more owned, by vote or value, by United States persons and (b) at least 10% of our earnings and profits are attributable to sources within the United States, then for foreign tax credit purposes, a portion of our dividends would be treated as derived from sources within the United States. With respect to any dividend paid for any taxable year, the United States source ratio of our dividends for foreign tax credit purposes would be equal to the portion of our earnings and profits from sources within the United States for such taxable year, divided by the total amount of our earnings and profits for such taxable year.

**Sales or Dispositions.** If you sell or otherwise dispose of your Class A Common Shares, you will recognize capital gain or loss for United States federal income tax purposes equal to the difference between the amount that you realize and your tax basis in your Class A Common Shares. Capital gain of a non-corporate U.S. holder is generally taxed at preferential rates where the property is held for more than one year. The gain or loss will generally be income or loss from sources within the United States for foreign tax credit limitation purposes.

**PFIC Classification.** We believe that we should not be currently classified as a PFIC for United States federal income tax purposes and we do not expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination that is made annually and thus may be subject to change. It is therefore possible that we could become a PFIC in a future taxable year. In addition, our current position that we are not a PFIC is based in part upon the value of our goodwill which is based on the market value for our shares. Accordingly, we could become a PFIC in the future if there is a substantial decline in the value of our shares.

In general, we will be a PFIC in a taxable year if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of our gross income for the taxable year is passive income or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value, determined on the basis of a quarterly average, of our assets in such taxable year is
attributable to assets that produce or are held for the production of passive income.

"Passive income" generally includes dividends, interest, gains from the sale or exchange of investment property rents and royalties (other than certain rents and royalties derived in the active conduct of a trade or business) and certain other specified categories of income. If a foreign corporation owns at least 25% by value of the stock of another corporation, the foreign corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the other corporation's income.

If we are or were to become a PFIC, you may be subject to increased United States federal income tax liabilities with respect to your ownership of Class A Common Shares and may be subject to burdensome reporting requirements. We cannot guarantee that we will not be a PFIC for our current taxable year or any future taxable year.

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If we are treated as a PFIC, and you are a U.S. holder that did not make a mark-to-market election, as described below, you will generally be subject to special rules with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any gain you realize on the sale or other disposition of your Class A Common Shares and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any excess distribution that we make to you (generally, any distributions to you during a single taxable year,
other than the taxable year in which your holding period in the Class A Common Shares begins, that are greater than 125% of the average annual distributions received by you in respect of the Class A Common Shares during the three preceding taxable
years or, if shorter, your holding period for the Class A Common Shares that preceded the taxable year in which you receive the distribution).

Under these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain or excess distribution will be allocated ratably over your holding period for the Class A Common Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the taxable year in which you realized the gain or excess distribution or to prior years
before the first year in which we were a PFIC with respect to you will be taxed as ordinary income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each other prior year will be taxed at the highest tax rate in effect for that year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax
attributable to each such year.

If we are a PFIC and, at any time, have a non-U.S. subsidiary that is classified as a PFIC, you generally would be deemed to own a portion of the shares of such lower-tier PFIC and generally could incur liability for the deferred tax and interest charge described above if we (or our subsidiary) receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or if you otherwise were deemed to have disposed of an interest in the lower-tier PFIC.

If we are a PFIC in a taxable year and our shares are treated as "marketable stock" in such year, you may make a mark-to-market election with respect to your Class A Common Shares. If you make this election, you will not be subject to the PFIC rules described above. Instead, in general, you will include as ordinary income each year the excess, if any, of the fair market value of your Class A Common Shares at the end of the taxable year over your adjusted basis in your Class A Common Shares. You will also recognize an ordinary loss in respect of the excess, if any, of the adjusted basis of your Class A Common Shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election). Your basis in the Class A Common Shares will be adjusted to reflect any such income or loss amounts. Any gain that you recognize on the sale or other disposition of your Class A Common Shares would be ordinary income and any loss would be an ordinary loss to the extent of the net amount of previously included income as a result of the mark-to-market election and, thereafter, a capital loss.

The mark-to-market election is available only for marketable stock, which generally includes stock that is regularly traded on a national securities exchange that is registered with the SEC, including the Nasdaq (on which the Class A Common Shares are intended to be listed). Moreover, a mark-to-market election made with respect to your Class A Common Shares would not apply to your indirect interest in any lower tier PFICs in which we own shares. You should consult your tax advisors regarding the availability and tax consequences of a mark-to-market election with respect to your Class A Common Shares under your particular circumstances.

Unless you make certain elections, your Class A Common Shares will generally be treated as stock in a PFIC if we were a PFIC at any time during your holding period in your Class A Common Shares, even if we are not currently a PFIC.

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In addition, notwithstanding any election you make with regard to the Class A Common Shares, dividends that you receive from us will not constitute qualified dividend income to you if we are a PFIC (or are treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year. Dividends that you receive that do not constitute qualified dividend income are not eligible for taxation at the preferential rates applicable to qualified dividend income. Instead, you must include the gross amount of any such dividend paid by us out of our accumulated earnings and profits (as determined for United States federal income tax purposes) in your gross income, and it will be subject to tax at rates applicable to ordinary income.

We do not plan to provide information to you that would enable you to make a "qualified electing fund" election if we are classified as a PFIC for tax purposes.

If you own Class A Common Shares during any year that we are a PFIC with respect to you, you may be required to file IRS Form 8621.

**Shareholder Reporting.** A U.S. holder that owns specified foreign financial assets with an aggregate value in excess of US$50,000 (and in some circumstances, a higher threshold) may be required to file an information report with respect to such assets with its tax return. Specified foreign financial assets may include financial accounts maintained by foreign financial institutions, as well as the following, but only if they are held for investment and not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-United States persons, (ii) financial instruments and contracts that have non-United States issuers or counterparties, and (iii) interests in foreign entities. Significant penalties may apply for failing to satisfy this filing requirement. U.S. Holders are urged to contact their tax advisors regarding this filing requirement in relation to their ownership of Class A Common Shares. 

**<u>Non-U.S. Holders</u>**

**Dividends**. Dividends paid to you in respect of Class A Common Shares will not be subject to United States federal income tax unless the dividends are effectively connected with your conduct of a trade or business within the United States, and the dividends are attributable to a permanent establishment that you maintain in the United States if that is required by an applicable income tax treaty as a condition for subjecting you to United States taxation on a net income basis. In such cases you generally will be taxed in the same manner as a U.S. holder. If you are a corporate non-U.S. holder, effectively connected dividends may, under certain circumstances, be subject to an additional branch profits tax at a 30% rate or at a lower rate if you are eligible for the benefits of an income tax treaty that provides for a lower rate.

**Sales or Dispositions.** You will not be subject to United States federal income tax on gain recognized on the sale or other disposition of your Class A Common Shares unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with your conduct of a trade or business in the United States, and the gain is
attributable to a permanent establishment that you maintain in the United States if that is required by an applicable income tax treaty as a condition for subjecting you to United States taxation on a net income basis, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are an individual, you are present in the United States for 183 or more days in the taxable year of the sale
and certain other conditions exist.

If you are a corporate non-U.S. holder, effectively connected gains that you recognize may also, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate or at a lower rate if you are eligible for the benefits of an income tax treaty that provides for a lower rate.

**<u>Backup Withholding and Information Reporting</u>**

If you are a non-corporate U.S. holder, information reporting requirements, on IRS Form 1099, generally will apply to dividend payments or other taxable distributions made to you within the United States, and the payment of proceeds to you from the sale of Class A Common Shares effected at a United States office of a broker.

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Additionally, backup withholding may apply to such payments if you fail to comply with applicable certification requirements or (in the case of dividend payments) are notified by the IRS that you have failed to report all interest and dividends required to be shown on your federal income tax returns.

If you are a non-U.S. holder, you are generally exempt from backup withholding and information reporting requirements with respect to dividend payments made to you outside the United States by us or another non-United States payor. You are also generally exempt from backup withholding and information reporting requirements in respect of dividend payments made within the United States and the payment of the proceeds from the sale of Class A Common Shares effected at a United States office of a broker, as long as either (i) you have furnished a valid IRS Form W-8 or other documentation upon which the payor or broker may rely to treat the payments as made to a non-United States person, or (ii) you otherwise establish an exemption.

Payment of the proceeds from the sale of Class A Common Shares effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United States (and in certain cases may be subject to backup withholding as well) if (i) the broker has certain connections to the United States, (ii) the proceeds or confirmation are sent to the United States or (iii) the sale has certain other specified connections with the United States. 

You generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed your income tax liability by filing a refund claim with the IRS.

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**EXPENSES** 

Set forth below is an itemization of the total expenses, that we expect to incur in connection with the listing of our Class A Common Shares. With the exception of the SEC registration fee, the stock exchange listing fee and the FINRA filing fee, all of these amounts are estimates.

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| | | |
|:---|:---|:---|
| **Expenses** | **Amount** | **Amount** |
|  SEC registration fee | US$ | \* |
|  FINRA filing fee |  | 2000 |
|  Stock exchange listing fee |  | 295000 |
|  Legal fees and expenses |  | 1650000 |
|  Accounting fees and expenses |  | 870000 |
|  Corporate advisory fees and expenses |  | 1200000 |
|  Printing fee |  | 110000 |
|  Other fees and expenses |  | 200000 |
|  **Total** | **US$** | **\*** |

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\* To be provided by amendment.

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**PLAN OF DISTRIBUTION** 

The registered shareholders, and their pledgees, donees, transferees, assignees, or other successors in interest may sell their Class A Common Shares, covered hereby pursuant to brokerage transactions on Nasdaq, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after our Class A Common Shares listed for trading. We are not party to any arrangement with any registered shareholder or any broker-dealer with respect to sales of Class A Common Shares by the registered shareholders, except we have engaged a financial advisor with respect to certain other matters relating to the registration of our Class A Common Shares and listing of our Class A Common Shares, as further described below. As such, we do not anticipate receiving notice as to if and when any registered shareholder may, or may not, elect to sell their Class A Common Shares or the prices at which any such sales may occur, and there can be no assurance that any registered shareholders will sell any or all of their Class A Common Shares covered by this prospectus.

We will not receive any proceeds from the sale of Class A Common Shares by the registered shareholders. We will recognize costs related to this direct listing and our transition to a publicly-traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as they would be in an initial public offering.

On the day that our Class A Common Shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our Class A Common Shares are ready to trade, Nasdaq will confirm the Current Reference Price for our Class A Common Shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will then be executed at such price and regular trading of our Class A Common Shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules.

Under Nasdaq rules, the Current Reference Price means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e*., minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e*., the specified price entered in an order by a customer to buy or sell) at which our Class A Common Shares will remain unmatched (*i.e*., will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

In determining the Current Reference Price, Nasdaq's cross algorithms will match orders that have been entered into and accepted by Nasdaq's system. This occurs with respect to a potential Current Reference Price when orders to buy Class A Common Shares at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of Class A Common Shares at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if Nasdaq's cross algorithms matched all accepted orders as described above, and two limit orders remained — a limit order to buy 500 Class A Common Shares at an entered bid price of $10.01 per Class A Common Share and a limit order to sell 200 Class A Common Shares at an entered asking price of $10.00 per Class A Common Share — the Current Reference Price would be selected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under clause (i), if the Current Reference Price is $10.00, then the maximum number of additional Class A Common
Shares that can be matched is 200. If the Current Reference Price is $10.01, then the

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maximum number of additional Class A Common Shares that can be matched is also 200, which means that the same maximum number of additional Class A Common Shares would be matched at the price of either $10.00 or $10.01. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the
price that minimizes the imbalance between orders to buy or sell (*i.e*., minimizes the number of Class A Common Shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create
the same imbalance in the limit orders that cannot be matched, because at either price 300 Class A Common Shares would not be matched.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be
the entered price at which orders for Class A Common Shares at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 Class A Common Shares of the 500-Class A Common Shares limit order with the entered price of
$10.01 to remain unmatched, compared to choosing $10.00, where all 200 Class A Common Shares of the limit order with the entered price of $10.00 would be matched, and no Class A Common Shares at such entered price remain unmatched. Thus, Nasdaq
would select $10.01 as the Current Reference Price, because orders for Class A Common Shares at such entered price will remain unmatched.

The above example (including the prices) is provided solely by way of illustration.

The Advisor will determine when our Class A Common Shares are ready to trade and approve proceeding with the opening of trading at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade. Further, in the highly unlikely event that Nasdaq consults with the Advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that Nasdaq delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under Nasdaq rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute "Display Only" period during which market participants may enter quotes and orders in Class A Common Shares in Nasdaq systems. In addition, beginning at 4:00 a.m., market participants may enter orders in Class A Common Shares on Nasdaq. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute "Display Only" period, our Class A Common Share will enter a "Pre-Launch" period of indeterminate duration. The "Pre-Launch" period will end and Class A Common Shares will be released for trading by Nasdaq when certain conditions are met, including Nasdaq's receipt of notice from the Advisor that our Class A Common Shares are ready to trade, after which the Nasdaq system will calculate the Current Reference Price at that time and display it to the Advisor. If the Advisor then approves proceeding, the Nasdaq system will conduct certain validation checks. The Advisor, with concurrence of Nasdaq, may determine at any point during the delay process up through the conclusion of the "Pre-Launch" period to postpone and reschedule the direct listing. The registered shareholders will not be involved in Nasdaq's price-setting mechanism and will not coordinate or be in communication with the Advisor including with respect to any decision by the Advisor to delay or proceed with trading.

Similar to a Nasdaq-listed underwritten initial public offering, in connection with the listing of our Class A Common Shares, buyers and sellers who have subscribed will have access to Nasdaq's Order Imbalance Indicator, or the Net Order Imbalance Indicator, a widely available, subscription-based data feed, prior to submitting buy or sell orders. Nasdaq's electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of Class A Common Shares that can be paired off the Current Reference Price, the number of Class A Common Shares that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed.

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However, because this is not an underwritten initial public offering, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level – the "book"). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold Class A Common Shares to the public, as there would be in an underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, the public price of our Class A Common Shares may be more volatile than in an initial public offering and could, upon being listed on Nasdaq, decline significantly and rapidly.

In addition, to list on Nasdaq, we are also required to have at least four registered and active market makers. We understand that the Advisor intends (but is not obligated) to act as a registered and active market maker and to engage other market makers, although any such market-making, if commenced, may be discontinued at any time.

In addition to sales made pursuant to this prospectus, the Class A Common Shares covered by this prospectus may be sold by the registered shareholders in private transactions exempt from the registration requirements of the Securities Act. Under the securities laws of some states, the Class A Common Shares may be sold in such states only through registered or licensed brokers or dealers.

A registered shareholder may from time to time transfer, distribute (including distributions in kind by registered shareholders that are investment funds), pledge, assign, or grant a security interest in some or all the Class A Common Shares owned by it and, if it defaults in the performance of its secured obligations, the transferees, distributees, pledgees, assignees, or secured parties may offer and sell the Class A Common Shares from time to time under this prospectus, or under an amendment to this prospectus under applicable provisions of the Securities Act amending the list of the registered shareholders to include the transferee, distributee, pledgee, assignee, or other successors in interest as registered shareholders under this prospectus. The registered shareholders also may transfer the Class A Common Shares in other circumstances, in which case the transferees, distributes, pledgees, or other successors in interest will be the registered beneficial owners for purposes of this prospectus.

A registered shareholder that is an entity may elect to make an in-kind distribution of Class A Common Shares to its members, partners, or shareholders pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus.

If any of the registered shareholders utilize a broker-dealer in the sale of the Class A Common Shares being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions or commissions from such registered shareholder or commissions from purchasers of the Class A Common Shares for whom they may act as agent or to whom they may sell as principal.

We have engaged the Advisor, D. Boral Capital LLC, as our financial advisor to advise and assist us with respect to certain matters relating to the direct listing. The services expected to be performed by the Advisor will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning the direct listing, developing and assisting with our investor communication strategy in relation to the direct listing, assisting us in broadening our shareholder base through activities such as non-deal roadshows and supporting us in our consultations with the Nasdaq and other regulatory authorities. In connection with its engagement as our financial advisor, the Advisor will be entitled to a fee of $700,000 and an aggregate of 30,000 Class A Common Shares upon the successful consummation of the direct listing.

The Advisor has not been engaged to otherwise facilitate or coordinate price discovery activities or the solicitation and/or sales of Class A Common Shares in consultation with us, except as described herein.

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**LEGAL MATTERS** 

We are being represented by Sullivan & Cromwell LLP with respect to certain U.S. federal law and New York state law in connection with this listing. The validity of the Class A Common 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.

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**EXPERTS** 

The consolidated financial statements of OBOOK Holdings Inc. and subsidiaries as of December 31, 2023 and 2024 and for the years then ended, have been included herein and in the registration statement in reliance upon the reports of KPMG, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. The current address of KPMG in Taiwan is 68F., Taipei 101 Tower, No. 7, Sec. 5, Xinyi Road, Taipei City 110615, Taiwan (R.O.C).

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**ENFORCEMENT OF CIVIL LIABILITIES** 

Harney Westwood & Riegels, 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 U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

We have been advised by Harney Westwood & Riegels, our counsel as to the Cayman Island law, that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive in personam judgments of state and/or federal courts of the United States of America (the "Foreign Court") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive in personam judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six (6) years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six (6) years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

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**WHERE YOU CAN FIND MORE INFORMATION** 

We have filed with the SEC a registration statement on Form F-1 under the Securities Act, including amendments and relevant exhibits and schedules, covering the underlying Class A Common Shares being offered by this prospectus. This prospectus, which constitutes a part of the registration statement on Form F-1, summarizes material provisions of contracts and other documents included in the registration statement. Since this prospectus does not contain all of the information contained in the registration statement on Form F-1, you should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and our Class A Common Shares.

Immediately upon the effectiveness of the registration statement on Form F-1, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Our annual reports on Form 20-F for the year ended December 31, 2025 and for all subsequent years will be due within four months after fiscal year-end in accordance with applicable SEC rules. We are not required to disclose certain other information that is required from U.S. domestic issuers. Also, as a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing of proxy statements to shareholders and the board of directors of the Company, and our principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

Our SEC filings, including the registration statement on Form F-1, are also available to you on the SEC's website at *http://www.sec.gov*. Our Internet address is *https://www.owlting.com/.*

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**INDEX TO FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  Consolidated Financial Statements of OBOOK Holdings Inc. and subsidiaries for the Years Ended December 31, 2024 and December 31, 2023 |  |
|  [Report of Independent Registered Public Accounting Firm](#fin800443_1) | F-2 |
|  [Consolidated Statements of Financial Position](#fin800443_2) | F-3 |
|  [Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss)](#fin800443_3) | F-5 |
|  [Consolidated Statements of Changes in Equity](#fin800443_4) | F-6 |
|  [Consolidated Statements of Cash Flows](#fin800443_5) | F-7 |
|  [Notes to the Consolidated Financial Statements](#fin800443_6) | F-9 |

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**Report of Independent Registered Public Accounting Firm** 

To the Stockholders and Board of Directors

Obook Holdings Inc.:

*Opinion on the Consolidated Financial Statements* 

We have audited the accompanying consolidated statements of financial position of Obook Holdings Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of profit or loss and other comprehensive income (loss), changes in equity, and cash flows for the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

*Basis for Opinion* 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated 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 audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company's auditor since 2019.

/s/ KPMG

Taipei, Taiwan

August 1, 2025

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Consolidated Statements of Financial Position** 

**December 31, 2024 and 2023** 

**(Expressed in U.S. Dollars)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Note** | **December 31,<br>2024** | **December 31,<br>2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |
|  **Current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 6, 19 | $4511377 | 4885989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 6, 19 | 4210381 | 3111019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable | 7, 19 |  | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 7, 19 | 299359 | 353356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 19 | 51834 | 61404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables due from related parties | 19, 23 |  | 17311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax assets |  | 21174 | 9540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayment |  | 2135731 | 393041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets - current | 8, 19, 24 | 5397240 | 4869858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | 160844 | 244388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  | 16787940 | 13949931 |
|  **Non-current assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 10 | 366350 | 256642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of use assets | 10 | 4556692 | 682464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets | 9 | 391737 | 383283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 5, 9 | 287285 | 287285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets - non-current | 8, 19, 24 | 721346 | 465812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  | 209316 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  | 6532726 | 2079516 |
|  **Total assets** |  | $23320666 | 16029447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities and Equity** |  |  |  |
|  **Current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities - current | 26 | 1735806 | 1268303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 19 | 1687449 | 1803574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables | 19 | 2053402 | 1239606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables to related parties | 19, 23 | 1723390 | 1965415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liabilities |  | 3909 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current provisions |  | 68944 | 42381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities - current | 10, 19 | 1177303 | 656039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings, current potion | 12, 19 | 332974 | 791132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current preference share liabilities | 15, 19 | 406366 | 101592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities - receipts under custody | 11 | 11854693 | 10404218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities |  | 111754 | 119352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  | 21155990 | 18393833 |

---

------

##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Consolidated Statements of Financial Position** 

**December 31, 2024 and 2023** 

**(Expressed in U.S. Dollars)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **December 31,<br>2024** | **December 31,<br>2023** |
|  **Non-current liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities at fair value through profit or loss | 14, 19 |  | 1707248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings | 12, 19 | 800913 | 69946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities – non-current | 10, 19 | 3789208 | 68115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current preference share liabilities | 15, 19 | 1569999 | 1965734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non – current liabilities | 19 | 299136 | 205321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  | 6459256 | 4016364 |
|  **Total liabilities** |  | 27615246 | 22410197 |
|  **Equity attributable to owners of parent:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | 16 | 80866 | 78079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for share capital | 16 | 2000000 | 10920349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital surplus | 16 | 51678353 | 31971625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit |  | (60612910) | (50590502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity | 16 | 2555649 | 1233711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equity attributable to owners of the parent** |  | (4298042) | (6386738) |
|  **Non-controlling interest** | 16 | 3462 | 5988 |
|  **Total Equity** |  | (4294580) | (6380750) |
|  **Total liabilities and equity** |  | $**23320666** | **16029447** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss)** 

**For the years ended December 31, 2024 and 2023** 

**(Expressed in U.S. Dollars)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2024** | **2023** |
|  **Revenue** | 26 | $7569630 | 6399387 |
|  Costs of revenue |  | (6562702) | (5130739) |
|  **Gross profit** |  | 1006928 | 1268648 |
|  **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing and sales |  | (2120196) | (2455895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  | (5232219) | (3360702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development |  | (2571150) | (2230589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** |  | (9923565) | (8047186) |
|  **Net operating loss** |  | (8916637) | (6778538) |
|  **Non-operating income and expense:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | 75103 | 96575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange gains |  | 7025 | 87642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange losses |  | (1053705) | (16472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on financial liabilities at fair value through profit or loss | 14 | (259418) | (143693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extension of preference share liabilities |  |  | (26209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other losses | 9 | (25741) | (24288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  | 76365 | 154226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs |  | (177888) | (137210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-operating income and expenses** |  | (1358259) | (9429) |
|  **Loss before tax** |  | (10274896) | (6787967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 17 | 2616 | 6729 |
|  **Net loss** |  | (10272280) | (6781238) |
|  **Other comprehensive income (loss):** |  |  |  |
|  **Components of other comprehensive income (loss) that will be reclassified to profit or loss** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences on translation of foreign financial statements |  | 1321784 | (53239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss |  |  |  |
|  **Components of other comprehensive income (loss) that will be reclassified to loss** |  | 1321784 | (53239) |
|  **Other comprehensive income (loss)** |  | 1321784 | (53239) |
|  **Total comprehensive loss** |  | $(8950496) | (6834477) |
|  **Loss attributable to :** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the parent |  | $(10269908) | (6748574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | (2372) | (32664) |
|  |  | $(10272280) | (6781238) |
|  **Total comprehensive loss attributable to :** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the parent |  | $(8947970) | (6801817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | (2526) | (32660) |
|  |  | $(8950496) | (6834477) |
|  **Loss per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted loss per share | 18 | $(0.13) | (0.09) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Consolidated Statements of Changes in Equity** 

**For the years ended December 31, 2024 and 2023** 

**(Expressed in U. S. Dollars)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity attributable to owners of parent** | **Equity attributable to owners of parent** | **Equity attributable to owners of parent** | **Equity attributable to owners of parent** | **Equity attributable to owners of parent** | **Equity attributable to owners of parent** | | |
|  | **Share capital** | **Share capital** | | | **Other equity** | | | |
|  | **Ordinary<br>shares** | **Capital<br>collected in<br>advance** |<br>**Capital<br>surplus** |<br>**Accumulated<br>deficit** | **Exchange<br>differences on<br>translation of<br>foreign<br>financial<br>statements** |<br>**Total** |<br>**Non-controlling<br>interest** |<br>**Total equity** |
|  **Balance at January 1, 2023** | $78079 | 86059 | 31971625 | (42712200) | 1286954 | (9289483) |  | (9289483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year ended December 31, 2023 |  |  |  | (6748574) |  | (6748574) | (32664) | (6781238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) for the year ended December 31, 2023 |  |  |  |  | (53243) | (53243) | 4 | (53239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss for the year ended December 31, 2023 |  |  |  | (6748574) | (53243) | (6801817) | (32660) | (6834477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for share capital |  | 10834290 |  |  |  | 10834290 |  | 10834290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difference between the cash acquisition of a non-controlling interest and carrying amount of subsidiaries |  |  |  | (1129728) |  | (1129728) |  | (1129728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of non-controlling interest |  |  |  |  |  |  | 446786 | 446786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of subsidiaries shares from non-controlling interest |  |  |  |  |  |  | (388002) | (388002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Declaration of cash dividends |  |  |  |  |  |  | (20136) | (20136) |
|  **Balance at December 31, 2023** | **78079** | **10920349** | **31971625** | **(50590502)** | **1233711** | **(6386738)** | **5988** | **(6380750)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year ended December 31, 2024 |  |  |  | (10269908) |  | (10269908) | (2372) | (10272280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) for the year ended December 31, 2024 |  |  |  |  | 1321938 | 1321938 | (154) | 1321784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss for the year ended December 31, 2024 |  |  |  | (10269908) | 1321938 | (8947970) | (2526) | (8950496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for share capital |  | 9170000 |  |  |  | 9170000 |  | 9170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital increase in cash | 2776 | (18090349) | 18087573 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancellation of share capital | (275) |  | (247225) | 247500 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conversion of simple agreement for future equity | 286 |  | 1866380 |  |  | 1866666 |  | 1866666 |
|  **Balance at December 31, 2024** | $**80866** | **2000000** | **51678353** | **(60612910)** | **2555649** | **(4298042)** | **3462** | **(4294580)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Consolidated Statements of Cash Flows** 

**For the years ended December 31, 2024 and 2023** 

**(Expressed in U.S. Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Cash flows used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss for the year** | $(10272280) | (6781238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Adjustments for:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expense | 1257626 | 869702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense | 83828 | 78461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on financial liabilities at fair value through profit or loss | 259418 | 143693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on intangible assets | 641 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property, plant and equipment | 6183 | 4136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance costs | 177888 | 137210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (75103) | (96575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government subsidy income | (153) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit from lease modification | (15113) | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extension of preference share liabilities |  | 26209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | (2616) | (6729) |
|  | (8579681) | (5624835) |
|  **Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in notes receivable | 4025 | (4025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accounts receivable | 53997 | 262285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in other receivables | 9570 | (45456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other receivables from related parties |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in prepayment | (1742690) | (81604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in other current assets | 83544 | (58933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other non-current assets |  | (1992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in contract liabilities | 467503 | (264301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in accounts payable | (116125) | 569998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other payables | 786680 | (52108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in provisions | 26563 | 42381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other payables from related parties | (8236) | 18569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other current liabilities | (7598) | (64457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other non-current liabilities |  | (64951) |
|  **Cash used in operations** | (9022448) | (5369441) |
|  Interest received | 75103 | 96575 |
|  Interest paid | (114823) | (107438) |
|  Income taxes paid | (8112) | (35168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash flows used in operating activities** | (9070280) | (5415472) |
|  **Cash flows used in investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property, plant and equipment | (151964) | (141620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible assets | (106078) | (20517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal of intangible assets | 98 | 11291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other financial assets current |  | 32568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other financial assets-non-current | (62125) | (131262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in guarantee deposits paid | (326042) | (65725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in guarantee deposits paid | 101769 | 10739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid equipment costs | (205672) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of subsidiaries, net of cash and restricted cash acquired |  | 3650605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash flows from (used in) investing activities** | (750014) | 3346079 |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Consolidated Statements of Cash Flows** 

**For the years ended December 31, 2024 and 2023** 

**(Expressed in U.S. Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Cash flows used in financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term borrowings | 1186709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of long-term borrowings | (831391) | (335574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of preference share liabilities | (101592) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of installment payables | (13865) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in other payables from related parties | (216478) | (228096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in other current liabilities – receipts under custody | 923093 | (696133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in guarantee deposits received | 35801 | 25497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in guarantee deposits received | (9557) | (10752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for share capital | 9170000 | 10834290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance receipts for preference share liabilities |  | 98554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of lease liabilities | (781844) | (763225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from non-current financial liabilities at fair value through profit or loss |  | 430000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of non-current financial liabilities at fair value through profit or loss | (100000) | (300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of equity interest in subsidiary |  | (1517730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interests |  | (20136) |
|  **Net cash flows from financing activities** | 9260876 | 7516695 |
|  **Effect of exchange rate changes on cash and restricted cash** | 1284168 | (31128) |
|  **Net increase in cash and restricted cash** | 724750 | 5416174 |
|  **Cash and restricted cash at beginning of year** | 7997008 | 2580834 |
|  **Cash and restricted cash at end of year** | $8721758 | 7997008 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements** 

---

| | |
|:---|:---|
| **NOTE 1.** | **Reporting Entity**  |

---

Obook Holdings Inc. was incorporated in the Cayman Islands on April 20, 2011. The registered office of the company is at the offices of Gold In (Cayman) Co., Ltd., located at Suite 102, Cannon Place, North Sound Rd., George Town, Grand Cayman, Cayman Islands. The principal executive office is located at 9F., No. 28, Wencheng Rd., Beitou Dist., Taipei City, Taiwan (R.O.C.).

The company and its subsidiaries (collectively referred to as the "Company") focus on using blockchain technology to provide innovative solutions to customers in various sectors, including financial services, hospitality, and e-commerce. The principal operating activities of the Company are described in Note 4(b).

---

| | |
|:---|:---|
| **NOTE 2.** | **Basis of Preparation**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of compliance

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB").

These consolidated financial statements were authorized for issuance by the Board of Directors on August 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for financial liabilities at fair value through profit or loss ("FVTPL").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Going concern

The consolidated financial statements have been prepared on a going concern basis. As of December 31, 2024, the accumulated deficit was $60,612,910 and the total current liabilities of the Company exceeded its total current assets by $4,368,050. The Company has historically financed its operations primarily through bank borrowings, loans from related parties and fund raising through equity financing and Simple Agreements for Future Equity ("SAFE agreements"), and issuing preferred shares. Management plans to adopt the following measures to improve its operations and cash flows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Expand payment business to increase the cash inflow and create new revenue stream.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Obtain investments from strategic investors through private offering, with a total amount approximately
$18.7 million by the issuance date of these financial statements.

The Company expects to finance its operations through equity offerings and debt financings. However, there can be no assurance that any additional financing will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funds as needed, there would be a material adverse effect on the Company's business and results of operations or financial condition. The Company believes that its existing cash as of December 31, 2024, together with the cash proceeds received from issuance of the Company's shares through private offering and the SAFE agreements entered into subsequent to December 31, 2024, as disclosed in Note 25, "Subsequent Events", will be sufficient to fund its operations for at least one year from the issuance date of these financial statements.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

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|:---|:---|
| **NOTE 3.** | **Application of New and Revised IFRS as Issued by the IASB**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amendments to IFRSs and the new interpretation that are mandatorily effective for the current year.

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| | |
|:---|:---|
| **New, Revised or Amended Standards and Interpretations** | **Effective date per<br>IASB** |
|  Amendments to IFRS 16 "Lease Liability in a Sale and Leaseback" | January 1, 2024 |
|  Amendments to IAS 1 "Classification of liabilities as Current or Non-Current" | January 1, 2024 |
|  Amendments to IAS 1 "Non-current liabilities with covenants" | January 1, 2024 |
|  Amendments to IAS 7 and IFRS 7 "Supplier Finance Arrangements" | January 1, 2024 |

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The adoption of the aforementioned IFRSs did not have a material impact on the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) New and revised standards, amendments and interpretations in issue but not yet effective.

In preparing the accompanying consolidated financial statements, the Company has not adopted the following International Financial Reporting Standards ("IFRS"), International Accounting Standards ("IAS"), Interpretations developed by the International Financial Reporting Interpretations Committee ("IFRIC") or the former Standing Interpretations Committee ("SIC") issued by the International Accounting Standards Board ("IASB") (collectively, "IFRSs").

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| | |
|:---|:---|
| **New, Revised or Amended Standards and Interpretations** | **Effective date per<br>IASB** |
|  Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture" | Effective date to<br>be determined by<br>IASB |
|  Amendments to IAS21 "Lack of Exchangeability" | January 1, 2025 |
|  Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments" | January 1, 2026 |
|  Annual Improvements to IFRS Accounting Standards—Volume 11 | January 1, 2026 |
|  Amendments to IFRS 9 and IFRS 7 "Contracts Referencing Nature-dependent Electricity" | January 1, 2026 |
|  IFRS 18 "Presentation and Disclosure in Financial Statements" | January 1, 2027 |
|  IFRS 19 "Subsidiaries without Public Accountability: Disclosures" | January 1, 2027 |

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As of the date that the consolidated financial statements were authorized for issuance, the Company continues in evaluating the impact on its financial position and financial performance as a result of the initial adoption of the aforementioned standards or interpretations. The related impact will be disclosed when the Company completes the evaluation.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

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|:---|:---|
| **NOTE 4.** | **Material Accounting Policies**  |

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The material accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been applied consistently to all periods presented in these consolidated financial statements unless otherwise stated and have been applied consistently by all entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Basis of Consolidation

The accompanying consolidated financial statements include the accounts and operations of the Company and all of the entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in the consolidation process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) List of Subsidiaries in the Consolidated Financial Statements:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor** | **Subsidiary** | **Main activities** | **December 31,**<br>**2024** | **December 31,**<br>**2023** | **Description** |
|  Obook Holdings Inc. | Obook Inc. | Blockchain based<br>e-commerce and<br>software | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlTing Japan Inc. | Property<br>management<br>system provider | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlTing Malaysia SDN<br>BHD | Property<br>management<br>system provider | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlTing Travel Service<br>Inc. | Hospitality<br>business | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlTing USA, Inc. | Payment<br>solutions | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlTing HK Inc.<br>Limited | Information<br>service and<br>trading | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlTing (Thailand)<br>CO. LTD | Property<br>management<br>system provider | 97.00% | 97.00% |  |
|  Obook Holdings Inc. | OwlTing EU LLC. | Payment<br>solutions | 100.00% |  | Note 3 |
|  Obook Holdings Inc. | OwlPay Holdings PTE.<br>LTD | Payment<br>solutions | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlNest Inc. | Property<br>management<br>system provider | 100.00% | 100.00% |  |
|  Obook Holdings Inc. | OwlPay Japan Inc. | Payment<br>solutions | 56.52% |  | Note 2 |
|  OwlTing Japan Inc. | OwlPay Japan Inc. | Payment<br>solutions | 43.48% | 100.00% | Note 2 |
|  Obook Inc. | OwlStay Inc. | Accommodation<br>business | 100.00% | 100.00% |  |
|  OwlPay Holdings PTE. LTD. | PayNow Inc. | Payment gateway<br>services | 99.38% | 99.38% | Note 1 |

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Note 1: PayNow Inc. was acquired through a merger during 2023. Further details are provided in Note 5.

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|:---|:---|
| Note 2: | OwlPay Japan Inc. was 100% owned by OwlTing Japan Inc. as of December 31, 2023. On October 17, 2024, OwlPay Japan Inc. conducted a cash capital increase of JPY 20 million. Obook Holdings Inc. directly invested JPY 13 million, acquiring 56.52% of the shares of OwlPay Japan Inc., while the remaining JPY 7 million was invested by OwlTing Japan Inc. As OwlTing Japan Inc. did not subscribe to the new shares in proportion to its existing ownership, its ownership decreased to 43.48%.  |

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Note 3: In order to expand its business in Europe, the Company has established a fully-owned subsidiary in Poland by way of acquisition of a shelf company which does not conduct any business operations nor employ any employees. The relevant registration procedures were completed on October 9, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreign Currency

The presentation currency of the Company is the U.S. dollar. The functional currency is the currency of the primary economic environment in which the entity operates. The financial statements of the Company's foreign subsidiaries are translated into the Company's presentation currency, the U.S. dollar. The functional currency of certain of the Company's foreign subsidiaries is the local currency of the subsidiary. Accordingly, the assets and liabilities of the Company's foreign subsidiaries are translated into U.S. dollars using the exchange rate in effect at each reporting date. Equity accounts are translated at historical exchange rates. Revenue and expense accounts are generally translated using the average exchange rate for the reporting period. Foreign currency translation adjustments are accumulated as a component of other comprehensive income as a separate component of stockholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Current and Non-current Assets and Liabilities

Current assets are assets held for trading purposes and expected to be converted to cash, sold or consumed within one year from the end of the reporting period. Current liabilities are obligations incurred for trading purposes and expected to be settled within one year from the end of the reporting period. Assets and liabilities that are not classified as current are referred to as non-current assets and liabilities, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Cash and Restricted cash

Cash comprises cash on hand and demand deposits, which the Company can access without any restrictions. Restricted cash is contractually restricted through legal contracts or regulations. The contractual restrictions on the use of the amounts held in the demand deposit do not change the nature of the deposit. Since the Company can access these amounts on demand, demand deposit is classified as a component of cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial assets

The Company shall recognize a financial asset or a financial liability in its statement of financial position when, and only when, the Company becomes party to the contractual provisions of the instrument. A regular way purchase or sale of financial assets shall be recognized and derecognized, as applicable, using trade date accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Classification of financial assets

The classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. The classification

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

of financial assets is generally based on the business model under which a financial asset is managed and its contractual cash flow characteristics. When, and only when, the Company changes its business model for managing financial assets, it shall reclassify all affected financial assets.

Financial assets at amortized cost

Cash and restricted cash, notes and accounts receivable, other receivables (including related parties), and other financial assets are measured at amortized cost. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as measured at fair value through profit or loss:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the asset is held within a business model whose objective is to hold assets in order to collect contractual
cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

Financial assets measured at amortized cost are subsequently measured using the effective interest method, with the carrying amount adjusted for by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gains or losses on derecognition of financial assets are also recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Impairment of financial assets

The Company recognizes loss allowances for expected credit loss on financial assets measured at amortized cost, including accounts receivable.

The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit losses. For other financial assets at amortized cost, when the credit risk on the financial instrument has not increased significantly since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from possible default events of a financial instrument within 12 months after the reporting date. If, on the other hand, there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from all possible default events over the expected life of a financial instrument.

When determining whether the credit risk of a financial instrument has increased significantly since initial recognition, the Company considers reasonable and supportable information that is relevant. This includes both qualitative and quantitative information and analysis, based on the Company's historical experience and credit assessment, as well as forward-looking information.

The impairment gain or loss recognized in profit or loss represents the adjustment required to bring the loss allowance account to its appropriate level as of the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Derecognition of financial assets

The Company derecognizes a financial asset only when the contractual rights to its cash flows expire or when the asset is transferred to another entity along with substantially all associated risks and rewards of ownership.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Upon derecognition of a financial asset measured at amortized cost in its entirety, the difference between its carrying amount and the total consideration received and receivable is recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial liabilities and equity instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Classification of financial liabilities and equity instruments

Debt and equity instruments issued by the Company are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Equity instrument

An equity instrument is any contract that represents a residual interest in the assets of an entity after all liabilities have been deducted. Equity instruments issued are recognized at the amount of consideration received, net of any direct costs incurred in the issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Preference share liabilities

The Company's redeemable preference share liabilities are classified as financial liabilities because they carry non-discretionary dividends and are redeemable for cash by the holders. The non-discretionary dividends are recognized as interest expense in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Financial liabilities

Financial liabilities are classified as measured at amortized cost or at a fair value through profit or loss ("FVTPL"). A financial liability is classified as measured at FVTPL if it is held for trading, including derivatives, or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value, and net gains and losses are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Derecognition of financial liability

The Company removes a financial liability from its statement of financial position when, and only when, it is extinguished—when the obligation specified in the contract is discharged, canceled, or expired.

Upon derecognition of a financial liability measured at amortized cost in its entirety, the difference between the carrying amount of the financial liability that is extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, shall be recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Inventories

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is calculated using the weighted average method, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Property, Plant and Equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Recognition and measurement

Items of property, plant and equipment are measured at cost, less accumulated depreciation and any accumulated impairment losses.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits arising from the expenditure will flow to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Depreciation

Depreciation is calculated based on the cost of an asset, less its residual value, and is recognized in profit or loss on a straight-line basis over the estimated useful lives of property, plant and equipment.

The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Office equipment 2~5 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Leasehold improvements 2~5 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Transportation 7 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Others 3~5 years

The depreciation methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Leases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying a lease

A contract is, or contains, a lease when all the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the contract involves the use of an identified asset, and the supplier does not have a substantive right to
substitute the asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company has the right to obtain substantially all of the economic benefits from the use of the identified
asset throughout the period of use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has the right to direct the use of the identified asset throughout the period of use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As a lessee

Payments for leases of low-value assets and short-term leases are recognized as expenses on a straight-line basis over the lease term for which the recognition exemption is applied. For all other leases not described above, a right-of-use asset and a lease liability shall be recognized at the lease commencement date.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments, discounted using the lessee's incremental borrowing rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability, adjusted for any lease payments made at or before the commencement date, less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred in restoring the underlying asset.

The right-of-use asset is subsequently depreciated using the straight-line method over the shorter of the useful life of the right-of-use asset or the lease term. The lease liability is subsequently measured at amortized cost using the effective interest method. It is re-measured if (i) there is a change in the lease term; (ii) there is a change in future lease payments arising from a change in an index or a rate; (iii) there is a change in the amounts expected to be payable under a residual value guarantee; or (iv) the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is re-measured under the aforementioned circumstances, a corresponding adjustment is made to the carrying amount of the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss.

Lease payments included in the measurement of the lease liability comprise the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) fixed payments, including in-substance fixed payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the exercise price under a purchase option that the Company is reasonably certain to exercise and lease
payments in an optional renewal period if the Company is reasonably certain to exercise an extension option.

Furthermore, the lease liability is remeasured when lease modifications occur that decrease the scope of the lease. The Company accounts for the remeasurement of the lease liability by decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease and recognizes in profit or loss any gain or loss related to the partial or full termination of the lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As a lessor

Lease income from an operating lease is recognized in profit or loss on a straight-line basis over the lease term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Goodwill

Goodwill is recognized when the purchase price exceeds the fair value of identifiable net assets acquired in a business combination. Goodwill is measured at cost less accumulated impairment losses, if any.

Goodwill is not amortized but is reviewed for impairment at least annually, or more frequently if there are indications that the cash generating unit ("CGU") may be impaired. For impairment testing purposes, goodwill is allocated to each of the Company's CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. If the recoverable amount of a CGU is less than its carrying amount, the difference is allocated first to reduce the carrying amount of any goodwill allocated to that CGU, and then to the other assets of the CGU on a pro-rata basis, based on the carrying amount of each asset in the CGU. Any impairment loss for

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

goodwill is recognized directly in profit or loss. Once recognized, an impairment loss for goodwill cannot be reversed in subsequent periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other Intangible Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Recognition and measurement

Other intangible assets with limited useful lives obtained by the Company, including computer software and acquired intangible assets such as trademarks, customer relationships and developed technology from a business combination, are carried at costs less accumulated amortization and accumulated impairment losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amortization

Amortization is calculated on the cost of the asset and is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, starting from the date they are available for use.

The estimated useful lives for current and comparative periods are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Computer software 1~3 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trademarks 18.6 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Customer relationships 7 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Developed technology acquired 7 years

Amortization methods and useful lives are reviewed at each reporting date and adjusted if appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Impairment of Non-Financial Assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets (other than inventories) to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units (CGUs). Goodwill arising from a business combination is allocated to CGUs that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.

Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.

An impairment loss in respect of goodwill is not reversed. For assets other than goodwill, an impairment loss is reversed only if the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Revenue Recognition

Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or a service to a customer. The accounting policies for the Company's main types of revenue are explained below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Payment services

The Company provides a one-stop payment solution from payment gateway service to payout service. The scope of services includes assisting customers in collecting payments from consumers, enabling customers, including businesses and individuals, to make cross-border remittances as payers and receiving funds with accounts or wallets as payees.

For our payment gateway services, we provide merchants with various payment methods for consumers, including credit cards, mobile payments, and web ATM, and payment at convenience stores, assisting merchants in collecting payments, and disbursing the collected funds to the merchants upon request. We collaborate with multiple acquiring banks, which charge fees for each transaction according to agreed rates. In turn, we charge our merchants a transaction fee for each successful payment and handling fees when disbursing the funds, based on a predetermined rate that varies depending on the market and the merchant. The Company can select one of its collaborated acquiring banks to handle the acquiring process or designate a trust account with the acquiring bank for disbursements. The Company also assists in resolving any transaction-related issues faced by merchants and has decision-making authority over the fees charged to merchants. After assessing its primary responsibility for fulfilling customer orders and controlling services before transferring them to customers, the Company is deemed the principal and recognizes the transaction fees and the handling fees charged to merchants as revenue. Due to the Company's obligations to safeguard the collected funds during the period from when the merchants can request disbursements, as agreed in the contract, to when they actually make the request to the Company, the Company satisfies the performance obligations over time and recognizes revenue during the period when the Company renders the services. The average period over which revenue is recognized is one to two months. Before the services provided to the merchants, the funds collected are recognized as other current liabilities – receipts under custody and contract liabilities.

For our payout services, with the KYC and AML system, each transaction will be screened to check whether a transaction should be authorized for completion on our payment platform. When we authorize a transaction, we become obligated to our customer to complete the payment transaction. We cooperate with multiple financial institutions and settlement providers, who charge transaction fees on each transaction according to agreed rates and some of them also charge handling fees. In turn, we charge handling fees and transaction fees for foreign exchange conversion, which vary depending on currency conversions and the customer onboarding regions. The entire payment process and platform usage, from onboarding customers to executing transactions, are handled by the Company. The Company also assists in resolving any transaction-related issues faced by customers and has decision-making authority over the fees charged to the customers. After assessing its primary responsibility for fulfilling customer orders and controlling services before transferring them to customers, the Company is deemed the principal and recognizes the transaction fees and the handling fees charged to customers as revenue. The

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Company satisfies the performance obligations at the point in time and recognizes the revenue as the transaction is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Hospitality services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Hospitality-related software services

The Company provides a property management system ("PMS") based on blockchain technology to the accommodation providers, including room inventory management, online travel agent ("OTA") management and sales report provision. The system has two fee models: (i) on a subscription basis, which charges a fixed fee based on the number of rooms offered by the accommodation provider and is charged annually or monthly depending on the respective contract terms; and (ii) on a commission basis, which charges a commission fee based on the price of orders we process for our clients through our PMS. The Company offers services through its self-developed system, retaining control, ownership, and intellectual property rights. Additionally, the Company is responsible for the system's operation and maintenance during the contract period and has decision-making authority over the subscription fees. After assessing its primary responsibility for fulfilling customer orders and controlling services before transferring them to customers, the Company is deemed the principal and recognizes the fees as revenue. The Company satisfies the performance obligations over time and recognizes revenue during the contractually agreed period of system services. Due to the customers being charged on a prepaid basis, any fees exceeding the amount attributable to the current financial reporting period are recognized as contract liabilities.

The Company also provides add-on room fee collection services on behalf of accommodation providers who utilize the OwlNest, the PMS, as their booking engine and disburses the collected funds on the contractually agreed settlement basis. It charges a specified percentage as a processing fee, which varies depending on the payment method used (credit card or ATM). As the arrangements for collecting room fees from consumers are made between the Company and the acquiring banks or third-party payment service providers—and the Company retains the discretion to select such service providers—the Company is deemed to maintain control over these services. Additionally, the Company has the authority to make pricing decisions regarding the processing fees. Therefore, the Company is deemed the principal and recognizes the processing fees as revenue. The Company satisfies the performance obligations at the point in time and recognizes revenue as the accommodation providers have completed their services. Before the services provided to the consumers, room fees that are received in advance are recognized as receipt under custody and contract liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Hospitality-related platform services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Online travel agency platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OwlTing Experience: The Company collaborates with suppliers ("local guides") to provide experiential
tour services to consumers through OwlTing Experience platform. As the Company is responsible for selecting the suppliers to fulfill the commitments to provide tour services, the Company maintains control over these services. Additionally, the
Company is responsible for the communication with local guides to ensure service provision, arranging insurance for related itineraries, and any consumer

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

incidents or liabilities that occur during and after the completion of the experiential tour and has the authority to make pricing decisions regarding the service fees of the tours on the OwlTing Experience platform. Therefore, the Company is deemed the principal and recognizes the price and any add-on service fees of the tours as revenue. The Company satisfies the performance obligations over time, with the average revenue recognition period being 1-2 days, and recognizes revenue during the period in which the Company provides the tours to consumers. Before the Company provides tour services, payments that are received in advance are recognized as contract liabilities. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OwlJourney: The Company provides OwlJourney platform to allow customers (accommodation providers) to list room
booking information, while also assists in platform maintenance and provides payment processing services for room fees. The Company facilitates room bookings but does not gain control over services, nor does it have authority over pricing or assume
risks related to damages or inventory. Since the Company doesn't control the services before transfer, it is considered an agent and recognizes the net consideration as revenue. The Company satisfies the performance obligations at the point in
time and recognizes revenue when the consumer's stay has been provided by accommodation providers. Before the services are provided to the consumers, payments that are received in advance are recognized as receipt under custody and contract
liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Platform offline service - providing accommodation service

The Company provides room accommodation services to the individual occupying the room under its own brand, OwlStay. OwlStay is fully responsible for all aspects of B&B operations, including daily management, personnel, marketing, pricing, financials, and property design. It handles online bookings, guest services, and customer complaints and has full authority over room rates. As OwlStay controls the services and bears primary responsibility for fulfilling consumers orders, it is considered the principal and recognizes the total consideration as revenue. The Company satisfies the performance obligations over time, with the average revenue recognition period being 1-2 days, and recognizes revenue during the period in which the Company provides accommodation to consumers. The consumer pays the relevant fees when booking rooms, and payments that are received in advance are recognized as contract liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) E-commerce platform

The Company conducts sales of agricultural products over its e-commerce platform, wherein the Company selects the products to sell and signs long-term contracts with local farmers to secure the supply of goods and set the purchase costs, lists the products on the OwlTing Market platform, and determines the pricing. Since some primary products are agricultural goods with short shelf lives, multiple shipments can easily cause product damage. After receiving an order, the Company issues a purchase order to the supplier to retain a specified number of units to fulfill consumer orders and notifies the supplier to arrange direct shipment to the consumer from the place of origin to ensure freshness. Other products are shipped from the Company's

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

warehouse. The Company is responsible for ensuring that the product is delivered to the consumer who placed the order, bears any loss or damage between pickup from the supplier and delivery to the end customer, and handles subsequent return or exchange services. After assessing, the Company is deemed the principal, and it recognizes the total consideration as revenue. Revenue is recognized at the point in time when the goods are delivered and have been accepted by the customer. Before the Company transfers goods to the customers, payments that are received in advance are recognized as contract liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Employee Benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Share-based payment arrangements

The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The expense recognized is adjusted to reflect the number of awards expected to satisfy the related service and non-market performance conditions, ensuring that the final amount recognized aligns with the number of awards that ultimately vest.

For share-based payment awards with non-vesting conditions, the grant-date fair value is measured considering these conditions with no adjustments for differences between expected and actual outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Defined contribution plans

Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in profit or loss during the periods in which employees provide their services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Income Taxes

Income tax expense comprises current and deferred taxes. It is recognized in profit or loss, except for amounts related to business combinations or items recognized directly in equity or other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Current tax

Current tax represents the expected tax payable or receivable on the taxable income or losses for the year, along with any adjustments for previous years. It is measured using tax rates enacted or substantively enacted at the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Deferred tax

Deferred tax assets and liabilities are recognized for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases, as well as from tax loss carryforwards. They are measured using enacted tax rates expected to apply in the period when the temporary differences are realized or settled. Deferred tax assets are assessed at each reporting date and reduced if it is no longer probable that the related tax benefit will be realized. Any such reduction is reversed when the probability of future taxable profits improves.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Business Combinations

Business acquisitions are accounted for using the acquisition method. Acquisition-related costs are generally recognized in profit or loss as incurred.

Goodwill is measured as the excess of (i) the aggregate of the consideration transferred, (ii) the fair value of any non-controlling interests in the acquiree, and (iii) the fair value of the acquirer's previously held equity interest in the acquiree, over (iv) the net of the acquisition-date fair values of the identifiable assets acquired and the liabilities assumed.

Contingent consideration payable is recognized at its fair value at the acquisition date. If the contingent consideration is classified as equity, no remeasurement is performed, and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Loss Per Ordinary Share

Loss per ordinary share is calculated by dividing the loss attributable to the ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding for the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Operating Segments

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including transactions with other components of the Company. Operating results, with a focus on operating income by segment, are regularly reviewed by the Company's chief operating decision maker (CODM) to make decisions regarding the allocation of resources to the segment and to assess its performance.

The Company does not report segment asset information to the Company's CODM. Therefore, asset information by segment is not presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Non-controlling Interests

Non-controlling interests are classified in the consolidated statements of profit or loss as part of profit (loss) for the reporting period and the accumulated amount of non-controlling interests as part of equity in the consolidated statements of financial position. If a change in ownership of a consolidated subsidiary results in loss of control and deconsolidation, any retained ownership interests are remeasured with the gain or loss recognized in net earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Use of Judgments and Estimates

The preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Information about critical judgments, estimates and assumptions applied in the application of accounting policies that have the most significant impact on the amounts recognized in the consolidated financial statements is disclosed in the following notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Impairment of non-financial assets other than goodwill

In evaluating the potential impairment of non-financial assets, other than goodwill, the Company is required to exercise judgment in determining the independent cash flows, useful lives, and expected future revenue and expenses related to the specific asset groups. Changes in these estimates, driven by shifts in economic conditions or alterations in business strategies, could result in significant impairment losses or reversals in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recognition of deferred tax assets

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilized. The assessment of the realizability of deferred tax assets involves significant judgment and estimate by the Company, considering factors such as projected future revenue growth, profitability, sources of taxable income, the utilization of tax credits, and applicable tax planning strategies. Changes in the economic environment, industry trends, or relevant laws and regulations may result in adjustments to the recognized deferred tax assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Impairment of goodwill

The assessment of impairment of goodwill requires the Company to exercise significant judgment in determining the appropriate CGUs and allocating goodwill to those CGUs. In estimating the recoverable amount of a CGU, the Company is required to make subjective judgments in discount rate, terminal growth rate, independent cash flows, and expected future revenue and expenses related to the CGU.

---

| | |
|:---|:---|
| **NOTE 5.** | **Acquisition**  |

---

On May 1, 2023 (the "acquisition date"), the Company acquired a 52.94% stake in PayNow Inc. ("PayNow") for $628,265 in cash, gaining control of PayNow. Following the acquisition date, PayNow's assets, liabilities, and results have been consolidated in the Company's consolidated financial statements. Acquisition-related costs, recognized as expenses when incurred, were insignificant.

On September 15 of the same year, the Company acquired 46.44% stake in PayNow for $1,517,730 in cash. The difference of $1,129,728 between the cash consideration and the carrying amount of the equity interest acquired was recognized in the accumulated deficit.

Through the acquisition of PayNow, the Company aims to collaborate with PayNow to enhance the payment solution and offer a more diverse range of services.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

The table below summarizes the estimated fair values of the acquired assets and liabilities as of the acquisition date. The acquired assets were valued at estimates of their current fair values based on management's estimates and consultation with an independent appraiser.

---

| | |
|:---|:---|
|  Purchase consideration |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid | $628265 |
|  Fair value of the identifiable assets acquired and liabilities assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and restricted cash | 4278870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 5961325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets, other than cash | 135227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 40034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | 137231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 208211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 54073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (52948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities current | (52427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | (9803312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities non-current | (87220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities, others | (31298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest | (446786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total identifiable net assets acquired | 340980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | $287285 |

---

---

| | |
|:---|:---|
| **NOTE 6.** | **Cash and Restricted cash**  |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Cash on hand | $6641 | 6500 |
|  Bank deposits | 4504736 | 4879489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash in the consolidated statement of financial position | 4511377 | 4885989 |
|  Contractually restricted cash | 4210381 | 3111019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and restricted cash in the consolidated statement of cash flows | $**8721758** | **7997008** |

---

Contractually restricted cash was collected from PayNow payment processing services through web ATM and convenience store payment methods and deposited into the designated demand deposit accounts. This cash was subject to contractual restrictions on its use, as agreed upon with the merchants.

Accommodation fees collected on behalf of customers from the Company's hospitality services were held in the Company's demand deposit accounts, without a contractual obligation to keep those amounts in a separate demand deposit or to restrict the use of the cash for specific purposes.

Please refer to Note 19 and Note 20 for disclosures regarding credit risk, currency risk and sensitivity analysis of the financial assets and liabilities of the Company. As of December 31, 2024 and 2023, no cash was pledged with banks as collateral.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

---

| | |
|:---|:---|
| **NOTE 7.** | **Notes and Accounts Receivable**  |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
|  Notes receivable | $— | 4025 |
|  Accounts receivable | 299359 | 353356 |
|  Total | $**299359** | **357381** |

---

As of December 31, 2024 and 2023, the Company measured the loss allowance for accounts receivable using the simplified approach under IFRS 9, applying the lifetime expected credit losses. The Company's accounts receivable mainly consisted of amounts due from the credit card company. Historically, there have been no default in accounts receivable; therefore, no expected credit losses were recognized for the years 2024 and 2023, respectively.

---

| | |
|:---|:---|
| **NOTE 8.** | **Other Financial Assets – Current and Non-current**  |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
|  Restricted cash in the trust account | $5366738 | 4837290 |
|  Restricted time deposit – current | 30502 | 32568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets – current | 5397240 | 4869858 |
|  Restricted time deposit – non-current | 183011 | 181929 |
|  Guarantee deposits paid | 538335 | 283883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets – non-current | 721346 | 465812 |
|  Total | $**6118586** | **5335670** |

---

Restricted cash in the trust account refers to cash collected from PayNow payment processing service and deposited into a trust account with the financial institution for the exclusive purpose of completing payment transactions. The terms and conditions in the trust agreement restrict the Company from accessing the amounts held in the trust account. Please refer to Note 24 for details on pledged assets.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

---

| | |
|:---|:---|
| **NOTE 9.** | **Intangible Assets (including Goodwill)**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** | **Intangible assets** |
|  |<br>**Goodwill** | **Computer<br>Software** | **Trademark** | **Customer<br>relationship** | **Developed<br>technology<br>acquired** | **Total** |
|  Cost: |  |  |  |  |  |  |
|  Balance at January 1, 2024 | $1472145 | 68196 | 227976 | 107359 | 100852 | 504383 |
|  Additions |  | 106078 |  |  |  | 106078 |
|  Disposal |  | (65931) |  |  |  | (65931) |
|  Effect of exchange rate movements |  | (4803) | (14464) |  |  | (19267) |
|  Balance at December 31, 2024 | $**1472145** | **103540** | **213512** | **107359** | **100852** | **525263** |
|  Balance at January 1, 2023 | $1184860 | 320536 | 227828 |  |  | 548364 |
|  Additions |  | 20517 |  |  |  | 20517 |
|  Acquired from business combinations | 287285 |  |  | 107359 | 100852 | 208211 |
|  Disposal |  | (269654) |  |  |  | (269654) |
|  Effect of exchange rate movements |  | (3203) | 148 |  |  | (3055) |
|  Balance at December 31, 2023 | $**1472145** | **68196** | **227976** | **107359** | **100852** | **504383** |
|  Accumulated amortization and impairment: |  |  |  |  |  |  |
|  Balance at January 1, 2024 | $1184860 | 57309 | 43959 | 10224 | 9608 | 121100 |
|  Amortization |  | 42379 | 11701 | 15336 | 14412 | 83828 |
|  Impairment |  | 641 |  |  |  | 641 |
|  Disposal |  | (65833) |  |  |  | (65833) |
|  Effect of exchange rate movements |  | (3210) | (3000) |  |  | (6210) |
|  Balance at December 31, 2024 | $**1184860** | **31286** | **52660** | **25560** | **24020** | **133526** |
|  Balance at January 1, 2023 | $1184860 | 271214 | 31671 |  |  | 302885 |
|  Amortization |  | 46527 | 12102 | 10224 | 9608 | 78461 |
|  Impairment |  | 646 |  |  |  | 646 |
|  Disposal |  | (258363) |  |  |  | (258363) |
|  Effect of exchange rate movements |  | (2715) | 186 |  |  | (2529) |
|  Balance at December 31, 2023 | $**1184860** | **57309** | **43959** | **10224** | **9608** | **121100** |
|  Carrying value: |  |  |  |  |  |  |
|  Balance at December 31, 2024 | $**287285** | **72254** | **160852** | **81799** | **76832** | **391737** |
|  Balance at December 31, 2023 | $**287285** | **10887** | **184017** | **97135** | **91244** | **383283** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Details of the aforementioned intangible assets acquired from business combinations are provided in Note 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Goodwill from the acquisition of PayNow Inc. has been assigned to PayNow CGU. The Company's goodwill was
tested for impairment annually at the end of the reporting period, and the recoverable amount was determined based on the value in use. The value in use was calculated based on the cash flow forecasts from the financial budgets covering the next
five-year period. The Company applied an annual discount rate of 18.6% and 18.7% in its

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

impairment test as of December 31, 2024 and 2023, respectively, to reflect the relevant specific risk in the CGU. The terminal growth rate of 2.0% was based on the average economic growth rate in Taiwan over the following 5 years. For the years ended December 31, 2024 and 2023, the Company did not recognize any impairment loss on goodwill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period ended at the fiscal year-end, the Company conducted
an impairment assessment on the recoverable amount and used fair value less disposal costs as the basis for calculating the recoverable amount. In 2024 and 2023, impairment losses of $641 and $646 were recognized and reported under other losses,
respectively.

---

| | |
|:---|:---|
| **NOTE 10.** | **Property, Plant and Equipment**  |

---

(a) ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Office**<br>**equipment** | **Leasehold**<br>**improvements** | **Transportation**<br>**equipment** | **Others** | **Total** |
|  Cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2024 | $400932 | 470732 |  | 248134 | 1119798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions | 13589 | 66212 | 135286 | 54915 | 270002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (3487) | (313278) |  | (22837) | (339602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate movements | (25934) | (25403) | (2443) | (19883) | (73663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 | $**385100** | **198263** | **132843** | **260329** | **976535** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2023 | $458267 | 631878 |  | 215196 | 1305341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions | 88423 | 5967 |  | 47230 | 141620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired from business combinations | 9727 |  |  | 30307 | 40034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (154823) | (165342) |  | (44601) | (364766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate movements | (662) | (1771) |  | 2 | (2431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2023 | $**400932** | **470732** | **—** | **248134** | **1119798** |
|  Accumulated amortization and impairment: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2024 | $301717 | 438623 |  | 122816 | 863156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 51421 | 22187 | 24802 | 37101 | 135511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment |  |  |  | 6183 | 6183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (3487) | (313278) |  | (22837) | (339602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate movements | (20323) | (22571) | (448) | (11721) | (55063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 | $**329328** | **124961** | **24354** | **131542** | **610185** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2023 | $401949 | 573712 |  | 130546 | 1106207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 55775 | 31709 |  | 32624 | 120108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment |  |  |  | 4136 | 4136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposal | (154823) | (165342) |  | (44601) | (364766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate movements | (1184) | (1456) |  | 111 | (2529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2023 | $**301717** | **438623** | **—** | **122816** | **863156** |
|  Carrying amounts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 | $**55772** | **73302** | **108489** | **128787** | **366350** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2023 | $**99215** | **32109** | **—** | **125318** | **256642** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Details of the aforementioned property, plant and equipment acquired from business combinations are provided in
Note 5.

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the years ended December 31, 2024 and 2023, the Company recognized an impairment loss on property, plant
and equipment of $6,183 and $4,136, respectively, in relation to other equipment that was not in use and was subsequently disposed of for proceeds of nil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Leasing arrangements-lessee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company leases various buildings and transportation equipment. Rental contracts are typically made for
periods of 1 to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants; however, leased assets may not be used as collateral for borrowing
purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The carrying amount of right-of-use assets and the depreciation charge were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
|  Buildings | $4535716 | 590185 |
|  Transportation equipment | 20976 | 92279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**4556692** | **682464** |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **Depreciation<br>charge** | **Depreciation<br>charge** |
|  Buildings | $1075143 | 710213 |
|  Transportation equipment | 46972 | 39381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**1122115** | **749594** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the years ended December 31, 2024 and 2023, the additions to right-of-use assets (excluding those acquired through business combinations) were $5,185,668 and $144,572, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Lease liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
|  Current portion | $**1177303** | **656039** |
|  Non-current portion | $**3789208** | **68115** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Additional lease information

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Expenses relating to short-term leases | $**36364** | **17192** |
|  Expenses relating to low-value asset leases | $**11464** | **9322** |
|  Expenses relating to variable lease payments not included in the measurement of lease liabilities | $**166351** | **168886** |

---

------

##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

The reconciliation of lease liabilities to cash flows arising from financing activities was as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Balance at the beginning of year | $724154 | 1221591 |
|  Change from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of lease liabilities | (781844) | (763225) |
|  Total change from financing activities | (781844) | (763225) |
|  Other changes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New lease | 5185668 | 144572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired from business combinations |  | 139647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 72445 | 25545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid | (20011) | (25545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease modification | (89091) | (10618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes | (124810) | (7813) |
|  Total liability-related other changes | 5024201 | 265788 |
|  Balance at the end of year | $**4966511** | **724154** |

---

---

| | |
|:---|:---|
| **NOTE 11.** | **Other Current Liabilities**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | **Receipts under<br>custody** | **Amounts for receipts under custody in relevant<br>asset accounts** | **Amounts for receipts under custody in relevant<br>asset accounts** | **Amounts for receipts under custody in relevant<br>asset accounts** | **Amounts for receipts under custody in relevant<br>asset accounts** |
|  | | **Restricted<br>cash held<br>in trust** | **Restricted<br>cash** | **Cash** | **Accounts<br>Receivable** |
|  Payment services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment collections from ATM | $3066726 |  | 3072934 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment collections from convenience stores | 1129525 |  | 1137447 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment collections from credit cards | 5228228 | 5366738 |  | 33884 |  |
|  Hospitality services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related software services | 2411405 |  |  | 2328264 | 83141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related platform services | 18809 |  |  | 18809 |  |
|  Total | $**11854693** | **5366738** | **4210381** | **2380957** | **83141** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Receipts under<br>custody** | **Amounts for receipts under custody in relevant<br>asset accounts** | **Amounts for receipts under custody in relevant<br>asset accounts** | **Amounts for receipts under custody in relevant<br>asset accounts** | **Amounts for receipts under custody in relevant<br>asset accounts** |
|  | | **Restricted<br>cash held<br>in trust** | **Restricted<br>cash** | **Cash** | **Accounts<br>Receivable** |
|  Payment services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment collections from ATM | $2056281 | 112253 | 1944028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment collections from convenience stores | 1166991 |  | 1166991 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment collections from credit cards | 4761216 | 4725037 |  | 36179 |  |
|  Hospitality services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related software services | 2343941 |  |  | 2258564 | 85377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hospitality-related platform services | 75789 |  |  | 75789 |  |
|  Total | $**10404218** | **4837290** | **3111019** | **2370532** | **85377** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Receipts under custody included payments received from PayNow, and accommodation payments received from OwlNest PMS and OwlJourney platform.

---

| | |
|:---|:---|
| **NOTE 12.** | **Long-Term Borrowings**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Currency** | **Rate** | **Maturity year** | **Amount** |
|  Unsecured bank loans | **TWD** | 2.595%~2.720% | January 2022~ January 2027 | $13112 |
|  Secured bank loans | **TWD** | 2.595%~2.720% | January 2022~ January 2027 | 52451 |
|  Other secured loans | **TWD** | 6.50% | September 2024~ September 2026 | 1068324 |
|  Less: current portion |  |  |  | (332974) |
|  Total |  |  |  | $**800913** |
|  Unused long-term credit lines |  |  |  | **—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Currency** | **Rate** | **Maturity year** | **Amount** |
|  Unsecured bank loans | **TWD** | 1.625%~2.595% | January 2022~ January 2027 | $20449 |
|  Secured bank loans | **TWD** | 1.625%~2.595% | January 2022~ January 2027 | 81795 |
|  Other secured loans | **TWD** | 6.50% | September 2022~ September 2024 | 758834 |
|  Less: current portion |  |  |  | (791132) |
|  Total |  |  |  | $**69946** |
|  Unused long-term credit lines |  |  |  | **—** |

---

The bank loans were secured by the Small and Medium Enterprise Credit Guarantee Fund of Taiwan.

The key management of the Company provided real estate as collateral for the long-term borrowings.

The reconciliation of borrowings to cash flows arising from financing activities was as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Balance at the beginning of year | $861078 | 1196652 |
|  Change from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings | 1186709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of borrowings | (831391) | (335574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Exchange Rate Movements | (82509) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total changes from financing activities | 272809 | (335574) |
|  Balance at the end of year | $**1133887** | **861078** |

---

---

| | |
|:---|:---|
| **NOTE 13.** | **Employee Benefits**  |

---

The Company operates in Taiwan (R.O.C.), where it contributes 6% of each employee's monthly wages to the labor pension personal account at the Bureau of Labor Insurance in compliance with the Labor Pension Act. Under these defined contribution plans, the Company has no further legal or constructive obligations beyond making fixed-rate contributions.

------

##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Pension costs arising from the contributions to the Bureau of Labor Insurance amounted to $245,471 and $248,684 for the years ended December 31, 2024 and 2023, respectively.

---

| | |
|:---|:---|
| **NOTE 14.** | **Non-current Financial Liabilities at Fair Value Through Profit or Loss**  |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Financial liabilities designated at fair value through profit or loss: |  |  |
|  Simple agreement for future equity | $**—** | **1707248** |

---

The Company entered into several SAFE agreements in 2023 and 2022, with total proceeds of $430,000 and $1,370,000, respectively. For the years ended December 31, 2024 and 2023, the amounts cashed out were $100,000 and $300,000, respectively.

Pursuant to the terms of the 2023 SAFE agreements, in the event of an equity financing (as defined in the agreement), the amount of SAFE agreements will automatically convert into the number of shares equal to the initial investment amount divided by the discount price (the lowest price per share of the shares sold in the equity financing multiplied by the discount rate of 75%); in the event of a liquidity event (as defined in the agreement), the investor will automatically be entitled to either (i) receive a portion of proceeds equal to the initial investment amount plus interest at a simple rate of 5% per annum, or (ii) receive a number of shares equal to the initial investment amount divided by the liquidity price (the price per share equal to the fair market value of the shares at the time of the liquidity event, as determined by reference to the purchase price payable in connection with such liquidity event, multiplied by the discount rate of 75%).

Pursuant to the terms of the 2022 SAFE agreements, in the event of an equity financing (as defined in the agreement), the amount of SAFE agreements will convert into the number of shares equal to the initial investment amount divided by the discount price (the lowest price per share of the shares sold in the equity financing multiplied by the discount rate of 75%) or entitle the investor to receive a portion of proceeds equal to the initial investment amount plus interest at a simple rate of 2% per annum (the "cash-out amount"); in the event of a liquidity event (as defined in the agreement), the investor will be entitled to (i) receive a portion of proceeds equal to the cash-out amount, or (ii) receive a number of shares equal to the initial investment amount divided by the liquidity price (the price per share equal to the fair market value of the shares at the time of the liquidity event, as determined by reference to the purchase price payable in connection with such liquidity event, multiplied by the discount rate of 75%). If no such events occur within 3 years following the effective date of the agreement, the investor will be entitled to receive a portion of proceeds equal to the cash-out amount.

Per IAS 32 "Financial Instruments: Presentation", the SAFE agreements are classified as a liability because the Company does not have an unconditional right to avoid settlement in cash or in another way that it would be a financial liability. Due to their complex features, they are measured at fair value through profit or loss in accordance with IFRS 9. The fair value of the SAFE agreements is remeasured at the end of each reporting period, with any changes recognized as financial expenses in the statements of profit or loss. At initial recognition, the fair value of the SAFE agreements equals the transaction price. As of December 31, 2023, the fair value of the SAFE agreements, based on a valuation conducted by independent third-party valuation specialists, was $1,707,248.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

As of June 6, 2024, the Company completed the fundraising with an accumulated amount of more than US$10 million, the conversion criteria defined as an equity financing event in the SAFE agreements have been met. With the agreements from the investors of the 2022 SAFE agreements, the principal amount of $1.4 million was converted into 285,861 shares of Class A common share at the conversion price of $4.8975. The conversion date as of June 6, 2024, the fair values of the SAFE agreements, based on a valuation conducted by a third-party valuation specialists, was $1,866,666.

The outstanding principal amounts were $0 and $1,500,000 as of December 31, 2024 and 2023, respectively.

The Company recognized a loss on financial liabilities at fair value through profit or loss of $259,418 and $143,693 for the years ended December 31, 2024 and 2023, respectively.

---

| | |
|:---|:---|
| **NOTE 15.** | **Preference Share Liabilities**  |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Preference share liabilities | $1976365 | 2067326 |
|  Less: current portion | (406366) | (101592) |
|  Non-current preference share liabilities | $**1569999** | **1965734** |

---

The Company has issued a total of 1,000,000 preference shares ("Class A Preferred Shares"), with a par value of $0.001, subscribed by the National Development Fund Management Committee of the Executive Yuan (the "Investor"), which was approved by the resolution of the shareholders' meeting on June 8, 2020. The subscription price for Class A Preferred Shares was New Taiwan Dollar (NT$) 60 per share (approximately $2.03), with a total investment amount of NT$60,000,000 (approximately $2,031,832), and the stock registration procedures have been completed in accordance with relevant laws and regulations. The rights and obligations of the Company issuing Class A Preferred Shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for matters concerning shareholders rights of Class A Preferred Shares and at the Class A
Preferred Shares shareholders meetings, holders of Class A Preferred Shares do not have any other voting rights including the rights to elect Directors or Supervisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as stipulated below, the holders of Class A Preferred Shares shall not be entitled to any
distribution of earnings and reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The holders of the Class A Preferred Shares shall be entitled to receive a dividend at the rate of 1.5%
per annum of the subscription price paid for each share in cash every year. Following the approval of the financial reports and accounting books at the annual general meeting of shareholders, the Board of directors shall determine the ex-dividend date, upon which dividends on Class A Preferred Shares shall be paid or accrued for distribution. Dividends for each fiscal year shall be calculated from the issuance date of the shares and
distributed based on the actual number of days in that fiscal year. The issuance day is defined as the capital increase reference date for Class A Preferred Shares. If the Company has a surplus for the fiscal year, after deducting taxes and
other statutory obligations in accordance with the law, offsetting any losses and allocating 10% of the remaining amount as legal reserves, the remaining profits from the fiscal year, along with any accumulated undistributed profits from prior
years, shall be prioritized for the distribution to the holders of Class A Preferred Shares. In the event of insufficient profits or no profits for distribution to the holders of Class A Preferred Shares, any

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

dividends that can be distributed shall still be prioritized for the holders of Class A Preferred Shares. Any undistributed dividends due to insufficient profits should be carried forward and made up for in subsequent profitable years or handled in accordance with the redemption terms of Class A Preferred Shares mentioned in point (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on the Subscription Agreement signed in 2020, the issuance period of Class A Preferred Shares was
set at two years. Upon maturity, the Company should fully redeem the Class A Preferred Shares in cash, including the total subscription amount of shares and any accrued but unpaid dividends for the two-year issuance period. Alternatively, the Company may opt for early redemption before maturity. In such cases, the redemption amount shall consist of the total subscription amount of Class A Preferred
Shares along with the accrued but unpaid dividends, calculated proportionally based on the actual issuance period relative to the two-year term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The first extension:

According to the Notice from the Investor dated November 8, 2021, the issuance period of Class A Preferred Shares was extended by one year until July 22, 2023, and the dividends during the extension period were calculated based on the original agreed annual interest rate of 1.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The second extension:

On July 21, 2023, an amendment was made to the Subscription Agreement based on the resolution passed during the 103rd meeting of the Investor, wherein the issuance period of Class A Preferred Shares was extended for an additional year until July 22, 2024. The dividends during the extension period shall be calculated based on the original agreed annual interest rate of 1.5%. Additionally, the Company shall pay the dividends to the Investor for the original issuance period (two years) and the preceding year, covering a total of three years, before July 22, 2023. Furthermore, upon the expiration of the latest extended issuance period on July 21, 2024, the Company shall gradually redeem the Class A Preferred Shares and pay the corresponding dividends over a five-year period through quarterly installments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that the Company is wound up or liquidated, and before any distributions or payments are made to
the holders of any other shares, each class A Preferred Shares shall be entitled to receive an amount equal to one hundred percent (100%) of the original subscription price of each Class A Preferred Share, plus all unpaid dividends. This
entitlement shall take precedence over any other payments to other shareholders. However, the total payment received by each Class A Preferred Share upon liquidation or winding up of the Company shall not exceed one hundred percent (100%) of
the original subscription price of each Class A Preferred Share, plus all unpaid dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Class A Preferred Shares shall not be convertible into any other shares of the Company under any
circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Company engages in a public listing of its shares or is required to redeem Class A Preferred Shares
due to a violation of the Class A Preferred Shares Purchase Agreement, the Company shall immediately redeem all Class A Preferred Shares prior to the maturity date as specified in point (f). Regarding the public listing event, the Company
proposed additional explanations on the related procedures in a letter dated December 12, 2024. On February 7, 2025, the Company received a response from the Investor, agreeing to allow the Company to complete the early redemption of
Class A Preferred Shares within two months after the official listing, using the funds raised from the capital markets.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Company fails to redeem Class A Preferred Shares in whole or in part at the maturity date or prior
to the maturity date due to force majeure or any circumstances attributable to the Company, the rights associated with the unredeemed Class A Preferred Shares shall remain in effect until redemption by the Company. Furthermore, the following
provisions shall apply: (i) the dividend rate of Class A Preferred Shares shall remain unchanged during the period in which redemption is delayed; and (ii) the rights of the remaining outstanding Class A Preferred Shares under
these Articles and Schedule A shall not be adversely affected by the delay in redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company recognized interest expenses of $41,109 and $42,381 for the years ended December 31, 2024 and 2023,
respectively.

---

| | |
|:---|:---|
| **NOTE 16.** | **Equity**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Share Capital

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Number of shares authorized | **200000000** | **200000000** |
|  Share capital authorized | $**200000** | **200000** |
|  Number of shares issued and fully paid | **80865751** | **78079203** |
|  Share capital issued | $**80866** | **78079** |

---

The total issued share capital of the Company consists of common shares, divided into Class A Common Shares and Class B Common Shares, each with a par value of $0.001. There are two types of common shares, with each Class A Common Share representing 1 voting right and each Class B share representing 10 voting rights, with all other rights being equal. Each Class B Common Share is convertible into one Class A Common Share. However, each Class A Common Share is non-convertible into any other share, including but not limited to Class B Common Share. In addition, each Class B Common Share shall automatically, without any further action by the holder, converted into one fully paid and nonassessable Class A Common Share upon the occurrence of a transfer.

In 2023 fundraising activities, the Company entered into several share subscription agreements ("SPAs") with a total investment amount of $10,834,290. An investment amount of $10,784,290 was completed with equity registration on February 16, 2024. With the approval of the Board of Directors, 1,651,503 Class A Common Shares were issued, each with a par value of $0.001. Additionally, 25,000 Class A Common Shares and 250,000 Class B Common Shares were canceled.

In the 2024 fundraising activity, the Company entered into several SPAs, with a total investment amount of $9,120,000. An investment amount of $7,120,000 was completed with equity registration on November 19, 2024. In the same equity registration on November 19, 2024, an investment of $100,000 from the 2023 SPA, a principal amount of $1,400,000 converted under SAFE agreements, and an amount of $86,059 from the 2021 ESOP Plan share subscription that has not yet been registered were also included. With the approval of the Board of Directors, 1,410,045 Class A Common Shares were issued, each with a par value of $0.001. The investment amount of $2,000,000 received in the second half of 2024 is reflected in the capital collected in advance for the year ended December 31, 2024. The relevant statutory registration procedures have not been completed as of December 31, 2024.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

As of December 31, 2024, the total number of issued shares of the Company was 80,865,751, consisting of 12,000,455 Class A Common Shares and 68,865,296 Class B Common Shares. As of December 31, 2023, the total number of issued shares was 78,079,203 shares, consisting of 8,963,907 Class A Common Shares and 69,115,296 Class B Common Shares.

As long as there has not been an IPO from the Company and the shareholder, SBI Digital Strategic Investment Co., Ltd. ("SBI", formerly known as SBI Crypto Investment Co., Ltd.), holds at least 12.5% of the issued shares of the Company, the Company shall not undertake any significant matters without the consent of SBI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Capital Surplus

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Additional paid-in capital | $49926656 | 30219928 |
|  Employee share options | 941697 | 941697 |
|  Donation from shareholders | 810000 | 810000 |
|  Total | $**51678353** | **31971625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retained Earnings and Earnings Distribution

In accordance with the Articles of Incorporation of the Company, the earnings distribution is governed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the Companies Law of the Cayman Islands (the "Law"), the payment of dividends shall be
at the sole discretion of the Directors. The Directors may, from time to time, pay interim dividends to the members, provided such dividends are justified by the profits of the Company. Dividend shall only be paid from profits, the share premium
account, or in any other manner permitted by the Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Before recommending any dividend, the Directors may set aside from the Company's profits such amount as
they deem appropriate as reserves, which, at their discretion, may be applicable for meeting contingencies, equalizing dividends, or for any other purpose to which the Company's profits may properly be applied. Pending such application, the
Directors may, at their discretion, either employ the funds in the Company's business or invest them in such investments (other than the Company's shares) as they may deem fit. The Directors may also, without allocating such funds to
reserves, carry forward any profits they consider prudent not to distribute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other Equity

---

| | |
|:---|:---|
|  | **Exchange differences on<br>translation of foreign<br>financial statements** |
|  Balance at January 1, 2024 | $1233711 |
|  Exchange differences on foreign currency | 1321938 |
|  Balance at December 31, 2024 | $**2555649** |
|  Balance at January 1, 2023 | $1286954 |
|  Exchange differences on foreign currency | (53243) |
|  Balance at December 31, 2023 | $**1233711** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-controlling Interest

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Balance at the beginning of year | $5988 |  |
|  Equity attributable to non-controlling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss for the year | (2372) | (32664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income during the year | (154) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of non-controlling interest |  | 446786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of subsidiaries shares from non-controlling interest |  | (388002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Declaration of cash dividends |  | (20136) |
|  Total | $**3462** | **5988** |

---

---

| | |
|:---|:---|
| **NOTE 17.** | **Income Taxes**  |

---

The Company is incorporated in the Cayman Islands, a tax-free jurisdiction; accordingly, pretax income generated by the Company is not subject to local income tax. The Company's taxable income primarily arises from its operations in Taiwan (R.O.C.), where the majority of the income tax expenses related to operating activities are incurred, subject to the statutory income tax rate of 20%. Other foreign subsidiaries calculate their income taxes in accordance with the respective local tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Income tax expense (benefit) recognized in profit or loss

Income tax expense (benefit) consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Loss before income tax | $**(10274896)** | **(6787967)** |
|  Income tax calculated based on local statutory rate | $(1653392) | (1175582) |
|  Change in unrecognized temporary differences | 200152 | (15176) |
|  Current-year losses for which no deferred tax assets were recognized | 1367559 | 1168802 |
|  Non-deductible expenses | 92448 | 15227 |
|  Other | (9383) |  |
|  Income tax benefit | $**(2616)** | **(6729)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unrecognized deferred tax assets

Gross amount of deferred tax assets have not been recognized in respect of the following items.

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Tax effect of deductible temporary differences | $326000 | 137458 |
|  Unused tax loss carryforward | 8045683 | 7181230 |
|  Total | $**8371683** | **7318688** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

The Income Tax Act of Taiwan (R.O.C.) and Japan allow net losses, as assessed by their respective tax authority, to offset taxable income over a period of ten years for local tax reporting purposes. In contrast, tax losses in Hong Kong can be carried forward indefinitely. In the United States, federal tax losses can be carried forward indefinitely, while state tax losses will expire within a range of 10 to 20 years.

Deferred tax assets have not been recognized for these items, as it is not probable that future taxable profit will be available against which the deductible temporary differences can be utilized.

As of December 31, 2024, the expiration period for the aforementioned unused loss carryforwards for statutory tax purposes were as follows:

---

| | | |
|:---|:---|:---|
| **Jurisdiction** | **Unused tax loss** | **Expiration Year** |
|  Taiwan | $35085772 | 2025~2034 |
|  Japan | 701152 | 2025~2034 |
|  Hong Kong | 132495 | Indefinite Period |
|  United States | 3102952 | 2036~Indefinite Period |

---

As of December 31, 2024, The Company's profitability trend had not yet fully stabilized. The remaining $8,045,683 of the tax losses were not recognized as deferred tax assets, as their recoverability had not yet been determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assessments by the tax authorities

The Company's primary taxing jurisdiction is Taiwan. The income tax returns of all Taiwan subsidiaries have been examined and assessed by the Taiwan (R.O.C.) tax authorities through 2023. Income tax returns of Taiwanese entities are routinely examined by the tax authorities, and it is possible that a future examination could lead to either a positive or negative adjustment to the Company's unrecognized tax benefits within the next 12 months. However, management is unable to estimate the range of the tax benefits or detriment as of December 31, 2024.

---

| | |
|:---|:---|
| **NOTE 18.** | **Loss Per Share**  |

---

Basic and diluted loss per share is computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Loss attributable to common shareholders

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Loss attributable to common shareholders | $**(10269908)** | **(6748574)** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Weighted average number of common shares

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Issued ordinary shares at January 1 | 78079203 | 78079203 |
|  Effect of shares issued | 2399715 |  |
|  Effect of shares of capital collected in advance | 13717 | 906020 |
|  Effect of shares canceled | (240437) |  |
|  Effect of shares converted from SAFE agreements | 163238 |  |
|  Weighted average number of ordinary shares at December 31 | **80415436** | **78985223** |
|  Basic and diluted loss per share | $**(0.13)** | **(0.09)** |

---

---

| | |
|:---|:---|
| **NOTE 19.** | **Financial Instruments**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Categories of financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial assets

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
|  Measured at amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and restricted cash | $8721758 | 7997008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable |  | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 299359 | 353356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables | 51834 | 61404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables – related parties |  | 17311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets (including current and non-current portions) | 6118586 | 5335670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**15191537** | **13768774** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Financial liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Non derivative financial liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $1687449 | 1803574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables | 2053402 | 1239606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables to related parties | 1723390 | 1965415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities (including current portion) | 4966511 | 724154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities at fair value through profit or loss |  | 1707248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings (including current portion) | 1133887 | 861078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preference share liabilities (including current portion) | 1976365 | 2067326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee deposits received (classified under other non-current liabilities) | 72768 | 50458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payables (classified under other non-current liabilities) | 127114 | 55456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**13740886** | **10474315** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liquidity risk

The table below summarizes the maturity profile of financial liabilities, including principal and estimated interest payments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying<br>amount** | **Contractual<br>cash flows** | **Within 1 year** | **1-5 years** | **Over 5 years** |
|  **December 31, 2024** |  |  |  |  |  |
|  Non derivative financial liabilities |  |  |  |  |  |
|  Accounts payable | $1687449 | 1687449 | 1687449 |  |  |
|  Other payables | 2053402 | 2053402 | 2053402 |  |  |
|  Other payables to related parties | 1723390 | 1723390 | 1723390 |  |  |
|  Lease liabilities (including current portion) | 4966511 | 5284874 | 1304676 | 3980198 |  |
|  Long-term borrowings (including current portion) | 1133887 | 1228579 | 394775 | 833804 |  |
|  Preference share liabilities (including current portion) | 1976365 | 2069929 | 436844 | 1633085 |  |
|  Guarantee deposits received | 72768 | 72768 |  | 72768 |  |
|  Other non-current liabilities, others | 127114 | 127114 |  | 107271 | 19843 |
|  Total | $**13740886** | **14247505** | **7600536** | **6627126** | **19843** |

---

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**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying<br>amount** | **Contractual<br>cash flows** | **Within 1 year** | **1-5 years** | **Over 5 years** |
|  **December 31, 2023** |  |  |  |  |  |
|  Non derivative financial liabilities |  |  |  |  |  |
|  Accounts payable | $1803574 | 1803574 | 1803574 |  |  |
|  Other payables | 1239606 | 1239606 | 1239606 |  |  |
|  Other payables to related parties | 1965415 | 1965415 | 1965415 |  |  |
|  Lease liabilities (including current portion) | 724154 | 734453 | 655278 | 79175 |  |
|  Non-current financial liabilities at fair value through profit or loss | 1707248 | 1707248 |  | 1707248 |  |
|  Long-term borrowings (including current portion) | 861078 | 897259 | 825470 | 71789 |  |
|  Preference share liabilities (including current portion) | 2067326 | 2201998 | 132069 | 1747376 | 322553 |
|  Guarantee deposits received | 50458 | 50458 |  | 50458 |  |
|  Other non-current liabilities, others | 55456 | 55456 |  | 55456 |  |
|  Total | $**10474315** | **10655467** | **6621412** | **3711502** | **322553** |

---

The Company does not expect the cash flows included in the maturity analysis to occur materially earlier or in significantly different amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Currency risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exposure to foreign currency risk

The Company's significant exposure to foreign currency risk was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Foreign<br>currency** | **Exchange rate** | **Exchange rate** | **USD** | **Foreign<br>currency** | **Exchange rate** | **Exchange rate** | **USD** |
|  **<u>Financial assets</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Monetary items</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD | $490113 | TWD/USD= | 32.785 | 490113 | 820702 | TWD/USD= | 32.705 | 820702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY | 24714231 | USD/JPY= | 156.42 | 158002 | 20437208 | USD/JPY= | 141.43 | 144501 |
|  **<u>Financial liabilities</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Monetary items</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD | $17787300 | TWD/USD= | 32.785 | 17787300 | 13256982 | TWD/USD= | 32.705 | 13256982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sensitivity analysis

The Company's exposure to foreign currency risk arises from the translation of cash, accounts receivable, other receivables, accounts payable and other payables that are denominated in foreign currency.

If a 5% strengthening or weakening of the USD against the JPY and TWD, the Company's net loss would have increased or decreased by $856,959 and $614,589 for the years ended December 31, 2024 and 2023, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Foreign exchange gain and loss on monetary items

Since the Company operates with multiple functional currencies, foreign exchange gains and losses on monetary items are disclosed by their total amount. For years 2024 and 2023,

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

foreign exchange gain (loss) (including realized and unrealized portions) amounted to $(1,046,680) and $71,170, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest rate analysis

The following sensitivity analysis is based on the Company's exposure to the interest rate risk from non-derivative financial instruments as of the reporting date. For assets with variable interest rates, the analysis assumes that the outstanding amount at the reporting date remains unchanged throughout the year. The rate of change is expressed as the increase or decrease in interest rates when reported internally to management, reflecting the Company management's assessment of reasonably possible interest rate fluctuations.

If the interest rate had increased or decreased by 0.25%, the Company's net loss for the years ended December 31, 2024 and 2023 would have increased or decreased by $164 and $256, respectively, with all other factors held constant. This is mainly due to the Company's borrowing at variable rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fair value information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fair value of financial instruments that are not measured at fair value

The Company considers that the carrying amounts of financial instruments measured at amortized cost, accounts payable, and other payables approximate their fair values due to the short-term maturities of such instruments.

The fair value of long-term borrowings and preference share liabilities is determined by calculating the present value of future cash flows, discounted at interest rates assumed to be applicable to new borrowings with similar maturities to those of the existing the long-term borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fair value of financial instruments that are measured at fair value

Fair value measurements are classified into Levels 1 to 3 based on the degree of observability of the inputs used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs for the asset or liability that are not based on observable market data (unobservable
inputs), which are developed using valuation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Fair value hierarchy

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|  |<br>**Book Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial liabilities not measured at fair value** |  |  |  |  |  |
|  Long-term borrowings | $1133887 |  | 1165924 |  | 1165924 |
|  Preference share liabilities (including current portion) | 1976365 |  | 1952034 |  | 1952034 |
|  Total | $**3110252** |  | **3117958** |  | **3117958** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|  |<br>**Book Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial liabilities at fair value through profit or loss** |  |  |  |  |  |
|  Liabilities from SAFE agreements | $**1707248** |  | **—** | **1707248** | **1707248** |
|  **Financial liabilities not measured at fair value** |  |  |  |  |  |
|  Long-term borrowings | $861078 |  | 853375 |  | 853375 |
|  Preference share liabilities (including current portion) | 2067326 |  | 1983197 |  | 1983197 |
|  Total | $**2928404** |  | **2836572** | **—** | **2836572** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Valuation techniques and assumptions used in fair value measurement

The fair values of non-publicly traded financial instruments are mainly determined using market approach. The fair value of the SAFE agreements is derived from the weighted average value of various scenarios estimating the expected conversion value and payout amount. This calculation considers the probability and timing of each potential outcome, along with the risk-adjusted discount rate, which constitutes an unobservable input under Level 3 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Reconciliation of Level 3 fair value measurements

The financial liabilities measured at Level 3 fair value arise from SAFE agreements which are classified as financial liabilities at fair value through profit or loss. The reconciliation of the opening balances to closing balances for Level 3 fair values for the years ended December 31, 2024 and 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Balance at the beginning of year | $1707248 | 1433555 |
|  Issuance |  | 430000 |
|  Losses recognized in profit or loss | 259418 | 143693 |
|  Settlement | (100000) | (300000) |
|  Conversion | (1866666) |  |
|  Balance at the end of year | $**—** | **1707248** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Level 3 recurring fair values

Sensitivity analysis:

---

| | |
|:---|:---|
|  | **2023** |
|  Gain (loss) from the change: |  |
|  Increase of 5% in risk-adjusted discount rate | $43322 |
|  Decrease of 5% in risk-adjusted discount rate | (46586) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transfer between levels of the fair value hierarchy

There were no transfers between levels for the years ended December 31, 2024 and 2023.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

---

| | |
|:---|:---|
| **NOTE 20.** | **Financial Risk Management**  |

---

Risk management framework

The Company's risk management policies are designed to identify, analyze, and assess the risks faced by the Company. These policies aim to evaluate the potential impact of risks and implement measures to mitigate them. The Company's Board of Directors oversees the monitoring of compliance with the Company's risk management policies and procedures and reviews the adequacy of the risk management framework relative to the risks the Company faced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit risk management

Credit risk refers to the risk that a counterparty may fail to fulfill its contractual obligations, potentially causing financial losses to the Company. The Company is exposed to credit risks though its operating activities, primarily accounts receivable, as well as through its investing activities, which primarily involve financial instruments with banks.

Accounts and other receivables

The Company has implemented a credit policy that includes conducting a credit assessment for each new customer before offering the Company's standard payment and delivery terms and conditions. Purchase limits are set for each customer, representing the maximum open amount without requiring additional approval. These limits are reviewed on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liquidity risk management

The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business requirements for existing operations over the next 12 months. The Company manages liquidity risk by maintaining adequate working capital.

As of December 31, 2024, the Company's working capital, along with investments from strategic investors through private offering, is sufficient to fulfill all of its contractual obligations. Therefore, management believes that the liquidity risk, arising from the inability to secure financing to fulfill contractual obligations, has been maintained at an acceptable level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Market risk management

The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates and interest rates. The objective of market risk management is to manage and control these exposures within acceptable parameters.

The Company's policy is not to engage in derivative financial instruments for the purpose of profit generation and strives to achieve neutrality in its exposure to interest rate and foreign currency fluctuations.

---

| | |
|:---|:---|
| **NOTE 21.** | **Capital Management**  |

---

The Company's objectives in managing capital are to ensure the capacity to operate continuously, provide returns to shareholders, maintain the interests of other related parties, and maintain an optimal capital structure to minimize the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the dividend payment to the shareholders, reduce capital for redistribution to shareholders, issue new shares, or sell assets to settle liabilities. There were no changes to the Company's approach to capital management during

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

the year ended December 31, 2024. Neither the Company nor its subsidiaries are subject to externally imposed capital management requirements.

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Total liabilities | $27615246 | 22410197 |
|  Less: cash and restricted cash | (8721758) | (7997008) |
|  Net debt | $**18893488** | **14413189** |
|  Equity attributable to owners of the parent | $**(4298042)** | **(6386738)** |

---

---

| | |
|:---|:---|
| **NOTE 22.** | **Cash Flow Information**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-cash transactions

---

| | | |
|:---|:---|:---|
|  | **For the years ended**<br>**December 31** | **For the years ended**<br>**December 31** |
|  | **2024** | **2023** |
|  Decrease other receivables due from related parties | $17311 |  |
|  Write off other payables from related parties-operating activities | (782) |  |
|  Write off other payables from related parties-financing activities | 16529 |  |
|  Additions of property, plant and equipment | 270002 |  |
|  Change in other payables | (118038) |  |
|  Payments for acquisition of property, plant and equipment | $**151964** |  |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reconciliation of liabilities arising from financing activities was as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Cash flows** | **Cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | |
|  |<br>**January 1,<br>2024** | **Increase** | **Decrease** | **Write off<br>other<br>receivables<br>from related<br>parties** | **Payments<br>from trust<br>funds** | **Changes in<br>lease<br>payments/<br>loan<br>installments** | **Fair value<br>changes** | **Converted<br>into share<br>capital** | **Foreign<br>exchange<br>movement** | **Others** |<br>**December 31,<br>2024** |
|  Long-term borrowings liabilities | $861078 | 1186709 | (831391) |  |  |  |  |  | (82509) |  | 1133887 |
|  Other payables (installment payables) |  |  | (13865) |  |  | 118038 |  |  | (1881) |  | 102292 |
|  Other payables from related parties | 1946065 |  | (216478) | (16529) |  |  |  |  |  |  | 1713058 |
|  Guarantee deposits received | 50458 | 35801 | (9557) |  |  |  |  |  | (3934) |  | 72768 |
|  Other current liabilities – receipts under custody | 10404218 | 923093 |  |  | 527382 |  |  |  |  |  | 11854693 |
|  Preference share liabilities | 2067326 |  | (101592) |  |  |  |  |  |  | 10631 | 1976365 |
|  Non-current financial liabilities at fair value through profit or loss | 1707248 |  | (100000) |  |  |  | 259418 | (1866666) |  |  |  |
|  Lease liabilities | 724154 |  | (781844) |  |  | 5096577 |  |  | (124810) | 52434 | 4966511 |
|  Total liabilities from financing activities | $**17760547** | **2145603** | **(2054727)** | **(16529)** | **527382** | **5214615** | **259418** | **(1866666)** | **(213134)** | **63065** | **21819574** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Cash flows** | **Cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | **Non-cash flows** | |
|  |<br>**January 1,<br>2023** | **Increase** | **Decrease** | **Additions<br>from<br>acquisition** | **Payments<br>from trust<br>funds** | **Changes in<br>lease<br>payments** | **Fair value<br>changes** | **Converted<br>into share<br>capital** | **Foreign<br>exchange<br>movement** | **Others** |<br>**December 31,<br>2023** |
|  Long-term borrowings liabilities | $1196652 |  | (335574) |  |  |  |  |  |  |  | 861078 |
|  Other payables from related parties | 2174161 |  | (228096) |  |  |  |  |  |  |  | 1946065 |
|  Guarantee deposits received | 4378 | 25497 | (10752) | 31298 |  |  |  |  | 37 |  | 50458 |
|  Other current liabilities – receipts under custody | 2828189 |  | (696133) | 9331061 | (1058899) |  |  |  |  |  | 10404218 |
|  Preference share liabilities | 2025945 |  |  |  |  |  | 26209 |  |  | 15172 | 2067326 |
|  Non-current financial liabilities at fair value through profit or loss | 1433555 | 430000 | (300000) |  |  |  | 143693 |  |  |  | 1707248 |
|  Lease liabilities | 1221591 |  | (763225) | 139647 |  | 133954 |  |  | (7813) |  | 724154 |
|  Total liabilities from financing activities | $**10884471** | **455497** | **(2333780)** | **9502006** | **(1058899)** | **133954** | **169902** |  | **(7776)** | **15172** | **17760547** |

---

Trust funds represent payments received on behalf of the customers and are recorded as other financial assets. As the Company's use of these funds is restricted, any changes in these amounts are not reflected in the statement of cash flows.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

---

| | |
|:---|:---|
| **NOTE 23.** | **Related-party Transactions**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent company and ultimate controlling company

Obook Holdings Inc. is the ultimate controlling party of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Names and relationship of related parties

---

| | |
|:---|:---|
| **Name of related party** | **Relationship with the Company** |
|  Chun-Kai, Wang | Key management of the Company |
|  Chung-Han, Hsieh | Key management of the Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant transactions with related parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Other receivables due from related parties

---

| | | | |
|:---|:---|:---|:---|
| **(d) Account** | **Relationship** | **December 31,<br>2024** | **December 31,<br>2023** |
|  Other receivables due from related parties | Key management | $**—** | **17311** |

---

Other receivables represent payments made by the Company on behalf of its related party in relation to other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other payables to related parties

---

| | | | |
|:---|:---|:---|:---|
| **Account** | **Relationship** | **December 31,<br>2024** | **December 31,<br>2023** |
|  Other payables to related parties | Key management | $**10332** | **19350** |

---

Other payables represent payments made by the related parties on behalf of the Company in relation to lease deposits and other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Borrowings from related parties

---

| | | | |
|:---|:---|:---|:---|
| **Account** | **Relationship** | **December 31,<br>2024** | **December 31,<br>2023** |
|  Other payables | Key management | $**1713058** | **1946065** |

---

Borrowings from related parties are interest-free and repayable in one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Key management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Joint guarantee

As of December 31, 2024 and 2023, the Company's secure bank loans were guaranteed by key management personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Key management personnel compensation includes:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Short-term employee benefits | $704698 | 560602 |
|  Post-employment benefits | 25052 | 18136 |
|  Total | $**729750** | **578738** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Equity contributions:

For the year ended December 31, 2024, key management personnel purchased 230,081 Class A Common Shares for a total cash consideration of US$1.62 million. The relevant statutory registration procedures have been completed ss of December 31, 2024.

---

| | |
|:---|:---|
| **NOTE 24.** | **Pledged Assets**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Pledged assets** | **Object** | **December 31,<br>2024** | **December 31,<br>2023** |
|  Restricted cash and time deposit (classified under other financial assets) | Restricted cash | $5397240 | 4869858 |
|  Restricted time deposits (classified under other financial assets-non-current assets) | Deposits for travel agency operation and credit card agency | 183011 | 181929 |
|  Guarantee deposits paid (classified under other financial non-current assets) | Deposits for credit card agency and office rental | 538335 | 283883 |
| Total |  | $**6118586** | **5335670** |

---

---

| | |
|:---|:---|
| **NOTE 25.** | **Subsequent Events**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective in January 2025, PayNow was transferred from OwlPay Holdings to be directly held by OBOOK Holdings
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the reporting date, the Company entered into several share subscription agreements with new investors
with the total amount of $16.2 million, and the relevant statutory registration procedures have not been completed. Additionally, the Company entered into several SAFE agreements with the total amount of $2.5 million.

---

| | |
|:---|:---|
| **NOTE 26.** | **Segment Information**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General information

The Company periodically reviews operating results, focusing on operating income generated by each segment. These operating results are used for resource allocation and/or performance assessment. The Company has five reportable segments, which are Payment services, Hospitality services, which include software services and platform services, E-commerce platform, and Other. Payment service mainly provides payment solutions for customers, including payment gateway services and payout services. Hospitality services focus on offering hospitality-related products, including software services and platform services. Hospitality-related software services provide the subscription to the OwlNest PMS and the add-on room fee collection services offered to the clients using OwlNest. Hospitality-related platform services that provide an OTA platform and offline platform services offering accommodation services. The e-commerce platform primarily engages in selling products online. Other services consist of small OwlTing Blockchain Services projects in collaboration with the Taiwan government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Operating segments, segment revenue and operating results

The reportable segments of the Company represent strategic business units that provide different products and services. Since each strategic business unit requires different technologies and marketing strategies, they are managed separately.

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

The Company's operating segment information and reconciliation are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended December 31, 2024** | **Payment** | **Hospitality** | **Hospitality** | **E-commerce** | **Other** | **Total** |
| Revenue |  | **Software<br>service** | **Platform<br>service** |  |  |  |
|  External customers | $4027727 | 1158366 | 1622861 | 751635 | 9041 | 7569630 |
|  Intersegment revenue | 233159 | 5649 |  |  |  | 238808 |
|  Segment revenue | $**4260886** | **1164015** | **1622861** | **751635** | **9041** | **7808438** |
|  Eliminations |  |  |  |  |  | (238808) |
|  Total revenue |  |  |  |  |  | $**7569630** |
|  Segment loss before tax | $**(1261158)** | **(769842)** | **(2495382)** | **(3692038)** | **8725** | **(8209695)** |
|  Eliminations of intercompany profit or loss |  |  |  |  |  | 191182 |
|  Other corporate operating expense |  |  |  |  |  | (1919679) |
|  Loss on financial liabilities at fair value through profit or loss |  |  |  |  |  | (259418) |
|  Other corporate non-operating income and expense |  |  |  |  |  | (77286) |
|  Loss before tax |  |  |  |  |  | $**(10274896)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended December 31, 2023** | **Payment** | **Hospitality** | **Hospitality** | **E-commerce** | **Other** | **Total** |
| Revenue |  | **Software<br>service** | **Platform<br>service** |  |  |  |
|  External customers | $2465859 | 1146450 | 1902497 | 863484 | 21097 | 6399387 |
|  Intersegment revenue | 156433 | 116 |  |  |  | 156549 |
|  Segment revenue | $**2622292** | **1146566** | **1902497** | **863484** | **21097** | **6555936** |
|  Eliminations |  |  |  |  |  | (156549) |
|  Total revenue |  |  |  |  |  | $**6399387** |
|  Segment loss before tax | $**(316241)** | **(656826)** | **(1719825)** | **(3384358)** | **28349** | **(6048901)** |
|  Eliminations of intercompany profit or loss |  |  |  |  |  | (7215) |
|  Other corporate operating expense |  |  |  |  |  | (534433) |
|  Loss on financial liabilities at fair value through profit or loss |  |  |  |  |  | (143693) |
|  Other corporate non-operating income and expense |  |  |  |  |  | (53725) |
|  Loss before tax |  |  |  |  |  | $**(6787967)** |

---

The Company has recognized the following contract liabilities in relation to revenue from contracts with customers:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Contract liabilities – current | $**1735806** | **1268303** |

---

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##### [**Table of Contents**](#toc)
**OBOOK HOLDINGS INC. AND SUBSIDIARIES** 

**Notes to the Consolidated Financial Statements (Continued)** 

Revenue recognized in the current reporting period amounted to $830,533 and $808,664 for the years ended December 31, 2024 and 2023, respectively.

The changes in contract liabilities were mainly due to the time differences when the Company fulfills its obligation to the customer by providing services and when the customer makes the corresponding payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Geographic information

Revenue from external customers and the Company's assets are mainly located in Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Major customers

The customer base of the Company is large and diversified, and none of which contributes 10% or more to the Company's revenue.

---

| | |
|:---|:---|
| **NOTE 27.** | **The Nature of Expenses**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Depreciation of property, plant and equipment

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Recognized in cost of revenues | $342599 | 287788 |
|  Recognized in operating expenses | 915027 | 581914 |
|  Total | $**1257626** | **869702** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amortization of intangible assets

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Recognized in cost of revenues | $11701 | 12102 |
|  Recognized in operating expenses | 72127 | 66359 |
|  Total | $**83828** | **78461** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee benefits expense

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Salary | $5323137 | 5398613 |
|  Labor and health insurance | 502756 | 426515 |
|  Pension | 245471 | 248684 |
|  Others | 176854 | 169372 |
|  Total | $**6248218** | **6243184** |
|  Employee benefits expense summarized by function |  |  |
|  Recognized in cost of revenues | $994178 | 949916 |
|  Recognized in operating expenses | 5254040 | 5293268 |
|  Total | $**6248218** | **6243184** |

---

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##### [**Table of Contents**](#toc)
![LOGO](g800443g03a05.jpg)

Until , 2025 (the 25th day after the listing date of our Class A Common Shares), all dealers that buy, sell or trade Class A Common Shares, whether or not participating in this offering, may be required to deliver a prospectus.

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 6.** **Indemnification of Directors and Officers** <br>

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent 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. Under the Company's Third Amended and Restated Memorandum and Articles of Association, which will become effective immediately prior to the completion of this listing, to the fullest extent permissible under Cayman Islands law every director and officer of our company shall be indemnified 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 our 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 our company or its affairs in any court whether in the Cayman Islands or elsewhere.

Pursuant to the form of indemnification agreements filed as Exhibit 10.2 to this Registration Statement, we will agree to indemnify our directors and executive officers against certain liabilities and expenses that they incur 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 of 1933, as amended, 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** <br>

During the past three years, we have issued the following securities without registering the securities under the Securities Act. We believe that each of the following sales or issuances was exempt from registration pursuant to Section 4(2) of the Securities Act, regarding transactions not involving a public offering, or in reliance on Regulation S under the Securities Act, regarding sales by an issuer in offshore transactions. None of the transactions involved an underwriter.

---

| | | | |
|:---|:---|:---|:---|
| **Purchaser(s)** | **Date of<br>Issuance** | **Title and Total Number of Securities Issued**  | **Total Consideration<br>(in $'000)** |
|  Tin Tin Venture Inc. | 2022.4.15 | 136,412 Class A Common Shares | 1782 |
|  Tomohiro Yokota | 2022.4.15 | 6,000 Class A Common Shares | 78 |
|  Employees of awards granted under Share Incentive Plan | 2022.9.26 | 1,392,696 Class A Common Shares | 2908 |
|  Hung, Wei-Chen | 2024.2.16 | 30,628 Class A Common Shares | 200 |
|  Hung, Yu-Sheng | 2024.2.16 | 30,628 Class A Common Shares | 200 |
|  Matsutake Co., Ltd. | 2024.2.16 | 918,836 Class A Common Shares | 6000 |
|  Fukuda Co., Ltd. | 2024.2.16 | 49,005 Class A Common Shares | 320 |
|  PHS Enterprise Co., Ltd. | 2024.2.16 | 120,000 Class A Common Shares | 784 |
|  Chang Yu-Shan | 2024.2.16 | 2,000 Class A Common Shares | 13 |
|  Moah LLC. | 2024.2.16 | 5,360 Class A Common Shares | 35 |
|  Marcin Pacholak | 2024.2.16 | 2,000 Class A Common Shares | 13 |
|  Concord Executive Group | 2024.2.16 | 15,314 Class A Common Shares | 100 |

---

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Purchaser(s)** | **Date of Sale or<br>Issuance** | **Title and Total Number of Securities Issued**  | **Total Consideration<br>(in $'000)** |
|  Huang, Yen-Chen | 2024.2.16 | 3,000 Class A Common Shares | 19 |
|  Anant Kanoi | 2024.2.16 | 15,314 Class A Common Shares | 100 |
|  Stellar Development Foundation | 2024.2.16 | 459,418 Class A Common Shares | 3000 |
|  Employees of awards granted under Share Incentive Plan | 2024.11.19 | 18,519 Class A Common Shares | 86 |
|  Brabull Capital LLC. | 2024.11.19 | 15,314 Class A Common Shares | 100 |
|  Jam Tomorrow Ltd. | 2024.11.19 | 306,279 Class A Common Shares | 2000 |
|  Little King Industries Co., Ltd. | 2024.11.19 | 382,848 Class A Common Shares | 2500 |
|  Jangway Development Co., Ltd. | 2024.11.19 | 153,139 Class A Common Shares | 1000 |
|  Jangbridge Development Co., Ltd. | 2024.11.19 | 153,139 Class A Common Shares | 1000 |
|  Wang, Chun-Kai | 2024.11.19 | 94,946 Class A Common Shares | 620 |
|  Lin, Yu-Tien | 2024.11.19 | 30,628 Class A Common Shares<sup>(1)</sup> | 150 |
|  Modernity Financial Holdings, Ltd. | 2024.11.19 | 20,419 Class A Common Shares<sup>(1)</sup> | 100 |
|  Hsu, Te-Ying | 2024.11.19 | 102,093 Class A Common Shares<sup>(1)</sup> | 500 |
|  Shea, Chih-Jui | 2024.11.19 | 40,837 Class A Common Shares<sup>(1)</sup> | 200 |
|  Hung, Wei-Chen | 2024.11.19 | 4,084 Class A Common Shares<sup>(1)</sup> | 20 |
|  Ong Kong Joo | 2024.11.19 | 40,837 Class A Common Shares<sup>(1)</sup> | 200 |
|  Yang, Chi-Jung | 2024.11.19 | 26,544 Class A Common Shares<sup>(1)</sup> | 130 |
|  Chiu, Wei-Ju | 2024.11.19 | 20,419 Class A Common Shares<sup>(1)</sup> | 100 |
|  Wang, Chun-Kai | 2024.11.15 | 135,135 Class A Common Shares | 1000 |
|  UNIVA Oak Holdings Limited | 2025.08.11 | 135,135 Class A Common Shares | 1000 |
|  Lin, Tzu-Hung | 2025.08.11 | 40,541 Class A Common Shares | 30 |
|  ASIATECK Holdings Pte. Ltd. | 2025.08.11 | 89,189 Class A Common Shares | 66 |
|  Chu, Hung-Yeh | 2025.08.11 | 2,000 Class A Common Shares | 20 |
|  Shih, Yan-An | 2025.08.11 | 3,000 Class A Common Shares | 30 |
|  OUTSMART Capital Limited | 2025.08.11 | 100,000 Class A Common Shares | 1000 |
|  Tseng, Pin-Nan | 2025.08.11 | 25,000 Class A Common Shares | 250 |
|  Chao, Ying-Chen | 2025.08.11 | 25,000 Class A Common Shares | 250 |
|  Cheng Chyun Jye | 2025.08.11 | 25,000 Class A Common Shares | 250 |
|  CASTLEHOUSE VCC | 2025.08.11 | 1,000,000 Class A Common Shares | 10000 |
|  TIN TIN VENTURE INC. | 2025.08.12 | 9,600 Class A Common Shares | 96 |
|  Chang Living Trust | 2025.08.14 | 3,000 Class A Common Shares | 30 |
|  Hsu, Han-Sheng | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Wang, Ming-Hui | 2025.08.14 | 4,500 Class A Common Shares | 45 |
|  Ng, Wai Man | 2025.08.14 | 3,000 Class A Common Shares | 30 |
|  Lin, Wing Lik | 2025.08.14 | 13,000 Class A Common Shares | 130 |
|  Yeung, Jonathan Man Kong Justin | 2025.08.14 | 20,000 Class A Common Shares | 200 |
|  Pang, Ka Ming | 2025.08.14 | 20,000 Class A Common Shares | 200 |
|  Chui, Yuen Shan Jessica | 2025.08.14 | 1,250 Class A Common Shares | 13 |
|  Markson-Brown, Ewan Okoth | 2025.08.14 | 6,800 Class A Common Shares | 68 |
|  Yeh, Hsu Ming Kevin | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Yu Yu Chuang | 2025.08.14 | 3,500 Class A Common Shares | 35 |
|  Tung, Ho-Kei | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Chiu, Hua-Sheng | 2025.08.14 | 3,000 Class A Common Shares | 30 |
|  Cheng, Hao | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Chang, Tung-Yang | 2025.08.14 | 1,100 Class A Common Shares | 11 |
|  Hsu, Meng-Chun | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Kao, Hsien Chih | 2025.08.14 | 1,000 Class A Common Shares | 10 |

---

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Purchaser(s)** | **Date of Sale or<br>Issuance** | **Title and Total Number of Securities Issued**  | **Total Consideration<br>(in $'000)** |
|  Chiu, Li-Hsuan | 2025.08.14 | 3,500 Class A Common Shares | 35 |
|  Hsu, Huan-Chang | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Kung, Shih-Che | 2025.08.14 | 15,000 Class A Common Shares | 150 |
|  Yang, Jing-Ling | 2025.08.14 | 15,000 Class A Common Shares | 150 |
|  Liao, Chi-Hsien | 2025.08.14 | 10,000 Class A Common Shares | 100 |
|  Pan, Chun-Pin | 2025.08.14 | 2,000 Class A Common Shares | 20 |
|  Wang, Horng-Pyn | 2025.08.14 | 10,000 Class A Common Shares | 100 |
|  UAL GROUP HOLDINGS INC. | 2025.08.14 | 150,000 Class A Common Shares | 1500 |
|  She, Jeffrey | 2025.08.14 | 2,800 Class A Common Shares | 28 |
|  Ku, Jung | 2025.08.14 | 1,500 Class A Common Shares | 15 |
|  Lee, Nga Ching | 2025.08.14 | 6,000 Class A Common Shares | 60 |
|  Mao, Jo-Yu | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Lu, Xiao | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Tseng, Shu-Hua | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Han, Ming-Huei | 2025.08.14 | 3,000 Class A Common Shares | 30 |
|  Pao, Shy-Tzu | 2025.08.14 | 10,000 Class A Common Shares | 100 |
|  Tasi, Chih-Jen | 2025.08.14 | 5,000 Class A Common Shares | 50 |
|  Chen, Yin-Chieh | 2025.08.14 | 2,500 Class A Common Shares | 25 |
|  Lee, Jung-Tsung | 2025.08.14 | 1,000 Class A Common Shares | 10 |
|  Cheng, Chyun-Jye | 2025.08.18 | 25,000 Class A Common Shares | 250 |
|  Cheng, Hui-Wen | 2025.8.18 | 1,000 Class A Common Shares | 10 |
|  Wan, Chang-Hsin | 2025.8.18 | 2,000 Class A Common Shares | 20 |
|  Other investors | 2025.04 - 2025.08 | 16,920 Class A Common Shares<sup>(2)</sup> | 169 |

---

(1) Upon conversion of rights under SAFE agreements initially entered into in 2022 and 2023.

(2) Consists of 46 investors each with investment amounts below US$10,000.

**Item 8.** **Exhibits and Financial Statement Schedule** <br>

The exhibits listed in the exhibit index, appearing elsewhere in this Registration Statement, have been filed as a part of this Registration Statement.

All schedules have been omitted since they are not required or are not applicable or the required information is shown in the audited consolidated financial statements or notes thereto.

**Item 9.** **Undertakings** <br>

The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 Securities Act need not be furnished, provided, that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to Section 10(a)(4) of the Securities Act of 1933 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for the purpose of determining liability of the registrant under the Securities Act 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

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.

------

##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 3.1 | [Second Amended and Restated Memorandum and Articles of Association, as currently in effect](d800443dex31.htm) |
| 3.2\* | Form of Third Amended and Restated Memorandum and Articles of Association to be in effect immediately prior to the consummation of this offering |
| 4.1 | [Form of Registrant's Class A Common Shares certificate](d800443dex41.htm) |
| 5.1\* | Opinion of Harney Westwood & Riegels regarding the validity of Class A Common Shares |
| 8.1\* | Opinion of Harney Westwood & Riegels regarding certain Cayman Island tax matters (included in Exhibit 5.1) |
| 10.1 | [2021 Share Incentive Plan](d800443dex101.htm) |
| 10.2 | [Form of Indemnification Agreement with the Registrant's directors and executive officers](d800443dex102.htm) |
| 10.3 | [Form of Employment Agreement between the Registrant and executive officers of the Registrant](d800443dex103.htm) |
| 10.4 | [English Translation of Share Purchase Agreements dated December 1, 2022, July 17, 2023 and August 1, 2023, between OwlPay Holdings and certain shareholders of PayNow](d800443dex104.htm) |
| 10.5 | [Investor Rights Agreement, dated April 9, 2018, among SBI Digital Strategic Investment Co., Ltd. (formerly named SBI Crypto Investment Co., Ltd.), Chun-Kai Wang (Darren Wang), Chung-Han Hsieh (John Hsieh) and the Registrant](d800443dex105.htm) |
| 10.6 | [English Translation of Share Subscription Agreement, dated May 18, 2020, between the National Development Fund, Executive Yuan and the Registrant, as amended on November 15, 2021 and July 21, 2023, and the letter correspondence between Taipei Computer Associate and the Company regarding the supplemental interpretation of certain clause of Share Subscription Agreement, dated December 12, 2024 and February 7, 2025](d800443dex106.htm) |
| 10.7 | [Share Subscription Agreements between the Registrant and certain investors in the Registrant, dated as of various dates in 2023 and 2024](d800443dex107.htm) |
| 10.8 | [Simple Agreements for Future Equity between the Registrant and certain purchasers, dated as of various dates in March 2023 and February 2025](d800443dex108.htm) |
| 10.9 | [English Translation of Loan Agreement, dated February 11, 2022, between Chun-Kai Wang (Darren Wang) and OWLTING Travel Service Inc.](d800443dex109.htm) |
| 10.10 | [English Translation of Loan Agreement, dated May 27, 2022, between Chun-Kai Wang (Darren Wang) and the Registrant](d800443dex1010.htm) |
| 10.11 | [English Translation of Loan Agreement, dated May 27, 2022, between Chun-Kai Wang (Darren Wang) and OBOOK Inc.](d800443dex1011.htm) |
| 10.12 | [English Translation of Loan Agreement, dated September 8, 2022, between Chung-Han Hsieh (John Hsieh) and the Registrant](d800443dex1012.htm) |
| 10.13 | [English Translations of Real Estate Lease Agreements, each dated May 31, 2024, between Baoyuan Development Co., Ltd. and each of OBOOK Inc., OwlTing Travel Service Inc. and PayNow Inc.](d800443dex1013.htm) |
| 10.14 | [English Translation of Real Estate Lease Agreement, dated March 25, 2024, between OBOOK Inc. and PayNow Inc.](d800443dex1014.htm) |
| 10.15 | [English Translation of Property Lease Agreement, dated March 14, 2023, between OwlStay Inc. and the lessor](d800443dex1015.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibit** |
| 10.16 | [English Translation of Property Lease Agreement, dated March 15, 2024, between OwlStay Inc. and the lessor](d800443dex1016.htm) |
| 10.17 | [English Translation of Home Stay Management Entrustment Agreement, dated August 1, 2019, between OwlStay Inc. and the principal in charge of the home stay](d800443dex1017.htm) |
| 10.18 | [English Translation of Home Stay Management Entrustment Agreement, dated April 25, 2024, between OwlStay Inc. and the principal in charge of the home stay](d800443dex1018.htm) |
| 10.19 | [English Translation of Home Stay Management Entrustment Agreement, dated May 23, 2024, between OwlStay Inc. and the principal in charge of the home stay](d800443dex1019.htm) |
| 10.20 | [English Translation of Home Stay Management Entrustment Agreement, dated January 1, 2020, between OwlStay Inc. and the principal in charge of the home stay](d800443dex1020.htm) |
| 10.21 | [English Translation of Home Stay Management Entrustment Agreement, dated August 21, 2020, between OwlStay Inc. and the principal in charge of the home stay](d800443dex1021.htm) |
| 10.22 | [English Translation of Home Stay Management Entrustment Agreement, dated May 31, 2019, between OwlStay Inc. and the principal in charge of the home stay](d800443dex1022.htm) |
| 10.23 | [Form of Share Subscription Agreements between the Registrant and certain investors in the Registrant from April 2025 to August 2025, for an aggregate of 1,560,970 shares of Class A Common Shares at a price of US$10.00 per share](d800443dex1023.htm) |
| 21.1 | [List of Significant Subsidiaries](d800443dex211.htm) |
| 23.1 | [Consent of KPMG, an independent registered public accounting firm](d800443dex231.htm) |
| 23.2\* | Consent of Harney Westwood & Riegels (included in Exhibit 5.1) |
| 24.1 | [Powers of Attorney (included on signature page to the registration statement)](#ii800443_ex241) |
| 99.1 | [Code of Business Conduct](d800443dex991.htm) |
| 107 | [Filing fee table](d800443dexfilingfees.htm) |

---

\* To be filed by amendment.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, 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 Taipei City, Taiwan on September 3, 2025.

---

| | |
|:---|:---|
| **OBOOK Holdings Inc.** | **OBOOK Holdings Inc.** |
| By: | /s/ Chun-Kai Wang |
|  | Name: Chun-Kai Wang<br> Title: Chairman and Chief Executive Officer |

---

------

##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

Each person whose signature appears below constitutes and appoints Chun-Kai Wang as attorney-in-fact and agent with full power of substitution for him or her in any and all capacities to do any and all acts and all things and to execute any and all instruments that said attorney-in-fact and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of Class A common shares of the registrant (the "Securities"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Securities, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney-in-fact and agent shall 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 indicated.

*[Signature Page Follows]* 

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  /s/ Chun-Kai Wang<br> Chun-Kai Wang | Chairman and Chief Executive Officer<br>(principal executive officer) | September 3, 2025 |
|  /s/ Chung-Han Hsieh<br> Chung-Han Hsieh | Director and Chief Technology Officer | September 3, 2025 |
|  /s/ Hsiang-Chih Wang<br> Hsiang-Chih Wang | Director | September 3, 2025 |
|  /s/ Chih-Chang Yu<br> Chih-Chang Yu | Director | September 3, 2025 |
|  /s/ Te-Yung Hsu<br> Te-Yung Hsu | Director | September 3, 2025 |
|  /s/ Meyer Samuel Frucher<br> Meyer Samuel Frucher | Director | September 3, 2025 |
|  /s/ Hsing-Ju Tsai<br> Hsing-Ju Tsai | Director | September 3, 2025 |
|  /s/ Wei-Li Lin<br> Wei-Li Lin | Chief Financial Officer<br> (principal financial and accounting officer) | September 3, 2025 |

---

------

##### [**Table of Contents**](#toc)
**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES** 

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly appointed representative in the United States of OBOOK Holdings Inc. has signed this Registration Statement or amendment thereto in the city of New York, New York, United States on September 3, 2025.

---

| | |
|:---|:---|
| Cogency Global Inc.<br> Authorized U.S. Representative | Cogency Global Inc.<br> Authorized U.S. Representative |
| By: | /s/ Colleen A. De Vries |
|  | Name: Colleen A. De Vries |
|  | Title: Sr. Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1** 

**<u>THE COMPANIES ACT (Revised)</u>** 

**<u>EXEMPTED COMPANY LIMITED BY SHARES</u>** 

**<u>SECOND AMENDED</u> <u>& RESTATED MEMORANDUM OF ASSOCIATION</u>** 

**<u>OF</u>** 

**OBOOK HOLDINGS INC.** 

**(the "Company")** 

**(adopted by a special resolution dated 8<sup>th</sup> August, 2025)** 

1. The NAME of the Company is **OBOOK HOLDINGS INC.** 

2. The registered office of the Company will be situated at the offices of Gold-In (Cayman) Co., Ltd., whose physical address is Suite 102, Cannon Place, North Sound Rd., George Town, Grand Cayman, Cayman Islands with postal address P.O. Box 712, Grand Cayman, KY1-9006, Cayman Islands or at such other place as the Directors may determine.

3. The OBJECTS for which the Company is established are NOT restricted but, without limiting the generality of the
foregoing, the Company shall have full power and authority to do and carry out any and all acts exercisable by a natural person or body corporate or any other legal entity in any part of the world in any capacity whatsoever including whether as
principal, agent, contractor, broker, representative, attorney or otherwise and whether alone or jointly with others and the Company shall have full power and authority to carry out any object not prohibited by the Companies Act (Revised) or any
other law of the Cayman Islands or any modifications or re-enactments thereof.

4. Pursuant to the Companies Act (Revised), the Company shall have, and be capable of exercising, all of the
functions of a natural person of full capacity irrespective of any question of corporate benefit.

5. If the Company is registered as an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 it shall have the power to apply to the Registrar of Companies to be registered by way of continuation as a
body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be de-registered in the Cayman Islands with full power to carry out all or any matters required by section
206 of the Companies Act (Revised) or any statutory modifications or re-enactments thereof; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 it shall 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 clause shall be construed so 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. Nothing in the preceding clauses shall be deemed to permit the Company to carry on such business as requires a
licence under applicable Cayman Islands law including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 the business of a bank or trust company unless licensed therefor under The Banks and Trust Companies Act (2020
Revision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 the business of an insurance company, manager, agent, sub-agent or
broker unless licensed therefor under the Insurance Act (2010); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 the business of company management unless licensed therefor under The Companies Management Act (2021 Revision)

or any statutory modification or re-enactment of any of the same for the time being in force.

7. THE LIABILITY of the members is limited.

8. The capital of the Company is US$1,000,000 divided into (i) 924,000,000 Class A Common Shares with nominal
or par value of US$0.001 each; (ii) 75,000,000 Class B Common Shares with nominal or par value of US$0.001 each; and (iii) 1,000,000 Class A Preferred Shares with nominal or par value of USD0.001 each; provided always that subject to the
provisions of the Companies Act (as revised) as amended and the Articles of Association the Company shall have power to redeem or purchase any or all of such shares 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 or special privilege 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.

------

**<u>INDEX TO ARTICLES OF ASSOCIATION</u>** 

**PRELIMINARY** – Article 1

**INTERPRETATION** – Article 2

**SHARES** – Article 3

**VARIATION OF SHARE RIGHTS** – Articles 4 – 5

**NON-RECOGNITION OF TRUSTS** – Article 6

**ISSUE OF SHARES** – Article 7

**REGISTER OF MEMBERS** – Articles 8–9

**LIEN** – Articles 10 to 13

**CALLS ON SHARES** – Articles 14 to 21

**TRANSFER AND TRANSMISSION OF SHARES** – Articles 22 to 27

**FORFEITURE OF SHARES** – Articles 28 to 34

**CONVERSION OF SHARES INTO STOCK** – Articles 35 to 38

**PRE-EMPTIVE AND SHARE RIGHTS** – Article 39

**ALTERATION OF SHARE CAPITAL** – Articles 40 to 43

**STATUTORY MEETINGS** – Articles 44 to 45

**GENERAL MEETINGS** – Articles 46 to 52

**PROCEEDINGS AT GENERAL MEETINGS** – Articles 53 to 60

**VOTES OF MEMBERS** – Articles 61 to 67

**PROXIES** – Articles 68 – 71

**RESOLUTIONS IN WRITING** – Article 72

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS** – Article 73

**DIRECTORS AND OFFICERS** – Articles 74 to 85

**MANAGING DIRECTOR/OTHER OFFICERS** – Article 86

3. ![LOGO](g912335g95z46.jpg)

------

**ALTERNATE DIRECTORS** – Articles 87 to 88

**POWERS AND DUTIES OF DIRECTORS** – Articles 89 to 93

**DISQUALIFICATION AND PROCEEDINGS OF DIRECTORS** – Articles 94 to 102

**TENURE OF OFFICE OF DIRECTORS** – Articles 103 to 105

**PRESUMPTION OF ASSENT** – Article 106

**SEAL** – Articles 107 to 108

**DIVIDENDS AND RESERVES** – Articles 109 to 115

**CAPITALISATION OF PROFITS** – Articles 116 to 117

**BOOKS OF ACCOUNT** – Articles 118 to 122

**NOTICES** – Articles 123 to 126

**LIQUIDATION OF THE COMPANY** – Articles 127 to 128

**INDEMNITY** – Article 129

**AMENDMENT OF MEMORANDUM AND ARTICLES** – Article 130

**TRANSFER BY WAY OF CONTINUATION** – Article 131

**SCHEDULE A** 

4. ![LOGO](g912335g95z46.jpg)

------

**<u>THE COMPANIES ACT (Revised)</u>**

**<u>EXEMPTED COMPANY LIMITED BY SHARES</u>**

**<u>SECOND AMENDED AND RESTATED ARTICLES OF ASSOCIATION</u>**

**OF** 

**<u>OBOOK HOLDINGS INC.</u>**

**(adopted by a special resolution dated 8th August, 2025)** 

**<u>PRELIMINARY</u>**

1. The regulations in Table "A" in the First Schedule to the Law (as defined below) shall not apply to
the Company except insofar as they are repeated or contained in these Articles.

**<u>INTERPRETATION</u>**

2. In these Articles, if not inconsistent with the subject or context, the following expressions shall have the
following meanings:

---

| | |
|:---|:---|
| 2.1  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Affiliate" | means, with respect to any specified individual, corporation, partnership, association, trust or entity, any other individual, corporation, partnership, association, trust or entity who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation, any general partner, officer, director or manager of such person and any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management with, such person. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Articles" | means the articles of association of the Company for the time being in force, including Schedule A hereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Class A Common Shares" | means an ordinary share of a par value of US$0.001 each in the capital of the Company, designated as a Class A Common Share and having the rights provided for in these Articles. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Class A Preferred Shares" | means an ordinary share of a par value of USD0.001each in the capital of the Company, designated as a Class A Preferred Share and having the rights provided for in these Articles, including Schedule A hereof. |

---

5. ![LOGO](g912335g95z46.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Class B Common Shares" | means an ordinary share of a par value of US$0.001 each in the capital of the Company, designated as a Class B Common Share and having the rights provided for in these Articles. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Commission" | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Company" | means the above named company. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Company's<br> Website" | means the main corporate/investor relations website of the Company, the address or domain name of which has been or will be disclosed in any registration statement filed or to be filed by the Company with the Commission in connection with its initial public offering of the Class A Common Shares, or which has otherwise been notified to Members. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deemed Liquidation Event" | means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Designated Stock Exchange" | means the stock exchange in the United States on which any shares are listed for trading. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "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 on the Designated Stock Exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Directors" | means the directors for the time being of the Company. |

---

6. ![LOGO](g912335g95z46.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "electronic" | has 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "electronic communication " | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the board of Directors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Electronic Transactions Act" | means the Electronic Transactions Act (Revised) of the Cayman Islands and any amendments thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted thereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "electronic record" | has 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Initial Offering" "Law" | means the Company's first public offering of any class of its shares means the Companies Act (Revised) of the Cayman Islands and every statutory modification or re-enactment thereof for the time being in force. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "member" | has the meaning assigned to it in the Law. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Association" | means the memorandum of association of the Company for the time being in force. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Officer" | has the meaning assigned to it in the Law. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Ordinary Resolution" | means any resolution of the members, not being a Special Resolution, which is either: (i) approved at a duly convened and constituted meeting of the members by the affirmative vote of a simple majority of the votes of the shares entitled to vote thereon which were present at the meeting and were voted and not abstained; or (ii) consented to in writing by all of the members entitled to vote thereon. |

---

7. ![LOGO](g912335g95z46.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "SBI" | means SBI Crypto Investment Co., Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Secretary" | means any person appointed to perform the duties of secretary of the Company and shall include an assistant secretary. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Securities Act" | means the Securities Act of 1933 of the United States of America, 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "share" | includes a fraction of a share. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Special Resolution" | has the meaning assigned to it in the Law. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Stock Option Pool" | means a stock option pool of 10,000,000 Class A common shares of the Company for grant of stock options to employees, officers and advisors of the Company and its Affiliates, adopted by a resolution of the Directors. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Expressions defined in the Law, or any statutory modification or re-enactment thereof in force at the date on which these Articles become binding on the Company, shall have the meanings so defined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Persons shall include corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The headings are intended for convenience and shall not affect the construction of these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and any Person as the context may
require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall" shall be construed
as imperative;

8. ![LOGO](g912335g95z46.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 including in the form of an electronic record or partly one and partly
another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form of an electronic record or an
electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

**<u>SHARES</u>**

3. Subject to the provisions, if any, in that behalf in the Memorandum of Association, and without prejudice to
any special rights previously conferred on the holders of existing shares, any share may be issued with such preferred, deferred or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital or
otherwise, as the Company may from time to time by Special Resolution determine and, subject to the provisions of the Law and where applicable the Designated Stock Exchange Rules, any preference share may, with the sanction of a Special Resolution,
be issued on the terms that it is, or at the option of the Company is liable, to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The authorised share capital of the Company is US$1,000,000 divided into (i) 924,000,000 Class A Common
Shares with nominal or par value of US$0.001 each; (ii) 75,000,000 Class B Common Shares with nominal or par value of US$0.001 each; and (iii) 1,000,000 Class A Preferred Shares with nominal or par value of USD0.001 each.

9. ![LOGO](g912335g95z46.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The rights attaching to Class A Common Shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to Dividends: Shall have the right to the payment of dividends as set out in Article 109 to Article 115.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to Capital:

Shall have the rights as set out in Article 127 to Article 128.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to Voting:

Shall have the right to one vote on any Ordinary or Special Resolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The rights attaching to Class B Common Shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to Dividends:

Shall have the right to the payment of dividends as set out in Article 109 to Article 115.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to Capital:

Shall have the rights as set out in Article 127 to Article 128.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to Voting:

Shall have the right to ten votes on any Ordinary or Special Resolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Holders of Class A Common Shares and Class B Common Shares shall at all times vote together as one
class on all resolutions submitted to a vote by the members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Each Class B Common Share is convertible into one (1) Class A Common Share at any time by the
holder thereof. The right to convert shall be exercisable by the holder of the Class B Common Share delivering a written notice to the Company that such holder elects to convert a specified number of Class B Common Shares into Class A
Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Class A Common Shares are not convertible into any other shares, including, but not limited to
Class B Common Shares, under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Each Class B Common Share shall be automatically, without further action by the holder thereof, converted
into one (1) fully paid and nonassessable Class A Common Share, upon the occurrence of a Transfer (as defined below), other than a Permitted Transfer (as defined below), of such Class B Common Share. For the purpose of this
Section 3.7:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Transfer" of a Class B Common Share shall mean any sale, assignment, transfer, conveyance,
hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law, including, without limitation, a transfer of a
Class B Common Share to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), or the transfer of, or entering into a binding agreement with respect to, Voting Control (as defined below) over
such share by proxy or otherwise; provided, however, that the following shall not be considered a "Transfer" within the meaning of this Section 3.7(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the granting of a revocable proxy to officers or Directors of the Company at the request of the Directors in
connection with actions to be taken at an annual or special meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) entering into a voting trust, agreement or arrangement (with or without granting a proxy) solely with members
who are the holders of Class B Common Shares that does not involve any payment of cash, securities, property or other consideration to the holder of the shares subject thereto other than the mutual promise to vote shares in a designated manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the pledge of Class B Common Shares by a holder of Class B Common Shares that creates a mere security
interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such holder of Class B Common Shares continues to exercise Voting Control over such pledged shares; provided, however, that a foreclosure on such
shares or other similar action by the pledgee shall constitute a "Transfer" unless such foreclosure or similar action qualifies as a "Permitted Transfer"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale, assignment, transfer, conveyance, or other transfer of any shares of the Company by SBI to its
Affiliates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Voting Control" shall mean, with respect to a Class B Common Share, the power (whether
exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A "Transfer" shall also be deemed to have occurred with respect to a Class B Common Share
beneficially held by (i) an entity that is a Permitted Entity, if there occurs any act or circumstance that causes such entity to no longer be a Permitted Entity or (ii) an entity that is a Qualified Member, if there occurs a Transfer on a
cumulative basis, from and after the date on which this Section 3.7 is duly adopted by Special Resolution, of a majority of the voting power of the voting securities of such entity or any direct or indirect Parent of such entity, other than a
Transfer to parties that are, as of the date on which this Section 3.7 is duly adopted by Special Resolution, holders of voting securities of any such entity or Parent of such entity. "Parent" of an entity shall mean any entity that
directly or indirectly owns or controls a majority of the voting power of the voting securities of such entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Permitted Transfer" shall mean, and be restricted to, any Transfer of a Class B Common Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a Qualified Member to (x) another Qualified Member (y) one or more Family Members of such
Qualified Member, or (z) any Permitted Entity of such Qualified Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a Permitted Entity of a Qualified Member to (x) such Qualified Member or one or more Family Members of
such Qualified Member, or (y) any other Permitted Entity of such Qualified Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by any holders of Class B Common Shares to (x) a Qualified Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Permitted Entity" shall mean with respect to a Qualified Member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Permitted Trust (as defined below) solely for the benefit of (x) such Qualified Member, (y) one or
more Family Members of such Qualified Member and/or (z) any other Permitted Entity of such Qualified Member, or (ii) any general partnership, limited partnership, limited liability company, corporation or other entity exclusively owned by
(x) such Qualified Member, (y) one or more Family Members of such Qualified Member and/or (z) any other Permitted Entity of such Qualified Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Qualified Member" shall mean (i) Wang, Chun-Kai, (ii) Hsieh, Chung-Han, (iii) Ou Yang, Hsien, (iv) Dragon Trophy Limited; and (v) any Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Family Member" shall mean with respect to any natural person who is a Qualified Member, the spouse
and lineal descendants of such Qualified Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Permitted Trust" shall mean a bona fide trust where each trustee is (i) a Qualified Member,
(ii) Family Member or (iii) a professional in the business of providing trustee services, including private professional fiduciaries, trust companies and bank trust departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 Except as otherwise provided herein, any conversion of Class B Common Shares to Class A Common Shares
shall be effected by way of the re-designation of such Class B Common Shares into an equal number of Class A Common Shares. Such conversion shall become effective forthwith upon entries being made in
the register of members to record the re-designation of the relevant Class B Common Shares as Class A Common Shares. Each Class B Common Share that is converted pursuant to this Article 3 shall
be retired by the Company and shall not be available for reissuance

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Protective Provision</u>. The Company shall not, by amendment, merger, consolidation or otherwise, without
first obtaining the approval (by vote at a general meeting or written consent, as provided by law) of the holders of at least a majority of the then outstanding shares of Class B Common Share, voting as a separate class, amend, alter, repeal or
waive Sections 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9 and 61.

**<u>VARIATION OF SHARE RIGHTS</u>** 

4. If at any time the share capital is divided into different classes of shares the rights attached to any class
(unless otherwise provided by the terms of issue of the shares of that class) may be varied with the consent in writing of the holders of three-fourths of the issued shares of that class or with the sanction of a Special Resolution passed at a
separate general meeting of the holders of the shares of the class. To every such separate general meeting the provisions of these Articles relating to general meetings shall apply, but so that the necessary quorum shall be one person holding or
representing by proxy at least one-third of the issued shares of the class (but so that if, at any adjourned meeting of such holders, a quorum as defined above is not present, those members who are present
shall be a quorum) and that any holder of shares of the class present in person or by proxy may demand a poll and, on a poll, shall have one vote for each share of the class of which he is the holder.

5. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall,
unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed not to be varied by the creation or issue of further shares ranking pari passu therewith.

**<u>NON-RECOGNITION OF TRUSTS</u>** 

6. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust,
and the Company shall not 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 any interest in any fractional part of a share (except only as is
otherwise provided by these Articles, by law or under an order of a court of competent jurisdiction) or any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

**ISSUE OF SHARES** 

7. Subject to Article 39 and to the provisions of these Articles relating to shares, the shares shall be at the
disposal of the Directors and they may (subject to the provisions of the Law and where applicable, the Designated Stock Exchange Rules) allot, grant options over, or otherwise dispose of them to such persons, on such terms and conditions and at such
times as they think fit but so that no share shall be issued at a discount, except in accordance with the provisions of the Law, and so that in the case of shares offered to the public for subscription the amount payable on application on each share
shall not be less than such percentage of the nominal amount of the share as shall be determined by the Directors.

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**<u>REGISTER OF MEMBERS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Shares in the Company may only be issued as registered shares and may not be exchanged for shares issued to
bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Directors shall keep or cause to be kept at the Registered Office or such other place determined by the
Directors the register of members containing such particulars relating to each member as they may deem appropriate provided that the following particulars are recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 the name and address of each member, a statement of the shares of each class held by him and of the amount
paid, or agreed to be considered as paid, on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 the date on which the name of each person was entered in the register of members as a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 the date on which any person ceased to be a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Every person whose name is entered as a member in the register of members shall, without payment, be entitled
to a certificate under the seal of the Company specifying the share or shares held by him and the amount paid up thereon provided that, in respect of a share or shares held jointly by several persons, the Company shall not be bound to issue more
than one certificate and delivery of a certificate for a share to one of several joint holders shall be sufficient delivery to all.

9. If a share certificate is worn out, defaced, lost or destroyed, it may be renewed on payment of such fee, if
any, not exceeding one United States dollar and on such terms, if any, as to evidence and indemnity as the Directors may prescribe.

**<u>LIEN</u>** 

10. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys
(whether presently payable or not) called or payable at a fixed time in respect of that share and the Company shall also have a lien on all shares (other than fully paid-up shares) standing registered in the
name of a single person for all moneys presently payable by him or his estate to the Company but the Directors may at any time declare any share to be wholly or partly exempt from the provisions of this Article. The Company's lien, if any, on
a share shall extend to all dividends payable thereon.

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11. The Company may sell, in such manner as the Directors think fit, any shares on which the Company has a lien,
but no sale shall be made unless some sum in respect of which the lien exists is presently payable nor until the expiration of fourteen days after a notice in writing, stating and 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.

12. For giving effect to any such sale, the Directors may authorise some 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 relation to the sale.

13. The proceeds of the sale 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 at the date of the sale.

**<u>CALLS ON SHARES</u>** 

14. The Directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares
(whether on account of the nominal value of the shares or by way of premium or otherwise) and not by the conditions of allotment thereof made payable at fixed times provided that no call shall exceed one-half of the nominal value of the share or be payable earlier than one month from the date fixed for the payment of the previous call and each member shall (subject to receiving at least fourteen days' notice specifying the time or times and place
of payment) pay to the Company at the time or times and place so specified the amount called on his shares. A call may be revoked or postponed at the determination of the Directors.

15. A call shall be deemed to have been made at the time when the resolution of the Directors authorising the call
was passed and may be required to be paid by instalments.

16. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

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17. 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 on the sum from such day appointed for payment to the time of actual payment at such rate not exceeding six per cent. per annum as the Directors may determine but the Directors shall be at liberty
to waive payment of such interest either wholly or partly.

18. Any sum which by the terms of issue of a share becomes payable on allotment or on any fixed date (whether on
account of the nominal value of the share or by way of premium or otherwise) shall for the purposes of these Articles be deemed to be a call duly made, notified and payable on the date on which, by the terms of issue, the same becomes payable and,
in case of non-payment, all the relevant provisions of these Articles as to payment of interest and expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call duly made
and notified.

19. 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 nominal value of the share or by way of premium or otherwise) as if the
same had become payable by virtue of a call duly made and notified.

20. The Directors may make arrangements on the issue of shares for a difference between the holders in the amount
of calls to be paid and in the times of payment.

21. The Directors may, if they think fit, receive from any member willing to advance the same all or any part of
the moneys uncalled and unpaid upon any 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 the
Company in general meeting) six per cent. per annum, as may be agreed upon between the member paying the sum in advance and the Directors.

**<u>TRANSFER AND TRANSMISSION OF SHARES</u>** 

22. The instrument of transfer of any share shall be executed by or on behalf of the transferor and transferee and
the transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the register of members in respect thereof provided that the Directors may waive execution by the transferee of the instrument of transfer
but shall, as soon as possible thereafter, inform the transferee of such waiver of execution. Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form
prescribed by the Designated Stock Exchange or in any other form approved by the board of Directors and may be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine
imprinted signature or by such other manner of execution as the board of Directors may approve from time to time.

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23. Subject to such of the restrictions of these Articles (if any) as may be applicable, shares shall be
transferred by instrument in writing in the following form or in any usual or common form approved by the Directors:

**SHARE TRANSFER** 

I of<u> </u> (the "Transferor") in consideration of the sum of paid to me by<u> </u> of<u> </u> (the "Transferee") do HEREBY TRANSFER to the Transferee the share or shares numbered<u> </u> in the Company to hold unto the Transferee, his executors, heirs and assigns subject to the conditions on which I hold the same and I, the Transferee, do hereby agree to take the said share(s) subject to such conditions.

Dated the day of<u> </u>

Signed by the Transferor:<u> </u>

WITNESS to the signature of the Transferor:

Signed by the Transferee:<u> </u>

WITNESS to the signature of the Transferee:

24. Subject to the right to transfer of shares as agreed by the Company in any contractual agreement between the
Company and holder of such shares, the Directors may, in their absolute discretion and without assigning any reason therefor, decline to register any transfer of any share, whether or not it is a fully paid share. The registration of transfers may
be suspended at such times and for such periods as the Directors may from time to time determine provided always that such registration shall not be suspended for more than thirty days in any year.

The Directors may also decline to recognise any instrument of transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 a fee not exceeding one United States dollar is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 the instrument of transfer is accompanied by any share certificate 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 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.

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The registration of transfers may, after compliance with any notice required by the Designated Stock Exchange Rules, be suspended and the register of members 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 of members closed for more than thirty calendar days in any calendar year.

If the Directors refuse to register a transfer of any shares they shall, within two months after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.

25. In the case of the death of a member, the legal personal representative of a deceased sole shareholder 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 names of two or more holders, the survivors or survivor, or the legal personal representatives of the deceased shareholder, shall be
the only persons recognised by the Company as having any title to the share.

26. Any person becoming entitled to a share in consequence of the death or bankruptcy of a member shall, upon such
evidence being produced as may from time to time be properly required by the Directors, have the right either to be registered as a member 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 member before his
death or bankruptcy (as the case may be).

27. A person becoming entitled to a share by reason of the death or bankruptcy of the holder shall be entitled to
the same dividends and other advantages to which he would be entitled if he were the registered holder of the share except that he shall not, before being registered as a member 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. 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 days, the Directors may, if such shares are redeemable at the option of the Company, redeem such shares but, in the meantime, the Directors may elect to withhold payment of all dividends, bonus or other moneys payable in respect of the
share until the requirements of the notice have been complied with.

**<u>FORFEITURE OF SHARES</u>** 

28. If a member fails to pay any call or instalment of a call on the day appointed for payment thereof, the
Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid, serve a 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 all expenses incurred by the Company by reason of such non-payment.

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29. The notice shall name a day (not earlier than the expiration of fourteen 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.

30. 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 the notice has been made, be forfeited by a resolution of the Directors to that effect.

31. 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.

32. A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares but
shall, notwithstanding, remain liable to pay the Company all moneys which, at the date of forfeiture, were payable by him to the Company in respect of the shares, but his liability shall cease if and when the Company receives payment in full of the
nominal amount of the shares.

33. A voluntary declaration in writing that the declarant is a Director or the Secretary and that a share in the
Company has been duly sold, forfeited or otherwise disposed of on a date stated in the declaration shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. The Company may receive the
consideration, if any, given for the share on any sale, forfeiture or disposition thereof and may execute a transfer of the share in favour of the person to whom the share is sold, forfeited or otherwise disposed and he shall thereupon 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 share be affected by any irregularity or invalidity in the proceedings in relation to the sale, forfeiture or
disposal of the share.

34. 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 payable at a fixed time (whether on account of the nominal value of the share or by way of premium or otherwise) as if the same had been
payable by virtue of a call duly made and notified.

**<u>CONVERSION OF SHARES INTO STOCK</u>** 

35. The Company may by Ordinary Resolution convert any paid-up shares into
stock, and reconvert any stock into paid-up shares of any denomination.

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36. The holders of stock may transfer the same, or any part thereof, in the same manner, and subject to the same
Articles as and subject to which the shares from which the stock arose might prior to conversion have been transferred, or as near thereto as circumstances admit but the Directors may from time to time fix the minimum amount of stock transferable
and restrict or forbid the transfer of fractions of that minimum but the minimum shall not exceed the nominal amount of the shares from which the stock arose.

37. The holders of stock shall, according to the amount of the stock held by them, have the same rights, privileges
and advantages as regards dividends, voting at meetings of the Company and other matters as if they held the shares from which the stock arose but no such privilege or advantage (except participation in the dividends and profits of the Company)
shall be conferred by any such aliquot part of stock as would not, if existing shares, have conferred that privilege or advantage.

38. Such of the Articles as are applicable to paid-up shares shall apply to
stock and the words "share" and "shareholder" therein shall include "stock" and "stockholder".

**<u>PRE-EMPTIVE AND SHARE RIGHTS</u>**

39. The Company may by Ordinary Resolution, before the issue of any shares (whether such shares be of the original,
increased or altered capital), determine that the same, or any of them, shall be offered in the first instance, and either at par or at a premium, to all existing holders of any class of shares, in proportion as nearly as may be to the number of
shares of such class held by them respectively, or make any other provisions as to the issue of such shares.

**<u>ALTERATION OF SHARE CAPITAL</u>** 

40. The Company may from time to time by Ordinary Resolution increase its share capital by such sum, to be divided
into shares of such amount or, if an exempted company, without nominal or par value, as the resolution shall prescribe and with such rights, priorities and privileges annexed thereto as the Company in general meeting may determine provided that the
Company, if an exempted company, shall not divide its share capital into both shares of a fixed amount and shares without nominal or par value.

41. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised by the
creation of new shares shall be considered part of the original capital and shall be subject to the provisions herein contained with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, surrender and
otherwise.

42. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1 consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2 sub-divide its existing shares, or any of them, into shares of smaller
amount than is fixed by the Memorandum of Association subject nevertheless to the provisions of the Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3 cancel any shares which, at the date of the passing of the Ordinary 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.

43. The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1 by Special Resolution, and subject to and in accordance with the provisions of the Law, reduce its share
capital and any capital redemption reserve fund in any manner whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.2 by resolution of its Directors purchase its own shares (including any redeemable shares and fractions of a
share) in any manner whatsoever; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.3 make a payment in respect of the redemption or purchase of its own shares otherwise than out of profits or the
proceeds of a fresh issue of shares.

**<u>STATUTORY MEETINGS</u>** 

44. The Company, if registered as an ordinary non-resident company or an
ordinary company under the Law, shall hold a general meeting once in every calendar year at such time and place as may be resolved by the Company in general meeting or, in default, at such time and place as the Directors may determine or, in
default, at such time in the third month following that in which the anniversary of the Company's incorporation occurs, and at such place as the Directors shall appoint. In default of a general meeting being so held, a general meeting shall be
held in the month next following and may be convened by any two members in the same manner as nearly as possible as that in which meetings are to be convened by the Directors. The above mentioned general meetings shall be called ordinary general
meetings; all other general meetings shall be called extraordinary general meetings.

45. The Company may, but shall not be obliged to, hold one or more Directors' meetings in the Cayman Islands
in each calendar year.

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**<u>GENERAL MEETINGS</u>** 

46. The Directors may, whenever they think fit, convene an extraordinary general meeting. If, at any time, there
are not sufficient Directors capable of acting to form a quorum, any Director or any one member of the Company may convene an extraordinary general meeting in the same manner as nearly as possible as that in which meetings may be convened by the
Directors. The Directors shall, upon the requisition in writing of one or more members holding in the aggregate not less than one-tenth of such paid-up capital of the
Company as at the date of the requisition carries the right of voting at general meetings, convene an extraordinary general meeting. Any such requisition shall express the object of the meeting proposed to be called and shall be left at the
registered office of the Company. If the Directors do not proceed to convene a general meeting within twenty-one days from the date of such requisition being left as aforesaid, the requisitionists or any or
either of them or any other member or members holding in the aggregate not less than one-tenth of such paid-up capital of the Company as at the date of the requisition
carries the right of voting at general meetings, may convene an extraordinary general meeting to be held at the registered office of the Company or at some convenient place within the Cayman Islands at such time, subject to the Company's
Articles as to notice, as the persons convening the meeting fix.

47. Subject to the provisions of the Law relating to Special Resolutions, seven days notice at the least (exclusive
of the day on which the notice is served or deemed to be served but inclusive of the day for which the notice is given) specifying the place, the day and the hour of the general meeting and, in case of special business, the general nature of that
business shall be given in the manner hereinafter provided, or in such other manner (if any) as may be prescribed by the Company in general meeting, to such persons as are, under the Articles, entitled to receive such notices from the Company but
with the consent of all the members entitled to receive notice of some particular meeting, that meeting may be convened by such shorter notice and in such manner as those members may think fit.

48. For the purpose of determining members entitled to notice of or to vote at any meeting of members or any
adjournment thereof, or members entitled to receive payment of any dividend, or in order to make a determination of members for any other proper purpose, the Directors may provide that the register of members shall be closed for transfers for a
stated period but not to exceed in any case forty days. If the register of members shall be so closed for the purpose of determining members entitled to notice of or to vote at a meeting of members, such register shall be so closed for at least ten
days immediately preceding such meeting and the record date (the "Record Date") for such determination shall be the date of the closure of the register of members.

49. In lieu of or apart from closing the register of members, the Directors may fix in advance a date as the Record
Date for any such determination of members entitled to notice of or to vote at a meeting of members and for the purpose of determining the members entitled to receive payment of any dividend the Directors may, at or within ninety days prior to the
date of declaration of such dividend, fix a subsequent date no later than the date of declaration as the Record Date for such determination.

50. If the register of members is not so closed and no Record Date is fixed for the determination of members
entitled to notice of or to vote at a meeting of members or members entitled to receive payment of a dividend, the date on which notice of the meeting is mailed 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 members. When a determination of members entitled to vote at any meeting of members has been made as provided in this section, such determination shall apply to any adjournment
thereof.

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51. The accidental omission to give notice of a meeting to, or the non-receipt of a notice of a meeting by, any member entitled to receive notice shall not invalidate the proceedings at any meeting.

52. As long as (i) there has not been a Deemed Liquidation Event or Initial Offering of the Company; and
(ii) SBI holds at least 12.5% of the issued shares of the Company, the following matters of the Company must receive (i) the affirmative vote (in person and/or via proxy) in favour of such action by SBI, or (ii) written consent in
favour of such action by SBI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.1 Enter into a Deemed Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.2 Issue or authorize any new class of equity of the Company that is superior to the rights and benefits of
Class B Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.3 Material adverse changes to the terms of the Class A Common Shares and the Class B Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.4 Any material amendment of the Company's certificate of incorporation or agreement entered among
shareholders of the Company that disproportionately affect the rights, benefits or entitlement of SBI in an adverse manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.5 Increase or decrease in the number of the members admitted to the board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.6 Except for options granted under the Stock Option Pool, issue Class A Common Share of the Company,
options, warrants or other rights to acquire Class A Common Share of the Company at a per share price that is less than US$1.1 per Class A Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.7 Except for options granted under the Stock Option Pool, issue Class B Common Share of the Company,
options, warrants or other rights to acquire Class B Common Share of the Company at a per share price that is less than US$1.14405931 per Class B Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.8 Payment of dividends or any other distributions on equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.9 Redeem or repurchase Company equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.10 Commence proceedings or arrangements for bankruptcy, insolvency, liquidate or winding up the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.11 Material changes to the accounting principles used for issuance of the financial reports by the Company;

provided that this Clause 52 shall be terminated and become no longer applicable upon the occurrence of an Initial Offering or Deemed Liquidation Event.

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**<u>PROCEEDINGS AT GENERAL MEETINGS</u>** 

53. All business that is transacted at an extraordinary general meeting, and all that is transacted at an ordinary
general meeting (with the exception of sanctioning a dividend, the consideration of the accounts, balance sheets, and the ordinary report of the Directors and auditors, the election of Directors and other officers in place of those retiring and the
fixing of the remuneration of the auditors) shall be deemed special business.

54. No business shall be transacted at any general meeting unless a quorum of members is present at the time when
the meeting proceeds to business; two members present in person or by proxy and entitled to vote shall be a quorum provided always that, if there is only one member of record entitled to attend and vote at general meetings, that one member present
in person or by proxy shall be a quorum and such member may transact business by written resolution as if a meeting were being held under the provisions of these Articles.

55. If, within half an hour from the time appointed for the meeting, a quorum is not present, the meeting, if
convened upon the requisition of members, shall be dissolved. In any other case, it shall stand adjourned to the same day in the next week, at the same time and place and if, at the adjourned meeting, a quorum is not present within half an hour from
the time appointed for the meeting the members present shall be a quorum and may transact the business for which the meeting was called.

56. The Chairman, if any, of the board of Directors shall preside as Chairman at every general meeting of the
Company. If there is no such Chairman, or if at any meeting he is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as Chairman, the members present shall choose one of their number to be
Chairman of the meeting.

57. The Chairman may, with the consent of any meeting at which a quorum is present (and shall if so directed by the
meeting), adjourn the 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 is
adjourned for ten 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.

58. 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 of the meeting or any member present in person or by proxy entitled to vote and, unless a poll is so demanded, a declaration by the Chairman of the
meeting 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.

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59. If a poll is duly demanded it shall be taken in such manner as the Chairman of the meeting directs and the
result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. A poll demanded on the election of the 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 and any business other than that upon which a poll has been demanded may be proceeded with pending the taking of the poll. The demand for a poll may be withdrawn.

60. 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.

**<u>VOTES OF MEMBERS</u>** 

61. Subject to any rights and restrictions for the time being attached to any Share, on a show of hands and on a
poll, every member present in person and every person representing a member by proxy, at a general meeting of the Company, (i) every holder of Class A Common Shares and every person representing a holder of Class A Common Shares by
proxy shall have one (1) vote for each Class A Common Share of which such person or the person represented by proxy is the holder, and (ii) every holder of Class B Common Shares and every person representing a holder of
Class B Common Shares by proxy shall have ten (10) votes for each Class B Common Share of which such person or the person represented by proxy is the holder. On a poll a member entitled to more than one vote need not, if he votes, use
all his votes or cast all the votes he uses in the same way.

62. In the case of joint holders, the vote of the senior holder 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 of members.

63. A member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in
lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, or other person in the nature of a committee appointed by that court and any such committee, receiver or other person may, on a poll, vote by proxy.

64. Subject to the Law, the Company in general meeting may determine (and may revoke, alter or amend such
determination) that no member shall be entitled to vote at any general meeting unless all calls or other sums presently payable by him in respect of shares in the Company have been paid.

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65. No member shall be entitled to vote at any general meeting unless he is registered as a holder of a voting
share of the Company on the Record Date for such meeting.

66. No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at
which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairman of the meeting whose decision shall be final and
conclusive.

67. On a poll or on a show of hands, votes may be given either personally or by proxy.

**<u>PROXIES</u>** 

68. The instrument appointing a proxy shall be in writing under the hand of the appointor or 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 member of the Company.

69. The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is
signed, or a notarially certified copy of that power of attorney or other authority, shall be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice convening the meeting at such time
(if any) as the notice may specify before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposed to vote and, in default, the instrument of proxy may, at the option of the Company, not be treated
as valid. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.

70. An instrument appointing a proxy may afford members an opportunity of voting for or against a resolution and
may be in the following form or a form as near thereto as circumstances admit or any other form approved by the Directors:

I, of being a member of the Company, hereby appoint of as my proxy, to vote for me and on my behalf at the (ordinary or extraordinary, as the case may be) general meeting of the Company to be held on the day of and at any adjournment thereof.

Signed by: this day of

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71. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous
death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the share in respect of which the proxy is given, provided that no intimation in writing of such death,
insanity, revocation or transfer as aforesaid shall have been received by the Company at its registered office before the commencement of the meeting or adjourned meeting at which the proxy is used.

**<u>RESOLUTIONS IN WRITING</u>** 

72. A resolution in writing (whether ordinary or special and whether in one or more counterparts) signed by all the
members for the time being entitled to receive notice of and to attend and vote at general meetings (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.

**<u>CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS</u>** 

73. Any corporation which is a member of the Company may, in accordance with its articles of association or, in the
absence of such provision, 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 class of members of the Company 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 if it were an individual member of the Company.

**DIRECTORS AND OFFICERS** 

74. Until otherwise determined by the Company in general meeting, the number of Directors shall not be less than
one nor more than ten and the names of the first Directors shall be determined in writing by a majority of the subscribers to the Memorandum of Association.

75. Thereafter, and subject as otherwise provided in these Articles, Directors shall be appointed by a resolution
of the Company. At a general meeting, a motion for the appointment of two or more persons as Directors may be made by a single resolution.

76. The remuneration of the Directors shall, from time to time, be determined by the Company in general meeting.
The Directors may also be paid all travelling, hotel and other expenses properly incurred by them in connection with the business of the Company. Any Director who serves on any committee or who devotes special attention to the business of the
Company, or who otherwise performs services which, in the opinion of the Directors, are outside the scope of the ordinary duties of a Director, may be paid such extra remuneration by way of salary, percentage of profits or otherwise as the Directors
may determine.

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77. The Directors may, on behalf of the Company, pay a gratuity or pension or allowance on retirement to any
Director who has held any other salaried office or place of profit with the Company or to his widow or dependents and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

78. A Director or officer of the Company may be or become a director or other officer of, or otherwise interested
in, any company promoted by the Company or in which the Company may be interested as shareholder or otherwise and no such Director or officer shall be accountable to the Company for any remuneration or other benefits received by him as a director or
officer of, or from his interest in, such other company.

79. A Director or officer of the Company 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 or officer of the Company for such period and on such terms (as to remuneration and otherwise) as the Directors may determine.

80. No Director or officer of the Company shall be disqualified by his office from holding any office or place of
profit under the Company or under any company in which the Company shall be a member or otherwise interested, or from contracting or dealing with the Company either as vendor, purchaser or otherwise, nor shall any such contract, or any contract or
arrangement entered into by or on behalf of the Company in which any Director or officer shall be in any way interested, be avoided, nor shall any Director or officer be liable to account to the Company for any profit arising from any such office or
place of profit or realised by any such contract or arrangement by reason only of such Director or officer holding that office or of the fiduciary relations thereby established, but it is declared that the nature of his interest must be disclosed by
him at the meeting of the Directors at which the contract or arrangement is taken into consideration if his interest then exists, or in any other case at the first meeting of the Directors after the acquisition of his interest. A general notice that
a Director or officer is a member of any specified firm or company, and is to be regarded as interested in all transactions with that firm or company, shall be a sufficient disclosure under this Article as regards such Director or officer and the
said transactions, and after such general notice it shall not be necessary for such Director or officer to give a special notice relating to any particular transaction with that firm or company.

81. A Director or officer of the Company may, notwithstanding his interest, be counted in the quorum present at any
meeting at which he or any other Director or officer is appointed to hold any such office or place of profit under the Company or at which the terms of any such appointment are arranged and he may vote on any such appointment or arrangement other
than his own appointment or the arrangement of the terms thereof.

82. Any Director or officer of the Company may act by himself or 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 or officer provided that nothing herein contained shall authorise a Director or officer or his firm to act as auditor of the Company.

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83. The share qualification for a Director may be fixed by the Company in general meeting and, unless and until so
fixed, no qualification shall be required.

84. The Directors may entrust to and confer upon a Managing Director, President, Vice-President, Manager,
Secretary, Assistant Secretary, Treasurer or any other officer of the Company any of the powers exercisable by them upon such terms and conditions and with such restrictions as they may think fit, and either collaterally with or to the exclusion of
their own powers, and may from time to time revoke, withdraw, alter or vary all or any of such powers.

85. As long as (i) there has not been a Deemed Liquidation Event or Initial Offering of the Company; and
(ii) SBI holds at least 12.5% of the issued shares of the Company, the Company shall not undertake any of the following matters without a resolution adopted by the Directors with the SBI Appointed Director (as defined below) in favour of such
resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.1 Enter into any transaction between the Company and Wang, Chun-Kai, or
his Affiliates involving payment exceeding US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.2 Enter into a new line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.3 Except for purchase of commercial real estate for operation of the Company, any capital expenditure/other
expenditure outside of the ordinary course of business and above US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.4 Except for debts incurred for purchase of commercial real estate for operation of the Company, incur any debt
outside of the ordinary course of business in excess of the US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.5 Except for debt funding, guarantee or responsibility undertaken for a subsidiary of the Company, provide debt
funding; guarantee or otherwise become responsible for a third party's debt obligation in excess of US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.6 Except for mortgage on commercial real estate purchased for operation of the Company, establish a lien on
assets with a value in excess of US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.7 Transfer material intellectual property assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.8 Other than investments in Affiliates of the Company, make or dispose of any investment in another company that
exceeds US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.9 Sell, lease, transfer, otherwise dispose of any asset outside ordinary course of business with a value in
excess of US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.10 Other than (i) stock grants made under the Stock Option Pool (ii) annual salary of not more than
US$1 million; and (iii) benefits available to other employees of the Company, determine or amend compensation / benefits for senior management of the Company; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.11 Approve or implement an equity-based incentive or compensation arrangement to its employees other than the
Stock Option Pool;

provided that this Clause 85 shall be terminated and become no longer applicable upon the occurrence of an Initial Offering or a Deemed Liquidation Event.

**<u>MANAGING DIRECTOR/OTHER OFFICERS</u>** 

86. The members or the Directors may from time to time appoint one or more of their body to the office of Managing
Director, or any other office, on such terms and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another) as they may think fit but his appointment shall be subject to
determination ipso facto if he ceases from any cause to be Director, or if the members or the Directors resolve that his tenure of the office of Managing Director or such other office be determined.

**<u>ALTERNATE DIRECTORS</u>**

87. Any Director may in writing appoint any person, of whom a majority of the Directors do not object, to be his
alternate to act in his place at any meeting of the Directors at which he is unable to be present. Every such alternate shall be entitled to notice of meetings of the Directors and to attend and vote at such meetings as a Director when the person
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. Every such alternate shall be an officer of the Company and shall not be deemed to be the agent of the Director appointing him. The remuneration of such an alternate shall be payable out of the remuneration payable to the Director
appointing him and the proportion thereof shall be agreed between them. An alternate need not hold any share qualification.

88. A Director may appoint any person to act as his proxy at meetings of the Directors. Such appointment must be
made in writing under the hand of the appointor and may at any time be revoked in like manner, and may be general or for a specified period, or for specified meetings, or for specified resolutions, and may authorise and direct the appointee to be
Chairman of such meetings if the appointor would, if present, be entitled to preside, and notice of every such appointment or revocation must be given to the Company, and the appointee need not be a Director or member of the Company, but he must
furnish the Company with his address.

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**<u>POWERS AND DUTIES OF DIRECTORS</u>** 

89. 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 such powers of the Company as are not, by the Law or these Articles, required to be exercised by the Company in general meeting subject, nevertheless, to
any regulations of these Articles, to the provisions of the Law, and to such regulations, being not inconsistent with the aforesaid regulations or provisions, as may be prescribed by the Company in general meeting but no regulations made by the
Company in general meeting shall invalidate any prior act of the Directors which would have been valid if that regulation had not been made.

90. The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and uncalled capital, or any part thereof, and to issue debentures, debenture stock, bonds and other securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.
Debentures, debenture stock, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued.

91. The Directors may from time to time and at any time by power of attorney appoint any company, firm or person or
body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (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 powers of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the
Directors may think fit and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.

91A. 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.

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92. All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments, and all receipts for
moneys paid to the Company, shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Directors shall from time to time by resolution determine.

93. The Directors shall cause minutes to be made in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.1 of all appointments of officers of the Company made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.2 of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.3 of all resolutions and proceedings at each meeting of the Company and of the Directors and of any committee of
the Directors.

**<u>DISQUALIFICATION AND PROCEEDINGS OF DIRECTORS</u>** 

94. The office of Director shall, ipso facto, be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.1 dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.2 becomes bankrupt or makes any arrangement or composition with his creditors generally; or 94.3 is found to be
or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.4 resigns his office by notice in writing to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.5 is removed from office by a resolution of the Company.

95. The Directors may meet together either within or without the Cayman Islands for the dispatch of business,
adjourn, and otherwise regulate their meetings and proceedings, as they think fit. Except as otherwise determined by the Directors, it shall not be necessary to give written notice of a meeting of Directors. The Directors or any committee thereof
may participate in a meeting of the board of Directors or of such committee by means of conference telephone, or similar communications equipment by means of which all persons participating can hear each other, and participation in a meeting
pursuant to this provision shall constitute presence in person at such meeting. Questions arising at any meeting shall be decided by a majority of votes. In case of an equality of votes, the Chairman shall have a second or casting vote. A Director
may, and the Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

96. Unless otherwise determined by the Company in general meeting, the quorum necessary for the transaction of the
business of the Directors may be fixed by the Directors and, unless so fixed, shall be two provided always that, if there is only a sole Director, that Director shall be a quorum and such Director may transact business by written resolution as if a
meeting were being held under the provisions of these Articles.

97. A meeting of the Directors at which a quorum is present shall be competent to exercise all or any of the
authorities, powers and discretions by or under these Articles for the time being vested in or exercisable by the Directors generally.

98. A resolution in writing signed by all the Directors in office (including any duly appointed alternate Director)
shall be as valid and effectual as if it had been passed at a meeting of the Directors duly convened and held.

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99. The continuing Directors or sole continuing Director may act notwithstanding any vacancy in their body, but, if
and 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 or Director may act for the purpose of increasing the number of Directors to that number,
or of summoning a general meeting of the Company, but for no other purpose.

100. The Directors may elect a Chairman of their meetings and determine the period for which he is to hold office
but if no such Chairman is elected, or if at any meeting the Chairman is not present within five minutes after the time appointed for holding the same, the Directors present may choose one of their number to be Chairman of the meeting.

101. 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. Save as aforesaid, the meetings and proceedings of a committee consisting of more
than one member shall be governed by the provisions of these Articles regulating the proceedings and meetings of Directors.

102. 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 or continuance in office of any such Director or person acting as aforesaid, or that they or any of them were disqualified or had vacated
office, or were not entitled to vote, be as valid as if every such person had been duly appointed or had duly continued on in office and was qualified or had continued to be a Director and had been entitled to be a Director.

**<u>TENURE OF OFFICE OF DIRECTORS</u>** 

103. The Directors shall hold and continue in office until they are removed from office under the terms of these
Articles or until they resign.

104. The Company may, by Ordinary Resolution, appoint any person to be a Director, remove any Director and/or
appoint another person in his stead; provided that as long as (i) there has not been a Deemed Liquidation Event or Initial Offering of the Company; and (ii) SBI hold at least 12.5% of the issued shares of the Company, and subject to these
Articles, SBI shall be entitled to appoint one Director (the "**SBI Appointed Director**") by written designation to the Company; which may be removed or replaced at any time by written designation signed by SBI to the Company.

105. The Directors shall have the power at any time, and from time to time, to appoint any person to be a Director,
either to fill a casual vacancy or as an addition to the existing Directors, but so that the total number of Directors (exclusive of alternate Directors) shall not at any time exceed the number fixed in accordance with these Articles.

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**<u>PRESUMPTION OF ASSENT</u>** 

106. A Director who is present at a meeting of the board of Directors at which 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 Secretary of the meeting before the
adjournment thereof or shall forward such dissent by registered mail to the Secretary immediately after the adjournment of the meeting. Such right of dissent shall not apply to a Director who voted in favour of such action.

**<u>SEAL</u>** 

107. Any seal shall only be used by the authority of the Directors or of a committee of the Directors authorised by
the Directors in that behalf and every instrument to which the seal has been affixed shall be signed by one person who shall be either a Director or the Secretary or Secretary-Treasurer, Assistant Secretary or some person appointed by the Directors
for the purpose provided that a Director, Secretary or other officer of the Company or representative or attorney may, without further authority of the Directors, affix any seal of the Company over his signature alone to any document of the Company
required to be authenticated by him under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever and provided further that share certificates representing shares in the capital of the Company shall be
under seal signed by a Director and countersigned by the Secretary or another Director or other authorised person and that the Directors may authorise such share certificates to be issued with the seal and authorised signatures affixed by some
method or system of mechanical process.

108. The Company may have for use in any territory, district or place not situate in the Cayman Islands one or more
official seal or seals each of which shall be a facsimile of the seal of the Company and each of which such seal or seals may bear the addition on its face of the name of the territory, district or place where it is to be used.

**<u>DIVIDENDS AND RESERVES</u>** 

109. Subject to the Law, payment of dividends will be at the sole discretion of the Directors and the Directors may
from time to time pay to the members such interim dividends as appear to the Directors to be justified by the profits of the Company. No dividend shall be paid otherwise than out of profits or out of the share premium account or otherwise as
permitted by the Law.

110. Subject to the rights of persons, if any, entitled to shares with special rights as to dividend, all dividends
shall be declared and paid according to the amounts paid or credited as paid on the shares in respect whereof the dividend is paid but no amount paid or credited as paid on a share in advance of calls shall be treated for the purposes of this
Article as paid on the share. All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares during any portion or portions of the period in respect of which the dividend is paid but if any share is
issued on terms providing that it shall rank for dividend as from a particular date such share shall rank for dividend accordingly.

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111. The Directors may, before recommending any dividend, set aside out of the profits of the Company such sums as
they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for meeting contingencies or for equalizing dividends, or for any other purpose to which the profits of the Company may be properly applied,
and pending such application may, at the like discretion, 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. The Directors may
also, without placing the same to reserve, carry forward any profits which they may think prudent not to divide.

112. If several persons are registered as joint holders of any share, any of them may give effectual receipts for
any dividends, bonuses or other moneys payable on or in respect of the share.

113. With the sanction of a general meeting, any dividend may be paid either wholly or partly by the distribution of
specific assets and, in particular, of paid-up shares or debentures of any other company or in any one or more of such ways. Where any difficulty arises in regard to such distribution, the Directors may settle
the same as they think expedient and, in particular, may issue fractional certificates and fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any members upon the footing
of the value so fixed, in order to adjust the rights of all members, and may vest any such specific assets in trustees upon trust for the members entitled to the dividend as may seem expedient to the Directors.

114. Any dividend, interest or other moneys payable in cash in respect of shares may be paid by cheque or warrant
sent through the post directed to the registered address of the member or person entitled thereto or, in the case of joint holders, to any one of such joint holders at his registered address or to such person and such address as the member or person
entitled or such joint holders, as the case may be, may direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent or to the order of such other person as the member or person entitled or such joint
holders, as the case may be, may direct.

115. No dividend shall bear interest against the Company. All dividends unclaimed for one year after having been
declared may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed and the Company shall not be constituted a trustee in respect thereof. All dividends unclaimed for a period of twelve years after having
been declared shall be forfeited and shall revert to the Company.

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**<u>CAPITALISATION OF PROFITS</u>** 

116. The Company in general meeting may, upon the recommendation of the Directors, resolve that it is desirable to
capitalise any part of the amount for the time being standing to the credit of any of the Company's reserve accounts or to the credit of the profit and loss account or otherwise available for distribution and not required for the payment or
provision of the fixed dividend on any shares entitled to fixed preferential dividends and accordingly that such sums be set free for distribution amongst the members who would have been entitled thereto if distributed by way of dividend and in the
same proportions on condition that the same be not paid in cash but be applied either in or towards paying up any amounts for the time being unpaid on any shares held by such members respectively or paying up in full un-issued shares or debentures of the Company to be allotted and distributed credited as fully paid-up to and amongst such members in the proportion aforesaid, or partly
in the one way and partly in the other, and the Directors shall give effect to such resolution provided that a share premium account and a capital redemption reserve fund may, for the purposes of this Article, only be applied in the paying-up of un-issued shares to be issued to members as fully paid bonus shares.

117. Whenever such a resolution as aforesaid has been passed, the Directors shall make all appropriations and
applications of the undivided profits resolved to be capitalised thereby and all allotments and issues of fully paid shares or debentures, if any, and generally shall do all acts and things required to give effect thereto, with full power to the
Directors to make such provision by the issue of fractional certificates or by payment in cash or otherwise as they think fit for the case of shares or debentures becoming distributable in fractions, and also to authorise any person to enter on
behalf of all members entitled thereto into an agreement with the Company providing for the allotment to them respectively, credited as fully paid-up, of any further shares or debentures to which they may be
entitled upon such capitalisation, or as the case may require, for the payment up by the Company on their behalf, by the application thereto of their respective proportions of the profits resolved to be capitalised, of the amounts or any part of the
amounts remaining unpaid on their existing shares, and any agreement made under such authority shall be effective and binding on all such members.

**<u>BOOKS OF ACCOUNT</u>** 

118. The Directors shall cause proper books of account to be kept with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.1 all sums of money received and expended by the Company and the matters in respect of which the receipt and
expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.2 all sales and purchases of goods by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.3 the assets and liabilities of the Company.

Proper books of account shall not be deemed to be kept with respect to the matters aforesaid if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

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119. The books of account shall be kept at the registered office of the Company, or at such other place or places as
the Directors think fit, and shall always be open to the inspection of the Directors as a board and individually.

120. The Directors shall 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 members not being Directors and no member (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 the Company in general meeting.

121. The Company in general meeting may determine or, failing such determination, the Directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.1 that there be prepared and/or laid before the Company a profit and loss account, a balance sheet, group
accounts and/or reports for such period and on such terms as the Company or Directors may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.2 that there be laid before the Company in general meeting a copy of every balance sheet together with a copy of
the auditor's report which, not less than seven days before the date of the meeting, shall be sent to all persons entitled to receive notices of general meetings of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.3 that the accounts relating to the Company's affairs may be audited in such manner as may be determined
from time to time.

122. The financial year of the Company shall be from 1 January to 31 December in each year, unless
otherwise determined by the Directors.

123. The Company in general meeting may revoke, alter or amend any such determination under the preceding Article
and the Directors may revoke, alter or amend any determination made by the Directors under the preceding Article.

**<u>AUDIT</u>** 

123A. The Directors may appoint an auditor of the Company who shall hold office until removed from office by resolution of the Directors, and may fix his or their remuneration.

123A.1 Every auditor of the Company shall have a right of access at all times to the books and accounts of the Company and shall be entitled to require from the Directors and other officers such information and explanation as may be necessary for any audit.

123A.2 Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at such times as shall be required by the Directors or any meeting of the Members.

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**<u>NOTICES</u>** 

124. A notice may be given by the Company to any member either personally or by sending it by post to him at his
registered address or, if he has no registered address in the Cayman Islands, to the address, if any, supplied to the Company by him for the giving of notices to him, or by electronic mail to any electronic mail address such Member may have
specified in writing for the purpose of such service of notices, or by facsimile to any facsimile number such Member may have specified in writing for the purpose of such service of notices, or by placing it on the Company's Website should the
Directors deem it appropriate. Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, prepaying and posting a letter containing the notice and to have been effected, in the case of a notice of a
meeting, at the expiration of three days after the letter containing the same is posted and, in any other case, at the time at which the letter would be delivered in the ordinary course of post. A notice may also be sent by cable, telex or telefax,
and service of the notice shall be deemed to be effected by properly addressing, prepaying and sending the notice through a transmitting or communications organisation and to have been effected at the expiration of twenty four hours after the same
is sent as aforesaid. Notice sent by electronic means, shall be deemed to have been served immediately (i) upon the time of the transmission to the electronic mail address supplied by the Member to the Company or (ii) upon the time of its
placement on the Company's Website.

125. A notice may be given by the Company to the joint holders of a share by giving the notice to the joint holder
named first in the register of members in respect of the share.

126. A notice may be given by the Company to the persons entitled to a share in consequence of the death or
bankruptcy of a member by sending it through the post in a prepaid letter addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankruptcy, or by any like description at the address, if any, supplied for
the purpose by the persons claiming to be so entitled or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

127. Notice of every general meeting shall be given in any manner hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.1 every member holding voting shares except those members who (having no registered address in the Cayman
Islands) have not supplied to the Company an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.2 every person entitled to a share in consequence of the death or bankruptcy of a member 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.

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**<u>LIQUIDATION OF THE COMPANY</u>** 

128. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution and any other
sanction required by the Law, divide amongst the members in specie or 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 such purpose set such value as he deems fair
upon any property to be divided as aforesaid and may determine how such division shall be carried out as between members or different classes of members. The liquidator may with the like sanction vest the whole or any part of the assets in trustees
upon such trusts for the benefit of contributories as the liquidator, with the like sanction, shall think fit but so that no member shall be compelled to accept any shares or other securities whereon there is any liability.

129. If the Company shall be wound up, and the assets available for distribution amongst the members shall be
insufficient to repay the whole of the paid-up share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid-up at the commencement of the winding up on the shares held by them respectively. If, on a winding up, the assets available for distribution amongst the members shall be more than sufficient to repay the whole
of the capital paid-up at the commencement of the winding up, the excess shall be distributed amongst the members in proportion to the capital at the commencement of the winding up paid on the shares held by
them respectively. This Article is to be without prejudice to the rights of holders of shares issued upon special terms and conditions.

**<u>INDEMNITY</u>** 

130. Every Director, Managing Director, President, Vice-President, Manager, Secretary, Assistant Secretary,
Treasurer or other officer of the Company and their heirs and personal representatives (but not including the Company's auditors) shall be entitled to be indemnified and held harmless out of the assets of the Company against all actions,
proceedings, costs, damages, expenses (including reasonable legal and/or accountancy fees), claims, losses or liabilities which he may sustain or incur in or about the execution of the duties of his office or otherwise in relation thereto, including
any liability incurred by him in defending any proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted, and no Director or person as aforementioned shall be liable for any loss, damage or
misfortune which may happen to or be incurred by the Company in the execution of the duties of his office or in relation thereto provided that he acted in good faith and in a manner reasonably believed by him to be in the best interests of the
Company and provided further that his actions did not involve negligence, wilful default, fraud or dishonesty.

**<u>AMENDMENT OF MEMORANDUM AND ARTICLES</u>** 

131. Subject to the provisions of the Law, the Company may by Special Resolution change its name, amend its objects
or alter or amend these Articles either in whole or in part.

**<u>TRANSFER BY WAY OF CONTINUATION</u>**

132. If the Company is exempted as defined in the Law, it shall, subject to the provisions of the Law, and with the
sanction of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be de-registered in the Cayman
Islands.

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**SCHEDULE A** 

**RIGHTS OF THE HOLDERS OF CLASS A PREFERRED SHARES** 

The holders of Class A Preferred Shares shall, in addition to any other rights conferred on them under these Articles, have the rights set out in this Schedule A, which forms part of these Articles. In the event of any inconsistency between the provisions set out herein and other provisions of these Articles, the provisions set out herein shall prevail to the extent permitted by applicable laws. All Capitalized terms used but not defined in this Schedule A shall have the meanings ascribed to such terms in the Articles.

**1.** **VOTING** 

The Class A Preferred Shares shall only be entitled to vote (i) on matters that alter or change adversely the powers, preferences or rights given to the Class A Preferred Shares; or (ii) at a meeting of the holders of Class A Preferred Shares. In the foregoing meeting and matters, each holder of the Class A Preferred Shares shall be entitled to one vote per share for each share of the Class A Preferred Shares held by such holder.

**2.** **DIVIDENDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than as stipulated in Section 2(b) of this Schedule A, Class A Preferred Shares shall not be
entitled to any distribution for holders of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holder of the Class A Preferred Shares shall be entitled to receive a dividend at the rate of 1.5% per
annum of the subscription price paid for each Class A Preferred Shares. If for any given year there are insufficient after-tax profits or there are no after-tax profits to pay out such dividends, the Company shall still partially pay such dividend if there is any after- tax profits; provided that any shortfall shall be deferred until the Company generates profits in a future fiscal year, or the Company may
make up such shortfall via redemption under Section 3 of this Schedule A.

**3.** **REDEMPTION** 

The Company shall redeem all Class A Preferred Shares upon the second anniversary of the issue date of the Class A Preferred Shares (the "**Maturity Date**") by paying in cash the original subscription price paid for each Class A Preferred Share together with all unpaid dividends thereon. The Company shall also have the right to redeem all Class A Preferred Shares prior to the Maturity Date by paying in cash the original subscription price paid for each Class A Preferred Share together with all unpaid dividends thereon on a pro rata basis calculated based on the actual period of time from the date when each Class A Preferred Share is issued until the date of redemption.

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**4.** **LIQUIDATION PREFERENCE** 

If the Company is to be wound up, before any distribution or payment shall be made to the holders of any other shares under these Articles, each class A Preferred Shares shall be entitled to receive an amount equal to one hundred percent (100%) of the original subscription price of each Class A Preferred Share, plus all unpaid dividends thereon, which shall take precedence over any other payments to be made to other holders of shares; provided that total payment received by each Class A Preferred Share upon liquidation or winding up of the Company shall not exceed one hundred percent (100%) of the original subscription price of each Class A Preferred Share, plus all unpaid dividends thereon.

**5.** **CONVERSION RIGHT** 

The Class A Preferred Shares are not convertible into any other shares of the Company under any circumstances.

**6.** **MANDATORY REDEMPTION** 

If the Company engages in an Initial Offering of its shares or if the Company is required to redeemed the Class A Preferred Shares under Section 7 of Article 5 because its violation of Section 3 of Article 6, Section 2 of Article 11, or Article 12 of the Class A Preferred Shares Purchase Agreement, the Company shall immediately redeem all Class A Preferred Shares prior to the Maturity Date by paying in cash the original subscription price paid for each Class A Preferred Share together with all unpaid dividends thereon on a pro rata basis calculated based on the actual period of time from the date when each Class A Preferred Share is issued until the date of redemption. "**Class A Preferred Shares Purchase Agreement**" means that certain purchase agreement in relation to Class A Preferred Shares entered into by and between the Company and the National Development Fund of Taiwan, R.O.C. on May 18, 2020.

**7.** **FURTHER RIGHTS** 

If the Company fails to redeem the Class A Preferred Shares in whole or in part when required to do so at the Maturity Date or prior to the Maturity Date due to force majeure or factors attributable to the Company, the rights of such unredeemed Class A Preferred Shares shall remain in effect until redemption by the Company; and provided further that (i) the dividend rate of the Class A Preferred Shares shall remain unchanged during such period; and (ii) the rights of the remaining outstanding Class A Preferred Shares under these Articles and Schedule A shall not be adversely impacted.

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## Exhibit 4.1

**Exhibit 4.1**![LOGO](g912335g99m42.jpg)

## Exhibit 10.1

**Exhibit 10.1** 

**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

As adopted on July 15, 2021

1. <u>Purposes of the Plan</u>.

The purposes of this OBOOK HOLDINGS INC. 2021 Share Incentive Plan (the "<u>Plan</u>") is to enable OBOOK HOLDINGS INC., an exempted company incorporated in the Cayman Islands (the "<u>Company</u>") to attract and retain the services of Employees and Directors considered essential to the success of the Company and the Group Members (as defined below) (collectively, the "<u>Group</u>") by providing additional incentives to promote the success of the Group as a whole. Options, Restricted Shares, Restricted Share Units, Dividend Equivalents, Share Appreciation Rights and Share Payments (each as defined below) may be granted under the Plan. Options granted under the Plan shall be "Nonstatutory Stock Options," as determined by the Administrator (as defined below) at the time of grant.

2. <u>Definitions and Interpretation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definitions</u>. In this Plan, unless the context otherwise requires, the following expressions shall have the following meanings:

"<u>Administrator</u>" means the Committee or any member(s) of the Board or officer(s) of the Company whom the Committee has delegated its authority to act as the Administrator as provided in <u>Section 4(e)</u>.

"<u>Affiliate</u>" means, with respect to any specified individual, corporation, partnership, association, trust or entity, any other individual, corporation, partnership, association, trust or entity who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation, an general partner, officer, director or manager of such person and any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management with, such person.

"<u>Applicable Law</u>" means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein.

"<u>As-Converted Basis</u>" means assuming that, with respect to any outstanding preferred shares that are convertible into Shares, such preferred shares have been so converted, and with respect to any warrants that are convertible into preferred shares, that the preferred shares issuable upon the exercise of the warrants have been so issued and that such issued preferred shares have also been so converted into Shares.

"<u>Award</u>" means an Option, Restricted Share, Restricted Share Unit, Dividend Equivalent, Share Appreciation Right or Share Payment award granted to a Participant pursuant to the Plan.

"<u>Award Agreement</u>" means any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium.

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

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"<u>Business</u>" means any Person that carries on activities for profit, and shall be deemed to include any affiliate of such Person.

"<u>Cause</u>" means, with respect to a Participant, unless in the case of a particular Award, the particular Award Agreement states otherwise, (a) the applicable Group Member having "cause," "just cause" or term of similar meaning or import, to terminate a Participant's employment or service, as defined in any employment, consulting or services agreement between the Participant and such Group Member in effect at the time of such termination or (b) in the absence of any such employment, consulting or services agreement (or the absence of any definition of "cause," "just cause" or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar acts, or commission of a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material breach of any agreement or understanding between the Participant and any Group Member including, without limitation, any applicable intellectual property and/or invention assignment, employment, non-competition, confidentiality or other similar agreement or the Group Member's code of conduct or other workplace rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material misrepresentation or omission of any material fact in connection with the Participant's employment with any Group Member or service as a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any material failure to perform the customary duties as an Employee or Director, to obey the reasonable directions of a supervisor or to abide by the policies or codes of conduct of the Company or any other Group Member or to satisfy the requirements or working standards of the applicable Group Member during any applicable probationary employment period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any conduct that is materially adverse to the name, reputation or interests of the Group Members.

"<u>Change in Control</u>" means any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amalgamation, arrangement, merger, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company's voting shares immediately prior to such transaction own more than fifty percent (50%) of the voting shares of the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the completion of a voluntary or insolvent liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any takeover, reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a takeover or reverse takeover) in which the Company survives but (A) the shares of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of shares, securities, cash or otherwise, or (B) the shares carrying more than fifty percent (50%) of the total combined voting power of the Company's then issued and outstanding shares are transferred to a person or persons different from those who held such shares immediately prior to such transaction culminating in such takeover, reverse takeover or scheme of arrangement, or (C) the Company issues new voting shares in connection with any such transaction, in each case such that holders of the Company's voting shares immediately prior to the transaction no longer hold more than fifty percent (50%) of the voting shares of the Company after the transaction; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the acquisition in a single or series of related transactions by any person or related group of persons (other than Employees of one or more Group Members or entities established for the benefit of the Employees of one or more Group Members) of (A) control of the board of directors of the Company or the ability to appoint a majority of the members of such board, or (B) beneficial ownership (within the meaning of Rule 13d-3 under the U.S. Securities Exchange Act) of shares carrying more than fifty percent (50%) of the total combined voting power of the Company's then issued and outstanding shares.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>Committee</u>" means the Compensation Committee of the Board (or a subcommittee thereof), or such other committee of the Board to which the Board has delegated power to act pursuant to the provisions of the Plan; <u>provided</u>, that in the absence of any such committee, the term "Committee" shall mean the Board.

"<u>Company</u>" has the meaning set forth in <u>Section 1</u>.

"<u>Competitor</u>" means any Business that is engaged in or is about to become engaged in any activity of any nature that competes with a product, process, technique, procedure, device or service of any Group Member.

"<u>Delivered Shares</u>" has the meaning set forth in <u>Section 7(c)(iv)</u>.

"<u>Director</u>" means a member of the board of directors or similar governing body of a Group Member.

"<u>Disability</u>" means, unless in the case of a particular Award, the particular Award Agreement states otherwise, as to any Participant, (a) "Disability," as defined in any employment, consulting or services agreement between the Participant and the applicable Group Member in effect at the time of such termination; or (b) in the absence of any such employment, consulting or services agreement (or in the absence of any definition of "Disability" contained therein), a disability, whether temporary or permanent, partial or total, as determined by the Administrator in its sole discretion.

"<u>Dividend Equivalent</u>" means a right to receive (in cash or other property or, subject to <u>Section 14</u>, a reduction in exercise price or base price of the relevant outstanding Award) dividends paid on Shares underlying an Award (or an amount equal to the dividends that would have been paid on such Shares as if such Shares had been issued and outstanding during the relevant period) as provided under <u>Section 14</u>.

"<u>Employee</u>" means any person who has an employment relationship with any Group Member. A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the relevant Group Member under Applicable Laws, or (ii) transfers between locations of Group Members.

"<u>Fair Market Value</u>" means, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such Shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed or traded on the date of determination, as reported in Bloomberg or such other source as the Administrator deems reliable unless otherwise prescribed by any Applicable Law, or, if the date of determination is not a Trading Date, the closing price as quoted on the principal exchange or system on which the Shares are listed or traded on the Trading Date immediately preceding the date of determination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If depositary receipts representing the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such depositary receipts (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on the date of determination, as reported in Bloomberg or such other source as the Administrator deems reliable, divided by the number of Shares that are represented by such depositary receipts, or, if the date of determination is not a Trading Date, the closing sales price for such depositary receipts as quoted on the principal exchange or system on which such depositary receipts are listed or traded on the Trading Date immediately preceding the date of determination, divided by the number of Shares that are represented by such depositary receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Shares or depositary receipts representing the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for (a) the Shares on the date of determination or (b) depositary receipts representing the Shares on the date of determination, divided by the number of Shares that are represented by such depositary receipts, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Administrator.

"<u>Family Member</u>" means (i) any person who is a "family member" of the Participant, as such term is used in the instructions to Form S-8 under the U.S. Securities Act (collectively, the "<u>Immediate Family Members</u>", which includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, and any person sharing the Participant's household (other than a tenant or employee); (ii) a trust solely for the benefit of the Participant and/or the Participant's Immediate Family Members; or (iii) a partnership or limited liability company whose only partners or shareholders are the Participant and/or the Participant's Immediate Family Members; or (iv) any other transferee as may be approved by the Administrator in its sole discretion in an Award Agreement or otherwise.

"<u>Fully Diluted Basis</u>" means assuming that all outstanding preferred shares, options, warrants and other equity securities that are convertible into or exercisable or exchangeable for Shares (whether or not by their terms then currently convertible, exercisable or exchangeable) have been so converted, exercised or exchanged.

"<u>Group</u>" has the meaning set forth in <u>Section 1</u>.

"<u>Group Member</u>" means the Company, any Subsidiary or any Related Entity.

"<u>Incentive Stock Option</u>" means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.

"<u>Initial Public Offering</u>" means the first firm commitment underwritten offering of the IPO Corporation pursuant to an effective registration statement under the U.S. Securities Act (other than a registration statement on Form S-4 or Form S-8 or any similar form).

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"<u>IPO Corporation</u>" means the Company or any other entity which undertakes the Initial Public Offering.

"<u>Nonstatutory Stock Option</u>" means an Option not intended to qualify as an Incentive Stock Option.

"<u>Option</u>" means an option to purchase Shares granted pursuant to the Plan.

"<u>Participant</u>" means the holder of an outstanding Award granted under the Plan.

"<u>Person</u>" means any natural person, firm, company, corporation, body corporate, partnership, association, government, state or agency of a state, local, municipal or provincial authority or government body, joint venture, trust, individual proprietorship, business trust or other enterprise, entity or organization (whether or not having separate legal personality).

"<u>Plan</u>" has the meaning set forth in <u>Section 1</u>.

"<u>Related Entity</u>" means any Person in or of which the Company or a Subsidiary holds a substantial economic interest, or possesses the power to direct or cause the direction of the management policies, directly or indirectly, through the ownership of voting securities, by contract, or other arrangements as trustee, executor or otherwise, but which, for purposes of the Plan, is not a Subsidiary and which the Administrator designates as a Related Entity. For purposes of the Plan, any Person in or of which the Company or a Subsidiary owns, directly or indirectly, securities or interests representing twenty percent (20%) or more of its total combined voting power of all classes of securities or interests shall be deemed a "Related Entity" unless the Administrator determines otherwise.

"<u>Repurchased Shares</u>" has the meaning set forth in <u>Section 7(c)(iv)</u>.

"<u>Restricted Share</u>" or "Restrcted Share Award" means a Share subject to restrictions and repurchase rights granted pursuant to the Plan.

"<u>Restricted Share Unit</u>" means the right to receive a Share, or any number or fraction thereof, at a future date granted pursuant to the Plan.

"<u>Service Provider</u>" means any Person who is an Employee or a Director; <u>provided</u>, that Awards shall not be granted to any Director in any jurisdiction in which, pursuant to Applicable Laws, grants to non-employees are not permitted. If any Person is a Service Provider by reason of being an Employee or Director to the Company or any Subsidiary and such Person's service is transferred to a Related Entity, then the Administrator, in its sole discretion, may determine that such Person's service as a Service Provider has terminated as a result of such transfer for any or all purposes of any Award, Award Agreement and the Plan.

"<u>Share</u>" means a class A common share of the Company, par value US$0.001 per share, as adjusted in accordance with <u>Section 14(a)</u> below.

"<u>Share Appreciation Right</u>" means a right to receive a payment equal to the excess of the Fair Market Value of a specified number of Shares on the date the Share Appreciation Right is exercised over the base price set forth in the applicable Award Agreement, granted pursuant to the Plan.

"<u>Share Payment</u>" means a payment in the form of Shares, as part of any bonus, deferred compensation or other cash compensation arrangement, made in lieu of all or any portion of such bonus, deferred compensation or other cash compensation arrangement, granted pursuant to the Plan.

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"<u>Subsidiary</u>" means any Person Controlled by the Company. "<u>Control</u>" means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person whether through the ownership of the voting securities of such Person or by contract or otherwise; <u>provided</u>, that for purposes of Incentive Stock Options, a Subsidiary shall mean only a corporation, a majority of the outstanding voting securities or voting power of which is beneficially owned, directly or indirectly, by the Company. For purposes of the Plan, any "variable interest entity" that is consolidated into the consolidated financial statements of the Company under applicable accounting principles or standards as may apply to the consolidated financial statements of the Company shall be deemed a Subsidiary; <u>provided</u>, that for purposes of Incentive Stock Options, a Subsidiary shall mean only a corporation, a majority of the outstanding voting securities or voting power of which is beneficially owned, directly or indirectly, by the Company.

"<u>Tax</u>" means any income, employment, social welfare or other tax withholding obligations (including a Participant's tax obligations) or any levies, stamp duties, charges or taxes required or permitted to be withheld or otherwise payable under Applicable Laws with respect to any taxable event concerning a Participant arising as a result of this Plan.

"<u>Terminated for Cause</u>" or "<u>Termination for Cause</u>" means, in the case of a Participant, (i) the termination of the Participant's status as a Service Provider for Cause or (ii) the Participant's termination without Cause or voluntary resignation as a Service Provider if the Administrator determines at any time that, before or after the Participant's termination without Cause or resignation, a Group Member had Cause to terminate such Participant's status as a Service Provider.

"<u>Trading Date</u>" means any day on which the Shares or depositary receipts representing the Shares are (i) publicly traded on one or more established stock exchanges or automated quotation systems under an effective registration statement or similar document under Applicable Law or (ii) quoted by a recognized securities dealer.

"<u>U.S. Person</u>" means each Person who is a "United States Person" within the meaning of Section 7701(a)(30) of the Code (i.e., a citizen or resident of the United States, including a lawful permanent resident, even if such individual resides outside of the United States).

"<u>U.S. Securities Act</u>" means the United States Securities Act of 1933 and the regulations thereunder, as amended from time to time.

"<u>U.S. Securities Exchange Act</u>" means the United States Securities Exchange Act of 1934 and the regulations thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretation</u>. Unless expressly provided otherwise, or the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the headings in this Plan are for convenience only and shall not affect its interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) references to "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) references to "dollars" or "US$" shall be deemed references to the lawful money of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) references to clauses, sub-clauses, paragraphs, sub-paragraphs and schedules are to clauses, sub-clauses, paragraphs and sub-paragraphs of, and schedules to, this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) use of any gender includes the other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a reference to any other document referred to in this Plan is a reference to that other document as amended, varied, novated or supplemented at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) sections 8 and 19(3) of the Electronic Transactions Law (2003 Revision) of the Cayman Islands shall not apply.

3. <u>Shares Subject to the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Sections 14</u>, the maximum aggregate number of Shares which may be subject to Awards under the Plan is 10,000,000 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shares that may be subject to Awards are authorized but unissued Shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Award (or any portion thereof) terminates, expires or lapses or is cancelled for any reason, any Shares subject to the Award (or such portion thereof) shall again be available for the grant of an Award pursuant to the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan, pursuant to Awards under the Plan shall not be returned to the Plan and shall not cause the number of Shares available to be subject to Awards under the Plan to be increased, except that if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any unvested Restricted Shares are cancelled (or surrendered) or the Company repurchases unvested Restricted
Shares pursuant to the terms of the Award Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company repurchases any Shares granted under any Award (or a portion thereof) in the event of a
Participant's joining a Competitor, Termination for Cause, or any of the other circumstances as set forth in <u>Section 18(a)</u>,

then such Restricted Shares or Shares shall form part of the authorized but unissued share capital of the Company and may become available for future grant under the Plan (to the extent permitted under Applicable Laws).

4. <u>Administration of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Administrator</u>. The Plan shall be administered by the Administrator (except as otherwise permitted herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties and Powers of Administrator</u>. It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with its provisions. Subject to the provisions of the Plan, the Administrator shall have the power and authority, in its discretion:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to select the Service Providers to whom Awards may from time to time be granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to determine the type or types of Awards to be granted to each Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to determine the exercise price of an Option or the base price of a Share Appreciation Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to determine the number of Shares, or fractions thereof, to be covered by each such Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to prescribe the forms of Award Agreement for use under the Plan, which need not be identical for each Participant and to amend any Award Agreement; <u>provided</u>, that: (1) the rights or obligations of the Participant holding the Award that is the subject of any such Award Agreement are not affected adversely by such amendment; (2) the consent of the affected Participant is obtained; or (3) such amendment is otherwise permitted under the Plan. Any such amendment of an Award under the Plan need not be the same with respect to each Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to determine the terms and conditions of any Award granted hereunder (such terms and conditions to include, but not be limited to, the exercise price, the time or times when Awards may be vested, issued or exercised as the case may be (which may be based on performance criteria), the times at which Shares are issuable under a Restricted Share Unit, whether any Award may be paid in cash or Shares, any rules for tolling the vesting of Awards upon an authorized leave of absence, any vesting acceleration or waiver of cancellation restrictions, and any restriction or limitation regarding any Awards or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to determine all matters and questions relating to whether a Participant's status as a Service Provider has been terminated, including without limitation if such termination was for Cause or for Disability and, if so, to determine the effective date of such termination (which it may determine to be the date of notice of resignation or the date of an act or omission by such Participant constituting Cause) and all questions of whether particular leaves of absence constitute a termination of the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to determine whether a Business is a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) unless otherwise required in the shareholders agreement of the Company (as it may be amended from time to time), to prescribe, amend and rescind rules and regulations relating to the Plan and the administration of the Plan and all Award Agreements, including rules and regulations relating to sub-plans established for the purpose of qualifying for preferred Tax treatment under the tax laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to allow the Participants to satisfy minimum Tax withholding obligations by having the Company withhold from the Shares to be issued pursuant to an Award (or a portion thereof), that number of Shares having a Fair Market Value equal to the amount required to be withheld as set forth in <u>Section 15(j)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) to take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with Applicable Laws or any necessary local governmental regulatory exemptions or approvals or listing requirements of any securities exchange or automated quotation system;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to construe, interpret, reconcile any inconsistency in, correct any defect in and/or supply any omission in, the terms of the Plan, any Award Agreement and any Award granted pursuant to the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Action by the Administrator</u>. The Administrator may act at a meeting or in writing signed by all members of the Administrator in lieu of a meeting. The Administrator is entitled to, in good faith, rely or act upon any report or other information furnished by any officer or other employee of any Group Member, the Company's independent certified public accountants, or any executive compensation consultant or other professional retained by the Company or the Administrator to assist in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Effect of Administrator's Decision</u>. The Administrator's interpretation of the Plan, any Awards granted pursuant to the Plan and any Award Agreement, and all decisions, determinations and interpretations of the Administrator shall be final, binding and conclusive for all purposes and upon all Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Delegation of Authority</u>. To the extent permitted by Applicable Laws, the Administrator may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this <u>Section 4</u>. Any delegation hereunder shall be subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegate.

5. <u>Eligibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms of the Plan, all forms of Awards may be granted to any Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Plan nor any Award shall confer upon any Participant any right with respect to continuing the Participant's relationship as a Service Provider with any Group Member, nor shall it interfere in any way with the Participant's right or any Group Member's right to terminate such relationship at any time, with or without Cause.

6. <u>Terms of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>. The term of each Award shall be stated in the Award Agreement; <u>provided</u>, that the term shall be no more than ten (10) years from the date of grant thereof. Subject to the foregoing, except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Award, and may extend the time period during which vested Awards may be exercised, in connection with any termination of a Participant's status as a Service Provider, and may amend any other term or condition of an Award relating to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Timing of Granting of Awards</u>. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination granting such Award or such other future date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Award is so granted within a reasonable time after the date of such grant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Stand-Alone and Tandem Awards</u>. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan (or any other award granted pursuant to another compensation plan). Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards (or any other award granted pursuant to another compensation plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Award Agreement</u>. All Awards shall be evidenced by an Award Agreement setting forth the number of Shares subject to the Award and the terms and conditions of the Award, which shall not be inconsistent with the Plan; <u>provided</u>, that if necessary to comply with Section 409A of the Code, for each U.S. Person the Shares subject to the Awards shall be "service recipient stock" within the meaning of Section 409A of the Code or the Award shall otherwise comply with Section 409A of the Code, unless the Participant consents otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Vesting</u>. The period during which an Award, in whole or in part, vests shall be set by the Administrator, and the Administrator may determine that an Award may not vest in whole or in part for a specified period after it is granted. Such vesting may be based on service with a Group Member and/or any other criteria selected by the Administrator. At any time after grant of an Award, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Award vests. No portion of an Award that is unvested or unexercisable at the termination of a Participant's status as a Service Provider shall thereafter become vested or exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Issuance of Shares</u>. Shares issued upon grant, exercise or vesting of an Award (or any portion thereof) shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant and/or in the name of one of more of the Participant's Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Termination of Relationship as a Service Provider</u>. If a Participant's status as a Service Provider terminates, such Participant may exercise any unexercised Award (to the extent exercisable) within such period of time, if any, as is specified in the Award Agreement to the extent that the Award is vested and exercisable on the date of termination (but in no event later than the expiration of the term of the Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, and except as provided in <u>Sections 6(h)</u>, <u>6(i)</u> and <u>6(j)</u>, Awards shall cease to be exercisable immediately following the Participant's termination (and in no event shall any Award be exercisable later than the expiration of the term of the Award as set forth in the Award Agreement). Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator, if, on the date of termination, the Participant is not vested as to the Participant's entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall revert to the Plan and again be available for grant or award under the Plan. If, after termination, the Participant does not exercise the Participant's Award within the time specified by the Administrator, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Disability of Participant</u>. If a Participant's status as a Service Provider terminates as a result of the Participant's Disability, the Participant may exercise any unexercised Award (to the extent exercisable) within such period of time as is specified in the Award Agreement to the extent the Award is vested and exercisable on the date of termination (but in no event later than the expiration of the term of such Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Award shall remain exercisable until the expiration of the term of the Award as set forth in the Award Agreement. Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator, if, on the date of termination, the Participant is not vested as to the Participant's entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall revert to the Plan and again be available for grant or award under the Plan. If, after termination, the Participant does not exercise the Participant's Award within the time specified herein, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Death of Participant</u>. If a Participant dies while a Service Provider, any unexercised Award (to the extent exercisable) may be exercised within such period of time as is specified in the Award Agreement to the extent that the Award is vested on the date of death of the Participant (but in no event later than the expiration of the term of such Award as set forth in the Award Agreement) by the Participant's estate or by a person who acquires the right to exercise the Award by bequest or inheritance. In the absence of a specified time in the Award Agreement, the Award shall remain exercisable until the expiration of the term of the Award as set forth in the Award Agreement. Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator, if, at the time of death, the Participant is not vested as to the entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall immediately revert to the Plan and again be available for grant or award under the Plan. If the Award is not so exercised within the time specified herein, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Termination for Cause</u>. Subject to Applicable Law, if a Participant is Terminated for Cause, all unexercised Options or Share Appreciation Rights, whether vested or unvested, and all other unvested Awards, shall be cancelled as of the date of such termination as determined by the Administrator in its sole discretion, and all Shares acquired pursuant to an Award by such Participant shall be subject to a right of repurchase by the Company in accordance with <u>Section 18(b)</u>. Any Shares covered by cancelled Awards, and any Shares so repurchased, may revert to the Plan and again be available for grant or award under the Plan.

7. <u>Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rights to Purchase</u>. After the Administrator determines that it will offer Options under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which, unless otherwise determined by the Administrator, may be a fixed or variable price determined by reference to the Fair Market Value of the Shares over which such Award is granted; <u>provided</u>, that (i) no Option may be granted to a U.S. Person with an exercise price per Share which is less than the Fair Market Value of a Share on the date of grant (or date of adjustment pursuant to the following sentence), without compliance with Section 409A of the Code, or the Participant's consent, (ii) an Option may be granted with an exercise price lower than that set forth herein if such Option is granted pursuant to an assumption or substitution for an option granted by another company, whether in connection with an acquisition of such other company or otherwise, and (iii) the exercise price per Share shall not in any circumstances be less than the par value of the Share. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, provided, that such adjustment does not result in a materially adverse impact to the Participant; <u>provided</u>, <u>further</u>, that the exercise price per Share may not in any circumstances be reduced to less than the par value of the Share. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Board or the Company's shareholders or the approval of the affected Participants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consideration</u>. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) check;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) promissory note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to the consent of the Administrator, Shares ("<u>Repurchased Shares</u>") (including Shares issuable upon exercise of such Options) which have a Fair Market Value on the date of exercise equal to the aggregate exercise price of the Shares as to which such Option shall be exercised ("<u>Delivered Shares</u>"), <u>provided</u> that: (A) arrangements have been made for the repurchase or cancellation, as applicable, by the Company of such Repurchased Shares and the paying up in full of the par value of the Delivered Shares as required under Applicable Laws; (B) such Repurchased Shares have been held by the Participant for such period as established from time to time by the Administrator in order to avoid adverse accounting treatment applying generally accepted accounting principles; and (C) any other reasonable requirements as may be imposed by the Administrator (including by means of attestation of ownership of a sufficient number of Shares in lieu of actual delivery of such Shares to the Company) have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) consideration received by the Company under a broker-assisted or similar cashless exercise program implemented by the Company in connection with the Plan; <u>provided</u>, that, where relevant, arrangements have been made for the payment in full of the par value of any Shares as required under Applicable Laws in connection with such program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other consideration as may be approved by the Administrator from time to time to the extent permitted by Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Procedure for Exercise</u>. Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option shall be exercised when the Company receives written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Option and payment of the exercise price and Taxes which are required to be withheld or paid by the relevant Group Member. Full payment may consist of any consideration and method of payment permitted under <u>Section 7(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Rights as a Shareholder</u>. Until the Shares are evidenced as issued by entry in the Company's register of members, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall cause such Shares to be evidenced as issued by entry in the Company's register of members promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in <u>Section 14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Substitution of Share Appreciation Rights</u>. The Administrator may provide in the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option; provided, that such Share Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable.

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8. <u>Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rights to Purchase</u>. After the Administrator determines that it will offer Restricted Shares under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restrictions</u>. All Restricted Shares shall, in the terms of each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator shall provide. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire in accordance with the terms of the relevant Award Agreement. All share certificates relating to Restricted Shares shall be held by the Company in escrow for the Participant until all restrictions on such Restricted Shares have been removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Repurchase or Cancellation of Restricted Shares</u>. If the price for the Restricted Shares was paid by the Participant in services, then, upon termination as a Service Provider, the Participant shall no longer have any right in the unvested Restricted Shares, and such unvested Restricted Shares shall be cancelled (and for these purposes the Participant shall be deemed to have surrendered such Restricted Shares) and thereupon either cancelled or surrendered to the Company without consideration. If a purchase price was paid by the Participant for the Restricted Shares (other than in services), then, upon the Participant's termination as a Service Provider, the Company shall have the right to repurchase from the Participant the unvested Restricted Shares then subject to restrictions at a cash price per Share equal to the price paid by the Participant for such Restricted Shares or such other amount as may be specified in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Rights as a Shareholder</u>. Once the Restricted Shares are issued, subject only to the restrictions on such Restricted Shares as provided in the Award Agreement and the memorandum and articles of association of the Company as amended from time to time, the Participant shall have rights as a shareholder that are equivalent to the rights of other holders of Shares, and shall be a shareholder when the Participant is recorded as the holder of such Restricted Shares upon entry in the Company's register of members. No adjustment shall be made for a dividend or other right in respect of any Restricted Share for which the record date is prior to the date the Participant is entered on the Company's register of members in respect of such Restricted Shares, except as provided in <u>Section 14</u> of the Plan.

9. <u>Restricted Share Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rights to Purchase</u>. After the Administrator determines that it will offer Restricted Share Units under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rights as a Shareholder</u>. Until a Share is issued in settlement of any Restricted Share Units by entry in the Company's register of members, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to such Share. The Company shall cause such Share to be evidenced as issued by entry in the Company's register of members promptly after the Restricted Share Unit vests. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in <u>Section 14</u>.

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10. <u>Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rights to Purchase</u>. After the Administrator determines that it will offer Share Appreciation Rights under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Share Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Base Price</u>. The price per Share over which the appreciation of each Share Appreciation Right is to be measured shall be the base price as determined by the Administrator and set forth in the Award Agreement, which may be a fixed or variable price determined by reference to the Fair Market Value of the Shares; <u>provided</u>, that, for each U.S. Person, such base price may not be established at less than the Fair Market Value on the date the Share Appreciation Right is granted without such Share Appreciation Right either complying with Section 409A of the Code, or the Participant's consent. The base price per Share so established for a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, <u>provided</u>, that such adjustment does not result in a materially adverse impact to the Participant. For the avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment in the base price mentioned in the preceding sentence shall be effective without the approval of the Board or the Company's shareholders or the approval of the affected Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment</u>. Payment to the Company for a Share Appreciation Right shall be in cash, in Shares (based on their Fair Market Value as of the date the Share Appreciation Right is exercised) or a combination of both, as determined by the Administrator in the Award Agreement or, if the Award Agreement does not specifically so provide, by the Administrator at the time of exercise. To the extent any payment is effected in Shares, only that number of Shares actually issued in payment of the Share Appreciation Right shall be counted against the maximum number of Shares which may be issued under <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Procedure for Exercise</u>. Any Share Appreciation Right granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. A Share Appreciation Right shall be exercised when the Company receives written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Share Appreciation Right and payment of Taxes which are required to be withheld by the relevant Group Member. If Shares are issued upon exercise of a Share Appreciation Right, then such Shares shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant and/or in the name of one or more of the Participant's Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Rights as a Shareholder</u>. Until the Shares are issued by entry in the Company's register of members, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Share Appreciation Right. The Company shall issue (or cause to be issued) such Shares promptly after the Share Appreciation Right is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in <u>Section 14</u>.

11. <u>Dividend Equivalents</u>.

The Administrator is authorized to grant Dividend Equivalents with respect to any Award and any Service Provider. Dividend Equivalents with respect to an Award may be granted by the Administrator based on dividends declared on the Shares underlying such Award (and, in the case of any such Shares which have not been issued, the Dividend Equivalent may entitle the holder of such Award to receive an amount equal to the dividends which would have been paid on such Shares, as if such Shares had been issued and outstanding during the relevant period), to be credited as of dividend payment dates during the period between the date the Dividend Equivalent is granted to a Participant and the date the Award with respect to which the Dividend Equivalent vests, is exercised,is distributed or expires, as determined by the Administrator. Such Dividend Equivalents shall be settled in cash, other property or a reduction in exercise price or base price of the relevant Award by such formula and at such time and subject to such limitations as may be determined by the Administrator and as set forth in the Award Agreement or otherwise. Dividend Equivalents shall not be granted with respect to Options or Share Appreciation Rights granted to U.S. Persons.

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12. <u>Share Payments</u>.

The Administrator is authorized to grant Share Payments to any Service Provider in the manner determined from time to time by the Administrator; <u>provided</u>, that unless otherwise determined by the Administrator such Share Payments shall be made in lieu of base salary, bonus or other cash compensation otherwise payable to such Participant, including any such compensation that has been deferred at the election of the Participant; <u>provided</u>, further, that not less than the par value of any Share shall be received by the Company in connection with its issuance of a Share pursuant to any such Share Payment. In accordance with Applicable Law, such par value may be paid through the provision of services. The number of Shares issuable as a Share Payment shall be determined by the Administrator and may be based upon satisfaction of such specific criteria as determined appropriate by the Administrator, including specified dates for electing to receive such Share Payment at a later date and the date on which such Share Payment is to be made.

13. <u>Non-Transferability of Awards</u>.

Awards, and any interest therein, will not be transferable or assignable by the Participant, and may not be made subject to execution, attachment or similar process; <u>provided</u>, that (i) during a Participant's lifetime, with the consent of the Administrator (on such terms and conditions as the Administrator determines appropriate), the Participant may transfer Awards (except Restricted Share Units) pursuant to domestic relations order in the settlement of marital property rights, (ii) the Administrator may permit transfer of an Award to Family Members in its sole discretion under such circumstances as it deems appropriate, and (iii) following a Participant's death, Awards, to the extent they are vested upon the Participant's death, may be transferred by will or by the laws of descent and distribution.

14. <u>Adjustments Upon Changes in Capitalization, Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Changes in Capitalization</u>. Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Award, the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award, as well as the price per Share covered by each such outstanding Award and any other affected terms of such Awards, shall be proportionally and equitably adjusted for any increase or decrease in the number of issued Shares resulting from a subdivision or consolidation, share dividend, amalgamation, spin-off, arrangement or consolidation, combination or reclassification of Shares. Additionally, in the event of any other increase or decrease in the number of issued Shares effected without consideration by the Company, then the number of Shares covered by each outstanding Award, the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award, as well as the price per Share covered by each outstanding Award may be adjusted for any increase or decrease in the number of issued Shares resulting therefrom. The conversion of any convertible securities of the Company shall not be deemed to have been "effected without receipt of consideration." The manner in which such adjustments under this <u>Section 14(a)</u> are to be accomplished shall be determined by the Board, whose determination shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. For the avoidance of doubt, in the case of any extraordinary cash dividend, the Administrator shall make an equitable or proportionate adjustment to outstanding Awards to reflect the effect of such extraordinary cash dividend.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dissolution or Liquidation</u>. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Participant as soon as practicable prior to the effective date of commencement of such proposed dissolution or liquidation. The Administrator in its discretion may provide for a Participant to have the right to exercise the Participant's Option or Share Appreciation Right until fifteen (15) days prior to the commencement of such dissolution or liquidation as to all of the Shares covered thereby. In addition, the Administrator may provide that any Company repurchase option or any vesting condition applicable to any Restricted Shares shall lapse as to all such Restricted Shares and any Shares issuable under any Restricted Share Units or as Share Payments shall be issued as of such date; <u>provided</u>, that the proposed dissolution or liquidation commences at the time and in the manner contemplated by the proposed dissolution or liquidation. To the extent it has not been previously exercised or paid out, all Awards will terminate immediately prior to the commencement of such proposed dissolution or liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Change in Control</u>. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Participant, if a Change in Control occurs, the Company, as determined in the sole discretion of the Administrator and without the consent of the Participant, may take any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accelerate the vesting, in whole or in part, of any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) purchase any Award for an amount of cash or shares equal to the value that could have been attained upon the exercise of such Award or realization of the Participant's rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant's rights, then such Award may be terminated by the Company without payment); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide for the assumption, conversion or replacement of any Award by the successor or surviving company or a parent or subsidiary of the successor or surviving company with other rights (including cash) or property selected by the Administrator in its sole discretion or the assumption or substitution of such Award by the successor or surviving company, or a parent or subsidiary thereof, with such appropriate adjustments as to the number and kind of shares and prices as the Administrator deems, in its sole discretion, reasonable, equitable and appropriate. In the event the successor or surviving company refuses to assume, convert or replace outstanding Awards, the Awards shall fully vest, and the Participant shall have the right to exercise or receive payment as to all of the Shares subject to the Award, including Shares as to which it would not otherwise be vested, exercisable or otherwise issuable (including at the time of the Change in Control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to any payment or adjustment contemplated under this <u>Section 14</u>, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant's Awards; (ii) bear such Participant's pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Shares, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee.

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15. <u>Miscellaneous General Rules</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Share Certificates; Book Entry Procedures</u>. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing Shares or ADSs (as defined in <u>Section 15(e)</u>) issued pursuant to the vesting, exercise or settlement of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and/or delivery of such certificates, as applicable, is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares or ADSs are listed or traded. All Share and ADS certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws, and the rules of any national securities exchange or automated quotation system on which the Shares or ADSs are listed, quoted, or traded. The Administrator may place legends on any Share or ADS certificate to reference restrictions applicable to the Share or ADS. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator. Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Law, the Company shall not deliver to any Participant certificates evidencing Shares or ADSs issued in connection with any Award and instead such Shares or ADSs shall be recorded in the books of the Company (or, as applicable, its transfer agent or share plan administrator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Paperless Administration</u>. Subject to Applicable Laws, the Administrator may make Awards, provide applicable disclosure and procedures for exercise of Awards by an internet website, electronic mail or interactive voice response system for the paperless administration of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Applicable Currency</u>. The Award Agreement shall specify the currency applicable to such Award. The Administrator may determine, in its sole discretion, that an Award denominated in one currency may be paid in any other currency based on the prevailing exchange rate as the Administrator deems appropriate. A Participant may be required to provide evidence that any currency used to pay the exercise price or purchase price of any Award was acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Relationship to other Benefits</u>. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary or Related Entity except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Government, Other Regulations and Distribution of Shares</u>. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under any Applicable Laws. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration under Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption. Additionally, in the discretion of the Administrator, American depositary shares ("<u>ADSs</u>"), may be distributed in lieu of Shares in settlement of any Award; <u>provided</u>, that the ADSs shall be of equal value to the Shares that would have otherwise been distributed; <u>provided</u>, <u>further</u>, that, in the discretion of the Administrator, in lieu of issuing a fractional ADS, the Company shall make a cash payment to the Participant equal to the Fair Market Value of such fractional ADS. If the number of Shares represented by an ADS is other than on a one-to-one basis, the limitations contained in Section 3 shall be adjusted to reflect the distribution of ADSs in lieu of Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Expenses</u>. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Titles and Headings</u>. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Fractional Shares</u>. The Administrator shall have the discretion to determine whether any fractional Share shall be issued under the Plan, or whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Rights to Awards</u>. No Participant, Employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Participants, Employees, Directors or any other persons uniformly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Taxes</u>. No Shares shall be issued, and no payment shall be made under the Plan to any Participant, until such Participant has made arrangements acceptable to the Administrator for the satisfaction of Taxes and any other costs and expenses in connection with the grant, exercise or vesting of Awards and/or the issuance of the Shares. The Company or the relevant Group Member shall have the authority and the right to deduct or withhold from any compensation payable to a Participant, or require a Participant to remit to the Company or the relevant Group Member, an amount sufficient to satisfy all Taxes. The Administrator may, in its discretion and in satisfaction of the foregoing requirement, allow or require a Participant to satisfy Taxes by electing to have the Company withhold Shares otherwise issuable under an Award (or other amounts payable under an Award) having a Fair Market Value equal to the Taxes. Notwithstanding any other provision of the Plan, the number of Shares otherwise issuable under an Award which may be withheld with respect to the grant, issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award (or a portion thereof) after such Shares were acquired by the Participant from the Company) in order to satisfy all Taxes, unless specifically approved by the Administrator, will be limited to the number of Shares otherwise issuable under an Award that have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such Taxes. The Fair Market Value of the Shares otherwise issuable under an Award to be withheld shall be determined on the date that the amount of Taxes to be withheld is to be determined. All elections by the Participants to have Shares otherwise issuable under an Award withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Buy-Out</u>. In the sole discretion of the Administrator, any Award (in whole or in part) under the Plan may be settled in cash or other property in lieu of Shares; <u>provided</u>, that payment in cash or other property in lieu of Shares shall not be made earlier than the time such Shares are issuable pursuant to the terms of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Valuation</u>. For purposes of <u>Section 14(c)</u> where an Award is converted into, or any underlying Share is substituted with, cash or other property or securities (a "<u>Substitute Property</u>"), the valuation of such Award and its Substitute Property, or the exchange ratio between the two, shall be determined in good faith by the Administrator and supported by the valuation achieved in the relevant transaction, or in the absence of any such transaction, by an independent valuation expert selected by the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Effect of Plan upon Other Compensation Plans</u>. The adoption of the Plan is not intended to affect any other compensation or incentive plans in effect for the Company or any Subsidiary or Related Entity. Nothing in the Plan shall be construed to limit the right of the Company, any Subsidiary or any Related Entity (i) to establish any other forms of incentives or compensation for Service Providers, or (ii) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Section 409A</u>. To the extent that the Administrator determines that any Award granted to a U.S. Person under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. The Administrator shall use commercially reasonable efforts to implement the provisions of this <u>Section 15(n)</u> in good faith; <u>provided</u>, that none of the Company, the Administrator nor any of the Company's employees, directors or representatives shall have any liability to any Participant with respect to this <u>Section 15(n)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Indemnification</u>. To the extent allowable pursuant to Applicable Laws, the Administrator (or any individual member of the Committee or the Board acting as the Administrator) shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by it or such member in connection with or resulting from any claim, action, suit, or proceeding to which it, he or she may be a party or in which it, he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by it, him or her in satisfaction of judgment in such action, suit, or proceeding against it, him or her; <u>provided</u>, that it, he or she gives the Company an opportunity, at its own expense, to handle and defend the same before it, he or she undertakes to handle and defend it on its, his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company's memorandum and articles of association as amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Plan Language</u>. The official language of the Plan shall be English. To the extent that the Plan or any Award Agreements are translated from English into another language, the English version of the Plan and Award Agreements will always govern, in the event that there are inconsistencies or ambiguities which may arise due to such translation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Provisions</u>. The Award Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion.

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16. <u>Amendment and Termination of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Effective Date; Term of Plan</u>. The Plan became effective on June 28, 2020. This Plan shall continue in effect for a term of ten (10) years unless sooner terminated under this Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendment and Termination</u>. The Board in its sole discretion may terminate this Plan at any time. The Board may amend this Plan at any time in such respects as the Board may deem advisable subject to Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect of Termination</u>. Except as otherwise provided in <u>Section 14</u>, any amendment or termination of this Plan shall not affect Awards previously granted or issued, as the case may be, and such Awards shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the affected Participant and the Company, which agreement must be in writing and signed by the Participant and the Company.

17. <u>Certain Securities Law Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company intends that, as long as it is not subject to the reporting requirements of Section 13 or 15(d) of the U.S. Securities Exchange Act, and is not an investment company registered or required to be registered under the Investment Company Act of 1940, as amended, all grants of Awards and Shares issuable upon exercise or vesting of Awards shall be exempt from registration under the provisions of Section 5 of the U.S. Securities Act, and this Plan shall be administered in such a manner so as to preserve such exemption. The Company intends for this Plan to constitute a written compensatory benefit plan within the meaning of Rule 701(b) of Title 17, Code of Federal Regulations, Section 230.701 ("<u>Rule 701</u>"), promulgated by the U.S. Securities Act. Unless otherwise designated by the Administrator at the time an Award is granted, all Awards granted under this Plan by the Company, and the issuance of any Shares pursuant thereto, are intended to be granted to (i) persons who meet the requirements of a "U.S. Person" as such term is defined in Rule 902(k) of Title 17, Code of Federal Regulations, Section 230.901 through 230.905, promulgated under the U.S. Securities Act ("<u>Regulation S</u>") in reliance on Rule 701 or (ii) persons other than persons who meet the requirements of a "U.S. Person" as such term is defined in Regulation S, in compliance with Regulation S or otherwise be exempt from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Company to settle Awards in Shares or other consideration shall be subject to all Applicable Laws, rules and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Shares pursuant to an Award unless such Shares have been properly registered for sale pursuant to Applicable Laws or unless the Company has received an opinion of counsel, satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under any Applicable Laws any of the Shares to be offered or sold under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of Shares from the public markets, the Company's issuance of the Shares to the Participant, the Participant's acquisition of the Shares from the Company and/or the Participant's sale of Shares to the public markets, illegal, impracticable or inadvisable. If the Administrator determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (i) the aggregate Fair Market Value of the Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date or the date that the Shares would have been vested or issued, as applicable), over (ii) the aggregate exercise price or base amount or any amount payable as a condition of issuance of Shares (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provision of the Plan to the contrary, in no event shall a Participant be permitted to exercise an Option in a manner that the Administrator determines would violate the United States Sarbanes-Oxley Act of 2002, or any other Applicable Law or the applicable rules and regulations of the U.S. Securities Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

18. <u>Joining a Competitor; Termination for Cause</u>. If a Participant is Terminated for Cause or if within 12 months after termination as a Service Provider, or such longer period determined by the Administrator and as set forth in the applicable Award Agreement, the Participant (A) directly or indirectly, establishes, incorporates, forms, enters into, or participates in the Business as an owner, partner, principal or shareholder or other proprietor (other than through a purchase on the open market, solely as a passive investment, of not more than five percent (5%) of the interest) of any Competitor, or (B) has become, is or becomes an officer, director, employee, adviser of, or otherwise, directly or indirectly, enters the employ of, continues any employment with or renders any services to or for, any Competitor, or (C) knowingly performs or has performed any act that may confer a competitive benefit or advantage upon any Competitor (in each case as determined by the Administrator), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Awards (whether vested or unvested) shall be cancelled as of the date of termination of the Participant as a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Shares issued pursuant to any Award (or a portion thereof) shall be subject to repurchase by the Company at (i) the lesser of the (X) original purchase price of such Shares (or in the event no payment was made or the price was paid in services, then the Shares will be surrendered to and cancelled by the Company without payment), or (Y) Fair Market Value or such other value of Shares as determined by the Administrator or as set forth in the applicable Award Agreement, or (ii) the par value of such Shares, if such Shares have been issued in exchange for services which shall be considered the original purchase price, or (iii) the par value of such Shares, if such Shares have been issued under Restricted Share Units or as Share Payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of any Awards (or a portion thereof) or upon the receipt or resale of any Shares underlying any Award (or a portion thereof), must be paid to the Company.

19. <u>Certain Transfer Restrictions, Repurchase Rights and Similar Matters</u>.

Any Shares issued upon the exercise of or in settlement of an Award shall be subject to such special cancellation conditions, rights of repurchase or redemption, rights of first refusal, and other transfer restrictions as set forth in the shareholders agreement of the Company or, if there is no shareholders agreement or such provisions do not exist in the shareholders agreement of the Company, as the Administrator may determine as set forth in an Award Agreement (which restrictions shall apply in addition to any restrictions that may apply to holders of Shares generally). Any transfer or attempted transfer of any shares not made in compliance with such restrictions shall be rejected by the Administrator.

20. <u>Governing Law</u>.

This Plan shall be governed by the laws of the Cayman Islands.

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Last updated: August 2, 2022

OBOOK HOLDINGS INC.

2021 SHARE INCENTIVE PLAN

OPTION AWARD AGREEMENT

l. <u>Grant of Option.</u> 

OBOOK HOLDINGS INC., a company incorporated under the laws of the Cayman Islands (the "Company"), hereby grants to the Grantee named in the Notice of Option Award (the "Notice"), an option (the "Option" or the "Award") to purchase the Total Number of Class A Common Shares subject to the Option (the "Shares") set forth in the Notice, at the Exercise Price per Share set forth in the Notice (the "Exercise Price") subject to the terms and provisions of the Notice, this Option Award Agreement (the "Option Agreement") and the Company's 2021 Share Incentive Plan, as amended from time to time (the "Plan"), which are incorporated herein by reference. Unless otherwise defined herein, all capitalized terms used in this Option Agreement shall have the same definitions as are set forth in the Plan.

If designated in the Notice as an Incentive Share Option, the Option is intended to qualify as an Incentive Share Option as defined in Section 422 of the U.S. Internal Revenue Code of 1986 (the "Code"). However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of Shares subject to Options designated as Incentive Share Options which become exercisable for the first time by the Grantee during any calendar year (under all plans of the Company or any Subsidiary of the Company) exceeds $100,000, such excess Options, to the extent the Shares covered thereby are in excess of the foregoing limitation, shall be treated as Non-Qualified Share Options. For this purpose, Incentive Share Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the date the Option with respect to such Shares is awarded.

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2. <u>Exercise</u> <u> </u> <u>o</u> <u>f</u> <u>Option.</u> <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Exercise</u>. Notwithstanding anything to the contrary herein, the Option may not be exercised
until all registrations, consents, approvals, filings or waivers required under Applicable Laws are duly obtained. The Option shall otherwise be exercisable during its term in accordance with the Vesting Schedule set out in the Notice and with the
applicable provisions of the Plan and this Option Agreement. The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Administrator. In no event shall the
Company issue fractional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Method to Exercise</u>. The Option shall be exercisable by delivery of an exercise notice (a form of which
is attached hereto Exhibit A) or by such other procedure as specified from time to time by the Administrator which shall state the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and
such other provisions as may be required by the Administrator. The exercise notice shall be delivered to the Company in person, by certified mail, or by such other method (including electronic transmission) as determined from time to time by the
Administrator and accompanied by payment of the Exercise Price. The Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Taxes</u>. No Shares shall be delivered under the Option Agreement to the Grantee until the Grantee has made
arrangements acceptable to the Administrator for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or the Service Recipient shall have the authority and the right to deduct or withhold, or
require Grantee to remit to the Company or the Service Recipient, an amount sufficient to satisfy all applicable taxes (including the Grantee's payroll tax obligations) required or permitted by law to be withheld with respect to any taxable
event concerning the Grantee relating to this Option Agreement. The Administrator may in its discretion and in satisfaction of the foregoing requirement allow the Grantee to elect to have the Company withhold Shares otherwise issuable upon exercise
of the Option (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Option Agreement, the number of Shares which may be withheld with respect to the issuance,
vesting, or exercise of the Option(or which may be repurchased from the Grantee after such Shares were acquired by the Grantee upon exercise of the Option) in order to satisfy any income and payroll tax liabilities applicable to the Grantee with
respect to the issuance, vesting, or exercise of the Option shall, unless specifically approved by the Administrator, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate
amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income.

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3. <u>Grantee's Representations</u>.

The Grantee understands that neither the Option nor the Shares exercisable pursuant to the Option have been registered under the Securities Act or any United States securities laws. In the event the Shares purchasable pursuant to the exercise of the Option have not been registered under the Securities Act at the time the Option is exercised, the Grantee shall, if requested by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B.

4. <u>Method of Payment</u>.

The Company will not be obligated to make appropriate entry on the books of the Company or of a duly authorized registrar of the Company for the Shares to be purchased on exercise of the Option unless and until it receives full payment of the Exercise Price therefor, all related tax obligations under Section 2(c) have been satisfied, and all other conditions to the exercise of the Option set forth herein or in the Notice have been satisfied. The Exercise Price of any Shares acquired upon an exercise of the Option must be paid in full at the time of each exercise of the Option in such lawful consideration as maybe permitted or required by the Administrator, which may include, without limitation, one or a combination of the following methods:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash, check payable to the order of the Company, or electronic funds transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) third party payment in such manner as may be authorized by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the delivery of previously owned Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by a reduction in the number of Shares otherwise deliverable pursuant to the portion of the Option being
exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if Shares are publicly traded, all or part of the Exercise Price and any withholding taxes may be paid by the
delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to such procedures as the Administrator may adopt, pursuant to a "cashless exercise".

5. <u>Restrictions on Exercise</u>.

The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any Applicable Laws. If the exercise of the Option within the applicable time periods set forth in Section 6 of this Option Agreement is prevented by the provisions of this Section, the Option shall remain exercisable until one (1) month after the date the Grantee is notified by the Company that the Option is exercisable, but in any event no later than the Expiration Date set forth in the Notice.

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6. <u>Term and Expiration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option shall expire and may not be exercised by the Grantee after the first to occur of the following
events: (i) two (2) years from the Date of Grant; (ii) termination of the employment for any reason, except as otherwise set forth in this Agreement or as determined by the Board in its sole discretion; (iii) ninety (90) days after
the termination of the employment on account of death or disability; (iv) thirty (30) days after the date of such employee's retirement; and (v) the closing of the Company's IPO. If the employee takes a leave of absence without
salary or internal transfer with the approval of the Company, the term of the Option will not be interrupted and the employee may still exercise his/her Option during the period of leave of absence without salary or internal transfer.

For purposes of this Option Agreement, termination of employment is deemed effective as of the earlier of: (a) the date that the Grantee gives or is provided with written notice of such termination, or (b) if the Grantee is an employee of Group Company, the date that the Grantee is no longer actively employed and physically present on the premises of the Group Company, regardless of any notice period or period of pay in lieu of such notice required under any applicable law (each, the ''Notice Period"). For greater clarity, the Grantee has no rights to vest in the Options during the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless earlier terminated in accordance with the terms of the Notice, the Plan and the Option agreement, the
vested portion of the Option maybe exercised, in whole or in part, at any time prior to the Expiration Date, subject to the restrictions on exercise set forth in the Notice, the Plan and the Option Agreement. The Administrator shall be entitled to
determine the conditions, if any, that must be satisfied before all or part of the Option may be exercised. The Grantee agrees and acknowledges that in the event the Company determines that exercise of the Option by the Grantee (i) may be
prohibited or subject to approval and/or registration requirements under applicable laws and regulations of the Republic of China or (ii) could subject the Company and/or its Subsidiaries in the Republic of China to regulatory restrictions
under applicable laws and regulations of the Republic of China, the Grantee shall have no right to exercise the Option without the prior written consent of the Administrator.

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7. <u>Term of Option</u>. The Option must be exercised no later than the Expiration Date set forth in the Notice
or such earlier date as otherwise provided herein. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised.

8. <u>Adjustment in Interest</u>. If the Grantee has entered into this Option Agreement and is transferred from
one position to another at the individual level among Group Company, the Company shall have the right to adjust the Exercise Price and/or number of the Shares purchasable under the Option granted to such Grantee. The grant of Option may be made upon
recalculation of the ratio coefficient of personal salary value in new position and the revision to the Exercise Price and/or number of purchasable Shares shall be made, and the date on which the position is determined for promotion or downward
adjustment shall be the Grant Date. The Parties shall enter into a supplementary agreement in respect of the change.

9. <u>Withholding of Taxes</u>. The Company has the authority to deduct or withhold, or require the Grantee to
remit to the Company, an amount sufficient to satisfy applicable national, state, local and foreign taxes arising from the grant of the Options. The Grantee may satisfy the Grantee's tax obligation, in whole or in part, by: (i) upon
exercise of the Option, electing to have the Company withhold a number of the Shares upon the distribution of the Grantee's Shares otherwise to be delivered with a Fair Market Value equal to the minimum amount of the tax withholding
obligation; (ii) surrendering to the Company previously owned Shares a Fair Market Value equal to the minimum amount of the tax withholding obligation; or (iii) paying over to the Company in cash the amount of tax withholding obligation.
For the avoidance of doubt, the Company's board of directors has discretion in determining whether or not the Grantee has satisfied or performed, fully or otherwise, the Grantee's tax obligations

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10. <u>Compliance.</u> The Grantee agrees that the Company's board of directors may set up and administer a
centralized account management system. In addition, the Company may also impose other conditions or administrative measures to ensure or facilitate compliance of any applicable laws to which the Grantee or the Company is subject.

11. <u>Personal Data.</u> The Grantee acknowledges and consents to the collection, use, processing and transfer of
personal data as described in this paragraph. The Company and the Grantee's employer hold certain personal information, including the Grantee's name, home address and telephone number, date of birth, identification number, salary,
nationality, job title, any Shares awarded, cancelled, purchased, vested, unvested or outstanding in the Grantee's favor, for the purpose of managing and administering the Plan ("Data"). The Company will transfer Data to any third
parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in Taiwan or elsewhere such as the European Economic Area or the United States. The Grantee authorizes them to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee's participation in the Plan, including any requisite transfer of such Data as may be required for
the administration of the Plan and/or the subsequent holding of Shares on the Grantee's behalf to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired pursuant to the Plan. The Grantee may, at any time,
review Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect the Grantee's ability to participate in the Plan.

12. <u>Voluntary Participation.</u> The Grantee's participation in the Plan is voluntary. The value of the
Option is an extraordinary item of compensation outside the scope of the Grantee's employment contract, if any. As such, the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long service-awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided. Rather, the awarding of Option under the Plan represents a mere investment
opportunity.

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13. <u>Company's Discretionary.</u> The Options are granted under and governed by the terms and conditions of
the Plan. The Grantee acknowledges and agrees that the Plan is discretionary in nature and may be amended, cancelled or terminated by the Company, in its sole discretion, at any time. The grant of the Options under the Plan is an one-time benefit and does not create any contractual or other right to receive an award of Options or benefits in lieu of Options in the future. Future awards of Options, if any, will be at the sole discretion of
the Company, including, but not limited to, the timing of the award and the number of Shares purchasable under the Option. By executing this Option Agreement, the Grantee consents to the provisions of the Plan and the terms of this Option Agreement.

14. <u>Adjustment due to Corporate Actions</u>. The Grantee hereby acknowledges and confirms that in the event the
Company decides to implement any other actions affecting any of its ordinary shares, including share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination or
transaction or exchange of Shares or other corporate exchange, or any distribution to shareholders of shares other than regular cash dividends or any transaction similar to the foregoing after the date of this Option Agreement, (i) the Shares
purchasable under the Option granted to the Grantee may be subject to adjustments in accordance with such actions and (ii) the Company shall have the sole discretion to make such adjustments.

15. <u>Rights as Shareholder.</u> Until the appropriate entry on the books of the Company or of a duly authorized
registrar of the Company, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Option by the Grantee. Upon such entry, the Grantee hereby irrevocably
waives any voting rights with respect to the Shares and grants a power of attorney to the Board or any person designated by the Board to exercise the voting rights with respect to the Shares The Grantee agrees that in the event that the
Administrator anticipates the occurrence, or upon the occurrence, of a material corporate transaction which requires a shareholder resolution, if the Grantee hold any Shares acquired upon the exercise of the Option, the Grantee shall sell, transfer,
convey or assign all of the Grantee's Shares pursuant to, and so as to give effect to, such material corporate transaction as required by the Administrator. For this purpose, the Grantee hereby irrevocably grants to the Chief Executive Officer
or other authorized officers of the Company a power of attorney to transfer such Shares and to do and carryout all other acts and to sign all other documents that are necessary or advisable to complete such material corporate transaction.

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16. <u>Transferability of Option</u>. The Option, unless it is a permitted transfer under the Plan, may not be
transferred in any manner other than by will or by the laws of descent and distribution.

17. <u>Restriction on Transfer of Shares</u>. Neither the Grantee nor a transferee (either being sometimes referred
to herein as the "Holder") shall transfer, sell, hypothecate, encumber or otherwise dispose of any Shares or any right or interest therein prior to the closing of the Company's IPO. In the event of a violation, the Company is not
obliged to acknowledge or amend the Company's shareholder register, and the Holder shall bear the responsibility for damages caused by the violation of the transfer restriction.

18. <u>Company's Right of First Refusal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transfer Notice.</u> After the Company completes its IPO, the Holder shall not sell, hypothecate, encumber
or otherwise transfer any Shares or any right or interest therein without first complying with the provisions of this Section or obtaining the prior written c se t of the Company. In the event the Holder desires to accept a bona fide third-party
offer for any or all of the Shares, the Holder shall provide the Company with written notice (the "Transfer Notice") of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Holder's intention to transfer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of the proposed transferee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The number of Shares to be transferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The proposed transfer price or value and terms thereof.

If the Holder proposes to transfer any Shares to more than one transferee, the Holder shall provide a separate Transfer Notice for the proposed transfer to each transferee. The Transfer Notice shall be signed by both the Holder and the proposed transferee and must constitute a binding commitment of the Holder and the proposed transferee for the transfer of the Shares to the proposed transferee subject to the terms and conditions of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bona Fide Transfer</u>. If the Company determines that the information provided by the Holder in the
Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Holder written notice of the Holder's failure to comply with the procedure described in this Section, and the Holder
shall have no right to transfer the Shares without first complying with the procedure described in this Section. The Holder shall not be permitted to transfer the Shares if the proposed transfer is not bona fide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>First Refusal Exercise Notice</u>. The Company shall have the right to purchase (the "Right of First
Refusal") all, but not less than all, of the Shares which are described in the Transfer Notice (the "Offered Shares") at any time within forty-five (45) days after receipt of the Transfer Notice (the "Option
Period"), provided, however, that if the Offered Shares are not Mature Shares (as defined below) then the Option Period shall be extended by the number of days necessary for the Offered Shares to become Mature Shares. The Offered Shares shall
be repurchased at (i) the per share price or value and in accordance with the terms stated in the Transfer Notice (subject to paragraph (d) below) or (ii) the Fair Market Value of the Shares on the date on which the purchase is to be
effected if no consideration is paid pursuant to the terms stated in the Transfer Notice, which Right of First Refusal shall be exercised by written notice (the "First Refusal Exercise Notice") to the Holder. "Mature Shares"
shall mean vested Shares that have been held by the Holder (and any successor Holder) for a period of more than six (6) months after the Shares have vested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment Terms</u>. The Company shall consummate the purchase of the Offered Shares on the terms set forth in
the Transfer Notice within 30 days after delivery of the First Refusal Exercise Notice; provided, however, that in the event the Transfer Notice provides for the payment for the Offered Shares other than in cash, the Company and/or its assigns shall
have the right to pay for the Offered Shares by the discounted cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Administrator. Upon payment for the Offered Shares to the Holder or into escrow for
the benefit of the Holder, the Company or its assigns shall become the legal and beneficial owner of the Offered Shares and all rights and interest therein or related thereto, and the Company shall have the right to transfer the Offered Shares to
its own name or its assigns without further action by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Assignment</u>. Whenever the Company shall have the right to purchase Shares under this Right of First
Refusal, the Company may designate and assign one or more employees, officers, directors or shareholders of the Company or other persons or organizations, to exercise all or a part of the Company's Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-Exercise</u>. If the Company and/or its assigns do not
collectively elect to exercise the Right of First Refusal within the Option Period or such earlier time if the Company and/or assigns notifies the Holder that it will not exercise the Right of First Refusal, then the Holder may transfer the Shares
upon the terms and conditions stated in the Transfer Notice, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The transfer is made within ninety (90) days of the earlier of (A) the date the Company and/or its
assigns notify the Holder that the Right of First Refusal will not be exercised or (B) the expiration of the Option Period; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The transferee agrees in writing that such Shares shall be held subject to the provisions of this Option
Agreement.

The Company shall have the right to demand further assurances from the Holder and the transferee (in a form satisfactory to the Company) that the transfer of the Offered Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Offered Shares shall be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Expiration of Transfer Period</u>. Following such ninety (90)-day period, no transfer of the Offered Shares and no change in the terms of the transfer as stated in the Transfer Notice (including the name of the proposed transferee) shall be permitted without a new written Transfer Notice prepared and submitted in
accordance with the requirements of this Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Additional Shares or substituted Securities</u>. In the event of any transaction described in
Section 7.2 of the Plan or any change in control, any new, substituted or additional securities or other property which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to the Right of
First Refusal, but only to the extent the Shares are at the time covered by such right.

19. <u>Stop-Transfer Notices</u>. In order to ensure compliance with the restrictions on transfer set forth in this
Option Agreement, the Notice or the Plan, the Company may issue appropriate " stop transfer" instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same
effect in its own records.

20. <u>Refusal to Transfer</u>. The Company shall not be required (a) to transfer on its books any Shares that
have been sold or otherwise transferred in violation of any of the provisions of this Option Agreement, the M&A or the shareholders agreement (if any), or (b) to treat as owner of such Shares or to accord the right to vote or pay dividends
to any purchaser or other transferee to whom such Shares shall have been so sold or transferred in violation of any of the provisions of this Option Agreement, the M&A or the shareholders agreement (if any).

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21. <u>Forfeited Options and Company's Right of Repurchase</u>. The Company shall have the right to forfeit
any unexercised portion of the Options. In addition, for purpose of this Option Agreement, the Grantee agrees and acknowledges that the Award is granted in consideration of the Grantee's covenants and undertakings not to engage in any of the
behaviors (a) to (e) set forth below. Therefore, the Company shall have the right to repurchase all of the Shares previously acquired by the Grantee by exercise of the Options hereunder at the same per share price at which the Grantee exercised
such Options, if during the term of the employment or within three (3) years after the termination of the employment for any reason, the Company determines that the Grantee has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been dishonest or committed or engaged in an act of theft, embezzlement, fraud, or a breach of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy
of the Group Company; or been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses), including but not limited to physical or verbal assault;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) materially breached any of the provisions of any agreement with the Group Company (including but not limited to
the confidentiality obligations owed to any Group Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engaged in unfair competition with, violated the non-competition clause
set forth in the employment contract (notwithstanding any non-competition waiver agreed by the Group Company), or otherwise acted intentionally in a manner injurious to the reputation, business or assets of
Group Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) improperly induced the Group Company's employee, business partner, supplier or customer to break or
terminate any contract with the Group Company, or solicit the Group Company's employee, business partner, supplier or customer to enter into contracts of the same nature with the Grantee.

Based on the foregoing, the Company shall have the right to (a) exercise this right of repurchase by written notice to the Grantee's last known address or email address, and (b) immediately update the register of members of the Company to reflect the transfer of Shares as a result of such exercise of repurchase right.

22. <u>U.S. Tax Consequences</u>. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR
DISPOSING OF THE SHARES. The Grantee shall pay all taxes and duties that are required by the Applicable Laws to be paid by him/her in connection with the transactions contemplated by this Option Agreement (including but not limited to the exercise
of the Option and the disposal of the Shares). The Company (including the Subsidiaries, Affiliates and other shareholders of the Company) shall have no obligation to pay any tax of any nature that is required by the Applicable Laws to be paid by the
Grantee in connection with the transactions contemplated by this Option Agreement.

23. <u>Lock-Up</u> <u> </u> <u>greement</u>. <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Agreement</u>. The Grantee, if requested by the Company and the lead underwriter of any public offering of
the Shares (the " <u>Lead Underwriter</u> "), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or
dispose of any interest in any Shares or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Shares (except Shares included in such public offering or acquired on the public market after such
offering) during the 180- day period following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended, or such shorter or longer period of time as the
Lead Underwriter shall specify. The Grantee further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoi11g and agrees that the Company may impose stop-transfer instructions with respect to such Shares
subject to the lock-up period until the end of such period. The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company's stock. during the period of such
offering and for the lock-up period thereafter, is an intended beneficiary of this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Amendment Without Consent of Lead Underwriter.</u> During the period from identification of a Lead
Underwriter in connection with any public offering of the Shares until the Share until the earlier of (i) the expiration of the lock-up period specified in paragraph (a) in connection with such
offering or (ii) the abandonment of such offering by the Company and the Lead Underwriter, the provisions of this Section may not be amended or waived except with the consent of the Lead Underwriter.

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| | |
|:---|:---|
| 24 | <u>Entire Agreement: Governing Law</u>. The Notice, The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee's interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the laws of the Cayman Islands without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of the Cayman Islands to the rights a d duties of the parties. Should any provision of the Notice, the Plan or this Option Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.  |

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25. <u>Construction</u>. The captions used in the Notice and this Option Agreement are inserted for convenience and
shall not be deemed a part of the Option for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or'' is
not intended to be exclusive, unless the context clearly requires otherwise.

26. <u>Administration and Interpretation</u>. The Grantee hereby acknowledges that any question or dispute
regarding the administration or interpretation of the Notice, the Plan or this Option Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final
and binding on all persons.

27. <u>Venue and Waiver of Jury Trial</u>. The Company, the Grantee, and the Grantee's transferees pursuant
to Section 18 (the '' <u>parties</u> '') agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Option Agreement shall be brought in Taiwan and that the parties shall submit
to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court in Taiwan. THE PARTIES
ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If anyone or more provisions of this Section shall for any reason be held invalid or unenforceable, it is the specific intent of the parties
that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.

28. <u>Notices</u>. Any notice required or permitted hereunder shall be given in writing and shall be deemed
effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the Taiwan/United States mail by certified mail (if the parties are within the Taiwan/United
States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.

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29. <u>Language</u>. This Option Agreement shall be prepared in both English and Chinese. In case of any
discrepancy between the two versions, the English version shall prevail.

END OF AGREEMENT

## Exhibit 10.2

**Exhibit 10.2** 

**INDEMNIFICATION AGREEMENT** 

THIS INDEMNIFICATION AGREEMENT (this "<u>Agreement</u>") is made as of__________________, by and between OBOOK Holdings Inc., a company incorporated and existing under the laws of the Cayman Islands (the "<u>Company</u>"), and __________________, the __________________ of the Company (the "<u>Indemnitee</u>").

WHEREAS, the Indemnitee has agreed to serve as the __________________ of the Company and in such capacity will render valuable services to the Company; and

WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve as directors and officers of the Company, the board of directors of the Company (the "<u>Board</u>") has determined that it is reasonably prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons;

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve, or continue to serve, as the __________________ of the Company, the Company and the Indemnitee hereby agree as follows:

1. <u>Definitions</u>. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "<u>Change in Control</u>" shall mean any of the following:

&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 United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "Act")), but excluding (1) the Company, (2) any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare plan or employee share incentive plan of the Company or any subsidiary or affiliate of the Company, or any entity organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan and (3) any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the "beneficial owner" (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 45% or more of the combined voting power of the Company's then outstanding securities without the prior approval of at least majority of the directors in office immediately prior to such person's attaining such interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the approval by the shareholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of related transactions, of all or substantially all of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar or successor schedule or form) promulgated under the Act whether or not the Company is then subject to such reporting requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) 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 still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, ceasing for any reason to constitute a least a majority of the members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "<u>Disinterested Director</u>" with respect to any request by the Indemnitee for indemnification or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The term "<u>Expenses</u>" shall mean any expense, liability or loss, including, without limitation, damages, judgments, fines, penalties, settlements (if, and only if, such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, liabilities, losses, taxes, any expense paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding, and any taxes, interests, assessments or other charges imposed as a result of the actual or deemed receipt of any payment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The term "<u>Independent Legal Counsel</u>" shall mean any firm of attorneys that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if a Change in Control shall not have occurred, shall be selected by the Board, and the Company shall give written notice to the Indemnitee advising him of the identity of the Independent Legal Counsel so selected, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, shall be selected by the Indemnitee (unless the Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent Legal Counsel so selected,

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so long as such firm is not presently representing and has not in the preceding five (5) years represented the Company, the Company's subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company in any matter material to any such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements). Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's right to indemnification or advancement of expenses under this Agreement, the Company's amended and restated memorandum and articles of association (the "<u>Articles</u>"), which became effective immediately after the Company's initial public offering, applicable law or otherwise. The Company agrees to pay the reasonable fees and expenses of the Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The term "<u>Proceeding</u>" shall mean any threatened, pending or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, hearing or any other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board), in which the Indemnitee was, is or will be involved as a party or otherwise, by reason of (i) the fact that the Indemnitee is or was a director (or a director appointee) or an officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement, the Articles, applicable law or otherwise, in each case whether or not the Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The phrase "<u>serving at the request of the Company as an agent of another enterprise</u>" or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase "<u>serving at the request of the Company</u>" shall include, without limitation, any service as a director or an officer of the Company which imposes duties on, or involves services by, such director or officer with respect to the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans, such plan's participants or beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the Indemnitee is so acting at the request of the Company.

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2. <u>Indemnification</u>. Subject to Section 6 below, the Company hereby agrees to hold harmless and indemnify the Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Proceedings by or in the Right of the Company</u>. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor against all Expenses which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this subsection shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final and non-appealable judgment by a court of competent jurisdiction to be liable to the Company for dishonesty, willful default or fraud in the performance of his/her duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which such court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Proceedings Other than Proceedings by or in the Right of the Company</u>. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company) against all Expenses which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Indemnification for Expenses of Witness</u>. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee, has prepared to serve or has served as a witness or is made to respond to discovery requests in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses incurred in connection with any Proceedings, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

3. <u>Contribution</u>. If the indemnification provided in Section 2 above is unavailable to Indemnitee for any reason (other than those set forth in Section 6 below) in connection with a Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount of Expenses which are actually and reasonably incurred and paid or payable by the Indemnitee in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee and/or (ii) the relative fault of the Company and such Indemnitee in connection with the transaction or events from which such Proceeding arose. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses.

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4. <u>Advancement of Expenses</u>. The Expenses incurred by the Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding and an undertaking in writing to repay any advances if it is ultimately determined as provided in subsection 5(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise.

5. <u>Indemnification Procedure; Determination of Right to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for indemnification in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The omission to so notify the Company will not relieve the Company from any liability which the Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Indemnitee shall be conclusively presumed to be entitled to indemnification under this Agreement unless a determination is made that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise by one of the following two methods, which, if there has not been a Change in Control, shall be at the election of the Board: (i) by a majority vote of the Board of a quorum consisting of Disinterested Directors or (ii) if a quorum of the Board consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Legal Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. If a Change in Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by Independent Legal Counsel in the manner set forth in this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If (i) a determination is made that the Indemnitee is not entitled to indemnification under this Agreement or (ii) a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice thereof, the Indemnitee is entitled to an adjudication in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure of the directors of the Company or Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement of Expenses is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors of the Company or Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses under this Agreement, except as may be provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ his own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee's counsel shall be advanced by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee's power, provided that any costs or expenses (including attorneys' fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Company (irrespective of the determination as to the Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. Subject to Section 3, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

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6. <u>Limitations on Indemnification</u>. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in connection with any Proceeding initiated or brought voluntarily by the Indemnitee and not by way of defense, unless (i) the Board authorized the Proceeding prior to its initiation or (ii) the Proceeding is to enforce indemnification rights under this Agreement, the Articles, applicable law or otherwise and either (A) Indemnitee is successful in such Proceeding in establishing Indemnitee's right, in whole or in part, to indemnification or advancement of Expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by this Agreement) or (B) the court in such Proceeding shall determine that, despite Indemnitee's failure to establish his or her right to indemnification, Indemnitee is entitled to indemnity for such expenses (in which case such indemnification or advancement shall be to the extent provided by such court);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in connection with the Indemnitee preparing to serve or serving, prior to a Change in Control, as a witness in voluntary cooperation with any non-governmental or non-regulatory party or entity who or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification may be provided by the Company if the Board finds it to be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. for which payment has actually been made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess beyond the amount of payment under such insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. for which the Indemnitee is indemnified and actually paid other than pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. for conduct that is finally adjudged by a court of competent jurisdiction to have been caused by the Indemnitee's dishonesty, willful default or fraud, including, without limitation, breach of the duty of loyalty, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which such court shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. if a court of competent jurisdiction finally determines that such indemnification is unlawful. In this respect, the Company and the Indemnitee have been advised that the Securities and Exchange Commission (the "<u>SEC</u>") takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. in connection with the Indemnitee's personal tax matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. subject to the proviso in Section 6(a) hereof, in connection with any dispute or breach arising under any contract or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. in connection with any reimbursement made by Indemnitee to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes</u><u>-Oxley Act</u>"), Section 306 of the Sarbanes-Oxley Act or Section 954 of the Dodd–Frank Wall Street Reform and Consumer Protection Act and the rules promulgated by the SEC thereunder.

7. <u>Insurance</u>. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit or welfare plans or other enterprise that such person serves at the request of the Company, 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, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors' and officers' 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.

8. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in the Indemnitee any right to continued employment with the Company.

9. <u>Continuation of Indemnification</u>. All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is the __________________ of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding by reason of the fact that the Indemnitee is or was the __________________ of the Company or is or was serving in any other capacity referred to in this Section 9. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as the __________________ of the Company or as an agent of another enterprise at the Company's request.

10. <u>Indemnification Hereunder Not Exclusive</u>. The indemnification provided by this Agreement shall not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled under the Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee's official capacity and as to action or omission in another capacity on behalf of the Company while holding such office.

11. <u>Other Indemnity Agreement</u>. Other than this Agreement, the Company has not entered into as of the date hereof, and shall not enter into following the date hereof, any indemnification agreement or side letter or other similar agreement or arrangement (collectively, an "<u>Indemnity Agreement</u>"), or amend any existing Indemnity Agreement, with any existing or future director/officer of the Company that has the effect of establishing rights or otherwise benefiting such director/officer in a manner more favorable in any respect than the rights and benefits established in favor of the Indemnitee by this Agreement, unless, in each such case, the Indemnitee is offered the opportunity to receive the rights and benefits of such Indemnity Agreement. All Indemnity Agreements shall be in writing.

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12. <u>Assignment; Successors and Assigns</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party thereto without the prior written consent of the other party, except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement in a written agreement in form and substance satisfactory to the Indemnitee. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (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) and assigns, as well as the Indemnitee's spouses, heirs, and personal and legal representatives.

13. <u>Subrogation</u>. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

14. <u>Severability</u>. Each and every section, sentence, term and provision of this Agreement is separate and distinct so that if any section, sentence, term or provision thereof shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity, lawfulness or enforceability of any other section, sentence, term or provision hereof. To the extent required, any section, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company's inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

15. <u>Savings Clause</u>. If this Agreement or any section, sentence, term or provision hereof is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any Expenses which are incurred with respect to any Proceeding to the fullest extent permitted by any (a) applicable section, sentence, term or provision of this Agreement that has not been invalidated or (b) applicable law.

16. <u>Interpretation; Governing Law</u>. This Agreement shall be construed as a whole and in accordance with its fair meaning and any ambiguities shall not be construed for or against either party. Headings are for convenience only and shall not be used in construing meaning. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, U.S.A., without giving effect to conflicts of law provisions thereof.

17. <u>Amendments</u>. No amendment, waiver, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by the party against whom enforcement is sought. The indemnification rights afforded to the Indemnitee hereby are contract rights and may not be diminished, eliminated or otherwise affected by amendments to the Articles, or by other agreements, including directors' and officers' liability insurance policies, of the Company.

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18. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other.

19. <u>Notices</u>. Any notice required to be given under this Agreement shall be directed to the Chief Executive Officer of the Company at 3F, No. 213, Section 3, Beixin Road, Xindian District, New Taipei City, Taiwan (R.O.C.) or darren@owlting.com, and to the Indemnitee at [ADDRESS] or [Email] or to such other address as the Indemnitee shall designate to the Company in writing.

20. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

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IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as of the date first written above.

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| |
|:---|
| **OBOOK Holdings Inc.** |
| By: |
|  Name: Chun-Kai Wang |
|  Title: Chairman and Chief Officer |
| **Indemnitee** |
| By: |
| Name: |

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**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

**2021年股權激勵計畫** 

**<u>NOTICE OF RESTRICTED SHARE AWARD</u>**

**<u>限制性股份獎勵通知</u>**

Grantee's Name and Address:

被授權人的姓名和地址:

You (the "**Grantee**") have been granted an award ("**Award**") of restricted share award ("**RSA**") to receive the number of the Class A Common Shares (the "**Shares**") of OBOOK HOLDINGS INC. (the "**Company**"), subject to the terms and conditions of this Notice of Restricted Share Award (the "**Notice**"), the 2021 Share Incentive Plan, as amended from time to time (the "**Plan**") and the Restricted Share Unit Award Agreement (the "**Award Agreement**") attached hereto, as follows. Unless otherwise defined herein, all capitalized terms used in this Notice shall have the same defined meanings in the Plan.

根據本限制性股份獎勵通知（ "**本通知**"）的條款和條件、不時修改的 2021 年股權激勵計畫（"**計畫**"）和以下所附的限制性股份獎勵協議（ "**本獎勵協議**"），您（ "**被授權人**"）已被授予 OBOOK HOLDINGS INC.（"**公司**"）的限制性股份（"**RSA**"）獎勵（"**獎勵**"），使被授權人可以獲得一定數量的公司 A級普通股股份("**股份**")。除非本通知另有定義，否則本通知中所使用的用語具有與在計畫中所定義的用語相同的含義。

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| | |
|:---|:---|
| Date of Grant/授予日 |  |
| Vesting Date/歸屬日 |  |
| Number of RSA Granted/授予 RSA 總數 | Based on the pre-IPO private placement price of US$10 per share between April and July 2025 (the "Most Recent Private Placement Price"), the number of RSA granted shall be equivalent to US$[X].<br>以 2025 年 4 月到 7 月上市前一輪每股美金 10 元之私募價計算（"最近私募價"），等同於[X]美元之數量的 RSA。 |

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| | |
|:---|:---|
| Restriction Release Schedule/限制解除期間 | RSA shall be deemed fully vested as of the vesting commencement date regardless of whether the Company successfully completes its listing, however, that the restrictions on transfer or sale of the underlying shares shall be released in stages over a five (5)-year period based on the achievement of certain annual performance conditions. Five percent (5%) of the total shares shall be released from restrictions on the vesting commencement date; thereafter, an additional five percent (5%), twenty percent (20%), thirty percent (30%), and forty percent (40%) shall be released on each successive anniversary of the vesting commencement date, respectively.<br>不論公司是否成功上市，RSA 於歸屬日即視為全部歸屬，惟其轉讓或出售之限制，應依各年度特定條件達成情形，分階段於五（ 5）年期間內逐年解除。於歸屬日解除股份總數之百分之五（ 5%）；自歸屬日起滿一年後，依序於每一週年日解除百分之五（ 5%）、百分之二十（20%）、百分之三十（30% ）及百分之四十（40%）。 |

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| | |
|:---|:---|
| Restriction Release Conditions/限制解除條件 | The release of restrictions on the RSA shall be subject to the following conditions:<br>i) The Grantee must be continuously employed by the Company or maintain a continuous service relationship recognized by the Company as of each applicable Restriction Release Date.<br>ii) The Grantee's employment or service relationship must not have been terminated for any reason, including but not limited to resignation, dismissal (with or without cause), retirement, or any other form of termination.<br>iii) The Grantee must comply with all applicable Company policies, agreements, and covenants, including confidentiality, non-competition, and non-solicitation obligations.<br>iiii) The Company reserves the right to accelerate, delay, or cancel the release of restrictions in its sole discretion under certain circumstances such as a change of control or termination without cause.<br>RSA之限制解除須符合以下條件： <br>i) 被授權人於各該限制解除日當時，必須持續為公司正式員工或公司認可之持續服務關係身份。 <br>ii) 被授權人與公司的勞務關係不得因任何原因終止，包括但不限於辭職、解雇（無論是否有原因）、退休或其他任何形式之終止。 <br>iii) 被授權人須遵守公司適用之所有政策、協議及承諾，包括保密、競業禁止及招攬禁止等義務。 <br>iiii) 公司保留在特定情況下（例如控制權變更或無故終止）酌情決定提前、延後或取消限制解除之權利。  |

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| | |
|:---|:---|
| Expiration/失效 | If the Grantee's employment or service relationship with the Company terminates for any reason prior to the release of all restrictions, any Restricted Shares that remain subject to restriction shall be automatically forfeited as of the termination date. The Company shall have the right, exercisable by written notice to the Grantee within thirty (30) days following such termination, to repurchase such RSA at a nominal price of US$0.001 per share.<br>若被授權人於全部限制解除前因任何原因與公司終止勞務關係，則尚未解除限制之股份將自 勞務關係終止日起自動失效，且公司有權於 勞務關係終止日後三十（30）日內以書面通知行使以每股美金 0.001 元名義價格回購該等股份。 |

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The Grantee waives any voting rights with regard to the Shares and grants a power of attorney to the Board or any person designated by the Board to exercise the voting rights with respect to the Shares.

被授權人放棄與股份相關的任何投票權，並將股份的投票權委託給董事會或者董事會指定的任何人來行使。

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IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Award Agreement, as well as the currently effective memorandum and articles of association of the Company ("**M&A**") and the shareholders agreement (if any).

以茲證明，本公司和被授權人已簽署本通知，並同意獎勵受本通知、計畫和本獎勵協議，以及公司屆時有效的組織章程大綱及章程細則（ "**章程**"）和股東協議（如有）的條款和條件的約束。

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| | |
|:---|:---|
| OBOOK HOLDINGS INC.<br> a company incorporated under the laws of the Cayman Islands<br> 一家根據開曼群島法律成立的公司  |  |
| By | （簽署） |
| Name/姓名: |  |
| Title/職位: |  |

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THE GRANTEE ACKNOWLEDGES AND AGREES THAT, UNLESS OTHERWISE AGREED BY THE COMPANY, THE AWARD SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE 'S CONTINUOUS EMPLOYMENT WITH THE SERVICE RECIPIENT (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT, UNLESS OTHERWISE AGREED BY THE COMPANY, NOTHING IN THIS NOTICE, THE AWARD AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE'S CONTINUOUS EMPLOYMENT WITH THE SERVICE RECIPIENT, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE'S RIGHT OR THE RIGHT OF THE SERVICE RECIPIENT TO TERMINATE THE GRANTEE'S EMPLOYMENT, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE SERVICE RECIPIENT TO THE CONTRARY, THE GRANTEE'S STATUS IS AT WILL.

被授權人確認並同意，除非本公司另行同意，獎勵僅可於被授權人與服務接收方持續不斷的雇傭關係期間內方可被歸屬 與解除限制（而非僅因單純受僱、根據本獎勵協議被授予獎勵或取得股份的情況即算已經歸屬）。被授權人進一步確認和同意，除非本公司另行同意，本通知、本獎勵協議或計畫並不賦予被授權人任何有關未來獎勵或持續被服務接收方雇傭的權利，亦不以任何方式干涉被授權人或被授權人服務接收方所擁有的終止被授權人雇傭關係的權利，無論該等終止是否有事由或有通知。被授權人確認，除非被授權人與服務接收方的書面 [雇傭/服務]協議另有相反規定，否則被授權人的雇傭關係狀態是自由的。

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THE GRANTEE ACKNOWLEDGES THAT THEY HAVE RECEIVED AND REVIEWED A COPY OF THE PLAN, THIS AWARD AGREEMENT, THE COMPANY'S ARTICLES OF ASSOCIATION, AND ANY APPLICABLE SHAREHOLDERS' AGREEMENT, AND UNDERSTANDS AND ACCEPTS THE TERMS AND CONDITIONS THEREOF.

THE GRANTEE FURTHER CONFIRMS THAT THEY HAVE HAD THE OPPORTUNITY TO SEEK INDEPENDENT LEGAL, TAX, OR FINANCIAL ADVICE PRIOR TO SIGNING THIS AWARD AGREEMENT AND FULLY UNDERSTANDS ALL TERMS UNDER THE PLAN, THE AWARD AGREEMENT, AND OTHER RELEVANT DOCUMENTS. THE GRANTEE AGREES THAT THE ADMINISTRATOR SHALL HAVE THE AUTHORITY, IN ACCORDANCE WITH THE PLAN AND THIS AWARD AGREEMENT, TO MODIFY, ACCELERATE, DEFER, OR ADJUST THE VESTING OR RESTRICTION RELEASE SCHEDULE, AND TO CANCEL OR FORFEIT ANY UNVESTED AWARDS AFTER GRANT, SUBJECT TO APPLICABLE LAWS AND THE TERMS OF THE PLAN (E.G., IN CASES OF BREACH, EARLY TERMINATION, OR MISCONDUCT). IF THE ADMINISTRATOR AGREES TO ACCELERATE THE RESTRICTION RELEASE, THE GRANTEE SHALL COMMIT TO REMAINING IN CONTINUOUS SERVICE UNTIL THE ACCELERATED DATE OR SUCH OTHER DATE AS MUTUALLY AGREED. IF THE GRANTEE FAILS TO FULFILL THIS SERVICE CONDITION, ANY UNVESTED PORTION SHALL BE DEEMED FORFEITED AND SUBJECT TO REPURCHASE BY THE COMPANY AT THE NOMINAL PRICE OF US$0.001 PER SHARE. THE GRANTEE FURTHER AGREES THAT ALL INTERPRETATIONS AND DISPUTES RELATING TO THE PLAN AND THIS AWARD AGREEMENT SHALL BE RESOLVED EXCLUSIVELY BY THE COMPETENT COURTS OF THE JURISDICTION DESIGNATED HEREIN, AND HEREBY WAIVES THE RIGHT TO A JURY TRIAL TO THE EXTENT PERMITTED BY LAW. THE GRANTEE AGREES TO PROMPTLY NOTIFY THE COMPANY OF ANY CHANGE IN THEIR CONTACT INFORMATION OR ADDRESS AS STATED IN THIS AGREEMENT.

被授權人確認其已收到《計畫》、本《獎勵協議》、公司章程與（如有）股東協議之副本，並表示其已審閱並理解其中條款與條件，並接受本次獎勵，且同意受制於前述所有文件之約束。被授權人確認其在簽署本《獎勵協議》前已有機會諮詢法律、稅務或其他顧問，並完全理解其中內容。被授權人同意，管理者有權根據本《計畫》與本《獎勵協議》之規定，對歸屬日或限制解除期間進行修改、加速、延長或延後，並得於法律許可範圍內，於授予後取消未歸屬之獎勵（例如：被授權人違反義務、提前離職或其他計畫規定情況）。若管理者同意提前解除限制，則被授權人應承諾留任至加速解除日或雙方另行約定之日期。倘未履行留任承諾，未解除限制之部分股份將視為未達成條件，公司將以每股美金 0.001 元名義價格購回。被授權人進一步同意，對《計畫》與本《獎勵協議》之所有解釋、適用與爭議處理均由公司所在地法院（如本協議中指定）專屬管轄，並在法律允許範圍內放棄陪審團審判權。被授權人應於其聯絡地址或資訊變更時，及時通知公司。

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By________________________（簽署）

Date/日期:

Grantee/被授權人:

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**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

**2021年股權激勵計畫** 

**<u>RESTRICTED SHARE AWARD AGREEMENT</u>**

**<u>限制性股份獎勵協議</u>**

THIS RESTRICTED SHARE AWARD AGREEMENT (this "**Award Agreement**") dated ___________________ by and between OBOOK Holdings Inc., an exempted company organized under the Companies Law of the Cayman Islands (the "**OBOOK**" or "**Company**"), and ___________________, a citizen of the Republic of China], whose National ID_____________________(the "**Grantee**"), evidences the Restricted Share Award of the Company (the "**RSA**") to receive the number of the Company's Class A Common Shares (the "**Shares**"), granted by the Company to the Grantee first set forth below.

本《限制性股份獎勵協議》 ("**本獎勵協議**")於【】年【】月【】日由 OBOOK Holdings Inc.，一家依據開曼群島法律註冊成立的有限公司("**OBOOK**"或"**公司**")與【】，身份證號碼：【】，("**被授權人**") 就公司向被授權人授予限制性股份獎勵 ("**RSA**")，使被授權人可以獲得一定數量的公司A級普通股股份("**股份**")的事宜達成以下協議。

**WHEREAS：** 

**鑒於：** 

1. The Grantee is a regular employee of the Company or its subsidiaries and branches (collectively, the
" **Group Company** "), currently hold the position of 【】 , join the Group Company on ___________________ (the "**Commencement Date** "), and enter into
an employment contract with Group Company.

1. 被授權人為公司或其下屬子公司、分支機構 (合稱 "**集團公司**") 的正式員工，目前擔任【】的職務，於【】年【】月【】日 ()"**入職當日**") 入職集團公司，並與集團公司簽署《僱傭契約》。

2. Upon the assessment conducted by the Company's board of directors in accordance with the OBOOK HOLDINGS
INC. 2021 SHARE INCENTIVE PLAN, as amended from time to time (the "**Plan** "), the Company's board of directors confirms the eligibility of Grantees for the RSA.

2. 經公司董事會按照經不時修訂的《 OBOOK HOLDINGS INC. 2021 年股權激勵計畫》 ()"**《計畫》**") 的有關規定進行評定，確認被授權人具備獲授限制性股票的資格。

NOW, THEREFORE, through friendly consultation, the Parties have agreed to the following terms and conditions.

據此，雙方經友好協商，議定如下條款以昭信守。

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| **1** | **GRANT AND VESTING OF RESTRICTED SHARE AWARD**  |

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**限制性股份獎勵的授予及歸屬** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staff ID/National ID of the Grantee: _______________________<br> 員工ID/身份證號： _______________________<br>Grant: Based on the pre-IPO private placement price of US$10 per share between April and July 2025 (the "Most Recent Private Placement Price"), the number of RSA granted shall be equivalent to US$[X].<br>授予：以2025年4月到7月上市前一輪每股美金 10元之私募價計算（"最近私募價"），等同於[X]美元之數量的RSA。 <br>Grant Date:<br>授予日: 【 】年【 】月【 】日<br>Vesting Date:<br>歸屬日：<br>Restriction Release Schedule：RSA shall be deemed fully vested as of the vesting commencement date; provided, however, that the restrictions on transfer or sale of the underlying shares shall be released in stages over a five (5)-year period based on the achievement of certain annual performance conditions. Five percent (5%) of the total shares shall be released from restrictions on the vesting commencement date; thereafter, an additional five percent (5%), twenty percent (20%), thirty percent (30%), and forty percent (40%) shall be released on each successive anniversary of the vesting commencement date, respectively.<br>限制解除期間：RSA 於歸屬日即視為全部歸屬，惟其轉讓或出售之限制，應依各年度特定條件達成情形，分階段於五（ 5）年期間內逐年解除。於歸屬日解除股份總數之百分之五（ 5%）；自歸屬日起滿一年後，依序於每一週年日解除百分之五（ 5%）、百分之二十（20%）、百分之三十（30% ）及百分之四十（40%）。<br>

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| **2** | **Grantee's Representations**  |

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**被授權人的聲明**

The Grantee understands that neither the RSA nor the Shares have been registered under the Securities Act or any United States securities laws. In the event the Shares to be acquired have not been registered under the Securities Act at the time the RSA become vested, the Grantee shall, if requested by the Company, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit A.

被授權人知悉，無論限制性股票或股份，均未根據 《美國證券法》或任何其他美國證券法律完成註冊。若在限制性股票歸屬時，該等股份尚未根據 《美國證券法》完成註冊，則在公司要求時，受領人應向公司提交其投資聲明書，格式如本協議附件 A所示。

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| **3** | **RESTRICTION RELEASE CONDITIONS**  |

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限制解除條件

On each applicable Restriction Release Date, the RSA shall release the restriction t in accordance with the applicable Restriction Release Schedule, provided that all of the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The Grantee must be continuously employed by the Company or maintain a continuous service relationship
recognized by the Company as of each applicable Restriction Release Date.

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ii) The Grantee's employment or service relationship must not have been terminated for any reason, including but not limited to resignation, dismissal (with or without cause), retirement, or any other form of termination.

iii) The Grantee must comply with all applicable Company policies, agreements, and covenants, including confidentiality, non-competition, and non-solicitation obligations.

iiii) The Company reserves the right to accelerate, delay, or cancel the release of restrictions in its sole discretion under certain circumstances such as a change of control or termination without cause.

在每一限制解除日，限制性股票將依其既定之限制解除期間解除限制，惟須符合下列所有條件：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) 被授權人於各該限制解除日當時，必須持續為公司正式員工或公司認可之持續服務關係身份。

ii) 被授權人與公司的勞務關係不得因任何原因終止，包括但不限於辭職、解雇（無論是否有原因）、退休或其他任何形式之終止。

iii) 被授權人須遵守公司適用之所有政策、協議及承諾，包括保密、競業禁止及招攬禁止等義務。

iiii) 公司保留在特定情況下（例如控制權變更或無故終止）酌情決定提前、延後或取消限制解除之權利。

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| **4** | **ADJUSTMENT IN INTEREST**  |

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**權益調整**

If the Grantee has entered into this Award Agreement and is transferred from one position to another at the individual level among Group Company, the Company shall have the right to adjust the value and number of the RSA granted to such Grantee. The grant of RSA may be made upon recalculation of the ratio coefficient of personal salary value in new position and the grant of additional or reduced grant of the difference shall be made, and the date on which the position is determined for promotion or downward adjustment shall be the Grant Date. The Parties shall enter into a supplementary agreement in respect of the change.

若被授權人已簽署本獎勵協議，出現集團公司內部個人層面職務調動，則公司有權對被授權人獲授 RSA 的價值和數量進行調整。根據新的職務個人薪酬價值比率係數重新計算可授予 RSA ，對差額進行追加授予或者減少授予，以職務確定晉升或者下調當日作為授予日。甲乙雙方就變更事項簽署補充協議。

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| **5** | **WITHHOLDING OF TAXES**  |

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**預提稅款**

The Company may withhold shares with a fair market value equal to the minimum amount required to satisfy the withholding tax obligations arising from the vesting or release of restrictions on the RSA at the time of vesting or restriction release. The actual tax liability of the Grantee may differ from the amount withheld, and the Grantee shall comply with applicable laws to claim any tax refund or make additional tax payments as necessary. The Company has the authority to accept or require other forms of tax withholding or payment, provided that such methods comply with the minimum withholding tax obligations required by applicable laws.

公司得於歸屬 RSA 或解除 RSA 的限制時，預扣部分市值相當於歸屬或解除 RSA 所產生之適用國家、州、省、市或外國稅項預提義務的最低金額。被授權人實際應繳稅額可能與預扣稅額有所不同，並應依相關法律規定向稅務機關辦理退稅或補稅手續。公司有權決定是否接受其他履行方式，或要求採用其他方式，惟應符合相關法律之最低扣繳稅負要求。

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| **6** | **COMPLIANCE**  |

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**合規**

The Grantee agrees that the Company may set up and administer a centralized account management system. In addition, the Company may also impose other conditions or administrative measures to ensure or facilitate compliance of any applicable laws to which the Grantee or the Company is subject.

被授權人同意，公司可設立並管理集中帳戶管理系統。此外，公司還可附加其他條件或行政措施，以確保公司或被授權人須遵守任何適用法律。

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| **7** | **PERSONAL DATA**  |

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**個人資料**

The Grantee acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph. The Company and the Grantee's employer hold certain personal information, including the Grantee's name, home address and telephone number, date of birth, identification number, salary, nationality, job title, any Shares awarded, cancelled, purchased, vested, unvested or outstanding in the Grantee's favor, for the purpose of managing and administering the Plan ("**Data**"). The Company will transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in Taiwan or elsewhere such as the European Economic Area or the United States. The Grantee authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee's participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Grantee's behalf to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired pursuant to the Plan. The Grantee may, at any time, review Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect the Grantee's ability to participate in the Plan.

被授權人確認並同意本條所述的個人資料的收集、使用、處理和轉移。公司及被授權人的雇用單位持有被授權人的某些個人資訊，包括被授權人的姓名、家庭 地址及電話號碼、出生日期、身份證號碼、薪水、國籍、職務、以被授權人為受益人而授予、取消、購買、已歸屬、未歸屬或發行在外的任何股份 ("**資料**")。公司將把資料轉移給協助公司實施、執行和管理 《計畫》的任何協力廠商。這些接收方可能位於台灣或其他地方如歐洲經濟區或美國。被授權人授權他們為實施、執行和管理被授權人在 《計畫》中的參與份額而以電子或其他形式接收、佔有、使用、保留和轉移資料，包括根據執行 《計畫》和/或委託他人持有被授權人的股份的需要而向被授權人選擇存放 《計畫》項下所得股份的經紀人或其他協力廠商作出任何必要的資料轉移。被授權人可隨時檢查資料，要求對資料作出任何必 要的修改，或通過與公司書面聯繫撤銷此項同意；但是，撤銷此項同意可能會影響被授權人參加 《計畫》的能力。

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| **8** | **VOLUNTARY PARTICIPATION**  |

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**自願參與**

The Grantee's participation in the Plan is voluntary. The value of the RSA is an extraordinary item of compensation outside the scope of the Grantee's employment contract, if any. As such, the RSA are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided. Rather, the awarding of RSA under the Plan represents a mere investment opportunity.

被授權人是自願參加《計畫》的，其獲授的 RSA 的價值是被授權人《僱傭契約》(如有)範圍之外的特殊薪酬項目。因此，除非另有規定，其獲授的 RSA 不計入任何遣散、辭職、減員、服務期滿付款、獎金、長期服務獎、養老金或退休福利或類似支付的正常或預期報酬。 《計畫》項下 RSA 的授予或任何其他授予只代表一個投資機會。

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| **9** | **COMPANY'S DISCRETIONARY**  |

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**公司酌情權**

The RSA are granted under and governed by the terms and conditions of the Plan. The Grantee acknowledges and agrees that the Plan is discretionary in nature and may be amended, cancelled or terminated by the Company, in its sole discretion, at any time. The grant of the RSA under the Plan is an one-time benefit and does not create any contractual or other right to receive an award of RSA or benefits in lieu of RSA in the future. Future awards of RSA, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of the award and the number of RSA. By executing this Award Agreement, the Grantee consents to the provisions of the Plan and the terms of this Award Agreement.

限制性股票獎勵根據《計畫》的條款和條件授予並受其管理。被授權人確認並同意，《計畫》可以被公司酌情修改，且公司有權自行決定隨時修訂、取消或終止《計畫》。《計畫》項下限制性股票的授予為一次性權益，不創設任何將來獲得限制性股票的獎勵或代替限制性股票的權益的契約權利或其他權利。限制性股票的未來獎勵 (如有)將由公司自行決定，包括但不限於授予時間和限制性股票的數量。被授權人簽署本獎勵協議即表示同意《計畫》和本獎勵協議的規定。

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| **10** | **ADJUSTMENTS DUE TO CORPORATE ACTIONS**  |

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**因企業行為做出的調整**

The Grantee hereby acknowledges and confirms that in the event the Company decides to implement any other actions affecting any of its ordinary shares, including share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to shareholders of shares other than regular cash dividends or any transaction similar to the foregoing after the date of this Award Agreement, (i) the RSA granted to the Grantee may be subject to adjustments in accordance with such actions and (ii) the Company shall have the sole discretion to make such adjustments.

被授權人在此承認並確認如公司決定在本獎勵協議簽署之日以後採取任何其他影響其任何普通股的行動，包括股份股息或拆分、重組、資本重組、吸收合併、新設合併、分拆、合併、股份交易或交換或進行其他公司交換，或向股東分配的股份，但不包括常規現金股息或類似前述交易，那麼 (i)授予被授權人的 RSA 可能需要按照上述行動接受調整，及 (ii) 公司可全權酌情決定作出上述調整。

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| **11** | **RIGHTS AS SHAREHOLDER**  |

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**股東權利**

11.1 The Grantee acknowledges that no voting rights or dividend rights shall be exercisable with respect to any
Restricted Share Award (RSA) that have not vested. Even after vesting, prior to the formal registration of such shares in the shareholder register by the Company or its authorized registrar, the Grantee shall not exercise any shareholder rights.

被授權人確認，其未歸屬的 RSA 不享有任何投票權及股息權利。儘管 RSA 已歸屬，惟在公司或其正式授權之登記機構尚未將該股份正式登記於股東名冊前，被授權人不得行使任何股東權利。

11.2 Upon formal registration of the shares in the shareholder register, the Grantee irrevocably waives the voting
rights attached to such shares and irrevocably grants a proxy to the Board of Directors or any person designated by the Board to exercise such voting rights on their behalf.

被授權人於股份正式登記於股東名冊後，即不可撤銷地放棄該股份之投票權，並不可撤銷地授權董事會或董事會指定之代表代為行使該等投票權。

11.3 In the event of a Major Corporate Transaction (including but not limited to mergers, acquisitions, change of
control or other matters requiring shareholder approval), the Grantee agrees to cooperate reasonably with the Administrator's request to sell, transfer, assign or otherwise dispose of all shares held under this Award Agreement to facilitate
the completion of such transaction. The Grantee irrevocably authorizes the Company to take all necessary actions and execute documents to effectuate such transaction."Major Corporate Transaction" means any matter requiring approval by
the shareholders pursuant to law or the Company's constitutional documents, including but not limited to mergers, demergers, sale of substantial assets, or change of control.

若公司擬進行重大公司交易（包括但不限於併購、控制權變更或其他需股東會決議之事項），被授權人同意依管理者之合理要求，配合出售、轉讓、讓與或以其他方式處理其因本獎勵協議持有之全部股份，以促成該重大公司交易順利完成。被授權人同意不可撤銷授權公司執行必要之行動及簽署文件以完成該重大公司交易。「重大公司交易」指任何依法或公司章程規定需股東會決議通過之事項，包括但不限於公司合併、分立、資產出售、控制權變更等。

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11.4 If the Company goes public in the future, all these provisions and related restrictions will be fully disclosed
in the Company's prospectus and other relevant legal documents. By signing this Agreement, the Grantee acknowledges full understanding of the Agreement and agrees to comply with the restrictions and cooperate with the Company's
compliance requirements during the listing process.

若公司於未來上市，所有本條款及相關限制將於公司招股書及其他相關法律文件中予以完整披露。被授權人簽署本協議即表示已充分理解本協議內容，並同意遵守相關限制及配合公司於上市過程中的相關合規要求。

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| **12** | **RESTRICTIONS ON TRANSFER OF RSA**  |

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**RSA 的轉讓限制** 

12.1 Except as otherwise provided in the Plan, the RSA and the rights and privileges conferred hereby shall not be
transferred, assigned, or otherwise disposed of in any way (whether by operation of law or otherwise) prior to Vesting. Upon any attempt to transfer, assign, or otherwise dispose of any Restricted Share Unit prior to Vesting or any right or
privilege conferred hereby in violation of this Section, this Grant of RSA and the rights and privileges conferred hereby shall immediately become null and void.

除非《計畫》另有約定，被授權人根據本獎勵協議獲授的限制性股票及因此獲得的權利和特權在歸屬之前不得以任何方式 (無論是通過法律還是其他方式)轉讓、出讓或以其他方式處置。如果在歸屬前違反本條規定試圖轉讓、出讓或以其他方式處置任何限制性股票及因此獲得的任何權利或特權，獲授的限制性股票及因此獲得的權利和特權應立即無效。

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|:---|:---|
| **13** | **RESTRICTION ON TRANSFER OF SHARES**  |

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**股份的轉讓限制**

Without a prior written consent of the Administrator, neither the Grantee nor a transferee (either being sometimes referred to herein as the "**Holder**") shall transfer, sell, hypothecate, encumber or otherwise dispose of any Shares or any right or interest therein prior to the closing of the Company's IPO. In the event of a violation, the Company is not obliged to acknowledge or amend the Company's shareholder register, and the Holder shall bear the responsibility for damages caused by the violation of the transfer restriction.

於本公司上市交割前，被授權人或者其受讓人（其中任一，下稱為 "**持有人**"）在沒有管理者的事前書面同意下，不得轉讓、出售、抵押、設質或者以任何形式處分何股份或任何權利或者利益。如有違反，本公司並無義務承認也無義務更改本公司股東名冊，持有人應自行承擔其違反轉讓限制所生之損害賠償責任。

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|:---|:---|
| **14** | **STOP-TRANSFER NOTICES**  |

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**停止轉讓通知**

In order to ensure compliance with the restrictions on transfer set forth in this Award Agreement, the Notice or the Plan, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

為遵循與本獎勵協議、通知以及計畫中的轉讓限制，本公司可以向轉讓機構發佈適當的 "停止轉讓"指示。如果本公司轉讓自有的證券，則可以在自有的紀錄上為適當註記已達相同效力。

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|:---|:---|
| **15** | **REFUSAL TO TRANSFER**  |

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**拒絕轉讓**

The Company shall not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Award Agreement, the M&A or the shareholders agreement (if any), or (b) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so sold or transferred in violation of any of the provisions of this Award Agreement, the M&A or the shareholders agreement (if any).

本公司將不得被要求(a) 在其股東名冊上作出股權的移轉登記，若該股權係以違反本獎勵協議、章程或股東協議（如有）的方式所為之股權出售或任何轉讓，或 (b) 將以違反本獎勵協議、章程或股東協議（如有）方式而被出售或轉讓股份的買受者或其他受讓人，作為該種股份的擁有者對待或授予其投票權或向其支付股息。

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|:---|:---|
| **16** | **FORFEITED AWARDS AND COMPANY'S RIGHT OF REPURCHASE**  |

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**獎勵無效及本公司的買回權** 

The Company shall have the right to forfeit any unvested portion of the Award. In addition, for purpose of this Award Agreement, the Grantee agrees and acknowledges that the Award is granted in consideration of the Grantee's covenants and undertakings not to engage in any of the behaviors (a) to (e) set forth below. Therefore, the Company shall have the right to repurchase all of the vested Shares or RSA acquired and then held by the Grantee hereunder at a nominal price of US$0.001 per share, if during the term of the employment or within three (3) years after the termination of the employment for any reason, the Company determines that the Grantee has:

本公司有權沒收任何獎勵尚未解除限制的部分。此外，為本獎勵協議之目的，被授權人同意並確認依本獎勵協議所授予的獎勵，是以被授權人承諾和保證不為下述 (a)到(e)之行為為前提。因此，本公司有權以每股美金 0.001 元名義價格，向被授權人買回其所取得並持有之所有已經歸屬的股份或 RSA，若在雇傭關係期間內或因任何原因終止後三 (3)年內，本公司認為被授權人：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been dishonest or committed or engaged in an act of theft, embezzlement, fraud, or a breach of trust;

不誠實，或有盜竊、挪用、欺詐或違反信託行為；

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy
of the Group Company; or been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses), including but not limited to physical or verbal assault;

違反誠信義務，或故意和嚴重性違反集團公司的任何其他義務、法律、規則、法規或政策；或被判犯有重罪或輕罪 (輕微交通違規或類似罪行除外)，或對此認罪或不服罪，包括但不限於人身或口頭攻擊；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) materially breached any of the provisions of any agreement with the Group Company (including but not limited to
the confidentiality obligations owed to any Group Company);

嚴重地違反與集團公司簽訂的任何協議的任何規定 (包括但不限於對任何集團公司所負的保密義務)；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engaged in unfair competition with, violated the non-competition clause
set forth in the employment contract (notwithstanding any non-competition waiver agreed by the Group Company), or otherwise acted intentionally in a manner injurious to the reputation, business or assets of
Group Company; or

與集團公司進行不正當競爭，違反雇傭契約的競業禁止條款 (無論集團公司是否有同意豁免競業禁止)，或以其他方式故意損害集團公司的聲譽、業務或資產；或

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) improperly induced the Group Company's employee, business partner, supplier or customer to break or
terminate any contract with the Group Company, or solicit the Group Company's employee, business partner, supplier or customer to enter into contracts of the same nature with the Grantee.

不適當地誘使集團公司的員工、業務夥伴、供應商或客戶違反或終止與集團公司之間的任何契約，或招攬集團公司的員工、業務夥伴、供應商或客戶與被授權人訂定任何同性質的契約。

Based on the foregoing, the Company shall have the right to (a) exercise this right of repurchase by written notice to the Grantee's last known address or email address, and (b) immediately update the register of members of the Company to reflect the transfer of Shares as a result of such exercise of repurchase right.

承上，本公司有權(a)以書面通知被授權人的最後已知地址或電子郵件地址行使買回權，及 (b)立即更新本公司的股東名簿以表彰行使買回權而生的股份轉讓。

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|:---|:---|
| **17** | **TAX CONSEQUENCES**  |

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**稅務後果**

THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE AWARD OR DISPOSING OF THE SHARES. The Grantee shall be solely responsible for any and all taxes, social security contributions, duties or other similar obligations which may arise under the laws of any jurisdiction in connection with the transactions contemplated by this Award Agreement (including but not limited to the grant, vesting, exercise of the Award, and the sale or other disposition of the Shares). The Company (including its subsidiaries, affiliates, and shareholders) shall have no obligation to pay, reimburse, or gross-up any such tax liabilities that are legally imposed on the Grantee.

被授權人應在行使本獎勵或處置股份之前，諮詢其所在地稅務顧問。被授權人應自行負責根據任何司法管轄區法律，就本獎勵協議所涉及的交易（包括但不限於授予、歸屬、行使本獎勵以及股份的出售或其他處置）所產生的所有稅項、社會保險費用、關稅或其他類似義務。本公司（包括其子公司、關係企業及其他股東）無須支付、補償或以任何形式代為承擔依法應由被授權人負擔的任何稅捐責任。

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|:---|:---|
| **18** | **LOCK-UP AGREEMENT**  |

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**禁售協議**

18.1 The Grantee, if requested by the Company or the lead underwriter (the "Lead Underwriter") or
financial advisor (the "FA") of any public listing, hereby irrevocably agrees not to sell, agree to sell, grant any option to purchase, transfer the economic risk of ownership, short sell, pledge, or otherwise transfer or dispose of any
Shares, or any securities convertible into or exchangeable for, or any other rights to acquire such Shares (except for any Shares acquired on the public market after the listing), for a period of one hundred and eighty (180) days following the
effective date of the registration statement filed by the Company under the Securities Act of 1933, as amended, or for such shorter or longer period as may be explicitly required by the Company or the Lead Underwriter or the FA. The Grantee further
agrees to execute any documents as may be requested by the Company, the Lead Underwriter, or the FA to give effect to the foregoing and acknowledges that the Company may place stop-transfer instructions on the Shares subject to such lock-up restrictions until the end of the applicable period. The Company and the Grantee acknowledge that during the listing process and the lock-up period, each Lead
Underwriter or FA of such listing shall be an intended third-party beneficiary of this Section.

被授權人如經公司、首次公開上市的主承銷商（以下簡稱「主承銷商」）或財務顧問要求，特此不可撤銷地同意，自公司根據經修訂之 1933 年美國證券法所提交的註冊聲明生效之日起一百八十（180）日內，或由公司、主承銷商或財務顧問明確要求的較短或較長期間內，不得出售、同意出售、授予購買選擇權、轉讓經濟利益、進行放空、設定質押，或以其他方式轉讓或處置任何股份，或任何可轉換或可交換為股份之證券，或任何其他取得該等股份之權利（上市後於公開市場取得之股份除外）。被授權人亦同意依公司、主承銷商或財務顧問之要求簽署任何必要文件，以使前述條款生效，並確認公司可對受前述鎖定限制之股份設置停止轉讓指示，直至適用期間屆滿。公司與被授權人並確認，在上市過程及鎖定期間內，各主承銷商或財務顧問均為本條款之潛在第三方受益人。

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18.2 During the period from identification of the Lead Underwriter or Financial Advisor (the "Lead Underwriter
or FA") in connection with any public listing of the Shares until the earlier of (i) the expiration of the lock-up period specified in paragraph (a) in connection with such listing or
(ii) the abandonment of such listing by the Company and the Lead Underwriter or FA, the provisions of this Section may not be amended or waived except with the consent of the Company.

自確定與股份任何公開上市相關之主承銷商或財務顧問（以下合稱「主承銷商或財務顧問」）起，至以下較早時點之期間： (i) 與本條款第 18.1 款所述上市鎖定期屆滿，或 (ii) 公司及主承銷商或財務顧問放棄該上市，未經本公司同意，本條款規定不得修改或放棄。

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|:---|:---|
| **19** | **ENTIRE AGREEMENT; GOVERNING LAW**  |

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**完整協議；適用法律**

The Notice, the Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee's interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Award Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Award Agreement are to be construed in accordance with and governed by the laws of the Cayman Islands without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of the Cayman Islands to the rights and duties of the parties. Should any provision of the Notice, the Plan or this Award Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.

本通知、計畫及 獎勵協議構成了當事人之間就該等事項的全部協議且完全取代被授權人與本公司就該等事項在以往達成的所有承諾和協議。未經被授權人與本公司簽署書面協議，不得對上述全部協議作出對被授權人不利的變更。通知、計畫及本獎勵協議（除非本獎勵協議中另有明確規定）都無意圖賦予任何當事人以外的人任何權利或補償。 本通知、計畫及獎勵協議應按照開曼群島法解釋並受其管轄，對於其中可能導致適用於各方權利及責任的法律為開曼群島外的其他管 轄地法律的衝突法條款，應排除其效力。若本通知、計畫或獎勵協議中的任何條款被認為是非法或不可執行的，該條款應在法律允許的最大程度上得到執行，且其他條款仍然有效和可以執行。

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|:---|:---|
| **20** | **CONSTRUCTION**  |

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**釋義**

The captions used in the Notice and this Award Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

本通知及獎勵協議中使用的大寫字體是為方便之用，不得被視為獎勵的一個部分來解釋或理解。除非特別說明單數包括複數而複數也包括單數。除非有特別說明，對於 "或者"的使用，不等於排除其他。

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|:---|:---|
| **21** | **ADMINISTRATION AND INTERPRETATION**  |

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**管理和解釋**

The Grantee hereby acknowledges that any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Award Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons.

被授權人特此同意，本通知、計畫或獎勵協議引發有關管理或解釋的任何問題或爭端應當由被授權人或本公司提交給管理者。管理者對該問題或爭端的 裁決為最終裁決，並對所有人皆具有約束力。

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|:---|:---|
| **22** | **VENUE AND WAIVER OF JURY TRIAL**  |

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**管轄地和放棄陪審團審判** 

Any dispute, controversy, difference or claim arising out of or relating to this Award Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding noncontractual obligations arising out of or relating to it shall be brought in Taiwan and the parties agree to submit to the exclusive jurisdiction of Taiwan Taipei District Court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court in Taiwan. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.

凡因本獎勵協議所引起的或與之相關的任何爭議、糾紛、分歧或索賠，包括契約的存在、效力、解釋、履行、違反或終止，或因本獎勵協議引起的或與之相關的任何非契約性爭議，均應於台灣提出，且雙方同意由 台灣台北地方法院專屬管轄。各方不可撤銷的放棄法律許可範圍內的所有可能反對在 台灣作為審判地的反對權。各方也明確放棄任何可能享有陪審團審判的權利。如果任何本條的條款被認為無效或不可執行，當事人特意明確將儘量使其於最小範圍內修改以致其有效並可被執行。

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|:---|:---|
| **23** | **NOTICES**  |

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**通知**

Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the Taiwan/United States mail by certified mail (if the parties are within the Taiwan/United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.

任何被要求或被准許的通知均應書面送達個人始得有效，通知應由國際認可的郵遞服務或由台灣 /美國境內的被認證的郵遞服務（若當事人在台灣 /美國境內），並且支付了郵費，寫明對方在文件中標明的地址，或一方以書面方式不定時地向另一方指定的其他地址。

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|:---|:---|
| **24** | **LANGUAGE**  |

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**語言**

This Award Agreement is written in English and Chinese, and any Chinese translation is for convenience purposes only. In the event of any discrepancy between the English portion of this Award Agreement and any Chinese translation, the English portion shall govern.

本獎勵協議以英文和中文制定，中文部分僅為方便參考。如協議英文部分與任何中文部分之間有任何衝突，應以協議英文部分為准。

[Signature page follows]

[以下為簽字頁]

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|:---|:---|
| **The Company: OBOOK Holdings Inc.**<br> **公司：OBOOK Holdings Inc.** | **GRANTEE**<br> **被授權人：** |
| **Authorized Representative:**<br> **授權代表：** |  |
| **Name**<br> **簽字** | **Name**<br> **簽字** |
| **Date:**<br> **簽署日期： 年 月 日** | **Date:**<br> **簽署日期： 年 月 日** |

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**<u>EXHIBIT A</u>**

**<u>附件 A</u>**

**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

**2021年股權激勵計畫** 

**<u>INVESTMENT REPRESENTATION STATEMENT</u>**

**<u>投資聲明書</u>**

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|:---|:---|
| GRANTEE/被授權人: _____________ |  |
| COMPANY/公司: | OBOOK HOLDINGS INC. |
| SECURITY/證券: | CLASS A COMMON SHARES/A級普通股 |
| AMOUNT/數量: | |
| DATE/日期: | |

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In connection with the purchase of the above-listed Securities, the undersigned Grantee represents to the Company the following:

就上述證券的購買，於文末署名的被授權人向公司聲明如下：

(a) Grantee is aware of the Company's business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Grantee is acquiring these Securities for investment for Grantee's own account only and not with a view to, or for resale in connection
with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "**Securities Act** ").

被授權人知曉公司的業務情況和財務狀況並已獲得充分的公司資訊以使自己在作出購買證券的決定時處於充分知情的狀態。被授權人購買證券僅為個人投資之目的，無意進行經修訂的 1933年證券法（"**證券法**"）定義的" 分銷"或與之相關的再出售。

(b) Grantee acknowledges and understands that the Securities constitute "restricted securities" under
the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Grantee's investment intent as expressed herein.
Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Grantee further acknowledges and understands that the
Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel satisfactory to the Company.

被授權人知曉並理解證券構成證券法下的"限制性證券"且證券未根據證券法進行登記以獲得證券法的特定豁免，選擇權被授權人在此善意的投資意圖是該特定豁 免成立的條件之一。選擇權被授權人進一步理解該證券必須被無限期持有，除非其根據證券法進行登記或得到登記的豁免。選擇權被授權人進一步確認並理解公司沒有義務登記證券。選擇權被授權人理解，除非證券進行登記或公司認可的律師認為無須進行登記，證明證券的證書將被標記上禁止轉讓證券的標語。

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(c) Grantee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act,
which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of
certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Grantee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject
to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the
Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through a broker in an unsolicited "broker's transaction" or
in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of
Securities being sold during any three (3)-month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable.

被授權人熟知701規則和144規則，在證券法下頒佈的該等規則實質上允許滿足一定條件時在不公開發行的條件下有限地公開再出售從發行者處直接或間接取得的 "限制性證券"。701規則規定：若發行者在授予被授權人選擇權時符合 701規則的條件，選擇權的行使將在證券法下獲得登記豁免。在公司受限於 1934年證券交易法第13 條或第15(d)條的報告要求時，若滿足包括如下內容的 144規則規定的一定條件，則根據701規則獲得豁免的證券可在九十（90）天后（或任何市場避讓協議可能要求的更長期限後）再出售： (1)再出售應通過經紀人以主動提供的 "經紀人交易"方式或直接與做市商（據1934年證券交易法定義）進行交易的方式進行；且在關聯方的情況下， (2)關於公司的某些公開資訊之可獲得性； (3)在任何三（3）個月內出售的證券的數量不應超過144(e) 規則規定的限度，以及(4)及時遞交144表（如有適用）。

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one (1) year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two (2) years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

若公司在授予選擇權時不符合 701規則的規定，則證券可根據144規則在特定情況下被再出售，該等規則要求出售應發生在公司出售證券之日或公司關聯方（依 144規則之定義）出售證券之日（以較晚者為准）的一（ 1）年之後；且在關聯公司獲得證券或非關聯公司獲得證券但在其後持有證券少於兩（ 2）年的情況下，還應如滿足上述(1)、(2)、 (3)和(4)項的條件。

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(d) Grantee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not
satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and
Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be given that any
such other registration exemption will be available in such event.

被授權人進一步理解若701規則或144規則的所有適用要求未能全部滿足，則應符合根據證券法的規範 A進行登記或某些其他登記豁免的要求。而且，雖然事實上 144規則和701規則未排除其他情況，但證券交易委員會的成員已發表意見：擬不以登記的發行或根據 144規則或701規則規定的方式出售私募證券者負有實質的舉證責任以證明該發行或出售適用某種登記豁免，而且其以及參與該交易的其經紀人將自行承擔其行為的風險。被授權人理解就此種情形下可適用某種其他登記豁免並無任何保證。

(e) Grantee represents that Grantee is a resident of the state of ____________________.

被授權人聲明被授權人是 ____________________的居民。

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| |
|:---|
| Signature of Grantee/被授權人 |
| Date/日期: |

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**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

**2021 年股權激勵計畫** 

**<u>NOTICE OF RESTRICTED SHARE UNIT AWARD</u>**

**<u>限制性股份單位獎勵通知</u>**

Grantee's Name and Address:

被授權人的姓名和地址:

You (the "Grantee") have been granted an award ("Award") of restricted share unit ("RSUs") to receive the number of the Class A Common Shares (the "Shares") of OBOOK HOLDINGS INC. (the "Company"), subject to the terms and conditions of this Notice of Restricted Share Unit Award (the "Notice"), the 2021 Share Incentive Plan, as amended from time to time (the "Plan") and the Restricted Share Unit Award Agreement (the "Award Agreement") attached hereto, as follows. Unless otherwise defined herein, all capitalized terms used in this Notice shall have the same defined meanings in the Plan.

根據本限制性股份單位獎勵通知（ "本通知"）的條款和條件、不時修改的2021年股權激勵計畫（"計畫 "）和以下所附的限制性股份單位獎勵協議（ "本獎勵協議"），您（"被授權人"）已被授予OBOOK HOLDINGS INC.（"公司"）的限制性股份單位（"RSUs"）獎勵（"獎勵"），使被授權人可以獲得一定數量的公司 A級普通股股份(" 股份")。除非本通知另有定義，否則本通知中所使用的用語具有與在計畫中所定義的用語相同的含義。

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| | |
|:---|:---|
| Date of Grant/授予日 |  |
| Vesting Commencement Date/歸屬開始日 |  |
| Number of RSUs Granted/授予 RSUs 總數 | Based on the pre-IPO private placement price of US$10 per share between April and July 2025 (the "Most Recent Private Placement Price"), the number of RSUs granted shall be equivalent to US$[X].<br>以 2025 年 4 月到7月上市前一輪每股美金 10 元之私募價計算（"最近私募價"），等同於[X]美元之數量的 RSUs。 |
| Vesting Schedule/歸屬期間 | Subject to the terms and conditions of this Notice of RSUs Award (the "Notice"), the 2021 Share Incentive Plan, as amended from time to time (the "Plan"), and the Restricted Share Unit Award Agreement (the "Award Agreement") attached hereto, and subject to the continuous service of the Grantee as an employee of the Company, the RSUs granted hereunder shall vest on Vesting Date set forth below, and the restrictions on the RSUs shall lapse, regardless of whether the Company successfully completes its listing. Such vesting shall further be subject to any limitations imposed by applicable federal and state securities law in the USA or the laws of other jurisdictions, as well as any applicable shareholders' agreements or other agreements relating to the RSUs.<br>在受制於本獎勵協議所載明的沒收條款，以及被授權人持續以公司員工身份服務的前提下，不論公司是否成功上市，以下所列之歸屬日期時，本協議下所授予的 RSUs 將歸屬予被授權人，但須符合美國聯邦與州證券法或其他適用司法管轄區所施加的限制，以及任何其他適用的股東協議或其他與 RSUs 相關的協議之規定。 |

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| | |
|:---|:---|
| Vesting Date<br> 歸屬日 | Number of<br> Restricted Shares<br> that Vest<br> 可歸屬的限制型股份股數 |

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| | |
|:---|:---|
| Expiration Date/失效日 | The unvested portion of the RSUs will be forfeited effective immediately and the Grantee's any right to such unvested RSUs will terminate in any of the following events: (i) termination of the employment for any reason, except as otherwise set forth in this Agreement or as determined by the Board in its sole discretion; (ii) ninety (90) days after the termination of the employment on account of death or disability; and (iii) thirty (30) days after the date of such employee's retirement.<br>RSUs 的未被歸屬部分將在以下任一情形被立即沒收，且被授權人對該等未被歸屬 RSUs 的任何權利立即終止：(i) 除經本獎勵協議另外規定或經董事會決議，雇傭因任何原因終止時； (ii) 雇傭關係因死亡或身心障礙而終止後九十(90)天；及 (iii) 員工退休之日後三十(30)天。 |

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The Grantee waives any voting rights with regard to the Shares and grants a power of attorney to the Board or any person designated by the Board to exercise the voting rights with respect to the Shares.

被授權人放棄與股份相關的任何投票權，並將股份的投票權委託給董事會或者董事會指定的任何人來行使。

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IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Award Agreement, as well as the currently effective memorandum and articles of association of the Company ("M&A") and the shareholders agreement (if any).

以茲證明，本公司和被授權人已簽署本通知，並同意獎勵受本通知、計畫和本獎勵協議，以及公司屆時有效的組織章程大綱及章程細則（ "章程"）和股東協議（如有）的條款和條件的約束。

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| | |
|:---|:---|
| OBOOK HOLDINGS INC. |  |
| a company incorporated under the laws of the Cayman Islands |  |
| 一家根據開曼群島法律成立的公司 |  |
| By | （簽署） |

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Name/姓名:

Subsidiary/子公司:

Department/部門:

THE GRANTEE ACKNOWLEDGES AND AGREES THAT, UNLESS OTHERWISE AGREED BY THE COMPANY, THE AWARD SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE 'S CONTINUOUS EMPLOYMENT WITH THE SERVICE RECIPIENT (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT, UNLESS OTHERWISE AGREED BY THE COMPANY, NOTHING IN THIS NOTICE, THE AWARD AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE'S CONTINUOUS EMPLOYMENT WITH THE SERVICE RECIPIENT, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE'S RIGHT OR THE RIGHT OF THE SERVICE RECIPIENT TO TERMINATE THE GRANTEE'S EMPLOYMENT, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE SERVICE RECIPIENT TO THE CONTRARY, THE GRANTEE'S STATUS IS AT WILL.

被授權人確認並同意，除非本公司另行同意，獎勵僅可於被授權人與服務接收方持續不斷的雇傭關係期間內方可被歸屬（而非僅因單純受僱、根據本獎勵協議被授予獎勵或取得股份的情況即算已經歸屬）。被授權人進一步確認和同意，除非本公司另行同意，本通知、本獎勵協議或計畫並不賦予被授權人任何有關未來獎勵或持續被服務接收方雇傭的權利，亦不以任何方式干涉被授權人或被授權人服務接收方所擁有的終止被授權人雇傭關係的權利，無論該等終止是否有事由或有通知。被授權人確認，除非被授權人與服務接收方的書面 [雇傭/服務]協議另有相反規定，否則被授權人的雇傭關係狀態是自由的。

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THE GRANTEE ACKNOWLEDGES RECEIPT OF A COPY OF THE PLAN, THE AWARD AGREEMENT, THE M&A AND SHAREHOLDERS AGREEMENT (IF ANY), AND REPRESENTS THAT HE OR SHE IS FAMILIAR WITH THE TERMS AND PROVISIONS THEREOF, AND HEREBY ACCEPTS THE AWARD SUBJECT TO ALL OF THE TERMS AND PROVISIONS HEREOF AND THEREOF. THE GRANTEE HAS REVIEWED THIS NOTICE, THE PLAN, THE AWARD AGREEMENT, THE M&A AND SHAREHOLDERS AGREEMENT (IF ANY) IN THEIR ENTIRETY, HAS HAD AN OPPORTUNITY TO OBTAIN THE ADVICE OF COUNSEL PRIOR TO EXECUTING THIS NOTICE, AND FULLY UNDERSTANDS ALL PROVISIONS OF THIS NOTICE, THE PLAN AND THE AWARD AGREEMENT, THE M&A AND SHAREHOLDERS AGREEMENT (IF ANY). THE GRANTEE HEREBY AGREES THAT THE ADMINISTRATOR HAS THE RIGHT TO MODIFY, CHANGE, ACCELERATE, EXTEND OR POSTPONE THE VESTING COMMENCEMENT DATE OR VESTING SCHEDULE AFOREMENTIONED, AND THE ADMINISTRATOR MAY ALSO CANCEL OR REVOKE ANY GRANTEE'S AWARD AFTER IT IS GRANTED. IN PARTICULAR, IN THE CASE WHERE THE ADMINISTRATOR ACCELERATES THE VESTING COMMENCEMENT DATE OT VESTING SCHEDULE, THE GRANTEE AGREES TO SERVE UNTIL THE LAST DATE OF THE VESTING SCHEDULE; OTHERWISE, THE COMPANY SHALL REPURCHASE THE VESTED SHARES ON A PRO RATA BASIS AT A NOMINAL PRICE OF US$0.001 PER SHARE. THE GRANTEE ALSO AGREES THAT ALL QUESTIONS OF INTERPRETATION AND ADMINISTRATION RELATING TO THIS NOTICE, THE PLAN AND THE AWARD AGREEMENT SHALL BE RESOLVED BY THE ADMINISTRATOR IN ACCORDANCE WITH THE AWARD AGREEMENT. THE GRANTEE FURTHER AGREES TO THE VENUE SELECTION AND WAIVER OF A JURY TRIAL IN ACCORDANCE WITH THE AWARD AGREEMENT. THE GRANTEE FURTHER AGREES TO NOTIFY THE COMPANY UPON ANY CHANGE IN THE RESIDENCE ADDRESS INDICATED IN THIS NOTICE.

被授權人確認其已收到計畫、本獎勵協議、公司章程和股東協議（如有）的副本，表示其通曉其下的條款和條件，並接受獎勵而受制於所有該等條款和條件。被授權人已完全審閱本通知、計畫、本獎勵協議、公司章程和股東協議（如有），其在簽署本通知前已有機會從其顧問處取得建議，其完全理解本通知、計畫、本獎勵協議、章程和股東協議（如有）下的所有條款。被授權人特此同意管理者有權修改、變更、加速、延長或延後上述歸屬開始日或歸屬期間，管理者亦得於授予獎勵後，取消或撤銷任何被授權人的獎勵。特別說明，管理者同意加速歸屬者，被授權人應承諾留任至歸屬期間最後一日或其他雙方同意的日期，否則公司將按比例以每股美金 $0.001 元名義價格購回已歸屬的股份。被授權人也同意，關於本通知、計畫和本獎勵協議的所有問題的解釋和管理均由管理者按照本獎勵協議解決。被授權人進一步同意，其將按照本獎勵協議選擇審判地，並放棄陪審團審判。被授權人進一步同意在變更本通知所載的住址時應通知本公司。

 <br> By     （簽署）

 <br> Date/日期:

 <br> Grantee/被授權人:

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**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

**2021 年股權激勵計畫** 

**<u>RESTRICTED SHARE UNITS AWARD AGREEMENT</u>**

**<u>限制性股份單位獎勵協議</u>**

THIS RESTRICTED SHARE UNITS AWARD AGREEMENT (this "Award Agreement") dated by and between OBOOK Holdings Inc., an exempted company organized under the Companies Law of the Cayman Islands (the "OBOOK" or "Company"), and ___________________, a citizen of the [Republic of China], whose National ID_____________________(the "Grantee"), evidences the Restricted Share Units of the Company (the "RSUs") to receive the number of the Company's Class A Common Shares (the "Shares"), granted by the Company to the Grantee first set forth below.

本《限制性股份單位獎勵協議》("本獎勵協議")於 由 OBOOK Holdings Inc.，一家依據開曼群島法律註冊成立的有限公司("OBOOK"或"公司")與【 】，身份證號碼：【 】，("被授權人") 就公司向被授權人授予限制性股份單位("RSUs")，使被授權人可以獲得一定數量的公司 A級普通股股份(" 股份")的事宜達成以下協議。

WHEREAS：

鑒於：

1. The Grantee is a regular employee of the Company or its subsidiaries and branches (collectively, the
"Group Company"), currently hold the position of 【 】 , join the Group Company on
___________________ (the "Commencement Date"), and enter into an employment contract with Group Company.

1. 被授權人為公司或其下屬子公司、分支機構 (合稱 " 集團公司 ") 的正式員工，目前擔任【 】的職務，於【】年【】月【】日 (" 入職當日 ") 入職集團公司，並與集團公司簽署《僱傭契約》。

2. Upon the assessment conducted by the Company's board of directors in accordance with the OBOOK HOLDINGS
INC. 2021 SHARE INCENTIVE PLAN, as amended from time to time (the "Plan"), the Company's board of directors confirms the eligibility of Grantees for the RSUs.

2. 經公司董事會按照經不時修訂的《 OBOOK HOLDINGS INC. 2021 年股權激勵計畫》 (" 《計畫》 ") 的有關規定進行評定，確認被授權人具備獲授 RSUs 的資格。

NOW, THEREFORE, through friendly consultation, the Parties have agreed to the following terms and conditions.

據此，雙方經友好協商，議定如下條款以昭信守。

1. GRANT AND VESTING OF RESTRICTED SHARE UNITS

限制性股份單位的授予及歸屬

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Staff ID/National ID of the Grantee: _______________________

員工ID/身份證號：_______________________

Grant: Based on the pre-IPO private placement price of US$10 per share between April and July 2025 (the "Most Recent Private Placement Price"), the number of RSUs granted shall be equivalent to US$[ ].

授予：以 2025 年 4 月到 7 月上市前一輪每股美金 10 元之私募價計算（"最近私募價"），等同於[ ]美元之數量的 RSUs。

Grant Date:<u> </u>

授予日: 【 】年【 】月【 】日

Vesting Commencement Date:

歸屬開始日：

Vesting Schedule：Subject to the terms and conditions of this Notice of RSUs Award (the "Notice"), the 2021 Share Incentive Plan, as amended from time to time (the "Plan") and the Restricted Share Unit Award Agreement (the "Award Agreement") attached hereto, as follows and continuous service of the Grantee as an employee of the Company, the restrictions on the RSUs shall lapse and the RSUs granted hereunder shall vest on Vesting Date listed below, subject to limitations imposed by federal, state securities law in the USA or other applicable jurisdictions and any other applicable shareholders agreements or other agreements, to the RSUs

歸屬期間：在受制於本獎勵協議所載明的沒收條款，以及被授權人持續以公司員工身份服務的前提下，以下所列之歸屬日期時，本協議下所授予的 RSUs 將歸屬予被授權人，但須符合美國聯邦與州證券法或其他適用司法管轄區所施加的限制，以及任何其他適用的股東協議或其他與 RSUs 相關的協議之規定。

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| | |
|:---|:---|
| Vesting Date<br> 歸屬日 | Number of<br>Restricted Shares<br>that Vest<br>可歸屬的限制型<br>股份股數 |

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2. Grantee's Representations

被授權人的聲明

The Grantee understands that neither the RSUs nor the Shares have been registered under the Securities Act or any United States securities laws. In the event the Shares to be acquired have not been registered under the Securities Act at the time the RSUs become vested, the Grantee shall, if requested by the Company, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit A.

被授權人瞭解這些 RSUs 或者股份都沒有按照證券法或任何美國證券法律登記。在 RSUs 被歸屬時，而所獲得之股份仍未按照證券法登記之情況，若應本公司要 求，被授權人應該向本公司遞交以附件 A 為格式的投資聲明書。

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3. TERM AND EXPIRATION

期限和失效日

The unvested portion of the RSUs will be forfeited effective immediately and the Grantee's any right to such unvested RSUs will terminate in any of the following events: (i) termination of the [employment/service] for any reason, except as otherwise set forth in this Agreement or as determined by the Board in its sole discretion; (ii) ninety (90) days after the termination of the employment on account of death or disability; and (iii) thirty (30) days after the date of such employee's retirement.

RSUs 的未被歸屬部分將在以下任一情形被立即沒收，且被授權人對該等未被歸屬 RSUs 的任何權利立即終止：(i) 除經本獎勵協議另外規定或經董事會決議，[雇傭/服務 ]因任何原因終止時；(ii) 雇傭關係因死亡或身心障礙而終止後九十(90)天；及 (iii) 員工退休之日後三十(30)天。

For purposes of this Award Agreement, termination of employment is deemed effective as of the earlier of: (a) the date that the Grantee gives or is provided with written notice of such termination, or (b) if the Grantee is an employee of Group Company, the date that the Grantee is no longer actively employed and physically present on the premises of the Group Company, regardless of any notice period or period of pay in lieu of such notice required under any applicable law (each, the "Notice Period"). For greater clarity, the Grantee has no rights to vest in the RSUs during the Notice Period.

為本獎勵協議之目的，雇傭終止時間應以以下較早發生的時間為准： (a)被授權人發出或獲得該等終止的書面通知之日，或 (b)如果被授權人是公司的雇員，則為被授權人不再在集團公司的場所受雇並實際在場之日，而不考慮任何適用法律要求的任何通知期或代替該等通知的支付期 ("通知期")。為免疑義，被授權人於通知期內無權就 RSUs 進行歸屬。

4. ADJUSTMENT IN INTEREST

權益調整

If the Grantee has entered into this Award Agreement and is transferred from one position to another at the individual level among Group Company, the Company shall have the right to adjust the value and number of the RSUs granted to such Grantee. The grant of RSUs may be made upon recalculation of the ratio coefficient of personal salary value in new position and the grant of additional or reduced grant of the difference shall be made, and the date on which the position is determined for promotion or downward adjustment shall be the Grant Date. The Parties shall enter into a supplementary agreement in respect of the change.

若被授權人已簽署本獎勵協議，出現集團公司內部個人層面職務調動，則公司有權對被授權人獲授 RSUs 的價值和數量進行調整。根據新的職務個人薪酬價值比率係數重新計算可授予 RSUs，對差額進行追加授予或者減少授予，以職務確定晉升或者下調當日作為授予日。甲乙雙方就變更事項簽署補充協議。

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5. WITHHOLDING OF TAXES

預提稅款

The Company may withhold shares with a fair market value equal to the minimum amount required to satisfy the withholding tax obligations arising from the vesting or release of restrictions on the RSUs at the time of vesting or restriction release. The actual tax liability of the Grantee may differ from the amount withheld, and the Grantee shall comply with applicable laws to claim any tax refund or make additional tax payments as necessary. The Company has the authority to accept or require other forms of tax withholding or payment, provided that such methods comply with the minimum withholding tax obligations required by applicable laws.

公司得於歸屬 RSUs 或解除 RSUs 的限制時，預扣部分市值相當於歸屬或解除 RSUs 所產生之適用國家、州、省、市或外國稅項預提義務的最低金額。被授權人實際應繳稅額可能與預扣稅額有所不同，並應依相關法律規定向稅務機關辦理退稅或補稅手續。公司有權決定是否接受其他履行方式，或要求採用其他方式，惟應符合相關法律之最低扣繳稅負要求。

6. COMPLIANCE

合規

The Grantee agrees that the Company may set up and administer a centralized account management system. In addition, the Company may also impose other conditions or administrative measures to ensure or facilitate compliance of any applicable laws to which the Grantee or the Company is subject.

被授權人同意，公司可設立並管理集中帳戶管理系統。此外，公司還可附加其他條件或行政措施，以確保公司或被授權人須遵守任何適用法律。

7. PERSONAL DATA

個人資料

The Grantee acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph. The Company and the Grantee's employer hold certain personal information, including the Grantee's name, home address and telephone number, date of birth, identification number, salary, nationality, job title, any Shares awarded, cancelled, purchased, vested, unvested or outstanding in the Grantee's favor, for the purpose of managing and administering the Plan ("Data"). The Company will transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in Taiwan or elsewhere such as the European Economic Area or the United States. The Grantee authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee's participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Grantee's behalf to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired pursuant to the Plan. The Grantee may, at any time, review Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect the Grantee's ability to participate in the Plan.

被授權人確認並同意本條所述的個人資料的收集、使用、處理和轉移。公司及被授權人的雇用單位持有被授權人的某些個人資訊，包括被授權人的姓名、家庭地位址及電話號碼、出生日期、身份證號碼、薪水、國籍、職務、以被授權人為受益人而授予、取消、購買、已歸屬、未歸屬或發行在外的任何股份 ("資料")。公司將把資料轉移給協助公司實施、執行和管理《計畫》的任何協力廠商。這些接收方可能位於台灣或其他地方如歐洲經濟區或美國。被授權人授權他們為實施、執行和管理被授權人在《計畫》中的參與份額而以電子或其他形式接收、佔有、使用、保留和轉移資料，包括根據執行《計畫》和 /或委託他人持有被授權人的股份的需要而向被授權人選擇存放《計畫》項下所得股份的經紀人或其他協力廠商作出任何必要的資料轉移。被授權人可隨時檢查資料，要求對資料作出任何必要的修改，或通過與公司書面聯繫撤銷此項同意；但是，撤銷此項同意可能會影響被授權人參加《計畫》的能力。

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8. VOLUNTARY PARTICIPATION

自願參與

The Grantee's participation in the Plan is voluntary. The value of the RSUs is an extraordinary item of compensation outside the scope of the Grantee's employment contract, if any. As such, the RSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided. Rather, the awarding of RSUs under the Plan represents a mere investment opportunity.

被授權人是自願參加《計畫》的，其獲授的 RSUs 的價值是被授權人《僱傭契約》(如有)範圍之外的特殊薪酬項目。因此，除非另有規定，其獲授的 RSUs 不計入任何遣散、辭職、減員、服務期滿付款、獎金、長期服務獎、養老金或退休福利或類似支付的正常或預期報酬。 《計畫》項下 RSUs 的授予或任何其他授予只代表一個投資機會。

9. COMPANY'S DISCRETIONARY

公司酌情權

The RSUs are granted under and governed by the terms and conditions of the Plan. The Grantee acknowledges and agrees that the Plan is discretionary in nature and may be amended, cancelled or terminated by the Company, in its sole discretion, at any time. The grant of the RSUs under the Plan is an one-time benefit and does not create any contractual or other right to receive an award of RSUs or benefits in lieu of RSUs in the future. Future awards of RSUs, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of the award and the number of RSUs. By executing this Award Agreement, the Grantee consents to the provisions of the Plan and the terms of this Award Agreement.

RSUs 根據《計畫》的條款和條件授予並受其管理。被授權人確認並同意，《計畫》可以被公司酌情修改，且公司有權自行決定隨時修訂、取消或終止《計畫》。《計畫》項下 RSUs 的授予為一次性權益，不創設任何將來獲得 RSUs 的獎勵或代替 RSUs 的權益的契約權利或其他權利。RSUs 的未來獎勵(如有) 將由公司自行決定，包括但不限於授予時間和 RSUs 的數量。被授權人簽署本獎勵協議即表示同意《計畫》和本獎勵協議的規定。

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10. ADJUSTMENTS DUE TO CORPORATE ACTIONS

因企業行為做出的調整

The Grantee hereby acknowledges and confirms that in the event the Company decides to implement any other actions affecting any of its ordinary shares, including share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to shareholders of shares other than regular cash dividends or any transaction similar to the foregoing after the date of this Award Agreement, (i) the RSUs granted to the Grantee may be subject to adjustments in accordance with such actions and (ii) the Company shall have the sole discretion to make such adjustments.

被授權人在此承認並確認如公司決定在本獎勵協議簽署之日以後採取任何其他影響其任何普通股的行動，包括股份股息或拆分、重組、資本重組、吸收合併、新設合併、分拆、合併、股份交易或交換或進行其他公司交換，或向股東分配的股份，但不包括常規現金股息或類似前述交易，那麼 (i)授予被授權人的 RSUs 可能需要按照上述行動接受調整，及 (ii) 公司可全權酌情決定作出上述調整。

11. RIGHTS AS SHAREHOLDER

股東權利

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Grantee acknowledges that no voting rights or dividend rights shall be exercisable with respect to any Restricted Stock Units (RSUs) that have not vested. Even after vesting, prior to the formal registration of such shares in the shareholder register by the Company or its authorized registrar, the Grantee shall not exercise any shareholder rights.

被授權人確認，其未歸屬的 RSUs 不享有任何投票權及股息權利。儘管 RSUs 已歸屬，惟在公司或其正式授權之登記機構尚未將該股份正式登記於股東名冊前，被授權人不得行使任何股東權利。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Upon formal registration of the shares in the shareholder register, the Grantee irrevocably waives the voting rights attached to such shares and irrevocably grants a proxy to the Board of Directors or any person designated by the Board to exercise such voting rights on their behalf.

被授權人於股份正式登記於股東名冊後，即不可撤銷地放棄該股份之投票權，並不可撤銷地授權董事會或董事會指定之代表代為行使該等投票權。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 In the event of a Major Corporate Transaction (including but not limited to mergers, acquisitions, change of control or other matters requiring shareholder approval), the Grantee agrees to cooperate reasonably with the Administrator's request to sell, transfer, assign or otherwise dispose of all shares held under this Award Agreement to facilitate the completion of such transaction. The Grantee irrevocably authorizes the Company to take all necessary actions and execute documents to effectuate such transaction."Major Corporate Transaction" means any matter requiring approval by the shareholders pursuant to law or the Company's constitutional documents, including but not limited to mergers, demergers, sale of substantial assets, or change of control.

若公司擬進行重大公司交易（包括但不限於併購、控制權變更或其他需股東會決議之事項），被授權人同意依管理者之合理要求，配合出售、轉讓、讓與或以其他方式處理其因本獎勵協議持有之全部股份，以促成該重大公司交易順利完成。被授權人同意不可撤銷授權公司執行必要之行動及簽署文件以完成該重大公司交易。「重大公司交易」指任何依法或公司章程規定需股東會決議通過之事項，包括但不限於公司合併、分立、資產出售、控制權變更等。

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12. RESTRICTIONS ON TRANSFER OF RSUS

RSUs 的轉讓限制

12.1 Except as otherwise provided in the Plan, the RSUs and the rights and privileges conferred hereby shall not be
transferred, assigned, or otherwise disposed of in any way (whether by operation of law or otherwise) prior to Vesting. Upon any attempt to transfer, assign, or otherwise dispose of any Restricted Share Unit prior to Vesting or any right or
privilege conferred hereby in violation of this Section, this Grant of RSUs and the rights and privileges conferred hereby shall immediately become null and void.

除非《計畫》另有約定，被授權人根據本獎勵協議獲授的 RSUs 及因此獲得的權利和特權在歸屬之前不得以任何方式(無論是通過法律還是其他方式)轉讓、出讓或以其他方式處置。如果在歸屬前違反本條規定試圖轉讓、出讓或以其他方式處置任何 RSUs 及因此獲得的任何權利或特權，獲授的 RSUs 及因此獲得的權利和特權應立即無效。

13. RESTRICTION ON TRANSFER OF SHARES

股份的轉讓限制

Without a prior written consent of the Administrator, neither the Grantee nor a transferee (either being sometimes referred to herein as the "Holder") shall transfer, sell, hypothecate, encumber or otherwise dispose of any Shares or any right or interest therein prior to the closing of the Company's IPO. In the event of a violation, the Company is not obliged to acknowledge or amend the Company's shareholder register, and the Holder shall bear the responsibility for damages caused by the violation of the transfer restriction.

於本公司上市交割前，被授權人或者其受讓人（其中任一，下稱為 "持有人"）在沒有管理者的事前書面同意下，不得轉讓、出售、抵押、設質或者以任何形式處分何股份或任何權利或者利益。如有違反，本公司並無義務承認也無義務更改本公司股東名冊，持有人應自行承擔其違反轉讓限制所生之損害賠償責任。

14. STOP-TRANSFER NOTICES

停止轉讓通知

In order to ensure compliance with the restrictions on transfer set forth in this Award Agreement, the Notice or the Plan, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

為遵循與本獎勵協議、通知以及計畫中的轉讓限制，本公司可以向轉讓機構發佈適當的 "停止轉讓"指示。如果本公司轉讓自有的證券，則可以在自有的紀錄上為適當註記已達相同效力。

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15. REFUSAL TO TRANSFER

拒絕轉讓

The Company shall not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Award Agreement, the M&A or the shareholders agreement (if any), or (b) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so sold or transferred in violation of any of the provisions of this Award Agreement, the M&A or the shareholders agreement (if any).

本公司將不得被要求(a) 在其股東名冊上作出股權的移轉登記，若該股權係以違反本獎勵協議、章程或股東協議（如有）的方式所為之股權出售或任何轉讓，或 (b) 將以違反本獎勵協議、章程或股東協議（如有）方式而被出售或轉讓股份的買受者或其他受讓人，作為該種股份的擁有者對待或授予其投票權或向其支付股息。

16. FORFEITED AWARDS AND COMPANY'S RIGHT OF REPURCHASE

獎勵無效及本公司的買回權

The Company shall have the right to forfeit any unvested portion of the Award. In addition, for purpose of this Award Agreement, the Grantee agrees and acknowledges that the Award is granted in consideration of the Grantee's covenants and undertakings not to engage in any of the behaviors (a) to (e) set forth below. Therefore, the Company shall have the right to repurchase all of the vested Shares or RSUs acquired and then held by the Grantee hereunder at a nominal price of US$0.001 per share, if during the term of the employment or within three (3) years after the termination of the employment for any reason, the Company determines that the Grantee has:

本公司有權沒收任何獎勵尚未被歸屬的部分。此外，為本獎勵協議之目的，被授 權人同意並確認依本獎勵協議所授予的獎勵，是以被授權人承諾和保證不為下述 (a)到(e)之行為為前提。因此，本公司有權以每股美金 0.001 元名義價格，向被授權人買回其所取得並持有之所有已經歸屬的股份或 RSUs，若在雇傭關係期間內或因任何原因終止後三(3)年內，本公司認為被授權人：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been dishonest or committed or engaged in an act of theft, embezzlement, fraud, or a breach of trust;

不誠實，或有盜竊、挪用、欺詐或違反信託行為；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy
of the Group Company; or been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses), including but not limited to physical or verbal assault;

違反誠信義務，或故意和嚴重性違反集團公司的任何其他義務、法律、規則、法規或政策；或被判犯有重罪或輕罪 (輕微交通違規或類似罪行除外)，或對此認罪或不服罪，包括但不限於人身或口頭攻擊；

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) materially breached any of the provisions of any agreement with the Group Company (including but not limited to
the confidentiality obligations owed to any Group Company);

嚴重地違反與集團公司簽訂的任何協議的任何規定 (包括但不限於對任何集團公司所負的保密義務)；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engaged in unfair competition with, violated the non-competition clause
set forth in the employment contract (notwithstanding any non-competition waiver agreed by the Group Company), or otherwise acted intentionally in a manner injurious to the reputation, business or assets of
Group Company; or

與集團公司進行不正當競爭，違反雇傭契約的競業禁止條款 (無論集團公司是否有同意豁免競業禁止)，或以其他方式故意損害集團公司的聲譽、業務或資產；或

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) improperly induced the Group Company's employee, business partner, supplier or customer to break or
terminate any contract with the Group Company, or solicit the Group Company's employee, business partner, supplier or customer to enter into contracts of the same nature with the Grantee.

不適當地誘使集團公司的員工、業務夥伴、供應商或客戶違反或終止與集團公司之間的任何契約，或招攬集團公司的員工、業務夥伴、供應商或客戶與被授權人訂定任何同性質的契約。

Based on the foregoing, the Company shall have the right to (a) exercise this right of repurchase by written notice to the Grantee's last known address or email address, and (b) immediately update the register of members of the Company to reflect the transfer of Shares as a result of such exercise of repurchase right.

承上，本公司有權(a)以書面通知被授權人的最後已知地址或電子郵件地址行使買回權，及 (b)立即更新本公司的股東名簿以表彰行使買回權而生的股份轉讓。

17. U.S .TAX CONSEQUENCES

美國稅務後果

THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE AWARD OR DISPOSING OF THE SHARES. The Grantee shall pay all taxes and duties that are required by the applicable laws to be paid by him/her in connection with the transactions contemplated by this Award Agreement (including but not limited to the exercise of the Award and the disposal of the Shares). The Company (including the subsidiaries, affiliates and other shareholders of the Company) shall have no obligation to pay any tax of any nature that is required by the applicable laws to be paid by the Grantee in connection with the transactions contemplated by this Award Agreement.

被授權人應該在行使獎勵和處置股份前應該諮詢稅務顧問。被授權人應支付適用法律規定其就本獎勵協議擬進行的交易（包括但不限於行使獎勵和處置股份）支付的所有稅捐和義務。本公司（包括本公司的關係企業，附屬企業和其他股東）沒有義務支付適用法律要求被授權人就本獎勵協議擬進行的交易而應支付的任何性質的稅款。

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18. LOCK-UP AGREEMENT

禁售協議

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 The Grantee, if requested by the Company or the lead underwriter (the "Lead Underwriter") or financial advisor (the "FA") of any public listing, hereby irrevocably agrees not to sell, agree to sell, grant any option to purchase, transfer the economic risk of ownership, short sell, pledge, or otherwise transfer or dispose of any Shares, or any securities convertible into or exchangeable for, or any other rights to acquire such Shares (except for any Shares acquired on the public market after the listing), for a period of one hundred and eighty (180) days following the effective date of the registration statement filed by the Company under the Securities Act of 1933, as amended, or for such shorter or longer period as may be explicitly required by the Company or the Lead Underwriter or the FA. The Grantee further agrees to execute any documents as may be requested by the Company, the Lead Underwriter, or the FA to give effect to the foregoing and acknowledges that the Company may place stop-transfer instructions on the Shares subject to such lock-up restrictions until the end of the applicable period. The Company and the Grantee acknowledge that during the listing process and the lock-up period, each Lead Underwriter or FA of such listing shall be an intended third-party beneficiary of this Section.

被授權人如經公司、首次公開上市的主承銷商（以下簡稱「主承銷商」）或財務顧問要求，特此不可撤銷地同意，自公司根據經修訂之 1933 年美國證券法所提交的註冊聲明生效之日起一百八十（180）日內，或由公司、主承銷商或財務顧問明確要求的較短或較長期間內，不得出售、同意出售、授予購買選擇權、轉讓經濟利益、進行放空、設定質押，或以其他方式轉讓或處置任何股份，或任何可轉換或可交換為股份之證券，或任何其他取得該等股份之權利（上市後於公開市場取得之股份除外）。被授權人亦同意依公司、主承銷商或財務顧問之要求簽署任何必要文件，以使前述條款生效，並確認公司可對受前述鎖定限制之股份設置停止轉讓指示，直至適用期間屆滿。公司與被授權人並確認，在上市過程及鎖定期間內，各主承銷商或財務顧問均為本條款之潛在第三方受益人。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 During the period from identification of the Lead Underwriter or Financial Advisor (the "Lead Underwriter or FA") in connection with any public listing of the Shares until the earlier of (i) the expiration of the lock-up period specified in paragraph (a) in connection with such listing or (ii) the abandonment of such listing by the Company and the Lead Underwriter or FA, the provisions of this Section may not be amended or waived except with the consent of the Company.

自確定與股份任何公開上市相關之主承銷商或財務顧問（以下合稱「主承銷商或財務顧問」）起，至以下較早時點之期間： (i) 與本條款第 18.1 款所述上市鎖定期屆滿，或 (ii) 公司及主承銷商或財務顧問放棄該上市，未經本公司同意，本條款規定不得修改或放棄。

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19. ENTIRE AGREEMENT; GOVERNING LAW

完整協議；適用法律

The Notice, the Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee's interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Award Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Award Agreement are to be construed in accordance with and governed by the laws of the Cayman Islands without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the laws of the Cayman Islands to the rights and duties of the parties. Should any provision of the Notice, the Plan or this Award Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.

通知、計畫及本獎勵協議構成了當事人之間就該等事項的全部協議且完全取代被授權人與本公司就該等事項在以往達成的所有承諾和協議。未經被授權人與本公司簽署書面協議，不得對上述全部協議作出對被授權人不利的變更。通知、計畫及本獎勵協議（除非本獎勵協議中另有明確規定）都無意圖賦予任何當事人以外的人任何權利或補償。通知、計畫及本獎勵協議應按照開曼群島法解釋並受其管轄，對於其中可能導致適用於各方權利及責任的法律為開曼群島外的其他管轄地法律的衝突法條款，應排除其效力。若通知、計畫或本獎勵協議中的任何條款被認為是非法或不可執行的，該條款應在法律允許的最大程度上得到執行，且其他條款仍然有效和可以執行。本獎勵協議

20. CONSTRUCTION

釋義

The captions used in the Notice and this Award Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

通知及本獎勵協議中使用的大寫字體是為方便之用，不得被視為獎勵的一個部分來解釋或理解。除非特別說明單數包括複數而複數也包括單數。除非有特別說明，對於 "或者"的使用，不等於排除其他。

21. ADMINISTRATION AND INTERPRETATION

管理和解釋

The Grantee hereby acknowledges that any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Award Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons.

被授權人特此同意，通知、計畫或本獎勵協議引發有關管理或解釋的任何問題或爭端應當由被授權人或本公司提交給管理者。管理者對該問題或爭端的解決對所有人都將是有約束力並將是終局的。

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22. VENUE AND WAIVER OF JURY TRIAL

管轄地和放棄陪審團審判

Any dispute, controversy, difference or claim arising out of or relating to this Award Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding noncontractual obligations arising out of or relating to it shall be brought in Taiwan and the parties agree to submit to the exclusive jurisdiction of Taiwan Taipei District Court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court in Taiwan. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.

凡因本獎勵協議所引起的或與之相關的任何爭議、糾紛、分歧或索賠，包括契約的存在、效力、解釋、履行、違反或終止，或因本獎勵協議引起的或與之相關的任何非契約性爭議，均應於台灣提出，且雙方同意由 台灣台北地方法院專屬管轄。各方不可撤銷的放棄法律許可範圍內的所有可能反對在 台灣作為審判地的反對權。各方也明確放棄任何可能享有陪審團審判的權利。如果任何本條的條款被認為無效或不可執行，當事人特意明確將儘量使其於最小範圍內修改以致其有效並可被執行。

23. NOTICES

通知

Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the Taiwan/United States mail by certified mail (if the parties are within the Taiwan/United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.

任何被要求或被准許的通知均應書面送達個人始得有效，通知應由國際認可的郵遞服務或由台灣 /美國境內的被認證的郵遞服務（若當事人在台灣 /美國境內），並且支付了郵費，寫明對方在文件中標明的地址，或一方以書面方式不定時地向另一方指定的其他地址。

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24. LANGUAGE

語言

This Award Agreement is written in English and Chinese, and any Chinese translation is for convenience purposes only. In the event of any discrepancy between the English portion of this Award Agreement and any Chinese translation, the English portion shall govern.

本獎勵協議以英文和中文制定，中文部分僅為方便參考。如協議英文部分與任何中文部分之間有任何衝突，應以協議英文部分為准。

[Signature page follows]

[以下為簽字頁]

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| | |
|:---|:---|
| The Company: OBOOK Holdings Inc. | GRANTEE |
| 公司：OBOOK Holdings Inc. | 被授權人： |
| Authorized Representative: |  |
| 授權代表： |  |
| Name | Name |
| 簽字 | 簽字 |
| Date: | Date: |
| 簽署日期： 年 月 日 | 簽署日期： 年 月 日 |

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**<u>EXHIBIT A</u>**

**<u>附件 A</u>**

**OBOOK HOLDINGS INC.** 

**2021 SHARE INCENTIVE PLAN** 

**2021 年股權激勵計畫** 

**<u>INVESTMENT REPRESENTATION STATEMENT</u>**

**<u>投資聲明書</u>**

GRANTEE/被授權人:

COMPANY/公司: OBOOK HOLDINGS INC.

SECURITY/證券: CLASS A COMMON SHARES/A級普通股

AMOUNT/數量:

DATE/日期:<u> </u>

In connection with the purchase of the above-listed Securities, the undersigned Grantee represents to the Company the following:

就上述證券的購買，於文末署名的被授權人向公司聲明如下：

(a) Grantee is aware of the Company's business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Grantee is acquiring these Securities for investment for Grantee's own account only and not with a view to, or for resale in connection
with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "Securities Act").

被授權人知曉公司的業務情況和財務狀況並已獲得充分的公司資訊以使自己在作出購買證券的決定時處於充分知情的狀態。被授權人購買證券僅為個人投資之目的，無意進行經修訂的 1933 年證券法（"證券法"）定義的"分銷"或與之相關的再出售。

(b) Grantee acknowledges and understands that the Securities constitute "restricted securities" under
the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other things, the bona fide nature of Grantee's investment intent as expressed herein.
Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Grantee further acknowledges and understands that the
Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel satisfactory to the Company.

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被授權人知曉並理解證券構成證券法下的 "限制性證券"且證券未根據證券法進行登記以獲得證券法的特定豁免，選擇權被授權人在此善意 的投資意圖是該特定豁免成立的條件之一。選擇權被授權人進一步理解該證券必須被無限期持有，除非其根據證券法進行登記或得到登記的豁免。選擇權被授權人進一步確認並理解公司沒有義務登記證券。選擇權被授權人理解，除非證券進行登記或公司認可的律師認為無須進行登記，證明證券的證書將被標記上禁止轉讓證券的標語。

(c) Grantee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act,
which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of
certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Grantee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject
to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the
Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through a broker in an unsolicited "broker's transaction" or
in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of
Securities being sold during any three (3)-month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable.

被授權人熟知 701 規則和 144 規則，在證券法下頒佈的該等規則實質上允許滿足一定條件時在不公開發行的條件下有限地公開再出售從發行者處直接或間接取得的 "限制性證券"。 701 規則規定：若發行者在授予被授權人選擇權時符合 701 規則的條件，選擇權的行使將在證券法下獲得登記豁免。在公司受限於 1934年證券交易法第 13 條或第 15 (d)條的報告要求時，若滿足包括如下內容的 144 規則規定的一定條件，則根據 701 規則獲得豁免的證券可在九十（90）天后（或任何市場避讓協議可能要求的更長期限後）再出售： (1)再出售應通過經紀人以主動提供的 "經紀人交易"方式或直接與做市商（據 1934 年證券交易法定義）進行交易的方式進行；且在關聯方的情況下，(2)關於公司的某些公開資訊之可獲得性； (3)在任何三（3）個月內出售的證券的數量不應超過 144(e) 規則規定的限度，以及(4)及時遞交 144 表（如有適用）。

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one (1) year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two (2) years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

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若公司在授予選擇權時不符合 701 規則的規定，則證券可根據 144 規則在特定情況下被再出售，該等規則要求出售應發生在公司出售證券之日或公司關聯方（依 144 規則之定義）出售證券之日（以較晚者為准）的一（1 ）年之後；且在關聯公司獲得證券或非關聯公司獲得證券但在其後持有證券少於兩（ 2）年的情況下，還應如滿足上述(1)、(2)、 (3)和(4)項的條件。

(d) Grantee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not
satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and
Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be given that any
such other registration exemption will be available in such event.

被授權人進一步理解若 701 規則或 144 規則的所有適用要求未能全部滿足，則應符合根據證券法的規範 A 進行登記或某些其他登記豁免的要求。而且，雖然事實上 144 規則和 701 規則未排除其他情況，但證券交易委員會的成員已發表意見：擬不以登記的發行或根據 144 規則或 701 規則規定的方式出售私募證券者負有實質的舉證責任以證明該發行或出售適用某種登記豁免，而且其以及參與該交易的其經紀人將自行承擔其行為的風險。被授權人理解就此種情形下可適用某種其他登記豁免並無任何保證。

(e) Grantee represents that Grantee is a resident of the state of ____________________.

被授權人聲明被授權人是 ____________________的居民。

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| |
|:---|
| Signature of Grantee/被授權人 |
| Date/日期: |

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## Exhibit 10.3

**Exhibit 10.3** 

**CxO SERVICE AGREEMENT** 

This CxO SERVICE AGREEMENT (the "**Agreement**") is made with retroactive effective as of _____ (the "**Effective Date**"), by and between **OBOOK HOLDINGS INC.**, a company registered in the Cayman Islands (the "**Company**") and **xxx, xxx-xxx** (the "**Officer**"), an individual whose ID number issued by the Republic of Taiwan being A_________.

The parties hereby agree as follows:

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| | |
|:---|:---|
| **1** | **Duties and Scope of Services**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Position</u>. The Officer's position is the Chief **_____** Officer of the Company, and the Officer
should report to the CEO and the Board of Directors of the Company (the "**Board** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Scope of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 The officer is responsible for build and manage a **_____** team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 The officer shall review code and design architecture and ensure that **_____** team deliver quality
products on time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 The officer shall able to use the updated technologies and spirit of taking up challenges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Officer shall (i) devote his entire business time, attention and efforts to the business and affairs
of the Company as is reasonably necessary to discharge the services contemplated hereby, and to advance the interests of the Company, (ii) comply with all written policies of the Company applicable to the Officer, which may be adopted and
amended from time to time, after the Effective Date, and (iii) exercise due care and discharge the services contemplated hereby faithfully and diligently and to the best of his ability. The Officer further agrees that he will not accept any
other employment, mandate, directorship, supervisorship or directly or indirectly engage in any other type of activity that could be construed as employment or business enterprise during the Term by the Company unless otherwise stipulated in this
Agreement or by prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The Officer shall render his services to the Company on a full-time basis, and on such other times as needed by
the Company, in order to carry out the Officer's duties as set forth in Section 1.2 and Section 1.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 If the Officer is designated to serve as a director or supervisor of the Company or its Affiliates, the Officer
shall serve in such a capacity without additional compensation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Term.</u> The term of this Agreement (the "**Term**") commences on or before the Effective Date
and continues until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1 The mutual agreement of the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.2 The Officer's death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.3 Termination by either party in accordance with Section 3.

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| | |
|:---|:---|
| **2** | **Compensation and other benefits**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Base Salary</u>. During the Term, the Company will pay Officer as compensation for his services an annual
salary of NT**$_____** (the "**Annual Salary**") and such Annual Salary may be increased on an annual basis in connection with the Company's normal compensation review process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Compensation Practices</u>. The Officer may be paid an annual bonus at the discretion of the CEO (the
" **Bonus** "). All compensation for the Officer will be paid periodically in accordance with the Company's normal payroll practices and will be subject to the usual, required withholding. The Company reserves the right to cancel or
change any Bonus plan or Bonus scheme it offers to its officer(s) at any time, and the parties agree that the Company will not be held liable for such cancellation or change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Insurance and Pension</u>. During the Term, the Officer will be eligible for insurance benefits and pension
that are standard or customary for his position and such optional insurance benefits and pension will be managed in accordance with the applicable laws in the Republic of China, subject to the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Reimbursement for Expenses</u>. The Company shall promptly pay directly or reimburse the Officer for all
reasonable out-of-pocket business expenses incurred by the Officer in connection with his performance of services hereunder; provided that all such expenses are properly
documented in accordance with policies adopted from time to time by the Company.

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| | |
|:---|:---|
| **3** | **Termination**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Termination by the Company for Cause; termination by the Officer for other than Good Reason</u>. If the
Company terminates this Agreement for Cause, or the Officer terminates this Agreement for other than Good Reason,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the Company shall pay the Officer (i) the Annual Salary and Bonus earned but unpaid through the
termination date, and (ii) all accrued expense reimbursements through the termination date in accordance with established Company plans and policies, less standard withholdings for tax and social security purposes. If this Agreement is
terminated under this Section 3.1, the Company shall have no obligation to make any other payment, including severance or other compensation, of any kind, except to the extent as may be required by law. All insurances, pensions and benefits
provided by the Company under this Agreement or otherwise shall cease as of the termination date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 upon the termination of this Agreement under this Section 3.1, the Officer shall, immediately and without
any undue delay, (i) return all tangible and intangible properties of the Company and all documents and other tangible materials containing or representing the Confidential Information, and (ii) cease accessing or using the properties and
resources of the Company, including, without limitation, offices, emails, other user accounts provided by third party service providers, devices, access cards and keys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Termination without Cause or for Good Reason</u>. If the Company terminates this Agreement without Cause, or
the Officer terminates this Agreement for Good Reason,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 the Company shall pay the Officer (i) the Annual Salary and Bonus earned but unpaid through the
termination date, and (ii) all accrued expense reimbursements through the termination date in accordance with established Company plans and policies, less standard withholdings for tax and social security purposes. If this Agreement is
terminated under this Section 3.2, the Company shall have no obligation to make any other payment, including severance or other compensation, of any kind, except to the extent as may be required by law. All insurances, pensions and benefits
provided by the Company under this Agreement or otherwise shall cease as of the termination date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 since the Officer is retained by the Company under a mandate agreement, he shall have no right to severance
payment under the Labor Standards Law of Taiwan; provided that the Company may at its sole discretion provide the same severance payment as would have been payable to an employee of the Company in Taiwan if the Company voluntarily decides to offer
the same treatment under the Labor Standards Law to the Officer for the sole purpose of severance payment only; and provided further that if such severance payment is made by the Company, the Officer hereby agrees that such payment shall be deemed
as settlement in entirety of all outstanding liabilities of the Company owed to such Officer, if any, in the event of a termination of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 upon the termination of this Agreement under this Section 3.2, the Officer shall, immediately and without
any undue delay, (i) return all tangible and intangible properties of the Company and all documents and other tangible materials containing or representing the Confidential Information, and (ii) cease accessing or using the properties and
resources of the Company, including, without limitation, offices, emails, other user accounts provided by third party service providers, devices, access cards and keys.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Death</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 If the Officer dies during the Term, the Company shall pay to the Officer's estate, legatees or heirs
(i) the Annual Salary and Bonus earned but unpaid through the date of the Officer's death, and (ii) all accrued expense reimbursements through the date of the Officer's death in accordance with established Company plans and
policies, less standard withholdings for tax and social security purposes. In the event of the Officer's death, the Company shall have no obligation to make any other payment, including severance or other compensation, of any kind, except to
the extent as may be required by law. All insurances, pensions and benefits provided by the Company under this Agreement or otherwise shall cease as of the date of the Officer's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Disability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 The Company may terminate this Agreement if the Officer suffers a Disability. If this Agreement is terminated
under this Section 3.4, the Company shall pay the Officer (i) the Annual Salary and Bonus earned but unpaid through the termination date, and (ii) all accrued expense reimbursements through the termination date in accordance with
established Company plans and policies, less standard withholdings for tax and social security purposes. If this Agreement is terminated under this Section 3.4, the Company shall have no obligation to make any other payment, including severance
or other compensation, of any kind, except to the extent as may be required by law. All insurances, pensions and benefits provided by the Company under this Agreement or otherwise shall cease as of the termination date.

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| | |
|:---|:---|
| **4** | **Non-Competition and other Obligations**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Non-Competition during the Term</u>. The Officer agrees that during
the Term, the Officer shall not, directly or indirectly, contact, solicit, provide service to, engage in or work in part-time manner of or participate in the same or similar business, projects or activities and shall not be employed by or associated
with or invested in any Person (such as the company or personal or institutional organization) who is or was a client of the Company, or who is in competition with or may form or raise competition against the Company or its Affiliates. The Officer
also agrees not to engage in profit-making activities by making use of the Company's equipment and facilities, or doing the same during working hours.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 After the termination of this Agreement, the Officer shall not, directly or indirectly, contact, solicit,
provide service to, engage in or work in part-time manner of or participate in the same or similar business, to any Person (such as the company or personal or institutional organization) who is or was a client of the Company, or solicit any
supplier, employee(s) or officer(s) of the Company. The Officer agrees that the Company has its sole discretion to include this non-competition provision in the work certificate that will be given to the
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Officer further represents and warrants that there is no non-competition covenant or restriction entered into by the Officer with his previous employer preventing him from joining the Company and from carrying out fully his duties in the position provided in this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Officer agrees that he shall not disparage the Company, its Affiliates or any of the officers, directors or
employees of the Company or its Affiliates. For the purpose of this Section 4.4, "disparage" shall mean any negative comment or statement, whether written or oral or made via electronic means, about the Company, its Affiliates, any of
the officers, directors or employees of the Company or its Affiliates, or any product, service, supplier or service provider of the Company or any of its Affiliates. The Officer agrees that he shall pay liquidated damages equivalent to the total of
200% of Annual Salary that he has received from the Company if the Officer violates this Section 4.4; provided that the Company may require the Officer to pay actual damages if the Company can demonstrate that actual damages exceed the
aforementioned liquidated damages. This Section 4.4 shall survive the termination of this Agreement.

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| | |
|:---|:---|
| **5** | **Confidentiality**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>The definition of Confidential Information</u>. The term Confidential Information in this Agreement means
any or all the following materials provided or disclosed, collected, summarized, integrated, studied, developed or obtained by the Company, or its Affiliates, or being disclosed under the authorization of the third party, which should be
continuously kept confidential according to the law or to this Agreement or by the intention of Company or disclosing party ()"**Confidential Information** "). The aforesaid Confidential Information shall not be limited to the interest on
the commercial side, and can be produced in any form including in writing or oral notices, various information medium, and every know-how not carried in a concrete medium, the scope of which above shall
include but is not limited to: (1) all information related to the Contract, Protocol, Case Report Form (CRF), Final Report, the Company's Standard Operating Procedure (SOP), internal control system, operating plan, processes of the
Company, client, potential client; (2) all financial statement, business, records and projections, or information in connection with the procurement plan, marketing plan and method, cost calculation; (3) all the information of or in
connection with new product R&D plan, manufacturing method, product, design drawings, operational process, professional skills, databank, computer programs; (4) all the client's information, contracts between suppliers and clients,
personnel and salary information, financial information, the undisclosed invention or creation, the invention or creation not conforming to the patent conditions, the confidential information disclosed by the third party, and/or any information
being learned by the Company or its Affiliates resulting from the contract and from the law; and (5) other information for which, the wording of secret or confidential or some similar document has been indicated, expressed or stated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Officer shall be obliged to keep secret for Confidential Information referred in this Agreement, and shall
do his best efforts to strictly keep and perform the secret of such Confidential Information. Except for the information that the Officer obtains according to the specified procedure due to the work execution or under the authorization of the
Company, the Officer shall not be allowed to detect, employ, misuse or in improper method to investigate, obtain or use Confidential Information referred in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Regarding Confidential Information being learned, held or received by the Officer from the work or outside the
work, without the express written consent of the Company in advance, the Officer shall not either arbitrarily make photocopies, send e-mail, duplicate disks or other magnetic document, take photos, record the
sound or image, or record by any tangible objects or by any other method, or hold the said Confidential Information. If the Officer needs to conduct the aforesaid photocopy, duplication or any other form of filing, then the Officer shall take the
initiative in informing the Company and shall destroy the spare copies upon separation according to the Company's instructions or return to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Officer shall not divulge Confidential Information, by oral method or e-mail, or deliver document, disk or other magnetic record, sound tape, VCR tape or any other direct or indirect method, to the Persons who have no right to touch or access to such Confidential Information in
so far as the work is concerned and such Persons shall include but are not limited to other employees of the Company, collaborators, competitors or potential competitors, clients or potential clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Regarding Confidential Information held, preserved or used by the Officer during the work execution that should
be authorized by the Company or the legal disclosure to the third party (e.g. disclosed to the Company directly by the Company's client) for which the Company is obligated to protect the secrecy keeping, the Officer shall not reauthorize
Confidential Information, which are held, preserved or used or possessed by the Officer, to the third party disagreed by the Company for use or for any form of application.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Except for works related to the business, the Officer shall not engage in illegal or personal activities by
making use of the Company's network and computer resources, and shall be prohibited from installing any software program without the Company's consent. When making use of computers and network resources owned by the Company, the Officer
shall act in compliance with the Company's policy. The Officer agrees that the Company may, from time to time, check the Officer's uses of the Company's network and computer resources, and may prepare a backup of the computer data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Confidential Information hereunder that is held, kept or possessed or received by the Officer due to the work
as being agreed by the Company, whatever the pattern it may be, shall be deemed to and remain the properties of the Company. Upon the termination of this Agreement, the Officer shall complete the separation procedure according to the Company's
request and shall promptly return to the Company all documents and other tangible materials containing or representing Confidential Information that has been disclosed by the Company, including without limitation originals, copies, disks, other
magnetic records, the original version, photocopies, duplications, the excerpts or records produced by the Officer, or held, learned or kept or possessed by the Officer by whatever means. In the meantime, the Officer shall provide a written
statement declaring that the Officer has returned all the aforesaid information, which is no longer possessed by the Officer. In the event where any Confidential Information is omitted and therefore not returned, the Officer shall return it within
two days after such omission is found.

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| | |
|:---|:---|
| **6** | **Personal Data Protection**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Officer understands and agrees that, for the purposes of: (i) the processing of the job application;
(ii) human resources management purposes such as payroll and compensation administration and processing, benefits and insurance administration and management, and performance evaluation; (iii) provision of references in relation to his
engagement to future employer(s); (iv) intra-group communications; (v) monitoring compliance with the Company's policies or applicable laws, and reporting any non-compliance to the relevant parties;
(vi) acting in response to or in compliance with any legitimate request from any government departments or other regulatory authorities; and (viii) other purposes directly relating to any of the above, it is necessary for the Company and
its Affiliates to collect, process and use (including but not limited to disclosure to relevant service providers and other third parties which may be located in Taiwan or other countries) the Officer's personal information related to his
identification, family, employment, and other categories of information relevant to the fulfillment of the foregoing purposes, during the recruitment process and the Term, until the latest of: (x) the termination of the Officer's
engagement with the Company, (y) the elimination of all the purposes set out above, or (z) the expiration of any mandatory data retention periods where applicable. The Officer acknowledges and agrees that he will provide the Company with
all relevant assistance and cooperation that the Company may require to meet the above needs, including (but not limited to) signing any consent and relevant documents. The Company will retain the Officer's personal information in accordance
with the requirements under the applicable laws of the Republic of China and implement appropriate security measures to safeguard and prevent his personal information from unauthorized disclosure and access.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 As provided under the Personal Data Protection Law, the Officer has the right to access, review, obtain a copy
of, request to stop further collection, processing, or use of, delete, supplement or correct, the Officer's personal information held by the Company by submitting a written request to the Human Resources Department Head. If the Company is
unable to do the aforesaid collection, processing or use, it may not be able to proceed with the relevant personnel administrative works, including but not limited to payment of Annual Salary and Bonus, provision of insurance and other benefits,
etc. If it is necessary for the Officer to provide to the Company any personal information about any Person other than himself, the Officer shall, upon the request of the Company, inform such Person of the matters contained in this Section 6,
and provide any necessary assistances to obtain for the Company written consent from such Person.

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| | |
|:---|:---|
| **7** | **No Waiver**  |

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The failure of the parties in any instance to exercise any of their rights under this Agreement shall not constitute a waiver of any other rights that may subsequently arise under this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition.

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| | |
|:---|:---|
| **8** | **Entire Agreement and Modification**  |

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This Agreement supersedes and terminates all prior agreements between the parties relating to the subject matter herein addressed and constitutes the entire and complete understanding of the parties in relation to the employment. Any modification or amendment to this Agreement will not be valid unless made in writing and signed by both the Company and the Officer.

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| | |
|:---|:---|
| **9** | **Notice**  |

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Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon the earliest of personal delivery, receipt or the third full day following deposit in the Post Office with postage and fees prepaid, addressed to the other party hereto at the address last known or at such other address as such party may designate by ten (10) days' advance written notice to the other party hereto.

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| | |
|:---|:---|
| **10** | **Government Law and Jurisdiction**  |

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The terms of this Agreement and the resolution of any dispute as to the meaning, effect, performance or validity of this Agreement or arising out of, related to, or in any way connected with, this Agreement, the Officer's engagement with the Company or any other relationship between the Company and the Officer (a "**Dispute**") will be governed by the laws of the Republic of China, without giving effect to the principles of conflict of laws. To the extent not subject to arbitration as described below, the Company and the Officer consents to the exclusive jurisdiction of, and venue in, the Taipei District Court in Taipei, Republic of China.

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| | |
|:---|:---|
| **11** | **Severability**  |

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If any of the terms of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction, such term or terms shall be deemed null and void and shall be considered deleted from this Agreement. All the remaining terms shall remain in full force and effect.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first indicated above.

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| | |
|:---|:---|
| **Company** | **The Officer** |
| By:_____________________________<br> Name: Wang, Chun-Kai<br> Title: CEO<br> Date:<br> Address: 3F., No. 213, Sec. 3, Beixin Rd., Xindian<br> Dist., New Taipei City, Taiwan<br> Email: darren@owlting.com | By:_____________________________<br> Name:<br> Title:<br> Date:<br> Address:<br> Email: |

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**SCHEDULE I: DEFINITIONS** 

Capitalized terms not otherwise defined in this Agreement shall have the meanings ascribed to such terms as follows:

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly Controls or is Controlled by, or under direct or indirect common Control with, such entity.

"**Cause**" is defined as (i) dishonesty, fraud, misrepresentation, embezzlement or other act of dishonesty with respect to the Company or any Affiliates, (ii) any crime in connection with the foregoing, (iii) failure to perform the Officer's duties (other than a failure resulting from the Officer's complete or partial incapacity due to physical or mental illness or impairment) after written notice thereof and a reasonable opportunity to remedy such failure, or (iv) breach of any employment, service, confidentiality or non-compete agreement of the Company or any subsidiary after written notice thereof and a reasonable opportunity to remedy such failure.

"**Control**" (including the terms "Controlling," "Controlled by" and "under common Control with") of a Person means (i) the direct or indirect ownership of more than 50% of the total voting securities or other evidences of ownership interest of such Person; or (ii) the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

"**Disability**" means that the Officer is unable, as determined in good faith by the Board, to engage in any substantial gainful activity or perform the essential functions of the Officer's position by reason of any medically determinable physical or mental impairment.

"**Good Reason**" means the Officer's resignation sixty (60) days following any action by the Company (or its successors or acquirers) that, without the Officer's consent, (i) materially reduces the Officer's duties, or (ii) reduces the Officer's Annual Salary or eligibility to participate in bonus, incentive or other benefit plans or otherwise materially and adversely affects the Officer's working conditions, in each case in a manner that disproportionately adversely affects the Officer as compared to other comparable officers; provided, however, that a change by a surviving or acquiring entity that results in compensation, title and duties with respect to the acquired or surviving entity or a division or unit thereof created out of the Company or its assets (whether it becomes a subsidiary, unit or division) that is comparable to the Officer's then current position will not constitute Good Reason.

"**Person**" means a natural person, partnership (whether general or limited), limited liability company, trust, estate, association, corporation, custodian, nominee or any other individual or entity in its own or any representative capacity.

## Exhibit 10.4

**Exhibit 10.4** 

**Stock Purchase Agreement** 

PayNow Inc., a company organized under the laws of the Republic of China (R.O.C.), is located at 5th Floor, No. 59, Songjiang Road, Zhongshan District, Taipei City, Taiwan, R.O.C. This Stock Purchase Agreement (this "**Agreement**") is entered into between the parties hereto with respect to the sale and purchase of the shares of PayNow Inc.. This Agreement is entered into as of December 1, 111, R.O.C. (the "**Effective Date**"), by and between the following parties in connection with the purchase and sale of the shares of PayNow Inc..

OWLPAY HOLDINGS PTE. LTD (hereinafter referred to as the "**Party A**"), a company organized under the laws of Singapore with tax identification number 202020639H having its location at 362 Upper Paya Lebar Road #03-08 Da Jin Factory Building Singapore (534963);

Chen Hsien-hsiang ("**Party B**"), a natural person of the Republic of China ("ROC"), with ID No. [\*\*\*], resides at [\*\*\*].

Chen Shih-Chun (hereinafter referred to as "**Party C**"), a natural person of R.O.C. nationality, with ID No. [\*\*\*], resides at [\*\*\*].

**Article1 Sale and Transfer of Shares; Prerequisites for Settlement** 

**1.1 Party A** intends to acquire a total of 847,000 shares of PayNow Inc. (the "**Subject Shares**") held by **Party C**, totaling 847,000 shares, at a transaction price of NT$22.8 per share, for a total consideration of NT$19,311,000. (hereinafter referred to as the "**Purchase Price**"). **Party A** will, in connection with the purchase of the Subject Shares, fulfill all necessary legal procedures and obtain all necessary qualifications, licenses, approvals, permits, etc. (hereinafter collectively referred to as the "**Approvals**", including but not limited to the investment approval of the Ministry of Economic Affairs' Investment Review Committee), and to immediately notify **Party B** and **Party C** of the progress and result of the application for the **Approvals** and all relevant information.

**1.2** The three parties acknowledge and agree that **Party A** shall remit the full amount of the **Purchase Price**, deducting the securities transaction tax (if applicable), to the bank specified in Attachment I within ten (10) days after **Approval** by the Ministry of Economic Affairs' Investment Review Committee and completion of capital verification.

**1.3 Party A** agrees that **Party C** may notify **Party A** to adjust (including increase or decrease) the total number of Subject Shares within three (3) days after **Party C** has been notified of the **Approval** of the Ministry of Economic Affairs' Investment Review Committee for **Party A** to acquire the Subject Shares. However, the scope of adjustment shall not exceed 10,000 shares. If **Party C** adjusts the total number of Subject Shares in accordance with this Article 1.3, the adjusted total number of Subject Shares shall be the total number of Shares to be delivered, and the total amount of payment shall be adjusted upward or downward at the same price per Share, and the adjusted amount shall be the full amount of payment of the Shares for which **Party A** is liable to pay. **Party B** and **Party C** shall provide the necessary assistance and bear the additional costs incurred if **Party A** needs to obtain **Approval** from the competent authorities separately due to the adjustment of the total number of Subject Shares. If, due to any circumstances, the number of Subject Shares acquired by **Party A** does not reach half of the total number of shares of PayNow Inc., **Party A** may dissolve or terminate this Agreement in accordance with Article 4.2.ii hereof, and both parties shall bear the obligation to reinstate the status quo ante.

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**1.4** Within three (3) days following **Party A**'s payment of the full **Purchase Price** as set forth in Clause 1.2, **Party C** shall register the Target Shares it sells as the property of **Party A** and complete the relevant registration procedures (hereinafter referred to as "**Closing**").

**1.5** During the **Closing** process, the three parties shall cooperate based on PayNow Inc.'s regulations governing **Closing** and registration procedures (including but not limited to the process with the Ministry of Economic Affairs' Investment Review Committee). If one party is required to assist in the procedure, that party may not refuse without a valid reason.

**1.6** The completion of the **Closing** shall be subject to the fulfillment (or a mutually agreed waiver) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The representations and warranties set forth in Article 2 of this Agreement remain true and have not been
breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Party A** has obtained all necessary approvals for the acquisition of the Target Shares and has paid the
full **Purchase Price** as stipulated in Clause 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All parties have duly fulfilled all commitment obligations to be performed prior to the **Closing** date;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Party B** and **Party C** have executed a "Mandate Agreement" with **Party A** and have
agreed to be bound by its terms.

**Article 2 Representations and Warranties** 

2.1 **Party A** is a company legally established and registered under Singapore's Company Law, and has obtained all necessary licenses, approvals, permits, and other certifications to engage in its business, with independent corporate status. **Party B** and **Party C** possess full and independent legal capacity and authority to execute and perform this Agreement, and each may independently act as a party in any litigation.

2.2 The financial information, business status, tax relationships, potential litigation, and other documents and materials related to PayNow Inc. that **Party B** and **Party C** have provided to **Party A** prior to the execution of this Agreement are accurate as of the date of submission, without any omission or concealment of material facts that could materially affect the operations of PayNow Inc. post-share acquisition. From the legal due diligence cutoff date (October 11, 2022) and the financial due diligence cutoff date (November 30, 2022) until the date of full completion of the **Closing**, there has been no material adverse change in PayNow Inc.'s financial condition, business operations, tax relationships, or pending litigation.

2.3 Each party has the full right and authorization to sign and perform this Agreement and has obtained the necessary resolutions from their respective shareholders' meetings and/or board of directors (if applicable).

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2.4 This Agreement has been duly executed and delivered by each Party and constitutes a legally valid and binding obligation enforceable against all Parties in accordance with its terms.

2.5 The signing and performance of this Agreement do not violate any existing laws, rulings, orders, or decisions from courts or relevant authorities, nor do they breach PayNow Inc.'s articles of association or any contract, agreement, declaration, warranty, guarantee, commitment, or other obligations binding upon **Party A**, **Party B**, or **Party C**.

2.6 **Party B** and **Party C** specifically represent and warrant that, except as otherwise provided in this Agreement, the following matters are true as of the date of the completion of the **Closing**. In case of any violation or resulting loss or damage, **Party B** and **Party C** shall be jointly liable for compensation:

2.6.1 Financial and Assets

(1) Except for matters disclosed in the financial statements or already disclosed to **Party A** in writing, PayNow Inc. has no anticipated or existing liabilities or obligations, and from the financial due diligence cutoff date (November 30, 2022) to the date of the completion of the **Closing**, PayNow Inc. has not incurred any liabilities or obligations inconsistent with its operational practices or any other significant liabilities or obligations.

(2) The difference between the amounts collected by PayNow Inc. and the amounts in its trust accounts, including the total amount of the difference and possible reasons, is detailed in the attached accountant's audit report. PayNow Inc. will not incur any losses or damages due to such differences; otherwise, **Party B** and **Party C** shall compensate for the total difference.

(3) There are no outstanding liabilities between PayNow Inc. and any shareholder, manager, or director.

(4) PayNow Inc. operates with the intent to continue its business and is operating in accordance with past general practices, with no significant adverse changes or abnormal expenditures or costs.

(5) All receivables of PayNow Inc. are genuine, valid, and collectible, with no encumbrances, and it is reasonably assessed by PayNow Inc. that the full amounts will be collected and paid in full.

(6) PayNow Inc. has created and maintained records and books that accurately reflect its assets, revenues, expenditures, and liabilities, which have been provided to **Party A** for review.

(7) PayNow Inc. has the right to use all assets listed on the balance sheet of its financial statements necessary for its operations, and no encumbrances have been placed on these assets, except as disclosed in the financial statements.

2.6.2 Contracts

(1) PayNow Inc. has legally and timely performed its obligations under its significant contracts.

(2) PayNow Inc. has no contractual non-performance, breach of contract, or any agreements that violate its normal operational contracts.

(3) The signing of this Agreement will not result in the breach, amendment, or termination of any significant contracts of PayNow Inc.

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(4) PayNow Inc. has not received any notice regarding the termination of any significant contracts.

(5) PayNow Inc.'s outstanding payment amounts have not been illegally misappropriated by **Party B** and **Party C**.

(6) PayNow Inc. has not provided any guarantees or other forms of security for any third-party debts.

(7) Except for matters disclosed in the financial statements or disclosed in writing to **Party A**, PayNow Inc. has no other financing agreements. Any loan agreements involving disbursements from PayNow Inc. have normal repayment terms, and no bank has executed or considered executing any collateral enforcement.

2.6.3 Intellectual Property

(1) "Intellectual Property" refers to any and all currently effective or potentially effective intellectual and industrial property rights, or any rights related to inventions, utility models, design patents, trademarks, copyrights, business or commercial names, know-how, trade secrets, domain names, and other proprietary rights or other forms of intellectual property, whether registered or registrable, including applications for registration of such rights and the rights (and extensions) associated with them, as well as any claims, remedies, and rights arising from past infringements, including but not limited to patents, copyrights, trademarks, service marks, etc.

(2) All trademarks, patents, and other intellectual property owned by PayNow Inc. have been disclosed to **Party A** in writing, and these intellectual properties are used in PayNow Inc.'s current operations; PayNow Inc. holds legal ownership of these intellectual properties, free from any payment obligations or other encumbrances, and enjoys full and unrestricted benefits.

(3) PayNow Inc.'s products, operations, or business, or its intellectual properties, do not infringe on any third-party intellectual property rights, nor has it received any claims from third parties regarding intellectual property ownership, investigations from relevant authorities,or any known infringements of intellectual property rights by third parties that have not been disclosed.

(4) PayNow Inc. has not violated any confidentiality obligations and is not involved or likely to be involved in any legal actions, litigations, procedures, prosecutions, or claims, nor is it subject to any ongoing or potential administrative litigation or proceedings.

(5) Neither any employee nor any third party can claim joint ownership of PayNow Inc.'s intellectual property.

(6) PayNow Inc.'s registered trademark "PayNow Design com.tw" (Classes 35, 36, 42) and the trademark "PayNow Inc." (Classes 36, 42) are valid until November 15, 2028. These trademarks can remain in force until the expiration date, and as of the **Closing** date, PayNow Inc. has all its existing business registered trademarks and does not expect to apply for additional trademarks.

2.6.4 Managers and Employees

(1) **Party B** and **Party C** guarantee that PayNow Inc. will sign written employment contracts with all employees before the **Closing**.

(2) PayNow Inc. has legally provided labor insurance and health insurance for all employees.

(3) For the termination of any employment relationships, aside from legally mandated severance payments (if applicable), PayNow Inc. is not liable for any compensation or indemnity for past directors, managers, or employees.

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(4) Except for bonuses or rewards in accordance with past business practices, PayNow Inc. has no outstanding contracts or agreements regarding the payment of dividends, bonuses, incentive compensation, or other similar matters to its directors or employees that have not yet been fulfilled, nor are there any other significant compensations due to employees that have not been disclosed.

(5) Except for payments due during normal business operations, taxes, or other fees, PayNow Inc. has no other outstanding debts owed to its former or current employees, pension liabilities, or amounts, taxes, or fees owed to regulatory authorities arising from the employment of employees that have not yet been paid.

(6) Unless otherwise specified in this Agreement, the share transaction will not grant any employee the right to any compensation or other rights related to their employment contract.

2.6.5 Litigation

(1) PayNow Inc. is not involved in any ongoing or potential legal actions, litigations, proceedings, prosecutions, or claims, nor is it subject to any ongoing or potential administrative proceedings or investigations. Furthermore, there are no undisclosed lawsuits, administrative procedures, arbitrations, or other legal proceedings, investigations, or enforcement actions that have been or may be initiated against PayNow Inc.

(2) PayNow Inc.'s business and operations comply with all applicable laws and have not entered into liquidation, bankruptcy, or similar procedures.

2.6.7 Taxes

(1) PayNow Inc. has fully paid all its due tax obligations and has allocated sufficient funds to cover its tax liabilities (whether shown on various tax filings or not).

(2) Transactions between PayNow Inc. and its shareholders or related parties comply with relevant regulations (including transfer pricing laws) and will not result in any tax burden for **Party A** due to violations of related party transaction regulations.

(3) PayNow Inc. has no outstanding tax liabilities.

2.6.8 Miscellaneous

(1) PayNow Inc. will not suffer any loss or damage due to the absence of shareholder meeting notices or delivery records prior to the signing of this Agreement.

(2) PayNow Inc. has obtained all necessary approvals and permits required to operate its current or planned business as of the **Closing** date, and has obtained all necessary licenses, approvals, permits, and other certifications to engage in its business.

(3) PayNow Inc. has obtained ISO/IEC 27001:2013 certification (certificate number: 1210072), which is valid until May 4, 2023; PayNow Inc. will successfully obtain an extension before the certification expires.

(4) PayNow Inc. has obtained PCI DSS compliance certification, valid until January 2024.

(5) Contracts and collaborations between PayNow Inc. and TUTORABC, INC. OwlTing Travel Service Inc., Baoyu International Co., Ltd., Gjun Cloud Education Co. Ltd., PRESCO NETMARKETING, INC., RE-YI Distribution Service Co., Ltd., and EVEREST NATION CO., LTD. will remain valid and effective before the signing of this **Agreement** and the **Closing**.

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**Article 3 Confidentiality Obligations** 

3.1 "Confidential Information" refers to any information received or learned by either party from the other party (including its affiliates) prior to or after the signing of this Agreement, including but not limited to trade secrets, proprietary technology, processes, coding, charts, designs, specifications, costs, prices, orders, delivery notices, business opportunities, sales and marketing plans, personnel data, research and development data, customer information, and financial information, etc.

3.2 Either party shall keep this Agreement and the Confidential Information of the other parties known to it in the course of the making and performance of this Agreement in strict confidence. Except with the prior written consent of the party disclosing the Confidential Information ("**Disclosing Party**") or in accordance with the provisions of relevant laws and regulations or the order of the competent authority, the party receiving the Confidential Information ("**Receiving Party**") shall not disclose any Confidential Information to any third party, and the **Receiving Party** shall not use or indirectly use the Confidential Information except for the purpose of performing this Agreement.

3.3 Recipient may disclose Confidential Information to employees, consultants, agents or affiliates who need to know such Confidential Information in order to fulfill the purposes of this Agreement, provided that the Recipient ensures that such individuals or entities are bound by a confidentiality agreement that is at least as protective as the provisions set forth in this Agreement.

3.4 The following information is not confidential:

i. The information is in the public domain and is obtained by the Recipient without breaching its obligations under this Agreement;

ii. The information was lawfully obtained by the **Receiving Party** before it was disclosed by the **Disclosing Party**;

iii. It is independently developed by the **Receiving Party** without the use of the **Disclosing Party**'s Confidential Information and without breaching its obligations under this Agreement; or

iv. The information was obtained by the **Receiving Party** from a third party who is not bound by any confidentiality obligation to the **Disclosing Party** concerning such information.

3.5 The confidentiality obligations in this Section shall survive the dissolution or termination of this Agreement.

**Article 4 Commencement, Termination, and Liability for Breach of Agreement** 

4.1 This Agreement shall come into effect on the Effective Date of the Agreement after it has been signed by the three parties.

4.2 This Agreement may be dissolved or terminated under any of the following circumstances.

i. the Agreement may be terminated or dissolved upon written agreement of all three parties;

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ii. In the event that any party breaches any of its representations or warranties under this Agreement, or fails to fulfill any of its obligations under this Agreement, and such breach is not rectified within the specified period after written notice from the non-breaching party, the non-breaching party may terminate or dissolve this Agreement in writing within fifteen (15) business days following the expiration of the rectification period;

iii. In the event that the competent authority denies approval for **Party A** to purchase Target Shares under this Agreement, this Agreement shall automatically terminate on the date all three parties become aware of the authority's decision. However, this provision shall not apply if all parties mutually agree in writing to maintain the effectiveness of this Agreement notwithstanding the competent authority's denial of approval.

iv. In the event that **Party B** and/or **Party C** breaches any of their representations or warranties under this Agreement, or fails to fulfill any of their obligations under this Agreement, and fails to rectify the breach after being notified by **Party A** within the specified period, or the breach cannot be rectified, **Party A**, in addition to the right to terminate or dissolve this Agreement in writing as per Clause 4.2(ii), may demand that Parties B and C be jointly liable for punitive damages in the amount of NT$2,000,000, as well as any costs (including but not limited to attorneys' fees incurred as a result), losses (including but not limited to third-party claims), or any other damages. In the event that **Party B** and/or **Party C** is the defaulting party, **Party B** and **Party C** shall be jointly liable to indemnify the defaulting party and **Party A** may directly deduct the amount of the corresponding damages from the **Purchase Price** if the aforesaid damages occur prior to the remittance of the **Purchase Price**.

v. Upon the dissolution or termination of this Agreement, the debts or liabilities of either party for breach of this Agreement shall not be discharged.

**Article 5 Miscellaneous** 

5.1 **Party A** will, in good faith, protect the work and all related rights of the existing employees of PayNow Inc., and will be willing to give incentives to the employees in consideration of PayNow Inc.'s operating performance, including but not limited to employee stock options, restricted stock, and treasury stock transfer to the employees, as permitted by the law.

5.2 Any notice, request, or demand required or made pursuant to this Agreement shall be in writing (including by electronic document), in the Chinese language, and addressed to the address and email set out on the cover page and signature page of this Agreement. Any change in the address for receiving notices shall not be effective unless notified to the counterparty in writing (including by electronic document).

5.3 Neither party shall transfer its rights and obligations under this Agreement to another party without the written consent of the other party.

5.4 Any amendment to this **Agreement** shall not be effective without the written consent of all three parties.

5.5 The invalidity of any covenant or term of this **Agreement** shall not affect the validity of any other covenant or term of this **Agreement**.

------

5.6 The execution and entry into force of this Agreement shall supersede any and all prior negotiations, agreements, or memoranda between the three parties in respect of the matters set out in this **Agreement**.

5.7 The headings of sections, paragraphs, or clauses used in this **Agreement** are for reference only and do not affect the interpretation of this **Agreement**.

5.8 This **Agreement** shall be governed by the laws of the Republic of China (excluding the relevant norms of private international law) for its formation, entry into force, interpretation, and fulfillment, and any disputes arising out of this **Agreement** shall be resolved by the three parties through friendly negotiations; in the event of failure of such negotiations, the three parties agree to use the Taipei District Court of Taiwan as the court of first instance for jurisdiction.

5.9 Each of the parties to this **Agreement** shall have one copy, all of which shall have the same legal effect.

(The following is the signature page and contains no substantive provisions.)

**Party A: OWLPAY HOLDINGS PTE. LTD** 

Authorized Representative: Chun-Kai Wang

Email: darren@owlting.com

Date of Signing: December 1, 2022

**Party B: Xian-Xiang Chen** (Sign)

ID Number: [\*\*\*]

Email: [\*\*\*]

Date of Signing: December 1, 2022

------

**Party C: Shih-Jun Chen** (Sign)

ID Number: [\*\*\*]

Email: [\*\*\*]

Date of Signing: December 1, 2022

------

**Stock Sale and Purchase Agreement** 

("PayNow Inc."), a company organized under the laws of the Republic of China (R.O.C.), is located at 5th Floor, No. 59, Songjiang Road, Zhongshan District, Taipei City, Taiwan, R.O.C. This Stock Purchase Agreement (this "**Agreemen**t") is entered into between the parties hereto with respect to the sale and purchase of the shares of PayNow Inc. on July 17 , 2023 (hereinafter referred to as the "**Date**"):

OWLPAY HOLDINGS PTE. LTD (hereinafter referred to as the "**Party A**"), a company organized under the laws of Singapore ;

Heimavista Inc. ("**Party B**"), a company organized under the laws of the Republic of China (R.O.C.).

**Article1 Sale and Transfer of Shares; Prerequisites for Settlement; Cooperation Obligations** 

**1.1 Party A** intends to acquire a total of 80,000 shares of PayNow Inc. held by **Party B**, at a transaction price of NT$65 per share, for a total consideration of NT$5,200,000.(hereinafter referred to as the "**Purchase Price**").

**1.2 Party A** shall remit the full amount of the **Purchase Price**, deducting the securities transaction tax (if applicable), to the bank account specified in Attachment I within ten (10) days after approval by the Investment Commission of the Ministry of Economic Affairs.

**1.3 Party B** shall, within ten (10) days after the approval of the Ministry of Economic Affairs' Investment Review Committee, register all of the shares it sells as owned by **Party A** (hereinafter referred to as the "**Closing"**).

**1.4** During the **Closing** process, both parties shall cooperate based on PayNow Inc.'s regulations governing **Closing** and registration procedures (including but not limited to the process with the Ministry of Economic Affairs' Investment Review Committee). If one party is required to assist in the procedure, that party may not refuse without a valid reason.

**1.5** The completion of the **Closing** shall be subject to the fulfillment (or a mutually agreed waiver) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The representations and warranties set forth in Article 2 of this **Agreement** remain true and have not
been breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Both parties have duly fulfilled all commitment obligations to be performed prior to the **Closing** date.

**Article2 Representations and Warranties** 

2.1 **Party A** is a company legally established and registered under Singapore's Company Law, and has obtained all necessary licenses, approvals, permits, and other certifications to engage in its business, with independent corporate status. **Party B** is a company legally established and registered under the laws of the Republic of China (R.O.C.), and has obtained all necessary licenses, approvals, permits, and other certifications to engage in its business, and each may independently act as a party in any litigation.

------

2.2 Each party has the full right and authorization to sign and perform this **Agreement** and has obtained the necessary resolutions from their respective shareholders' meetings and/or board of directors.

2.3 This **Agreement** has been duly executed and delivered by each Party and constitutes a legally valid and binding obligation enforceable against all Parties in accordance with its terms.

2.4 The signing and performance of this **Agreement** do not violate any existing laws, rulings, orders, or decisions from courts or relevant authorities, nor do they breach PayNow Inc.'s articles of association or any contract, agreement, declaration, warranty, guarantee, commitment, or other obligations binding upon **Party A** or **Party B**.

**Article3 Confidentiality Obligations** 

3.1 "Confidential Information" refers to any information received or learned by either party from the other party (including its affiliates) prior to or after the signing of this **Agreement**, including but not limited to trade secrets, proprietary technology, processes, coding, charts, designs, specifications, costs, prices, orders, delivery notices, business opportunities, sales and marketing plans, personnel data, research and development data, customer information, and financial information, etc.

3.2 Either party shall keep this **Agreement** and the **Confidential Information** of the other parties known to it in the course of the making and performance of this **Agreement** in strict confidence. Except with the prior written consent of the party disclosing the Confidential Information ("**Disclosing Party**") or in accordance with the provisions of relevant laws and regulations or the order of the competent authority, the party receiving the Confidential Information ("**Receiving Party**") shall not disclose any Confidential Information to any third party, and the **Receiving Party** shall not use or indirectly use the Confidential Information except for the purpose of performing this **Agreement**.

3.3 **Receiving Party** may disclose **Confidential Information** to employees, consultants, agents or affiliates who need to know such **Confidential Information** in order to fulfill the purposes of this **Agreement**, provided that the **Receiving Party** ensures that such individuals or entities are bound by a confidentiality agreement that is at least as protective as the provisions set forth in this **Agreement**.

3.4 The following information is not confidential:

i. The information is in the public domain and is obtained by the **Receiving Party** without breaching its obligations under this **Agreement**;

ii. The information was lawfully obtained by the receiving party before it was disclosed by the **Disclosing Party**;

iii. It is independently developed by the **Receiving Party** without the use of the **Disclosing Party**'s Confidential Information and without breaching its obligations under this **Agreement**; or

iv. The information was obtained by the **Receiving Party** from a third party who is not bound by any confidentiality obligation to the **Disclosing Party** concerning such information.

3.5 The confidentiality obligations in this Section shall survive the dissolution or termination of this **Agreement**.

**Article4 Commencement, Termination, and Liability for Breach of Agreement** 

4.1 This **Agreement** shall come into effect on the Effective Date of the **Agreement** after it has been signed by both parties.

------

4.2 This **Agreement** may be dissolved or terminated under any of the following circumstances.

i. the **Agreement** may be terminated or dissolved upon written agreement of both parties;

ii. In the event that any party breaches any of its representations or warranties under this **Agreement**, or fails to fulfill any of its obligations under this **Agreement**, and such breach is not rectified within the specified period after written notice from the non-breaching party, the non-breaching party may terminate or dissolve this **Agreement** in writing within fifteen (15) business days following the expiration of the rectification period;

iii. In the event that the competent authority denies approval for **Party A** to purchase Target Shares under this **Agreement**, this **Agreement** shall automatically terminate on the date both parties become aware of the authority's decision. However, this provision shall not apply if all parties mutually agree in writing to maintain the effectiveness of this **Agreement** notwithstanding the competent authority's denial of approval.

iv. In the event that this **Agreement** is rejected for approval by the competent authority or the **Closing** under this **Agreement** is denied registration by the competent authority, **Party A** may terminate or rescind this **Agreement** in writing.

**Article5 Miscellaneous** 

5.1 Any notice, request, or demand required or made pursuant to this **Agreement** shall be in writing.

5.2 Neither party shall transfer its rights and obligations under this **Agreement** to another party without the written consent of the other party.

5.3 Any amendment to this **Agreement** shall not be effective without the written consent of both parties.

5.4 The invalidity of any covenant or term of this **Agreement** shall not affect the validity of any other covenant or term of this **Agreement**.

5.5 The execution and entry into force of this **Agreement** shall supersede any and all prior negotiations, agreements, or memoranda between both parties in respect of the matters set out in this **Agreement**.

5.6 The headings of sections, paragraphs, or clauses used in this **Agreement** are for reference only and do not affect the interpretation of this **Agreement**.

5.7 The formation, effectiveness, interpretation, and performance of this **Agreement** shall be governed by the laws of the Republic of China. Any disputes arising from this **Agreement** shall be resolved through friendly negotiations between the parties; in the event that such negotiations fail, both parties agree that the Taipei District Court of Taiwan shall have exclusive jurisdiction as the court of first instance.

5.8 Each of the parties to this **Agreement** shall have one copy, all of which shall have the same legal effect.

(The following is the signature page and contains no substantive provisions.):

------

**Party A: OWLPAY HOLDINGS PTE. LTD (Sign)** 

Authorized Representative: Chun-Kai Wang Date of Signing: August 17, 2023

**Party B: Heimavista Inc. (Sign)** 

Authorized Representative: Jing-Kang Li Business ID number: [\*\*\*] Date of Signing: July 17, 2023

------

**Stock Purchase Agreement** 

"PayNow Inc.", a company organized under the laws of the Republic of China (R.O.C.), is located at 5th Floor, No. 59, Songjiang Road, Zhongshan District, Taipei City, Taiwan, R.O.C. This Stock Purchase Agreement (this "**Agreement**") is entered into between the parties hereto with respect to the sale and purchase of the shares of PayNow Inc. on August 08 , 2023 (hereinafter referred to as the "**Date**"):

OWLPAY HOLDINGS PTE. LTD (hereinafter referred to as the "**Party A**"), a company organized under the laws of Singapore ;

Sun Tech Co., Ltd ("**Party B**"), a company organized under the laws of the Republic of China (R.O.C.).

**Article1 Sale and Transfer of Shares; Prerequisites for Settlement; Cooperation Obligations** 

**1.1 Party A** intends to acquire a total of 663,000 shares of PayNow Inc. held by Party B, at a transaction price of NT$65 per share, for a total consideration of NT$43,095,000.(hereinafter referred to as the "**Purchase Price**").

**1.2 Party A** shall remit the full amount of the Share Price, deducting the securities transaction tax (if applicable), to the bank account specified in Attachment I within 10 days after approval by the Ministry of Economic Affairs' Investment Review Committee.

**1.3** After **Party A** has fully paid the **Purchase Price** to **Party B** in accordance with Clause 1.2, Party B shall, within 10 days after obtaining approval from the Investment Commission of the Ministry of Economic Affairs, provide the executed **Agreement** and payment receipt for PayNow Inc. to update its shareholder register (hereinafter referred to as the "**Closing**").

**1.4** During the **Closing** process, both parties shall cooperate based on PayNow Inc.'s regulations governing **Closing** and registration procedures (including but not limited to the process with the Ministry of Economic Affairs' Investment Review Committee). If one party is required to assist in the procedure, that party may not refuse without a valid reason.

**1.5** The completion of the **Closing** shall be subject to the fulfillment (or a mutually agreed waiver) of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The representations and warranties set forth in Article 2 of this **Agreement** remain true and have not
been breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Both parties have duly fulfilled all commitment obligations to be performed prior to the **Closing** date.

**1.6 Party A** and PayNow Inc. shall cooperate with **Party B** in auditing the accounts of PayNow Inc. for the years 2021 and 2022, during the period from September 1, 2023, to December 31, 2023. Such cooperation shall include, but not be limited to, allowing accountants designated by **Party B** to conduct on-site audits, perform internal control assessments, and issue confirmation letters as necessary. **Party A** and PayNow Inc. shall use their best efforts to facilitate the audit process, provided that such cooperation does not interfere with the ordinary course of business operations of PayNow Inc.

------

**Article2 Representations and Warranties** 

2.1 **Party A** is a company legally established and registered under Singapore's Company Law, and has obtained all necessary licenses, approvals, permits, and other certifications to engage in its business, with independent corporate status. **Party B** is a company legally established and registered under the laws of the Republic of China (R.O.C.), and has obtained all necessary licenses, approvals, permits, and other certifications to engage in its business, and each may independently act as a party in any litigation.

2.2 Each party has the full right and authorization to sign and perform this **Agreement** and has obtained the necessary resolutions from their respective shareholders' meetings and/or board of directors.

2.3 This **Agreement** has been duly executed and delivered by each Party and constitutes a legally valid and binding obligation enforceable against all Parties in accordance with its terms.

2.4 The signing and performance of this **Agreement** do not violate any existing laws, rulings, orders, or decisions from courts or relevant authorities, nor do they breach PayNow Inc.'s articles of association or any contract, agreement, declaration, warranty, guarantee, commitment, or other obligations binding upon **Party A** or **Party B**.

**Article3 Confidentiality Obligations** 

3.1 "Confidential Information" refers to any information received or learned by either party from the other party (including its affiliates) prior to or after the signing of this **Agreement**, including but not limited to trade secrets, proprietary technology, processes, coding, charts, designs, specifications, costs, prices, orders, delivery notices, business opportunities, sales and marketing plans, personnel data, research and development data, customer information, and financial information, etc.

3.2 Either party shall keep this **Agreement** and the Confidential Information of the other parties known to it in the course of the making and performance of this **Agreement** in strict confidence. Except with the prior written consent of the party disclosing the Confidential Information ("**Disclosing Party**") or in accordance with the provisions of relevant laws and regulations or the order of the competent authority, the party receiving the Confidential Information ("**Receiving Party**") shall not disclose any Confidential Information to any third party, and the **Receiving Party** shall not use or indirectly use the Confidential Information except for the purpose of performing this **Agreement**.

3.3 Recipient may disclose Confidential Information to employees, consultants, agents or affiliates who need to know such Confidential Information in order to fulfill the purposes of this **Agreement**, provided that the Recipient ensures that such individuals or entities are bound by a confidentiality agreement that is at least as protective as the provisions set forth in this **Agreement**.

3.4 The following information is not confidential:

i The information is in the public domain and is obtained by the Recipient without breaching its obligations under this **Agreement**;

ii. The information was lawfully obtained by the receiving party before it was disclosed by the **Disclosing Party**;

iii. It is independently developed by the **Receiving Party** without the use of the **Disclosing Party**'s Confidential Information and without breaching its obligations under this **Agreemen**t; or

------

iv. The information was obtained by the **Receiving Party** from a third party who is not bound by any confidentiality obligation to the **Disclosing Party** concerning such information.

3.5 The confidentiality obligations in this Section shall survive the dissolution or termination of this **Agreement**.

**Article4 Commencement, Termination, and Liability for Breach of Agreement** 

4.1 This **Agreement** shall come into effect on the Effective Date of the **Agreement** after it has been signed by both parties.

4.2 This **Agreement** may be dissolved or terminated under any of the following circumstances.

i. the **Agreement** may be terminated or dissolved upon written agreement of both parties;

ii. In the event that any party breaches any of its representations or warranties under this **Agreement**, or fails to fulfill any of its obligations under this **Agreement**, and such breach is not rectified within the specified period after written notice from the non-breaching party, the non-breaching party may terminate or dissolve this **Agreement** in writing within fifteen (15) business days following the expiration of the rectification period;

iii. In the event that the competent authority denies approval for **Party A** to purchase Target Shares under this **Agreement**, this **Agreement** shall automatically terminate on the date both parties become aware of the authority's decision. However, this provision shall not apply if all parties mutually agree in writing to maintain the effectiveness of this **Agreement** notwithstanding the competent authority's denial of approval.

iv. In the event that this **Agreement** is rejected for approval by the competent authority or the **Closing** under this **Agreement** is denied registration by the competent authority, **Party A** may terminate or rescind this **Agreement** in writing.

**Article 5 Miscellaneous** 

5.1 Any notice, request, or demand required or made pursuant to this **Agreement** shall be in writing.

5.2 Neither party shall transfer its rights and obligations under this **Agreement** to another party without the written consent of the other party.

5.3 Any amendment to this **Agreement** shall not be effective without the written consent of both parties.

5.4 The invalidity of any covenant or term of this **Agreement** shall not affect the validity of any other covenant or term of this **Agreement**.

5.5 The execution and entry into force of this **Agreement** shall supersede any and all prior negotiations, agreements, or memoranda between both parties in respect of the matters set out in this **Agreement**.

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5.6 The headings of sections, paragraphs, or clauses used in this **Agreement** are for reference only and do not affect the interpretation of this **Agreement**.

5.7 The formation, effectiveness, interpretation, and performance of this **Agreement** shall be governed by the laws of the Republic of China. Any disputes arising from this **Agreement** shall be resolved through friendly negotiations between the parties; in the event that such negotiations fail, both parties agree that the Taipei District Court of Taiwan shall have exclusive jurisdiction as the court of first instance.

5.8 Each of the parties to this **Agreement** shall have one copy, all of which shall have the same legal effect.

(The following is the signature page and contains no substantive provisions.)

------

**Party A: OWLPAY HOLDINGS PTE. LTD (Sign)** 

Authorized Representative: Chun-Kai Wang

Date of Signing: August 17, 2023

**Party B: Sun Tech Co., Ltd (Sign)** 

Authorized Representative: /s/ Authorized Representative

Date of Signing: August 1, 2023

## Exhibit 10.5

**Exhibit 10.5** 

**INVESTOR RIGHTS AGREEMENT** 

This INVESTOR RIGHTS AGREEMENT (the "**Agreement**") is made as of April ,20l8, by and among SBI Crypto Investment Co., Ltd., (the "**Purchaser**"), CHUN-KAI, WANG, CHUNG-HAN, HSIEH (each a "Major Holder" and collectively, the "**Major Holders**") and OBOOK HOLDINGS Inc. (the "**Company**"). Each of them shall be hereinafter referred to as a "<u>Party</u>" respectively, and "<u>Parties</u>" collectively. Each of the Purchaser and the Major Holders may be hereinafter referred to as a "**Holder**" respectively and "**Holders**" collectively.

**RECITALS** 

**WHEREAS,** the Purchaser and the Company are parties to that certain Share Subscription Agreement of even date herewith (the "Subscription Agreement");

**WHEREAS,** as part of the terms for the Purchaser to purchase shares in the Company under the Subscription Agreement, the Parties have agreed that this Agreement shall govern certain of the rights and obligations of the Purchaser and other matters as set forth herein;

**NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term "**Affiliate**" means, with respect to any specified individual, corporation, partnership, association, trust or entity, any other individual, corporation, partnership, association, trust or entity who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation, any general partner, officer, director or manager of such person and any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management with, such 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Subject Shares**" has the same meaning as defined under

the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "**Initial Offering**" means the Company's first public offering of any class of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "**Registrable Securities**" means (i) the Class A Common Shares of the Company; and (ii) any Class A Common Shares of the Company issued or issuable upon the conversion or exercise of any other securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Selling Expenses**" means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for the Purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&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) "**Excluded Registration**" means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only common shares of the Company being registered are the common shares of the Company issuable upon conversion of debt securities that are also being registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Board Nomination Right</u>.

The board of director of the Company (the "Board") shall consist of five (5) directors. So long as the Purchaser owns at least 12.5% of the issued shares of the Company, from and after the Closing Date, and subject to the te1ms and conditions of this Agreement and the Memorandum of Association and A1ticles of Association of the Company, the Purchaser shall be entitled to appoint one (I) director (the "**Nominee**") of the Board. So long as the Purchaser owns less than 12.5% but no less than 5% of the issued shares of the Company, the Purchaser shall be entitled to appoint an observer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Drag-Along</u>

In the event that the Board or the shareholders representing at least seventy percent (70%) of the total issued and outstanding shares of the Company resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "**Drag-Along Notice**") to the Holders specifying the name of the purchaser, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag -Along Notice, the Holders shall be obligated to sell all of their shares in the Company, free of any Encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the Board or the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Tag-Along</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Transfer**" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise, *provided however*, an assignment or a transfer of shares by the Purchaser to its Affiliate shall not be considered to be a Transfer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Holder proposes to Transfer, directly or indirectly, any shares of the Company held by it, then it shall give the other Holders a written notice notifying its intent to Transfer all or any part of its shares in the Company (the "**Sale Notice**"), which shall include (i) a description of the shares to be Transferred by such proposing Holder (the "**Sale Shares**"), (ii) the identity of the prospective transferee(s), (iii) the proposed date of the Transfer, and (iv) the consideration and material te1ms and conditions upon which the proposed Transfer is to be made. Each of the other Holders receiving the Sale Notice (the "**Recipient Holder**") shall have the right (the "**Tag-Along Right"**) but not the obligation to require the proposing Holder to cause Transferee(s) in the proposed Transfer to purchase from the Recipient Holder, for the same consideration per share and upon the same terms and conditions as to be paid and given to the proposing Holder, up to a maximum number equal to the amount of Company shares held by the Recipient Holder divided by the total Company shares held by all Holders who are participating in the proposed Transfer multiplied by the number of the Sale Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 30 days following the delivery of a Sale Notice, a Recipient Holder may deliver a written notice of such election to the proposing Holder, specifying (i) the number of Company shares with respect to which it has elected to exercise the Tag-Along Right; and (ii) the maximum number of Company shares with respect to which it would exercise the Tag-Along Right if the other Recipient Holder fails to exercise its Tag-Along Right to the fullest extent possible. Such notice shall be irrevocable and shall constitute a binding agreement by such Recipient Holder to Transfer such Company shares on the terms and conditions set forth in the Sale Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Preemptive Right

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby grants to each Holder the preemptive right to purchase a pro rata share of New Securities (as defined below) which the Company may from time to time propose to issue, and the issue price of such New Securities shall be determined by the Board. A Holder's pro rata share, for the purposes of this Section 5, is the ratio of common shares owned by such Holder immediately prior to the issuance of New Securities, assuming full conversion of all preferred shares and full conversion and exercise of all convertible securities options and warrants to acquire shares of the Company owned by such Holder, to the total number of Company common shares outstanding, assuming full conversion of all preferred shares and full conversion and exercise of all conve1tible securities options and warrants to acquire shares of the Company. A Holder shall be entitled to apportion the preemptive right hereby granted to it to itself and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**New Securities**" mean any capital stock of the Company whether now authorized or not, and rights, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, convertible into capital stock; provided that the term "New Securities" does not include stock options (including those under the Stock Option Pool) (as defined below) or shares issued to effect a merger, acquisition or reorganization transaction authorized by the Board or those issued pursuant to existing options, warrants or convertible securities of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company proposes to undetake an issuance of New Securities, it shall give each Holder written notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Holder shall have twenty (20) days after any such notice is given to agree to purchase such Holder's pro rata share of such New Securities for the price and upon the terms specified in the notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased. The Company shall promptly, in writing, inform a Holder that elects to purchase all of the New Securities available to it (a "**Fully-Exercising Investor**") of any other Holder's failure to do likewise. During the ten (10) day period commencing after such information is given, a Fully-Exercising Investor may elect to purchase that portion of the New Securities for which any other Holder(s) was entitled to subscribe but which were not subscribed for by such other Holder(s) within the twenty (20) days period (the "**Unexercised Portion**"). If there is more than one Fully-Exercising Investor who elects to purchase the Unexercised Portion, the Unexercised Portion shall be divided between the Fully Exercising Investors on a pro rata basis based on their respective pro rata share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Holders fail to exercise fully the pre-emptive right within the periods provided in Section 5(c), the Company shall have ninety (90) days thereafter to issue or enter into an agreement(pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within thirty (30) days from the date of such agreement) to issue the New Securities with respect to which the Holders' pre -emptive right set forth in this Section 5 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company's notice to the Holders pursuant to Section 5(c). If the Company has not issued the New Securities within the times specified in the prior sentence, the Company shall not thereafter issue any New Securities without first again offering such securities to the Holders in the manner provided in this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>"Market Stand-off" Agreement</u>; <u>Transferee Bound</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Lock-Up Period; Agreement</u>. The Purchaser agrees not to Transfer any shares of Subject Shares for a period of up to 18 months following the Closing of the Transaction (as defined under the Subscription Agreement). In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any shares of Subject Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "**Liquidation Event**" means a liquidation, dissolution 01 winding up of the Company, and a "**Deemed Liquidation Event**" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Initial Offering and upon request of the Company or the underwriters managing such offering of the Company's securities, the Holders agree not to lend, offer, pledge, sell, contract to sell, make any short sale of, loan, grant any option, right warrant for the purchase of, or otherwise dispose of any securities of the Company, however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-party beneficiaries of this Section 6(b) and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Holders further agree to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this Section 6(b) or that are necessary to give further effect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transferees Bound</u>. The Holders agree that it will not transfer securities of the Company unless each transferee agrees in writing with the Company to be bound by all of the provisions herein. For the purposes of Sections 3, 4, 5, and 6, the shares of the Company held by the Affiliates of a Holder shall be deemed held by such Holder and subject to the same provisions herein.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall provide the Purchaser with audited financial reports within 120 days after the end of each fiscal year (except that, for the fiscal year 2018, the audited financial repo1ts may be provided to the Purchaser after 120 days have elapsed after the end of fiscal year 2018), unaudited annual financial reports within 60 days after the end of each fiscal year, unaudited monthly financial reports within 10 business days after the end of each month and unaudited qua1terly financial reports within 45 days after the end of each of the first three quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&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 agrees that, for as long as the Purchaser holds at least 12.5% of the issued shares of the Company, it shall not take any action specified in Schedule I without a majority of the members of the Board resolving in favor of such action and the Nominee of the Purchaser voting in favor of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Company agrees that, for as long as the Purchaser holds at least 12.5% of the issued shares of the Company, it shall not take any action specified in Schedule II without the Purchaser's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company, the Purchaser, and the Major Holders agree that the terms of Schedule III shall govern the registration rights of the Purchaser with respect to Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company and the Purchaser agree that, upon the consummation of the Transaction, the Company and the Purchaser will cooperate with each other to further develop a number of blockchain solutions and distributed ledger technologies to be used for various industries and businesses (the "**Service**") and to jointly develop Asian markets for the Service on a country-by-country basis, starting with Japan. The Parties agree that scope of Service shall not include the current business of the Company, OwlNest, OwlChain, online marketplace, offering of local experience and travel/accommodations. The Company and the Purchaser are intending to have joint venture arrangements as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Japan: the Company and the Purchaser will establish a joint venture in Japan, 70% of the equity interest of
which joint venture will be held by the Purchaser and 30% (which shareholding shall not be diluted by subsequent capital injection or equity investment) by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Asian Territories Outside of Japan: regarding the Asian market, excluding Japan, the Company and the Purchaser
intend to establish one or more joint ventures in certain jurisdictions in the Asian territories outside of Japan, the shareholding structure of which joint ventures to be discussed between the Company and the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Other than Sections 6, 7(d) and 7(g) and Schedule Ill hereof (which shall survive), the terms set forth in this Agreement shall terminate and be of no further force or effect upon the consummation of (i) the Initial Offering or (ii) a merger or consolidation of the Company with or into another entity without any breach of obligations or covenants under this Agreement by the Company (except a merger or consolidation in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company and the Purchaser agree that, after the Closing (as defined under the Subscription Agreement), the Board shall adopt a resolution authorizing the creation of a stock option pool of 10,000,000 Class A common shares of the Company for grant of stock options to employees, officers and advisors of the Company and its affiliates (the "**Stock Option Pool**"), and the Nominee shall vote to approve the authorization of Stock Option Pool.

7A. The Purchaser's Right to Conduct Activities.

The Company hereby agrees and acknowledges that the Purchaser (together with its Affiliates) is in the business of investing, and as such invests in numerous portfolio companies and conducts a variety of business activities, some of which companies or activities may be deemed competing with the Company's business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, the Purchaser shall not be liable to the Company, the shareholders of the Company or other parties for any claim arising out of, or based upon, (i) the investment by the Purchaser in any entity competitive with the Company, or (ii) actions taken by the Purchaser, its Affiliates or any partner, officer or other representative of the Purchaser or its Affiliates to assist any such competitive entity, whether or not such action was taken as a member of the board of directors of such competitive entity or otherwise, and whether or not such action has a detrimental effect on the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Non-compete</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent legally permissible, each of the Major Holders undertakes to the Company, as long as he holds any share of the Company, to refrain from, directly or indirectly, for his own or on another's account, (i) conducting business which is in competition with the Company's business as a shareholder, member of an executive. body, consultant or in a comparable function, (ii) forming or acquiring an enterprise in competition with the Company's business, (iii) providing service to an entity in competition with the Company as a shareholder, member of an executive body, consultant or in a comparable function, and (iv) conducting business which is in competition with the future business strategy and model of the Company, (jointly "Contractual Prohibition on Competition"). The Contractual Prohibition on Competition shall be applicable globally.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Contractual Prohibition on Competition shall also apply for the duration of twelve (12) months after a Major Holder respectively, ceases to be either a member of senior management or a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchaser shall be entitled, at their own discretion, to require the Company to purchase and acquire all of the Subject Shares at the fair market value (which shall not be lower than the Subscription Price) when (i) the Major Holders no longer hold any share of the Company representing one third or more of the total voting rights of all the shares of the Company, or (ii) Mr. Wang, Chun-Kai no longer is a member of the board of director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Successors and Assigns</u>. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties (including transferees of any Common Shares). Nothing in this agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Governing Law and Arbitration</u>. This Agreement shall be governed by and construed under the laws of New York. With respect to any dispute, controversy or claim arising out of or relating to this Agreement, including the validity, invalidity, breach or termination thereof, the Parties consent to settle such dispute by arbitration in New York City, New York, administered by the New York International Arbitration Center, in accordance with the NYIAC Arbitration Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Counterparts; Facsimile</u>. This Agreement may be executed and delivered by facsimile or electronic signature and in two (2) or more counterpa1ts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Notices</u>. All notices, requests, demands and other communications provided for hereunder under this Agreement must be in writing and shall be deemed given when delivered personally, by registered or ce1tified mail, by confirmed facsimile or electronic mail, and shall be deemed to have been given upon the sooner of the date on which (i) receipt is acknowledged, (ii) the expiration of five (5) days after deposit with a governmental or quasi-governmental agency responsible for the mails, or a courier of international reputation when delivered by international courier se1-vice, registered or certified mail, to the address of the party to be noticed as set forth in the signature page or such other address as such party last provided to the other party by written notice in accordance with this section if sent by mail or (iii) when sent, if sent by facsimile or electronic mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient's next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from any of the other Parties, unless such confidential information (i) is known or becomes known to the public in general (other than as a result of a breach of this Section 9.6), (ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from any of the other Parties, or (iii) is or has been made known or disclosed to such Party by a third party without a breach of any obligation of confidentiality such third party may have to the Party who originally disclosed such confidential information (the "Disclosing Party"); provided, however, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this Section 9.6; (iii) to any Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third party that such information is confidential and directs such third party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Expense</u>. The Company and the Purchaser shall each bears their own fees and expenses incurred in connection with the transaction agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Entire Agreement; Amendment and Waivers</u>. This Agreement (including the Schedules hereto) constitutes the full and entire understanding and agreement among the Parties with regard to the subjects hereof and thereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Parties. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Severability.</u> Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

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IN WITNESS WHEREOF, the Parties have executed this Investor Rights Agreement as of the date first above written.

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| | |
|:---|:---|
| **PURCHASER** | **PURCHASER** |
| By: | /s/ Yoshitaka Kitao |
| Name: | Yoshitaka Kitao |
| Title: | Representative Director |
| Address: | [\*\*\*] |

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[SBI signing page]

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IN WITNESS WHEREOF, the Parties have executed this Investor Rights Agreement as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| By: | /s/ Wang, Chun-Kai |
| Name: | Wang, Chun-Kai |
| Title: | CEO |
| Address: | [\*\*\*] |
| **WANG, CHUN-KAI** | **WANG, CHUN-KAI** |
| By: | /s/ Wang, Chun-Kai |
| Name: | Wang, Chun-Kai |
| Address: | [\*\*\*] |
| **HSIEH, CHUNG-HAN** | **HSIEH, CHUNG-HAN** |
| By: | /s/ Hsieh, Chung-Han |
| Name: | Hsieh, Chung-Han |
| Address: | [\*\*\*] |

---

[OBOOK signing page]

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SCHEDULE I: BOARD RESERVED MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Enter into any transaction between the Company and any Major Holder or his Affiliates involving payment
exceeding US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Enter into a new line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except for purchase of commercial real estate for operation of the Company, any capital expenditure/other
expenditure outside of the ordinary course of business and above US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except for debts incurred for purchase of commercial real estate for operation of the Company, incur any debt
outside of the ordinary course of business in excess of the US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Except for debt funding, guarantee or responsibility undertaken for a subsidiary of the Company, provide debt
funding; guarantee or otherwise become responsible for a third party's debt obligation in excess of US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Except for mo1tgage on commercial real estate purchased for operation of the Company, establish a lien on
assets with a value in excess of US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Transfer material intellectual property assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Other than investments in Affiliates of the Company, make or dispose of any investment in another company that
exceeds US$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Sell, lease, transfer, otherwise dispose of any asset outside ordinary course of business with a value in
excess ofUS$2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Other than (i) stock grants made under the Stock Option Pool (ii) annual salary of not more than US$I
million; and (iii) benefits available to other employees of the Company, determine or amend compensation / benefits for senior management of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Approve or implement an equity-based incentive or compensation arrangement to its employees other than the
Stock Option Pool.

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SCHEDULE II: SHAREHOLDER RESERVED MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Enter into a Deemed Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issue or authorize any new class of equity of the Company that is superior to the rights and benefits of
Class B Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Material adverse changes to the terms of the Class A Common Shares and the Class B Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any material amendment of the Company's certificate of incorporation or agreement entered among
shareholders of the Company that disproportionately affect the rights, benefits or entitlement of the Purchaser in an adverse manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Increase or decrease in the number of the members admitted to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Except for options granted under the Stock Option Pool, issue equity securities at a per share price that is
less than the per share price of the Subject Shares stipulated in the Share Subscription Agreement, or issue options, warrants, or other rights to acquire equity securities of the Company at a per share price that is less than the per share price of
the Subject Shares stipulated in the Share Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Payment of dividends or any other distributions on equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Redeem or repurchase Company equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Commence proceedings or arrangements for bankruptcy, insolvency, liquidate or winding up the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Material changes to the accounting principles used for issuance of the financial reports by the Company.

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SCHEDULE III: REGJSTRATION RIGHTS OF THE PURCHASER

Reference to section numbers in this Schedule III shall refer to the corresponding sections as numbered in this Schedule III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Registration Rights. The Company covenants and agrees as follows:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Demand Registration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Form F-1 Demand</u>. If at any time after one hundred eighty (180) days after the effective date of the registration statement for the Initial Offering, the Company receives a request from the Purchaser that the Company file a Form F-1 registration statement with respect to at least twenty percent (20%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 million), then the Company shall as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Purchaser, file a Form F-1 registration statement under the Securities Act covering all Registrable Securities that the Purchaser requested to be registered, and in each case, subject to the limitations of <u>Subsections 1.1</u>(c) and 1.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Form F-1 Demand</u>. If at any time when it is eligible to use a Form F-3 registration statement, the Company receives a request from the Purchaser that the Company file a Form F-3 registration statement with respect to outstanding Registrable Securities of the Purchaser having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company shall as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Purchaser, file a Form F-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration, subject to the limitations of Subsections 1.1(c) and 1.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing obligations, if the Company furnishes to the Purchaser a ce1tificate signed by the Company's chief executive officer stating that in the good faith judgment of the Board it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement othe1wise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing for a period of not more than ninety (90) days after the request of the Purchaser is given; <u>provided</u>, <u>however</u>, that the Company may not invoke this right more than once in any twelve (12) month period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 1.1(a) during the period that is sixty (60) days before the Company's good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, <u>provided</u> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations pursuant to <u>Subsections 1.1(a)</u>; or (iii) if the Purchaser propose to dispose of shares of Registrable Securities that may be immediately registered on Form F-3 pursuant to a request made pursuant to <u>Subsections 1.1(b).</u> The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 1.1(b) (i) during the period that is thirty (30) days before the Company's good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company- initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected one registration pursuant to Subsection l.l(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as "effected" for purposes of this <u>Subsections 1.1(d)</u> until such time as the applicable registration statement has been declared effective by the SEC, unless the Purchaser withdraws its request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 1.6, in which case such withdrawn registration statement shall be counted as "effected" for purposes of this Subsection 1.l(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Company Registration</u>. If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Purchaser) any of its common shares under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give the Purchaser notice of such registration. Upon the request of Purchaser given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of <u>Subsections 1.3</u>, cause to be registered all of the Registrable Securities that the Purchaser has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this <u>Subsections 1.2</u> before the effective date of such registration, whether or not the Purchaser has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with <u>Subsections 1.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Underwriting Requirements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, pursuant <u>Subsections 1.1</u>, the Purchaser intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to <u>Subsections 1.1</u> The underwriter(s) will be selected by the Purchaser, subject only to the reasonable approval of the Company. In such event, the right of the Purchaser include its Registrable Securities in such registration shall be conditioned upon the Purchaser's participation in such underwriting and the inclusion of the Purchaser's Registrable Securities in the underwriting to the extent provided herein. The Purchaser shall (together with the Company as provided in <u>Subsections 1.4(e)</u>) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this <u>Subsections 1.3</u> if the underwriter(s) advise(s) the Purchaser in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Purchaser shall accept such reduction; <u>provided</u>, <u>however</u>, that the number of Registrable Securities held by the Purchaser to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any offering involving an underwriting of shares of the Company's capital stock pursuant to <u>Subsections 1.2,</u> the Company shall not be required to include any of the Purchaser's Registrable Securities in such underwriting unless the Purchaser accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be reduced accordingly. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the Purchaser may be excluded further if the underwriters make the determination described above and no other stockholder's securities are included in such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&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) For purposes of <u>Subsections 1.1,</u> a registration shall not be counted as "effected" if, as a result of an exercise of the underwriter's cutback provisions in <u>Subsections 1.3(a)</u>, fewer than thirty percent (30%) of the total number of Registrable Securities that the Purchaser has requested to be included in such registration statement are actually included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Obligation of the Company</u>. Whenever required under this <u>Section</u> <u>1</u> of Schedule III of this Agreement to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

&nbsp;&nbsp;&nbsp;&nbsp;&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) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Purchaser, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; <u>provided</u>, <u>however</u>, that such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Purchaser refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration;

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&nbsp;&nbsp;&nbsp;&nbsp;&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) prepare and file with the SEC such amendment and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&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) furnish to the Purchaser such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Purchaser may reasonably request in order to facilitate disposition of Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its commercially reasonable effo1ts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the Purchaser; <u>provided</u> that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&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) use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&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) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&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) promptly make available for inspection by the Purchaser, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Purchaser, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company's officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&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) notify the Purchaser, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after such registration statement becomes effective, notify the Purchaser of any request by the SEC that the Company amend or supplement such registration statement or prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Furnish Information</u>. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 of Schedule III of this Agreement with respect to the Registrable Securities of the Purchaser that the Purchaser shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of the Purchaser's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Expense of Registration</u>. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 1 of Schedule III of this Agreement, including all registration, filing, and qualification fees; printers' and accounting fees; and fees and disbursements of counsel for the Company, shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 1.1 if the registration request is subsequently withdrawn at the request of the Purchaser (in which case the Purchaser shall bear such expenses), unless the Purchaser agrees to forfeit its right to one registration pursuant to Subsections 1.1(a) or 1.1(b) as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 1 of Schedule Ill of this Agreement shall be borne and paid by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Delay of Registration</u>. The Purchaser shall not have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this <u>Section</u> <u>1</u> of Schedule III of this Agreement.

## Exhibit 10.6

**Exhibit 10.6** 

**Share Subscription Agreement** 

This Share Subscription Agreement was signed in the Republic of China on May 18, 2020, by the National Development Fund, Executive Yuan (hereinafter referred to as the "National Development Fund") and OBOOK HOLDINGS INC. Co., Ltd.

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| Invested enterprise | <u>OBOOK HOLDINGS INC.</u> Unified number is not applicable (☐ Domestic ⬛ Overseas company) |
| Investor | National Development Fund |
| 1. Investment type | The investor invests cash to obtain "Class A preferred shares" issued by the invested enterprise. |
| 2. Purpose of investment funds | To provide working capital for the invested enterprises during the recent period of severe special infectious pneumonia epidemic, and to reduce the impact of the epidemic on the economy and finance. The investment funds are exclusively used for the working capital of the invested enterprise and may not be used to pay off loans (including but not limited to payment of loans from related parties). |
| 3. Investment amount and price per share | 1. National Development Fund subscribes for 1,000,000 Class A preferred shares of the invested enterprise (hereinafter referred to as "the preferred shares"). The subscription price per share is NT$60, and the total subscription amount is NT$60,000,000.<br> 2. The period of the preferred shares is two years. |
| 4. Capital structure of the invested enterprise | After the completion of this investment, the National Development Fund holds 1,000,000 Class A preferred shares out of a total of 77,544,095 issued shares of the invested enterprise, accounting for 1.2896% of the total issued shares. |
| 5. Rights and obligations of the preferred shares | 1. The preferred shares does not require voting rights, nor does it require the right to elect directors and supervisors. However, the preferred shares have the right to vote on preferred shares shareholders' meetings and matters related to the rights of shareholders of the preferred shares.<br>2. Except for dividends, the preferred shares will not participate in the distribution of earnings and capital reserves of ordinary shares and other preferred shares.<br>3. The dividend of this preferred shares is set at an annual interest rate of 1.5%, calculated based on the total subscription amount, and will be paid once a year in cash. After the financial report and accounting statements are approved at the annual regular meeting of shareholders, the board of directors will determine the ex-dividend base date for the distribution of dividends of the preferred shares. It is used to pay the payable and accumulated undistributed dividends. Dividends for each year are calculated from the issuance date and are paid based on the actual number of issuance days in that year. The issuance date is defined as the base date for the capital increase of the preferred shares. If the invested enterprise has a surplus in the year, it shall pay taxes, make up for losses and allocate 10% of the statutory surplus reserve in accordance with the law, and then combine its surplus for that year with the undistributed surplus accumulated in previous years and give priority to the distribution of the preferred shares. If there is no surplus in the year or the surplus is insufficient to fully distribute the dividends of the preferred shares, the surplus to be distributed shall still be distributed to the preferred shares in priority, and the insufficient dividends shall be made up first in subsequent years with surplus, or in accordance with the paragraph 4 of this article prescribed processing.<br>4. The period of the preferred shares is two years. On the maturity date, the invested enterprise shall take back all the preferred shares in cash at one time based on the original total subscription amount of the preferred shares plus the undelivered dividends calculated over the two-year period. In addition, the invested enterprise may redeem the preferred shares in advance based on the original total subscription amount of the preferred shares plus the undelivered dividends calculated in proportion to the two-year period before the maturity date. |

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|  | <br> 5. The preferred shares have priority over ordinary shares and other preferred shares in the distribution of the remaining assets of the invested enterprise, but shall not exceed the total subscription amount of the investors plus the undelivered dividends calculated in the two-year period.<br>6. Agreed conversion: There is no agreed right to convert the preferred shares into ordinary shares.<br>7. If the invested enterprise conducts public offering or any of the circumstances in paragraph 3, article 6, paragraph 2, article 11, and article 12 of this Share Subscription Agreement during the period of the preferred shares, the invested enterprise shall redeem in advance in accordance with the paragraph 4 of this Article.<br>8. If the preferred shares qualify for early redeem or after the expiration of the period, the invested enterprise is unable to redeem all or part of the preferred shares due to force majeure or reasons attributable to the invested enterprise, its rights to the unredeemed preferred shares shall continue to be in accordance with the aforementioned issuance conditions until the invested enterprise has fully redeemed all the preferred shares subscribed by the investor. The dividends are also calculated based on the original annual interest rate over the actual extension period, which shall not affect the rights of the preferred shares in accordance with the articles of association of the invested enterprise. |
| 6. Effectiveness of this Share Subscription Agreement | 1. The invested enterprise shall convene relevant meetings in accordance with the law within three months after both parties sign this share subscription agreement, and stipulate all the rights and obligations of the preferred shares into the articles of association of the invested enterprise. The investor will remit the investment amount to the invested enterprise designated account within seven working days after receiving the minutes of the aforementioned meeting, the amended articles of association, and the invested enterprise's statement that its original shareholders and employees will not exercise the subscription rights for the preferred shares. (Account: [\*\*\*],<br>Account name: OBOOK HOLDINGS INC., account number: [\*\*\*]).<br>2. The invested enterprise shall deliver the preferred shares to the investor within 90 working days after receiving the investment funds from the investor.<br>3. If the rights and obligations of the preferred shares recorded in the articles of association of the invested enterprise are inconsistent with the rights and obligations of the special shares stipulated in Article 5 of this share subscription agreement, the investor may require the invested enterprise to make corrections within a time limit. If the correction has not been made or the correction is incomplete, the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash, calculated based on the issuance amount of the special shares plus the b undelivered dividends calculated in proportion to the two-year period. |
| 7. Transactions between interested parties | Transactions between the invested enterprise and an interested party must be reported in advance to the board of directors of the invested enterprise for discussion and resolution on a case-by-case basis, and the National Development Fund or its executive institution shall be notified in advance in writing to attend the board of directors to state their opinions. |

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| 8. Obligations of the invested enterprise | 1. The invested enterprise guarantees that it will continue to operate the invested enterprise during the period of the preferred shares and before the redemption of the preferred shares.<br>2. The invested enterprise shall provide its operating and financial status report within 45 days after the end of each quarter, provide an annual operating overview within three months after the end of each fiscal year, and provide an annual financial report audited by an accountant within five months to the National Development Fund or its executive institution.<br>3. The invested enterprise agrees that personnel designated by the National Development Fund or its executive institution may visit the invested enterprise from time to time to understand the business situation onsite, and inspect the account books and related records of the invested enterprise within a reasonable period. The invested enterprise shall also provide assistance needed for the visits.<br>4. The invested enterprise should allow the designated personnel of the National Development Fund or its executive institution to attend the board of directors and shareholders' meeting of the invested enterprise, and when sending the meeting convening notice and meeting materials to its directors or shareholders in accordance with the law, they should also provide the notice and materials to the National Development Fund or its executive institution. The invested enterprise shall provide the minutes of each board of directors and shareholders meeting to the National Development Fund or its executive institution within 30 days after the conclusion of the meeting.<br>5. When the invested enterprise and its representative has a significant impact on the finance or business of the invested enterprise because any litigation, non-litigation event or any matter occurs, the invested enterprise shall notify the National Development Fund or its executive institution in writing in advance or within three days after the occurrence. |
| 9. Joint and several liability | The joint guarantor shall be jointly and severally responsible for all obligations of the invested enterprise to the National Development Fund or its executive institution in accordance with this share subscription agreement. |
| 10. Confidentiality | The National Development Fund or its executive institution, invested enterprises and its statutory agents, representatives, persons in charge, employees and appointees shall have the obligation to keep confidential the relevant contents of this investment and this share subscription agreement. Except for in accordance with the law or the order of the competent authority, neither party shall disclose it to others without the written consent of both parties. |
| 11. Responsibilities invested enterprises should comply with | 1.The period of the preferred shares is two years. On the maturity date, the invested enterprise shall redeem all the preferred shares in cash at one time based on the subscription amount plus the undelivered dividends calculated over the two-year period. If the invested enterprise fails to redeem the preferred shares within the expiration date, if the investor suffer damage as a result, the invested enterprise shall bear the liability for damages. |

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|  | <br> 2. If the invested enterprise violates the provisions of this share subscription agreement, such as: the use of investment funds, the guarantee of continued operations, the rights and obligations of the preferred shares other than the preceding paragraph stipulated in Article 5 of this share subscription agreement (including but not limited to the invested enterprise having a surplus but not distributing dividends or arrears of dividends on the preferred shares; or when the conditions for early redeem are met, the investor requests the redemption of preferred shares, but the invested enterprise fails to redeem them as scheduled), transactions with interested parties, notification obligations, the obligation to provide financial business information and related cooperation obligations, if the investor requests the invested enterprise to make corrections within the time limit, if the correction is not made within the time limit or the correction is incomplete, the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash based on the issuance amount of the special shares plus the undelivered dividends calculated in proportion to the two-year period. If the investor suffers damage as a result, the invested enterprise shall bear the liability for damages. |
| 12. Anti-money laundering and counter-terrorism | If any of the following circumstances occurs, the National Development Fund may terminate this share subscription agreement, and the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash based on the issuance amount of the preferred shares plus the undelivered dividends calculated in proportion to the two-year period. If the National Development Fund or its executive institution suffers damage as a result, they can claim the damage against the invested enterprise:<br>1. The National Development Fund or its executive institution discovers that the invested enterprise and/or its related parties (including but not limited to statutory agents, responsible persons, representatives, substantial beneficiaries of legal persons, persons exercising control over legal persons, transactions related parties, hereinafter referred to as "related persons") are individuals, legal persons or groups designated by economic sanctions and Counter-Terrorism Financing Act, as well as terrorists or groups identified or pursued by foreign governments or international organizations.<br>2. When the National Development Fund examines the identity of the invested enterprise and its related persons or deems it necessary (including but not limited to: suspected involvement in illegal activities, suspected money laundering, terrorist financing activities, or special cases reported by the media involving illegal activities, etc.), the invested enterprise fails to provide the necessary personal (including invested enterprise and related persons) or company information required for review, information about the substantial beneficiaries of the legal person account or the person who exercises control over it, or fails to explain the nature and purpose of the transaction or the source of funds.<br>3. Other invested enterprises have obviously abnormal transaction behavior. |
| 13. Applicable law and court | This share subscription agreement shall be governed by the laws of the Republic of China. If any litigation arises out of this share subscription sgreement, the parties agree that the Taipei District Court of Taiwan shall be the exclusive court of first instance. |
| 14. Miscellaneous | 1. "Instructions for Application of the National Development Fund of the Executive Yuan for Investment Projects in Start-up Enterprises Affected by Severe Special Infectious Pneumonia" and its attachments are part of this share subscription agreement. If there is any conflict between the contents, this share subscription agreement shall prevail. |

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<br> 2.Neither party may transfer or assign the rights and obligations of this share subscription agreement to any third party without the prior written consent of the other party.<br>3.Unless otherwise agreed in written, any oral or written contract, agreement or commitment regarding this investment made before the signing date of this share subscription agreement will cease to be effective after the signing date of this share subscription agreement, and this share subscription agreement serves as the only basis for rights and obligations.<br>4.If there are any unresolved matters or needed modifications to the contents of this share subscription agreement, they may be revised in written after negotiation between both parties.<br>5.If any provision in this share subscription agreement is invalid due to violation of mandatory or prohibited provisions of law, only the part will be invalid and will not affect the effectiveness and validity of other provisions of this share subscription agreement. Both parties shall replace such invalid provision with other legitimate agreements or methods that can best meet or achieve the original purpose.<br>6.This share subscription agreement is made in triplicate originals, and each party and the joint guarantor shall hold one copy as evidence. Both parties and the joint guarantors declare that they or their representatives have read and understood the meaning and spirit of all the terms of this share subscription agreement before signing this share subscription agreement.<br>

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The Parties

National Development Fund: <u>/s/ Authorized Representative</u>

Invested Enterprise: <u>OBOOK Holdings Inc. (Seal)</u>

Representative: <u>Chun-Kai Wang</u>

Unified Number: [\*\*\*]

Registered Address: Suite 102, Cannon Place, North Sound Rd., George Town, Grand Cayman, KY1-9006, Cayman Islands

Mail Address: 3F., No. 213, Sec. 3, Beixin Rd., Xindian Dist., New Taipei City 231

Joint Guarantor: <u>Chun-Kai Wang</u>

ID: [\*\*\*]

Address: [\*\*\*]

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Summary of Share Subscription Agreement with National Development Fund

The Company entered the Shares Subscription Agreement with the National Development Fund on May 18, 2020. The National Development Fund purchased 1,000,000 shares of the Class A Preferred Shares (the "Preferred Shares") from the Company for NT$60,000,000.

The Preferred Shares shall only be entitled to vote (i) on matters that alter or change adversely the powers, preferences or rights given to the Preferred Shares; or (ii) at a meeting of the holders of Preferred Shares.

The Preferred Shares shall not be entitled to any distribution, other than a dividend at the rate of 1.5% per annum of the subscription price paid for each Preferred Shares.

The Company shall redeem all Preferred Shares upon the second anniversary of the issue date of the Preferred Shares by paying in cash the original subscription price paid for each Preferred Share together with all unpaid dividends thereon.

If the Company engages in an Initial Offering, or if the Company is required to redeem the Preferred Shares under Section 7 of Article 5 of the Class A Preferred Shares Purchase Agreement, the Company shall immediately redeem all Preferred Shares.

On November 15, 2021 agreed the period of the Preferred Shares be revised to three years, the terms related to the period have also been modified accordingly.

On July 21, 2023, the parties agreed that the agreement are revised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of redemption is extended by one year from the original date of redemption. The dividends during the
extension period are calculated based on the original agreement of 1.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) When the extended Preferred Shares issuance period expires, the Company will averagely redeem the preferred
shares on a quarterly basis within five years, and pay the payable dividends.

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Consent to Amend Terms of Share Subscription Agreement

1. The terms amendment comparison table is as follows:

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|:---|:---|:---|
| Number | Original Terms | Revised Terms |
| 3. Investment amount and price per share | 2. The period of the preferred shares is two years. | 2. The period of the preferred shares is three years. |
| 5. Rights and obligations of the preferred shares | 4. The period of the preferred shares is two years. On the maturity date, the invested enterprise shall take back all the preferred shares in cash at one time based on the original total subscription amount of the preferred shares plus the undelivered dividends calculated over the two-year period. In addition, the invested enterprise may redeem the preferred shares in advance based on the original total subscription amount of the preferred shares plus the undelivered dividends calculated in proportion to the two-year period before the maturity date.<br>5. The preferred shares have priority over ordinary shares and other preferred shares in the distribution of the remaining assets of the invested enterprise, but shall not exceed the total subscription amount of the investors plus the undelivered dividends calculated in the two-year period. | 4. The period of the preferred shares is <u>three</u> years. On the maturity date, the invested enterprise shall take back all the preferred shares in cash at one time based on the original total subscription amount of the preferred shares plus the undelivered dividends calculated over the <u>three</u> period. In addition, the invested enterprise may redeem the preferred shares in advance based on the original total subscription amount of the preferred shares plus the undelivered dividends calculated in proportion to the <u>three</u> period before the maturity date.<br>5. The preferred shares have priority over ordinary shares and other preferred shares in the distribution of the remaining assets of the invested enterprise, but shall not exceed the total subscription amount of the investors plus the undelivered dividends calculated in the <u>three</u> period. |
| 6. Effectiveness of this Share Subscription Agreement | 3. If the rights and obligations of the preferred shares recorded in the articles of association of the invested enterprise are inconsistent with the rights and obligations of the special shares stipulated in Article 5 of this share subscription agreement, the investor may require the invested enterprise to make corrections within a time limit. If the correction has not been made or the correction is incomplete, the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash, calculated based on the issuance amount of the special shares plus the b undelivered dividends calculated in proportion to the two-year period. | 3. If the rights and obligations of the preferred shares recorded in the articles of association of the invested enterprise are inconsistent with the rights and obligations of the special shares stipulated in Article 5 of this share subscription agreement, the investor may require the invested enterprise to make corrections within a time limit. If the correction has not been made or the correction is incomplete, the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash, calculated based on the issuance amount of the special shares plus the b undelivered dividends calculated in proportion to the <u>three</u> period. |

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|:---|:---|:---|
| 11.Responsibilities invested enterprises should comply with | 1.The period of the preferred shares is two years. On the maturity date, the invested enterprise shall redeem all the preferred shares in cash at one time based on the subscription amount plus the undelivered dividends calculated over the two-year period. If the invested enterprise fails to redeem the preferred shares within the expiration date, if the investor suffer damage as a result, the invested enterprise shall bear the liability for damages.<br>2. If the invested enterprise violates the provisions of this share subscription agreement, such as: the use of investment funds, the guarantee of continued operations, the rights and obligations of the preferred shares other than the preceding paragraph stipulated in Article 5 of this share subscription agreement (including but not limited to the invested enterprise having a surplus but not distributing dividends or arrears of dividends on the preferred shares; or when the conditions for early redeem are met, the investor requests the redemption of preferred shares, but the invested enterprise fails to redeem them as scheduled), transactions with interested parties, notification obligations, the obligation to provide financial business information and related cooperation obligations, if the investor requests the invested enterprise to make corrections within the time limit, if the correction is not made within the time limit or the correction is incomplete, the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash based on the issuance amount of the special shares plus the undelivered dividends calculated in proportion to the two-year period. If the investor suffers damage as a result, the invested enterprise shall bear the liability for damages. | 1.The period of the preferred shares is <u>three</u> years. On the maturity date, the invested enterprise shall redeem all the preferred shares in cash at one time based on the subscription amount plus the undelivered dividends calculated over the <u>three</u> period. If the invested enterprise fails to redeem the preferred shares within the expiration date, if the investor suffer damage as a result, the invested enterprise shall bear the liability for damages.<br>2. If the invested enterprise violates the provisions of this share subscription agreement, such as: the use of investment funds, the guarantee of continued operations, the rights and obligations of the preferred shares other than the preceding paragraph stipulated in Article 5 of this share subscription agreement (including but not limited to the invested enterprise having a surplus but not distributing dividends or arrears of dividends on the preferred shares; or when the conditions for early redeem are met, the investor requests the redemption of preferred shares, but the invested enterprise fails to redeem them as scheduled), transactions with interested parties, notification obligations, the obligation to provide financial business information and related cooperation obligations, if the investor requests the invested enterprise to make corrections within the time limit, if the correction is not made within the time limit or the correction is incomplete, the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash based on the issuance amount of the special shares plus the undelivered dividends calculated in proportion to the <u>three</u> period. If the investor suffers damage as a result, the invested enterprise shall bear the liability for damages. |

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|:---|:---|:---|
| 12. Anti-money laundering and counter-terrorism | If any of the following circumstances occurs, the National Development Fund may terminate this share subscription agreement, and the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash based on the issuance amount of the preferred shares plus the undelivered dividends calculated in proportion to the two-year period. If the National Development Fund or its executive institution suffers damage as a result, they can claim the damage against the invested enterprise: | If any of the following circumstances occurs, the National Development Fund may terminate this share subscription agreement, and the invested enterprise shall immediately repurchase the preferred shares held by the investor in cash based on the issuance amount of the preferred shares plus the undelivered dividends calculated in proportion to the <u>three</u> period. If the National Development Fund or its executive institution suffers damage as a result, they can claim the damage against the invested enterprise: |

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2. The contents of the above revised terms have been reviewed by the invested enterprise and ⬛agreed/☐disagree to the revision of terms. After the revision, the terms will be effective from the date of the original share subscription agreement signed by both parties, without exchanging the contract separately. If there is any conflict between the terms of the original share subscription agreement and the revised terms, the revised terms shall prevail. If the revision is not agreed, the original share subscription agreement shall remain valid.

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(Below Blank and to Signature Page)

TO

National Development Fund Management Council, Executive Yuan

The person who made the consent

Invested enterprise: OBOOK HOLDINGS Inc.

Representative: Wang, Chun-Kai

Unified number: [\*\*\*]

Address: 3F, No. 217, Section 3, Beixin Road, Xindian District, New Taipei City 231633

Date: November 15, 2021

(Below Blank)

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Consent to Amend Terms of Share Subscription Agreement (2)

Whereas the Company and the National Development Fund Management Council, Executive Yuan (hereinafter referred to as the "Investor") signed the "Share Subscription Agreement" dated on May 18, 2020 and the Consent to Amend Terms of Share Subscription Agreement, in accordance with the letter, Guofa Zi No. 11029032271, dated on November 8, 2021 (hereinafter referred to as the "Original Agreement"). The Investor invested in cash to obtain the Preferred Shares issued by the Company (hereinafter referred to as the "Preferred Shares"), and the trust property account of Yongfeng Commercial Bank is entrusted to receive, manage and utilize the investment assets declared to the trust by the Investor. In accordance with the resolution of the 103rd meeting of the National Development Fund Management Council, Executive Yuan, the Company agrees that the Original Agreement is revised as follows:

1. After the Company pays the Investor the dividends payable during the original Preferred Shares issuance period before the expiration date of the Preferred Shares, the Preferred Shares issuance period will be extended for one year, and the dividend during the extension period will be calculated at the original agreed annual interest rate of 1.5%.

2. When the previously extended Preferred Shares issuance period expires, the Company should redeem the Preferred Shares on an average quarterly basis within five years and pay the dividends payable during the period.

3. This consent is part of the Original Agreement and takes effect from the date of signing. This amendment consent takes precedence over the Original Agreement, without exchanging the contract separately. The rights, obligations and other related matters will still be handled in accordance with the Original Agreement.

TO

National Development Fund Management Council, Executive Yuan

Yongfeng Commercial Bank Trust Property Account

The person who made the consent

OBOOK HOLDINGS Inc.

Representative: Wang, Chun-Kai

Unified number: [\*\*\*]

Address: 3F, No. 217, Section 3, Beixin Road, Xindian District, New Taipei City 231633

Date: July 21, 2023

(Blank Below)

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**OBOOK HOLDINGS INC.** 

Address: 8F, No. 26, Wencheng Road, Beitou District, Taipei City Phone: +886-2-66108180 #805 Contact: Kate Chiang Email: kate_chiang@owlting.com

**Attention: Taipei Computer Association (Responsible for government subsidy projects)** 

**Date: December 12, 2024** 

**Letter Number: OB2024121201** 

**Speed: Regular** 

Confidentiality Level: Confidential

Attachments: As stated in the document

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| | |
|:---|:---|
| **Subject:** | Regarding the early redemption clause of the Class A Preferred Shares as stated in the Share Subscription Agreement, our Company proposed additional explanations on the related procedures. Please review and respond accordingly.  |

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**Description:** 

1. Our Company plans to apply for a public offering in the U.S. capital markets and intends to redeem in advance
the Class A Preferred Shares issued in 2020 and subscribed by the Executive Yuan National Development Fund Management Committee ("NDF").

2. The capital increase date for the issuance of our Class A Preferred Shares was July 23, 2020, with a
total subscription amount of NT$60,000,000 by NDF.

3. Our Company has confidentially filed with the U.S. Securities and Exchange Commission ("SEC") and is
currently undergoing the SEC review process. After obtaining SEC approval, we will proceed with the public filing, which is expected to take approximately 3 to 6 months. Following the public filing, we will conduct a series of roadshows to determine
the offering price, the duration of which will depend on market response and the underwriters' judgment. At the public filing stage, the listing date remains uncertain, and the funds raised from the capital markets will only be available after
the listing.

4. Excerpt from Section 5, Item 7 of the Subscription Agreement: "If the investee company conducts a
public offering during the issuance period of this preferred stock or..., the investee company shall redeem the preferred stock in advance in accordance with the provisions of Item 4 of this section." Due to the public offering, our Company
shall execute the early redemption of preferred stock.

5. As stated in point 3, the funds raised from the capital markets will only be obtained after the listing, and
the listing process involves various uncertainties. If the early redemption occurs without capital market funding, it will place significant financial pressure on our Company. Therefore, to ensure compliance with Section 5.7 of the Subscription
Agreement while maintaining our Company's normal operations, we propose supplementing the interpretation of this clause, allowing our Company to complete the early redemption of the preferred shares within two months after the official listing
using the funds raised from the capital markets.

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**Taipei Computer Association** 

Address: 13th Floor, No. 2, Section 3, Bade Road, Songshan District, Taipei City 105 Phone: [\*\*\*] Contact: [\*\*\*] Email: [\*\*\*]

8F, No. 26, Wencheng Road, Beitou District, Taipei City, 112037

**Attention: OBOOK HOLDINGS INC.** 

**Date: February 7, 2025** 

**Letter Number: 1140001117** 

**Speed: Regular** 

Confidentiality Level:

Attachments: As stated in the document

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| | |
|:---|:---|
| **Subject:** | Response to the letter of OB2024121201  |

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**Description:** 

1. In accordance with Section 5, Item 7 of the Share Subscription Agreement signed between your companies and
National Development Fund on May 18, 2020, if the invested company undergoes a public offering during the period of the issuance of the preferred shares, the preferred shares should be subject to early redemption.

2. Kindly proceed with the early redemption of the preferred shares in accordance with the aforementioned clause
and your company's proposed procedure outlined in the previous letter. Should there be any further issues or questions, please feel free to contact our project office at the phone number: 02-2709-2186.

## Exhibit 10.7

**Exhibit 10.7** 

**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

January 19, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of January 19, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and WEI-CHEN HUNG (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Sale and Issuance of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 30,628 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$200,000 or the equivalent NT$6,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&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) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. <u>T</u>he Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations (including but not limited to any requirement imposed by Taiwan's Investment Commission, MOEA). No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; and

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&nbsp;&nbsp;&nbsp;&nbsp;&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) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u>**<u> </u>**<u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of 12 months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to February 28, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>8</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be<u> </u>unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>8.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>8.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <u>Language.</u> This Agreement is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
|  **THE COMPANY:** | **THE COMPANY:** |
|  **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
|  By: | /s/ Wang, Chun-Kai |
|  | Name: Wang, Chun-Kai |
|  | Title: CEO |
| **PURCHASER:** | **PURCHASER:** |
| **WEI-CHEN HUNG** | **WEI-CHEN HUNG** |
|  By: | /s/ Wei-Chen Hung |
|  | Name: Wei-Chen Hung |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

January 19, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of January 19, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Yu-Sheng Hung (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Sale and Issuance of Securities</u><u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 30,628 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$200,000 or the equivalent NT$6,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&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) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company own<u>s</u> all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. <u>T</u>he Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process <u>t</u>he Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations (including but not limited to any requirement imposed by Taiwan's Investment Commission, MOEA). No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; and

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&nbsp;&nbsp;&nbsp;&nbsp;&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) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u>**<u> </u>**<u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser'<u>s</u><u> </u>representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of 12 months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to February 28, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>8</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>8.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>8.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <u>Language.</u> This Agreement is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
|  **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
|  By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: CEO | Title: CEO |

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| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **YU-SHENG HUNG** | **YU-SHENG HUNG** |
|  By: | /s/ Yu-Sheng Hung |
|  Name: Yu-Sheng Hung | Name: Yu-Sheng Hung |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

March 22, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of March 22, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and MATSUTAKE CO., LTD. (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Sale and Issuance of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 918,836 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53per share, with the total amount being US$6,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&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) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the First Installment and Second Installment by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. <u>T</u>he Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations (including but not limited to any requirement imposed by Taiwan's Investment Commission, MOEA). No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; and

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&nbsp;&nbsp;&nbsp;&nbsp;&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) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u>**<u> </u>**<u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of 12 months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Covenants</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Limited Partnership.</u>**<u> </u>**The Company and the Purchaser agree that, upon the consummation of the transaction contemplated in this Agreement, the Company and the Purchaser will enter into a limited partnership agreement and establish a limited partnership in Taiwan. The Company is intending to serve as the limited partner and the Purchaser is intending to serve as the general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to April 15, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>8</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>8.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>8.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 <u>Language.</u> This Agreement is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
|  By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: CEO | Title: CEO |
| **PURCHASER:** | **PURCHASER:** |
| **MATSUTAKE CO., LTD.** | **MATSUTAKE CO., LTD.** |
|  By: | /s/ Te-Young Hsu |
|  Name: Te-Young Hsu | Name: Te-Young Hsu |
|  Title: Chairman | Title: Chairman |

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

May 12<sup>th</sup>, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of 12<sup>th</sup> of May, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Huang Yen Chen (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 3,000 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$19,590 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. <u>T</u>he Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to 12<sup>th</sup> of May, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
|  Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **HUANG YEN CHEN** | **HUANG YEN CHEN** |
| By: | /s/ Huang Yen Chen |
|  Name: Huang Yen Chen | Name: Huang Yen Chen |
|  Title: n/a | Title: n/a |
|  Address: [\*\*\*] | Address: [\*\*\*] |
|  Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

May 12, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of May 12, 2023, by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and FUKUDA CO., LTD (福田建設有限公司), organized under the laws of Taiwan (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Sale and Issuance of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 49,005 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$320,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&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) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations (including but not limited to any requirement imposed by Taiwan's Investment Commission, MOEA). No Approval by or with any governmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; and

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&nbsp;&nbsp;&nbsp;&nbsp;&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) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u>**<u> </u>**<u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of 12 months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Even</u>t" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to June 30, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>8</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>8.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>8.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <u>Language.</u> This Agreement is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: CEO | Title: CEO |
| **PURCHASER:** | **PURCHASER:** |
| By: | /s/ Lih-Ching Lin |
|  Name: Lih-Ching Lin | Name: Lih-Ching Lin |
|  Title: Chairman | Title: Chairman |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

May 26, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of May 26, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and PHS Enterprise Co., Ltd. (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 120,000 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$783,600 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any governmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to June 15, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of <u>Taiwan, Republic of China</u>. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this <u>Agreement,</u> or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be<u> </u>unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: | Wang, Chun-Kai |
| Title: | Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **PHS ENTERPRISE CO., LTD.** | **PHS ENTERPRISE CO., LTD.** |
| By: | /s/ Liao, Shuo-Yen |
| Name: | LIAO, SHUO-YEN |
| Title: | CEO |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: | [\*\*\*]  |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

June 1, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of June 1, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and CHANG, Yu-Shan (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 2000 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$13,060 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> 3 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process <u>t</u>he Company has made available to the <u>Purchaser</u> all the information reasonably available to the Company that the <u>Purchaser</u> has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933<u> </u>or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such <u>the</u> Purchaser<u>'</u><u>s</u><u> </u>representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to <u>the</u> Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to June 1, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be<u> </u>unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: | Wang, Chun-Kai |
| Title: | Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **CHANG, YU-SHAN** | **CHANG, YU-SHAN** |
| By: | /s/ Chang, Yu-Shan |
| Name: | **CHANG, YU-SHAN** |
| Title: | Private investor |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

10<sup>th</sup> August, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of 10<sup>th</sup> August, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Anant Kanoi (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 15,314 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$100,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. <u>T</u>he Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to September 30, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this <u>Agreement,</u> or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| Anant Kanoi | Anant Kanoi |
| By: | /s/ Anant Kanoi |
| Name: Anant Kanoi | Name: Anant Kanoi |
| Title: Mr. | Title: Mr. |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

August 11, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of August 11th, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Marcin Pacholak with Polish Personal ID number: [\*\*\*], address: [\*\*\*] (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 2000 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$13,060 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year.<u> </u>These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any governmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to September 30, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be<u> </u>unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **MARCIN PACHOLAK** | **MARCIN PACHOLAK** |
| By: | /s/ Pacholak Marcin |
| Name: Pacholak Marcin | Name: Pacholak Marcin |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

September 5, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of September 5, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Concord Executive Group Inc. (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 15,314 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$100,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to <u>September</u> <u>30</u><u>,</u> 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be<u> </u>unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |

---

---

| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| Concord Executive Group Inc. | Concord Executive Group Inc. |
| By: | /s/ Authorized Representative |
| Name: Concord Executive Group Inc. | Name: Concord Executive Group Inc. |
| Title: President & CEO | Title: President & CEO |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

October 26, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of October 26, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and BRABULL CAPITAL LLC (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 15,314 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$100,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Purchaser shall pay the Investment Proceeds in two installment payments, according to the following payment schedule: (i) US$50,000, shall be made on or before November 15, 2023 (the "First Installment") and (ii) US$50,000, shall be made on or before January 15, 2024 (the "Second Installment").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the total amount of the Investment Proceeds and all documents required for the register of the Shares by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process <u>t</u>he Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to January 30, 2024, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be<u> </u>unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
|  Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **BRABULL CAPITAL LLC.** | **BRABULL CAPITAL LLC.** |
| By: | /s/ CAIO BRAZ SANTOS |
|  Name: CAIO BRAZ SANTOS | Name: CAIO BRAZ SANTOS |
|  Title: FOUNDER & CEO | Title: FOUNDER & CEO |
| Address: [\*\*\*] | Address: [\*\*\*] |
|  Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

July 4<sup>th</sup>, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of July 4<sup>th</sup>, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and MOAH LLC (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 5,360 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$35,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Related Party Arrangements</u>. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year.<u> </u>These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to July 30<sup>th</sup>, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(c) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
|  By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **MOAH LLC** | **MOAH LLC** |
|  By: | /s/ Shwu-Yea Kuo |
| Name: Shwu-Yea Kuo | Name: Shwu-Yea Kuo |
|  Title: Member | Title: Member |
| Address: [\*\*\*] | Address: [\*\*\*] |
|  Email: [\*\*\*] | Email: [\*\*\*] |

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**OBOOK HOLDINGS INC.** 

November 3, 2023

Stellar Development Foundation

475 Brannan Street, Suite 400

San Francisco, CA, 94107

Re: <u>Integration Requirements</u>

Ladies and Gentlemen:

Reference is made to the purchase of 459,418 shares of Class A Common Shares (the "***Shares***") of Obook Holdings Inc., (the "***Company***") by the Stellar Development Foundation ("***Investor***" or "***SDF***") pursuant to the Share Subscription Agreement dated as of November 3, 2023, by and among the Company, Investor and the other parties thereto, as amended from time to time (the "***Purchase Agreement***"). Investor shall be entitled to the following contractual rights, in addition to other rights specifically provided to all investors in the Purchase Agreements (as defined in the Purchase Agreement):

1. Commencing promptly following the date of this Side Letter (the "***Closing***"), the Company will use commercially reasonable efforts to complete, within one year of the Closing, all items listed in <u>Exhibit A</u> attached hereto and incorporated herein by reference, subject in each case to obtaining any necessary regulatory approvals.

The rights and obligations described herein shall terminate and be of no further force or effect upon (a) such time as Investor or its affiliates no longer hold any Shares, (b) the consummation of the sale of the Company's securities pursuant to a registration statement filed by the Company under the Securities Act of 1933, as amended, in connection with the offering of its securities to the general public, or (c) the consummation of a Deemed Liquidation Event (as defined in the Purchase Agreement).

This Side Letter may not be amended or modified without the express written consent of the Company and Investor. Any capitalized terms used but not defined herein shall have the meaning set forth in the Purchase Agreement.

[SIGNATURE PAGE FOLLOWS]

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| | |
|:---|:---|
|  Very truly yours, | Very truly yours, |
| **COMPANY:** | **COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |

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**[SIGNATURE PAGE TO SIDE LETTER]**

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| | |
|:---|:---|
|  Accepted and Agreed: | Accepted and Agreed: |
| **INVESTOR:** | **INVESTOR:** |
| **STELLAR DEVELOPMENT FOUNDATION** | **STELLAR DEVELOPMENT FOUNDATION** |
|  By: | /s/ Denelle Dixon |
| Name: Denelle Dixon | Name: Denelle Dixon |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

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**[SIGNATURE PAGE TO SIDE LETTER]**

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

November 6, 2023

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of November 6, 2023 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and STELLAR DEVELOPMENT FOUNDATION (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

Purchase and Sale of Securities. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 459,418 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$2,999,999.54 (the "<u>Investment Proceeds</u>").

Closing; Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&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 purchase and sale of the Shares shall take place on the date hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares. The Closing shall occur no later than November 14, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

Defined Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

Organization, Good Standing and Qualification. <u>T</u>he Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

Capitalization. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

Authorization. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

Intellectual Property. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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Compliance with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

Related Party Arrangements. The Company is not indebted, directly or indirectly, to any of its officers or directors or Affiliates, in any amount whatsoever other than in connection with expenses or advances of expenses incurred in the ordinary course of business or relocation expenses of employees. None of the Company's officers or directors, or any of their Affiliates, are, directly or indirectly, indebted to the Company (other than in connection with purchases of the Company's shares). To the Company's knowledge, none of the officers or directors of the Company is, directly or indirectly, interested in any material contract with the Company. The Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation.

Tax Returns and Payments. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

Compliance with Laws; Permits. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

Disclosure. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

**Representations and Warranties of the Purchaser**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

Authorization. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

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<u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

Securities Law Matters. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(j) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

Exemption from Registration; Restricted Securities. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

Disclosure of Information. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

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**Conditions of the Purchaser**'**s Obligations at Closing**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

Representations and Warranties. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

Performance. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

**Conditions of the Company**'**s Obligations at Closing**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

Representations and Warranties. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

Performance. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

Investment Proceeds. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

Qualifications. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

**<u>Post-Closing Undertakings</u>**.

<u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

Drag-Along. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

**Miscellaneous**.

Transfer; Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

Termination; Survival. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to December 30, 2023, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

Governing Law. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

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Fees and Expenses. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

Attorney's Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

Confidentiality. Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party, unless such confidential information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(e) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, Partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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Entire Agreement. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

Interpretation. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

Counterparts; Electronic Execution. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: | Wang, Chun-Kai |
| Title: | Chairman and CEO |

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| | |
|:---|:---|
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New | Address: 3F, No. 213, Sec. 3, Beixin Rd., New |
| Taipei City, Taiwan | Taipei City, Taiwan |
| Email address: | darren@owlting.com |

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| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **STELLAR DEVELOPMENT FOUNDATION** | **STELLAR DEVELOPMENT FOUNDATION** |
| By: | /s/ Denelle Dixon |
| Name: | Denelle Dixon |
| Title: | CEO |
| Address: 475 Brannan Street, Suite 400, San Francisco, CA 94107 | Address: 475 Brannan Street, Suite 400, San Francisco, CA 94107 |
| Email: denelle@stellar.org | Email: denelle@stellar.org |

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

February 28, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of February 28, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Jam Tomorrow (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 306,279 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$2,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before April 21, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to August 31, 2024, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of September 2, 2023 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
|  Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **JAM TOMORROW LTD.** | **JAM TOMORROW LTD.** |
| By: | /s/ Christopher Bentham Ruffle |
|  Name: Christopher Bentham Ruffle | Name: Christopher Bentham Ruffle |
|  Title: Manger | Title: Manger |
| Address: [\*\*\*] | Address: [\*\*\*] |
|  Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

March 22, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of March 22, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and LITTLE KING INDUSTRIES COMPANY LTD. (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 382,848 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$2,500,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before April 15, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process <u>t</u>he Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into th<u>is</u> Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to August 31, 2024, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of March 22, 2024 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
|  Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei City, Taiwan |
|  Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
|  LITTLE KING INDUSTRIES COMPANY LTD. | LITTLE KING INDUSTRIES COMPANY LTD. |
| By: | /s/ Liao, Ping-Jung |
|  Name: Liao, Ping-Jung | Name: Liao, Ping-Jung |
|  Title: Chairman | Title: Chairman |
| Address: [\*\*\*] | Address: [\*\*\*] |
|  Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

May 28, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of May 28, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and JANGBRIDGE DEVELOPMENT CO., LTD. (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 153,139 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$1,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before June 3, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. <u>T</u>he Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year.<u> </u>These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to August 31, 2024, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of May 20, 2024 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei<br>City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei<br>City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **JANGBRIDGE DEVELOPMENT CO., LTD.** | **JANGBRIDGE DEVELOPMENT CO., LTD.** |
| By: | /s/ Ho Howard |
| Name: Ho Howard | Name: Ho Howard |
| Title: Chairman of the board | Title: Chairman of the board |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

May 28, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of May 28, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and JANGWAY DEVELOPMENT CO., LTD. (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 153,139 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$1,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before June 3, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. <u>T</u>he Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the <u>Purchaser</u> has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to <u>the</u> Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to August 31, 2024, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of May 20, 2024 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei<br>City, Taiwan | Address: 3F, No. 213, Sec. 3, Beixin Rd., New Taipei<br>City, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **JANGWAY DEVELOPMENT CO., LTD.** | **JANGWAY DEVELOPMENT CO., LTD.** |
| By: | /s/ Ho Bing Shin |
| Name: Ho Bing Shin | Name: Ho Bing Shin |
| Title: Chairman of the board | Title: Chairman of the board |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

May 30, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of May 30, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Wang, Chun-Kai (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>.** Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 94,946 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$6.53 per share, with the total amount being US$620,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before June 15, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year. These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.<u> </u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to <u>the</u> Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto. The Purchaser agrees not to participate in the Company's Initial Offering unless the investment has been held for more than one year prior to the Initial Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to December 31, 2025, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of May 1, 2024 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 9F, No. 28, Wencheng Rd., Beitou Dist.,<br>Taipei City 112, Taiwan | Address: 9F, No. 28, Wencheng Rd., Beitou Dist.,<br>Taipei City 112, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| **Chun-Kai Wang** | **Chun-Kai Wang** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: darren@owlting.com | Email: darren@owlting.com |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

November 15, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of November 15, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Wang, Chun-Kai (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 135,135 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$7.4 per share, with the total amount being US$1,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before December 31, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year.<u> </u>These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto. The purchaser agrees not to participate in the Company's Initial Offering unless the investment has been held for more than one year prior to the Initial Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to December 31, 2025, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with this Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of November 1, 2024 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 9F., No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan | Address: 9F., No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |
| **PURCHASER:** | **PURCHASER:** |
| Chun-Kai Wang | Chun-Kai Wang |
| By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: darren@owlting.com | Email: darren@owlting.com |

---

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

December 18, 2024

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of December 18, 2024 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and Univa Oak Holdings Limited (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of 135,135 shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$7.4 per share, with the total amount being US$1,000,000 (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before December 20, 2024 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year.<u> </u>These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process <u>t</u>he Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. <u>The</u> Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into this Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear the economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is either (i) an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933 or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933; 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;(e) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Exemption</u> <u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against <u>the</u> Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.<u> </u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto. The purchaser agrees not to participate in the Company's Initial Offering unless the investment has been held for more than one year prior to the Initial Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to December 31, 2025, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of November 21, 2024 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

------

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **THE COMPANY:** | **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
|  By: | /s/ Wang, Chun-Kai |
| Name: Wang, Chun-Kai | Name: Wang, Chun-Kai |
| Title: Chairman and CEO | Title: Chairman and CEO |
| Address: 9F., No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan | Address: 9F., No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan |
| Email address: darren@owlting.com | Email address: darren@owlting.com |

---

---

| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| Univa Oak Holdings Limited | Univa Oak Holdings Limited |
|  By: | /s/ Shuji Inaba |
| Name: Shuji Inaba | Name: Shuji Inaba |
| Title: CEO | Title: CEO |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email: [\*\*\*] | Email: [\*\*\*] |

---

## Exhibit 10.8

**Exhibit 10.8** 

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**OBOOK HOLDINGS INC.** 

**SAFE** 

**(Simple Agreement for Future Equity)** 

THIS CERTIFIES THAT in exchange for the payment by Chi-Jung Yang (the "**Investor**") of US$130,000 (the "**Purchase Amount**") on or about 2023/3/1, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit</u> <u>A</u> hereto.

The "**Discount Rate**" is 75%.

See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  ***Events*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Equity Financing</u>**. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will convert into the number of Safe Shares equal to the Purchase Amount divided by the Discount Price.

In connection with the automatic conversion of this Safe into Safe Shares, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; *provided,* that such documents are the same documents to be entered into with the purchasers of Standard Shares, with appropriate variations for the Safe Shares if applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will, at its option, either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"), or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Termination</u>**. This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(a), Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  ***Definitions*** 

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

------

"**Discount Price**" means the lowest price per share of the Standard Shares sold in the Equity Financing multiplied by the Discount Rate.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"**Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital that closes after six (6) months flowing the date of this Safe, pursuant to which the Company issues and sells Common Shares or Preferred Shares at a fixed pre-money valuation at an aggregate price of more than US$10,000,000.

"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"**Liquidity Price**" means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by the Discount Rate.

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

------

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"**Safe Shares**" means the shares of Common Shares or the series of Preferred Shares issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Shares, other than with respect to: (i) the initial conversion price for purposes of price-based anti-dilution protection, which will equal the Discount Price; and (ii) the basis for any dividend rights, which will be based on the Discount Price.

"**Standard Shares**" means the shares of Common Shares or a series of Preferred Shares issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  ***Company Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  ***Investor Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  ***Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further*, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This SAFE is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

(*Signature page follows*)

------

IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

---

| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  | Chun-Kai Wang |
|  | Chairman and CEO |
|  | Address: 3F, No. 213, Sec 3, Beixin Rd., New |
|  | Taipei City, Taiwan (231) |
|  | Email address: darren@owlting.com |
| **INVESTOR:** | **INVESTOR:** |
| By: | /s/ Chi-Jung Yang |
| Name:Chi-Jung Yang | Name:Chi-Jung Yang |
| Address:[\*\*\*] | Address:[\*\*\*] |
| Email address:[\*\*\*] | Email address:[\*\*\*] |

---

------

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**OBOOK HOLDINGS INC.** 

**(Simple Agreement for Future Equity)** 

THIS CERTIFIES THAT in exchange for the payment by Wei Ju Chiu (the "**Investor**") of US$100,000 (the "**Purchase Amount**") on or about 2023/3/21, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit</u> <u>A</u> hereto.

The "**Discount Rate**" is 75%.

See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Equity Financing</u>**. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Safe Shares equal to the Purchase Amount divided by the Discount Price.

In connection with the automatic conversion of this Safe into Safe Shares, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; *provided,* that such documents are the same documents to be entered into with the purchasers of Standard Shares, with appropriate variations for the Safe Shares if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will automatically be entitled to either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"), or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Termination</u>**. This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  ***Definitions*** 

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Discount Price**" means the lowest price per share of the Standard Shares sold in the Equity Financing multiplied by the Discount Rate.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"**Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital that closes after six (6) months following the date of this Safe, pursuant to which the Company issues and sells Common Shares or Preferred Shares at a fixed pre-money valuation at an aggregate price of more than US$10,000,000.

"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"**Liquidity Price**" means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by the Discount Rate.

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"**Safe Shares**" means the shares of Common Shares or the series of Preferred Shares issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Shares, other than with respect to: (i) the initial conversion price for purposes of price-based anti-dilution protection, which will equal the Discount Price; and (ii) the basis for any dividend rights, which will be based on the Discount Price.

"**Standard Shares**" means the shares of Common Shares or a series of Preferred Shares issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  ***Company Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  ***Investor Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  ***Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further*, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

(*Signature page follows*)

------

IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  | Chun-Kai Wang |
|  | Chairman and CEO |
|  | Address: 3F, No. 213, Sec. 3, Beixin Rd., New |
|  | Taipei City, Taiwan |
|  | Email address: darren@owlting.com |
| **INVESTOR:** | **INVESTOR:** |
| By: | /s/ Wei Ju Chiu |
| Name: Wei Ju Chiu | Name: Wei Ju Chiu |
| Title: n/a | Title: n/a |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email address: [\*\*\*] | Email address: [\*\*\*] |

---

------

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**OBOOK HOLDINGS INC.** 

**(Simple Agreement for Future Equity)** 

THIS CERTIFIES THAT in exchange for the payment by Ong Kong Joo (the "**Investor**") of US$200,000 (the "**Purchase Amount**") on or about 27 March 2023, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit</u> <u>A</u> hereto.

The "**Discount Rate**" is 75%.

See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  ***Events*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Equity Financing</u>**. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Safe Shares equal to the Purchase Amount divided by the Discount Price.

In connection with the automatic conversion of this Safe into Safe Shares, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; *provided,* that such documents are the same documents to be entered into with the purchasers of Standard Shares, with appropriate variations for the Safe Shares if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will automatically be entitled to either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"), or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Termination</u>**. This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  ***Definitions*** 

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Discount Price**" means the lowest price per share of the Standard Shares sold in the Equity Financing multiplied by the Discount Rate.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"**Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital that closes after six (6) months following the date of this Safe, pursuant to which the Company issues and sells Common Shares or Preferred Shares at a fixed pre-money valuation at an aggregate price of more than US$10,000,000.

"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"**Liquidity Price**" means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by the Discount Rate.

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"**Safe Shares**" means the shares of Common Shares or the series of Preferred Shares issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of Standard Shares, other than with respect to: (i) the initial conversion price for purposes of price-based anti-dilution protection, which will equal the Discount Price; and (ii) the basis for any dividend rights, which will be based on the Discount Price.

"**Standard Shares**" means the shares of Common Shares or a series of Preferred Shares issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  ***Company Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  ***Investor Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  ***Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further*, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

(*Signature page follows*)

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IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  | Chun-Kai Wang |
|  | Chairman and CEO |
|  | Address: 3F, No. 213, Sec. 3, Beixin Rd., New |
|  | Taipei City, Taiwan |
|  | Email address: darren@owlting.com |
| **INVESTOR:** | **INVESTOR:** |
| By: | /s/ Ong Kong Joo |
| Name: Ong Kong Joo | Name: Ong Kong Joo |
| Title: Mr. | Title: Mr. |
| Address: [\*\*\*] | Address: [\*\*\*] |
| Email address: [\*\*\*] | Email address: [\*\*\*] |

---

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THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**OBOOK HOLDINGS INC.** 

**SAFE** 

**(Simple Agreement for Future Equity)** 

THIS CERTIFIES THAT in exchange for the payment by Matsutake Co., Ltd. (the "**Investor**") of US$800,000 (the "**Purchase Amount**") on or about 2025/2/25, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit</u> <u>A</u> hereto.

See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will, at its option, either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"), or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Termination</u>**. This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(a), Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***Definitions***

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

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"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"**Liquidity Price**" means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event.

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Company Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Investor Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further*, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This SAFE is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

(*Signature page follows*)

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IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  | Chun-Kai Wang |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |
| **INVESTOR: Matsutake Co., Ltd.** | **INVESTOR: Matsutake Co., Ltd.** |
| By: | /s/ Te-Yung Hsu |
|  | Name: Te-Yung Hsu |
|  | Title: Chairman |

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**SUPPLEMENTAL AGREEMENT TO SAFE AGREEMENT** 

**SAFE** 未來股權簡單協議之補充協議

This Supplemental Agreement (this "Supplement") is entered into as of August 20, 2025 by and between:

本補充協議（以下稱「本補充協議」）於 2025/8/20 簽訂，雙方為：

(1) OBOOK HOLDINGS INC., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "Company"); and

(1) OBOOK HOLDINGS INC.，一家依開曼群島法律註冊成立的有限責任豁免公司（以下稱「公司」）；以及

(2) MATSUTAKE CO., LTD., an individual /entity (the "Investor").

(2) 松竣股份有限公司，一名自然人/法人（以下稱「投資人」）。

**RECITALS** 前言

WHEREAS, the Company and the Investor previously entered into a Simple Agreement for Future Equity (the "SAFE Agreement");

鑑於，公司與投資人先前已簽訂一份未來股權簡易協議（以下稱「 SAFE 協議」）；

WHEREAS, the parties wish to supplement the SAFE Agreement by clarifying certain definitions and terms relating to equity securities and liquidity events;

鑑於，雙方希望透過補充協議，對有關股權證券與流動性事件之若干定義與條款予以澄清；

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

因此，雙方基於此所載之共同承諾以及其他良好且有價值之對價，特此同意如下：

**1. DEFINITIONS** 定義

For purposes of the SAFE Agreement, the following definitions shall apply and shall supersede any inconsistent definitions therein:

就 SAFE 協議而言，下列定義應適用，並取代其中任何不一致之定義：

1.1 "Common Shares" means the Class A Common Shares of the Company.

1.1 「普通股」係指公司之 A 類普通股。

1.2 "Direct Listing" means the Company's initial public offering of shares to be listed on a national securities exchange without an underwritten offering.

1.2 「直接上市」係指公司於無承銷安排情況下，將股份於國家證券交易所首次公開掛牌之行為。

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1.3 "Liquidity Event" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Initial Public Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other transaction or series of related transactions pursuant to which the Company's shares are listed or otherwise become publicly traded on a securities exchange or quotation system, whether through a direct listing, reverse merger, de-SPAC transaction, or other similar mechanism (collectively, a "Public Listing").

1.3 「流動性事件」係指：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 控制權變更；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 首次公開發行；或

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 任何其他交易或一系列相關交易，使公司股份於證券交易所或報價系統掛牌或公開交易，不論係透過直接上市、反向合併、去特殊目的收購公司交易 (de-SPAC)或其他類似機制（統稱「公開上市」）。

1.4 "Liquidity Price" means the fair market value per Common Share at the time of a Liquidity Event, determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwritten Initial Public Offering (IPO): the per-share price at which
the Common Shares are sold to the public in such offering (the "IPO Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Listing: the opening trading price of the Common Shares on the principal securities exchange on which they
are listed on the date of the direct listing (the "Direct Listing Open Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reverse Merger, de-SPAC Transaction, or Other Public Listing: the opening
trading price of the Common Shares (or shares into which they are exchanged) on the principal securities exchange on which they are listed on the first trading day of such Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change of Control (if no public trading price is available): the per-share value implied by the transaction consideration payable to the holders of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Circumstances (no public trading): the fair market value shall be determined by mutual agreement between
the Company and the Investor, or, if no agreement is reached, by a qualified independent valuation expert jointly selected by both parties.

1.4 「流動性價格」係指於流動性事件發生時，每股普通股之公平市價，其計算方式如下：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 承銷首次公開發行 (IPO) ：普通股在該次公開發行中售予公眾之每股價格（以下稱「 IPO 價格」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 直接上市：普通股於直接上市當日，在其掛牌之主要證券交易所之開盤交易價格（以下稱「直接上市開盤價」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 反向合併、去 SPAC 交易或其他公開上市：普通股（或其轉換之股份）於該公開上市首個交易日，在其掛牌之主要證券交易所之開盤交易價格。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 控制權變更（若無公開交易價格）：由交易對價所隱含之普通股每股價值。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 其他情形（無公開交易）：公平市價應由公司與投資人協商決定；若未達成協議，則由雙方共同選任之合格獨立估值專家決定。

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**2. MISCELLANEOUS** 其他條款

2.1 Effect of this Supplement. Except as expressly provided herein, all terms and conditions of the SAFE Agreement shall remain unmodified and in full force and effect.

2.1 本補充協議之效力。除本補充協議明確規定外，SAFE 協議之所有條款與條件均保持不變，並持續完全有效。

2.2 Governing Law. This Supplement shall be governed by, and construed in accordance with, the laws governing the SAFE Agreement.

2.2 準據法。本補充協議應受 SAFE 協議所適用之法律管轄並據以解釋。

2.3 Counterparts. This Supplement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

2.3 正本。本補充協議得以副本形式簽署，每份均視為正本，但所有副本共同構成同一文件。

IN WITNESS WHEREOF, the parties hereto have executed this Supplemental Agreement as of the date first written above.

茲證明，雙方已於文首所載日期簽署本補充協議，以昭信守。

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| | |
|:---|:---|
| OBOOK HOLDINGS INC. | OBOOK HOLDINGS INC. |
| By: | /s/ WANG, CHUN-KAI |
| Name: | WANG, CHUN-KAI |
|  | Chairman and CEO<br> Address: 9F, No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan<br> Email address: darren@owlting.com |

---

---

| | |
|:---|:---|
| INVESTOR: MATSUTAKE CO., LTD. | INVESTOR: MATSUTAKE CO., LTD. |
| By: | /s/ TE-YUNG HSU |
| Name: | TE-YUNG HSU |
|  | Chairman |

---

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THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**OBOOK HOLDINGS INC.** 

**SAFE** 

**(Simple Agreement for Future Equity)** 

THIS CERTIFIES THAT in exchange for the payment by Te-Yung Hsu (the "**Investor**") of US$700,000 (the "**Purchase Amount**") on or about 2025/2/25, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit</u> <u>A</u> hereto.

See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will, at its option, either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"), or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Termination</u>**. This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(a), Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Definitions*** 

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

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"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"**Liquidity Price**" means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event.

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Company Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Investor Representations*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Miscellaneous*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further*, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This SAFE is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

(*Signature page follows*)

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IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  | Chun-Kai Wang |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |
| **INVESTOR: Te-Yung Hsu** | **INVESTOR: Te-Yung Hsu** |
| By: | /s/ Te-Yung Hsu |
|  | Name: Te-Yung Hsu |

---

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**SUPPLEMENTAL AGREEMENT TO SAFE AGREEMENT** 

**SAFE** 未來股權簡單協議之補充協議

This Supplemental Agreement (this "Supplement") is entered into as of August 20, 2025 by and between:

本補充協議（以下稱「本補充協議」）於 2025/8/20 簽訂，雙方為：

(1) OBOOK HOLDINGS INC., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "Company"); and

(1) OBOOK HOLDINGS INC.，一家依開曼群島法律註冊成立的有限責任豁免公司（以下 稱「公司」）；以及

(2) TE-YUNG HSU, an individual /entity (the "Investor").

(2) 許德勇，一名自然人/法人（以下稱「投資人」）。

**RECITALS** 前言

WHEREAS, the Company and the Investor previously entered into a Simple Agreement for Future Equity (the "SAFE Agreement");

鑑於，公司與投資人先前已簽訂一份未來股權簡易協議（以下稱「 SAFE 協議」）；

WHEREAS, the parties wish to supplement the SAFE Agreement by clarifying certain definitions and terms relating to equity securities and liquidity events;

鑑於，雙方希望透過補充協議，對有關股權證券與流動性事件之若干定義與條款予以澄清；

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

因此，雙方基於此所載之共同承諾以及其他良好且有價值之對價，特此同意如下：

**1. DEFINITIONS** 定義

For purposes of the SAFE Agreement, the following definitions shall apply and shall supersede any inconsistent definitions therein:

就 SAFE 協議而言，下列定義應適用，並取代其中任何不一致之定義：

1.1 "Common Shares" means the Class A Common Shares of the Company.

1.1 「普通股」係指公司之 A 類普通股。

1.2 "Direct Listing" means the Company's initial public offering of shares to be listed on a national securities exchange without an underwritten offering.

1.2 「直接上市」係指公司於無承銷安排情況下，將股份於國家證券交易所首次公開掛牌之行為。

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1.3 "Liquidity Event" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Initial Public Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other transaction or series of related transactions pursuant to which the Company's shares are listed or otherwise become publicly traded on a securities exchange or quotation system, whether through a direct listing, reverse merger, de-SPAC transaction, or other similar mechanism (collectively, a "Public Listing").

1.3 「流動性事件」係指：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 控制權變更；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 首次公開發行；或

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 任何其他交易或一系列相關交易，使公司股份於證券交易所或報價系統掛牌或公開交易，不論係透過直接上市、反向合併、去特殊目的收購公司交易 (de-SPAC)或其他類似機制（統稱「公開上市」）。

1.4 "Liquidity Price" means the fair market value per Common Share at the time of a Liquidity Event, determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwritten Initial Public Offering (IPO): the per-share price at which
the Common Shares are sold to the public in such offering (the "IPO Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Listing: the opening trading price of the Common Shares on the principal securities exchange on which they
are listed on the date of the direct listing (the "Direct Listing Open Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reverse Merger, de-SPAC Transaction, or Other Public Listing: the opening
trading price of the Common Shares (or shares into which they are exchanged) on the principal securities exchange on which they are listed on the first trading day of such Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change of Control (if no public trading price is available): the per-share value implied by the transaction consideration payable to the holders of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Circumstances (no public trading): the fair market value shall be determined by mutual agreement between
the Company and the Investor, or, if no agreement is reached, by a qualified independent valuation expert jointly selected by both parties.

1.4 「流動性價格」係指於流動性事件發生時，每股普通股之公平市價，其計算方式如下：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 承銷首次公開發行 (IPO) ：普通股在該次公開發行中售予公眾之每股價格（以下稱「 IPO 價格」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 直接上市：普通股於直接上市當日，在其掛牌之主要證券交易所之開盤交易價格（以下稱「直接上市開盤價」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 反向合併、去 SPAC 交易或其他公開上市：普通股（或其轉換之股份）於該公開上市首個交易日，在其掛牌之主要證券交易所之開盤交易價格。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 控制權變更（若無公開交易價格）：由交易對價所隱含之普通股每股價值。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 其他情形（無公開交易）：公平市價應由公司與投資人協商決定；若未達成協議，則由雙方共同選任之合格獨立估值專家決定。

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**2. MISCELLANEOUS** 其他條款

2.1 Effect of this Supplement. Except as expressly provided herein, all terms and conditions of the SAFE Agreement shall remain unmodified and in full force and effect.

2.1 本補充協議之效力。除本補充協議明確規定外，SAFE 協議之所有條款與條件均保持不變，並持續完全有效。

2.2 Governing Law. This Supplement shall be governed by, and construed in accordance with, the laws governing the SAFE Agreement.

2.2 準據法。本補充協議應受 SAFE 協議所適用之法律管轄並據以解釋。

2.3 Counterparts. This Supplement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

2.3 正本。本補充協議得以副本形式簽署，每份均視為正本，但所有副本共同構成同一文件。

IN WITNESS WHEREOF, the parties hereto have executed this Supplemental Agreement as of the date first written above.

茲證明，雙方已於文首所載日期簽署本補充協議，以昭信守。

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| | |
|:---|:---|
| OBOOK HOLDINGS INC. | OBOOK HOLDINGS INC. |
| By: | /s/ WANG, CHUN-KAI |
| Name: | WANG, CHUN-KAI |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., |
|  | Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |
| INVESTOR: TE-YUNG HSU | INVESTOR: TE-YUNG HSU |
| By: | /s/ TE-YUNG HSU |
| Name: | TE-YUNG HSU |

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THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES **ACT"),** OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

本文件和任何根據本合約可發行的證券尚未根據經修訂的 1933 年證券法（"證券法"）或某些州的證券法進行註冊。這些證券不得為要約、出售或以其他方式轉讓、質押或抵押，除非本 SAFE合約以及根據基於法律和適用的州證券法之有效的註冊聲明或豁免所允許。

**OBOOK HOLDINGS INC.** 

**SAFE** 

**(Simple Agreement for Future Equity)** 

**SAFE** 未來股權簡單協議

THIS CERTIFIES THAT in exchange for the payment by LEE, SHAN-YAO (the "**Investor**") of US$700,000 (the "**Purchase Amount**"**)** on or about 2025/2/28, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

茲證明，作為 李善堯（"投資者"）在 2025/2/25 或前後支付 $700,000 美元（"購買金額"）的交換， Obook Holdings Inc.，一家根據開曼群島法律註冊成立的公司（"公司"）， 根據下述條款向投資者發行公司股本中某些股份的權利。

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto.

投資者應向公司交付購買金額，該金額應通過電匯方式將立即可用的資金電匯至公司於 <u>附件 A</u> 所指定的銀行賬戶。

See **Section 2** for certain additional defined terms. 其他定義詞請參第2條。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events*** *事件* ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Liquidity Event.** If there is a Liquidity Event before the termination of this Safe, the Investor will, at its option, either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"**),** or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 流動性事件。如果在SAFE合約終止之前發生流動性事件，投資者將自行選擇 (i) 在此類流動性事件完成之時，收到相當於購買金額加上利息的部份收益，按 5% 的年單利率計算（"兌現金額"），或 (ii) 獲得數量等於購買金額除以流動性價格的普通股。如果公司的任何股東可以選擇在流動性事件中收到的收益的形式和金額，投資者將獲得相同的選擇，但投資者不得選擇接受一種形式的對價，假設由於投資者未能滿足通常適用於公司股東或任何適用法律的任何要求或限制，投資者將沒有資格獲得該種對價。

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

就旨在符合免稅資格之重組的控制權變更而言，公司可以其董事會基於誠信的決策，減少應付給投資者 的收益的現金部分，以使此類控制權變更符合免稅重組的條件。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Dissolution Event</u>.** If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 解散事件。如果在本SAFE合約終止之前發生解散事件，投資者將有權獲得，在解散事件結束之時屆期並應付給投資者，相當於兌現金額之收益。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Termination</u>.** This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(a), Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 終止。本SAFE合約將在下述事件發生後立即終止（公司因先前違反或不遵守本 SAFE合約而產生的任何義務不因此免除），以最早發生者為準： (i)根據本SAFE合約第 1條(a)項的自動轉換，向投資者發行資本股份；或 (ii) 根據第 1條(a) 項或第 1條(b) 項支付或為支付而保留應付予投資者的款項。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Definitions*** *定義* ****

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares"** and the "**Preferred Shares.**"

"資本股份"是指公司的資本股份，包括但不限於"普通股"和"優先股"。

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"控制權變更"是指 (i) 任何"個人"或"集團"直接或間接成為該公司 50% 以上已發行有表決權證券，有權投票選舉公司董事會成員，之"受益所有人"的交易或一系列相關交易， (ii) 公司的任何重組、合併或結合 （由公司全權決定其適用範圍），或(iii) 出售、租賃或以其他方式處置公司之全部或實質上全部資產。

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"解散事件"是指 (i) 自願終止運營，(ii) 為公司債權人的利益進行的一般轉讓或 (iii) 公司的任何其他清算、解散或清盤（不包括流動性事件），無論自願或非自願。

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"股息金額"是指，就公司為其已發行普通股支付股息的任何日期而言，每股普通股支付的股息金額 乘以 (x) 購買金額除以 (y)流動性價格（僅出於計算該流動性價格的目的將股息日期視為流動性事件）。

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**"Initial Public Offering"** means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"首次公開發行"是指公司依根據《證券法》提交的登記聲明完成首次承銷普通股的堅定承諾首次公 開募股。

**"Liquidity Event"** means a Change of Control or an Initial Public Offering.

"流動性事件"是指控制權變更或首次公開發行。

**"Liquidity Price"** means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event.

"流動性價格"是指流動性事件發生時依公允市場價值所決定的每股普通股的股價。

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"收益"指現金和其他資產（包括但不限於股份對價），它們是流動性事件或解散事件的可合法分配 收益（如適用）。

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"SAFE"是指包含對資本股份之股份未來權利的文件，其形式和內容與本文件類似，由投資者購買， 用於為公司的業務運營提供資金。提及"本SAFE"是指此特定文件。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Company Representations*** *公司方聲明* ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 公司是一家根據其註冊所在地的法律正當組織、有效存續和信譽良好的公司，並有權擁有、租賃和經營其財產並按照現行方式開展業務。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 公司對本SAFE合約的執行、交付和履行在公司的權力範圍內，並已獲得公司方面所有必要行動的正式授權（受第 3(d) 節的約束）。本SAFE合約構成公司的合法、有效和有約束力的義務，可根據其條款對公司強制執行，但受破產、無力償債或其他與一般債權人權利執行有關或影響普遍執行的一般法律和一般公平原則的限制除外。據其所知，公司沒有違反 (i) 其當前的公司註冊證書或章程，(ii) 適用於公司的任何重要法規、規則或 法規，或 (iii) 公司為其一方或受其約束的一方所承擔的任何重大債務或合約，在每種情況下，此類違規或違約，單獨或與所有此類違規或違約一起，可合理預期會對公司產生重大不利影響。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 本SAFE合約設想的交易的執行和完成不會： (i) 違反適用於公司的任何重大判斷、法規、規則或法規； (ii) 導致公司作為一方或受其約束的任何重大債務或合約的加速； (iii) 導致對公司的任何財產、資產或收入產生或施加任何留置權，或暫停、沒收或不續簽適用於公司、其業務或運營的任何重要許可、執照或授權。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 為執行本SAFE合約，除了： (i) 公司的批准； (ii) 適用證券法下的任何資格或文件； (iii) 為授權根據第 1 條發行的資本股份的必要公司批准外，無需其他同意或許可。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 據其所知，在不與他人的權利發生任何衝突或侵犯他人權利的情況下，公司為其現在進行的和目前擬進行的業務，對所有專利、商標、服務標誌、商號、著作權、營業秘密、執照、資訊、流程和其他智慧財產權所有或擁有（或可以以商業上合理的條款獲得）足夠的合法權利。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Investor Representations****投資者聲明* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 投資者有完全的法律能力、權力和授權來執行和交付本合約並履行其在本合約下的義務。本合約構成投資者的有效且具有約束力的義務，可根據合約條款強制執行，但受破產、無力償債或其他與一般債權人權利執行有關或影響普遍執行的一般法律和一般公平原則的限制除外。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 投資者已被告知，此合約標的證券尚未根據《證券法》或任何州證券法進行註冊，因此，除非根據《證券法》和適用的州證券法進行註冊或獲得有效豁免註冊之要求，否則不得轉售。投資者購買根據本合約購 買的證券是為了自己的投資目的，而不是作為他人代理人，也不是為了分配或轉售與分配有關的其他目的，且投資者目前無意出售、授予、參與或以其他方式分發這些證券。投資者在金融和商業事務方面具有足夠的知識和經驗，能夠評估投資的利弊，且投資者財務狀況能夠無限期的承擔投資完全損失時之經濟損失風險。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Miscellaneous****其他事項* ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ****Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 經公司和投資者書面同意，本SAFE合約的任何規定均可修改或放棄。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 本SAFE合約要求或允許的任何通知，在專人送達、通過隔夜快遞送達或通過電子郵件發送至簽名頁上列出的相關地址時，或以掛號信或掛號信的形式，預付郵資寄送給在簽名頁所列被通知方的地址後的 48小時，即視為已經送達。該地址得隨後通過書面通知進行修改。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 作為本SAFE合約的投資者，稅收目的以外，其無權出於任何目的投票或被視為資本股份持有人，本 SAFE合約中的任何內容也不得被解釋為授予投資者任何權利，因此，亦不享有公司股東的任何權利、不得投票選舉董事或享有任何公司提交給股東的任何事項的權利，或同意或拒絕任何公司行動，亦無接收會議通知之權 利，直到投資者根據本SAFE合約第一條收到發行股份。但是，如果公司在本 SAFE合約權利已授權時，就已發行 的普通股支付股息（不以普通股支付），公司將同時向投資者支付該股息金額。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however,* that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further,* that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 未經另一方事先書面同意，任何一方均不得通過法律或其他方式轉讓本 SAFE合約或本SAFE合約中的權利；但是，在投資者死亡或殘疾的情況下，可以在未經公司同意的情況下將本 SAFE合約和/或其權利轉讓給 (i) 投資者的遺產、繼承人、執行人、管理人、監護人和/或繼承人， (ii) 直接或間接控制投資者、受投資者控制或與投資者共同控制的任何其他實體，包括但不限於投資者的任何普通合夥人、管理成員、高級職員或董事，或任何風險資本由投資者的一名或多名普通合夥人或管理成員控制或與投資者共享同一管理公司的現在或以後存 在的基金；雙方同意，公司可以在未經投資者同意的情況下，將本 SAFE合約全部轉讓給與為改變公司住所而重新註冊之公司。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 如果本SAFE合約的任何一個或多個條款，因任何原因被認為全部或部分或在任何方面無效、非法或不可執行，或如果本 SAFE合約的任何一項或多項規定操作或預期操作將使本 SAFE合約失效，那麼在任何此類情況下，僅此類條款將被視為無效，但該無效並不會影響本 SAFE合約的任何其他條款，而本SAFE合約的其餘條款將繼續並且完全有效，不會因此受到影響、偏見或干擾。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)本SAFE合約受中華民國法律管轄並依中華民國法律解釋（包括但不限於本 SAFE合約的有效性、解釋、履行和執行，或因本 SAFE合約引起或與本SAFE 合約相關的任何爭議） , 不考慮此類管轄權的法律衝突規定。因本SAFE合約引起或與之相關的任何爭議、分歧或索賠，或其違約、終止或無效判定，均應受台北地方法院的專屬管轄。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This SAFE is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 本SAFE合約以中英文分別書就，各版本有相同效力，若有不一致或衝突之處，悉依英文版為準。

(*Signature page follows*)

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IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ WANG, CHUN-KAI |
|  | WANG, CHUN-KAI |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., |
|  | Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |
| **INVESTOR: LEE, SHAN-YAO** | **INVESTOR: LEE, SHAN-YAO** |
| By: | /s/ Lee, Shan-Yao |
| Name: LEE, SHAN-YAO | Name: LEE, SHAN-YAO |

---

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**SUPPLEMENTAL AGREEMENT TO SAFE AGREEMENT** 

**SAFE** 未來股權簡單協議之補充協議

This Supplemental Agreement (this "Supplement") is entered into as of August 20, 2025 by and between:

本補充協議（以下稱「本補充協議」）於 2025/8/20 簽訂，雙方為：

(1) OBOOK HOLDINGS INC., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "Company"); and

(1) OBOOK HOLDINGS INC.，一家依開曼群島法律註冊成立的有限責任豁免公司（以下 稱「公司」）；以及

(2) LEE, SHAN-YAO, an individual /entity (the "Investor").

(2) 李善堯，一名自然人/法人（以下稱「投資人」）。

**RECITALS** 前言

WHEREAS, the Company and the Investor previously entered into a Simple Agreement for Future Equity (the "SAFE Agreement");

鑑於，公司與投資人先前已簽訂一份未來股權簡易協議（以下稱「 SAFE 協議」）；

WHEREAS, the parties wish to supplement the SAFE Agreement by clarifying certain definitions and terms relating to equity securities and liquidity events;

鑑於，雙方希望透過補充協議，對有關股權證券與流動性事件之若干定義與條款予以澄清；

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

因此，雙方基於此所載之共同承諾以及其他良好且有價值之對價，特此同意如下：

**1. DEFINITIONS** 定義

For purposes of the SAFE Agreement, the following definitions shall apply and shall supersede any inconsistent definitions therein:

就 SAFE 協議而言，下列定義應適用，並取代其中任何不一致之定義：

1.1 "Common Shares" means the Class A Common Shares of the Company.

1.1 「普通股」係指公司之 A 類普通股。

1.2 "Direct Listing" means the Company's initial public offering of shares to be listed on a national securities exchange without an underwritten offering.

1.2 「直接上市」係指公司於無承銷安排情況下，將股份於國家證券交易所首次公開掛牌之行為。

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1.3 "Liquidity Event" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Initial Public Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other transaction or series of related transactions pursuant to which the Company's shares are listed or otherwise become publicly traded on a securities exchange or quotation system, whether through a direct listing, reverse merger, de-SPAC transaction, or other similar mechanism (collectively, a "Public Listing").

1.3 「流動性事件」係指：

(i) 控制權變更；

(ii) 首次公開發行；或

(iii) 任何其他交易或一系列相關交易，使公司股份於證券交易所或報價系統掛牌或公開交易，不論係透過直接上市、反向合併、去特殊目的收購公司交易 (de-SPAC)或其他類似機制（統稱「公開上市」）。

1.4 "Liquidity Price" means the fair market value per Common Share at the time of a Liquidity Event, determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwritten Initial Public Offering (IPO): the per-share price at which
the Common Shares are sold to the public in such offering (the "IPO Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Listing: the opening trading price of the Common Shares on the principal securities exchange on which they
are listed on the date of the direct listing (the "Direct Listing Open Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reverse Merger, de-SPAC Transaction, or Other Public Listing: the opening
trading price of the Common Shares (or shares into which they are exchanged) on the principal securities exchange on which they are listed on the first trading day of such Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change of Control (if no public trading price is available): the per-share value implied by the transaction consideration payable to the holders of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Circumstances (no public trading): the fair market value shall be determined by mutual agreement between
the Company and the Investor, or, if no agreement is reached, by a qualified independent valuation expert jointly selected by both parties.

1.4 「流動性價格」係指於流動性事件發生時，每股普通股之公平市價，其計算方式如下：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 承銷首次公開發行 (IPO) ：普通股在該次公開發行中售予公眾之每股價格（以下稱「 IPO 價格」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 直接上市：普通股於直接上市當日，在其掛牌之主要證券交易所之開盤交易價格（以下稱「直接上市開盤價」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 反向合併、去 SPAC 交易或其他公開上市：普通股（或其轉換之股份）於該公開上市首個交易日，在其掛牌之主要證券交易所之開盤交易價格。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 控制權變更（若無公開交易價格）：由交易對價所隱含之普通股每股價值。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 其他情形（無公開交易）：公平市價應由公司與投資人協商決定；若未達成協議，則由雙方共同選任之合格獨立估值專家決定。

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**2. MISCELLANEOUS** 其他條款

2.1 Effect of this Supplement. Except as expressly provided herein, all terms and conditions of the SAFE Agreement shall remain unmodified and in full force and effect.

2.1 本補充協議之效力。除本補充協議明確規定外，SAFE 協議之所有條款與條件均保持不變，並持續完全有效。

2.2 Governing Law. This Supplement shall be governed by, and construed in accordance with, the laws governing the SAFE Agreement.

2.2 準據法。本補充協議應受 SAFE 協議所適用之法律管轄並據以解釋。

2.3 Counterparts. This Supplement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

2.3 正本。本補充協議得以副本形式簽署，每份均視為正本，但所有副本共同構成同一文件。

IN WITNESS WHEREOF, the parties hereto have executed this Supplemental Agreement as of the date first written above.

茲證明，雙方已於文首所載日期簽署本補充協議，以昭信守。

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| | |
|:---|:---|
|  OBOOK HOLDINGS INC. | OBOOK HOLDINGS INC. |
|  By: | /s/ WANG, CHUN-KAI |
|  Name: | WANG, CHUN-KAI |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., |
|  | Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |

---

---

| | |
|:---|:---|
|  INVESTOR: LEE, SHAN-YAO | INVESTOR: LEE, SHAN-YAO |
|  By: | /s/ LEE, SHAN-YAO |
|  Name: | LEE, SHAN-YAO |

---

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THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

本文件和任何根據本合約可發行的證券尚未根據經修訂的 1933 年證券法（"證券法"）或某些州的證券法進行註冊。這些 證券不得為要約、出售或以其他方式轉讓、質押或抵押，除非本 SAFE合約以及根據基於法律和適用的州證券法之有效的註 冊聲明或豁免所允許。

**OBOOK HOLDINGS INC.** 

**SAFE** 

**(Simple Agreement for Future Equity)**

**SAFE** 未來股權簡單協議

THIS CERTIFIES THAT in exchange for the payment by LIEN, YU-CHUNG (the "**Investor**") of US$350,000 (the "**Purchase Amount**") on or about 2025/6/13, Obook Holdings Inc., a company incorporated pursuant to the laws of the Cayman Islands (the "**Company**"), issues to the Investor the right to certain shares of the Company's Capital Share, subject to the terms described below.

茲證明，作為 連育忠（"投資者"）在 2025/6/13 或前後支付 $350,000 美元（"購買金額"）的交換， Obook Holdings Inc.，一家根據開曼群島法律註冊成立的公司（"公司"）， 根據下述條款向投資者發行公司股 本中某些股份的權利。

The Investor shall deliver to the Company the Purchase Amount, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto.

投資者應向公司交付購買金額，該金額應通過電匯方式將立即可用的資金電匯至公司於 <u>附件</u> <u>A</u> 所指定的 銀行賬戶。

See **Section 2** for certain additional defined terms. 其他定義詞請參第2條。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events*** ***事件***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Liquidity</u> <u>Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will, at its option, either (i) receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the Purchase Amount plus interest, accrued at a simple rate of 5% per annum (the "**Cash-Out Amount**"), or (ii) receive a number of Common Shares equal to the Purchase Amount divided by the Liquidity Price. If any of the Company's shareholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's shareholders, or under any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 流動性事件。如果在SAFE合約終止之前發生流動性事件，投資者將自行選擇 (i) 在此類流動性事件 完成之時，收到相當於購買金額加上利息的部份收益，按 5% 的年單利率計算（"兌現金額"），或 (ii) 獲得數 量等於購買金額除以流動性價格的普通股。如果公司的任何股東可以選擇在流動性事件中收到的收益的形式和金 額，投資者將獲得相同的選擇，但投資者不得選擇接受一種形式的對價，假設由於投資者未能滿足通常適用於公 司股東或任何適用法律的任何要求或限制，投資者將沒有資格獲得該種對價。

In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization.

就旨在符合免稅資格之重組的控制權變更而言，公司可以其董事會基於誠信的決策，減少應付給投資者 的收益的現金部分，以使此類控制權變更符合免稅重組的條件。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Dissolution</u> <u>Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will be entitled to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 解散事件。如果在本SAFE合約終止之前發生解散事件，投資者將有權獲得，在解散事件結束之時 屆期並應付給投資者，相當於兌現金額之收益。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Termination</u>**. This Safe will terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Shares to the Investor pursuant to the automatic conversion of this Safe under Section 1(a) or Section 1(b); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(a), Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 終止。本SAFE合約將在下述事件發生後立即終止（公司因先前違反或不遵守本 SAFE合約而產生 的任何義務不因此免除），以最早發生者為準：(i)根據本SAFE合約第 1條(a)項的自動轉換，向投資者發行資本 股份；或 (ii) 根據第 1條(a) 項或第 1條(b) 項支付或為支付而保留應付予投資者的款項。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Definitions*** ***定義*** ****

"**Capital Shares**" means the capital shares of the Company, including, without limitation, the "**Common Shares**" and the "**Preferred Shares**."

"資本股份"是指公司的資本股份，包括但不限於"普通股"和"優先股"。

"**Change of Control**" means (i) a transaction or series of related transactions in which any "person" or "group", becomes the "beneficial owner", directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, as determined at the sole discretion of the Company, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"控制權變更"是指 (i) 任何"個人"或"集團"直接或間接成為該公司 50% 以上已發行有表決權證券， 有權投票選舉公司董事會成員，之"受益所有人"的交易或一系列相關交易， (ii) 公司的任何重組、合併或結合 （由公司全權決定其適用範圍），或(iii) 出售、租賃或以其他方式處置公司之全部或實質上全部資產。

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"解散事件"是指 (i) 自願終止運營，(ii) 為公司債權人的利益進行的一般轉讓或 (iii) 公司的任何其他清 算、解散或清盤（不包括流動性事件），無論自願或非自願。

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Common Shares, the amount of such dividend that is paid per share of Common Shares multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"股息金額"是指，就公司為其已發行普通股支付股息的任何日期而言，每股普通股支付的股息金額 乘以 (x) 購買金額除以 (y)流動性價格（僅出於計算該流動性價格的目的將股息日期視為流動性事件）。

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"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Common Shares pursuant to a registration statement filed under the Securities Act.

"首次公開發行"是指公司依根據《證券法》提交的登記聲明完成首次承銷普通股的堅定承諾首次公 開募股。

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"流動性事件"是指控制權變更或首次公開發行。

"**Liquidity Price**" means the price per share equal to the fair market value of the Common Shares at the time of the Liquidity Event.

"流動性價格"是指流動性事件發生時依公允市場價值所決定的每股普通股的股價。

"**Proceeds**" means cash and other assets (including without limitation Shares consideration) that are proceeds from the Equity Financing, Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"收益"指現金和其他資產（包括但不限於股份對價），它們是流動性事件或解散事件的可合法分配 收益（如適用）。

"**Safe**" means an instrument containing a future right to shares of Capital Shares, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"SAFE"是指包含對資本股份之股份未來權利的文件，其形式和內容與本文件類似，由投資者購買， 用於為公司的業務運營提供資金。提及"本SAFE"是指此特定文件。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Company Representations*** ***公司方聲明***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 公司是一家根據其註冊所在地的法律正當組織、有效存續和信譽良好的公司，並有權擁有、租賃 和經營其財產並按照現行方式開展業務。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current certificate of incorporation or bylaws, (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 公司對本SAFE合約的執行、交付和履行在公司的權力範圍內，並已獲得公司方面所有必要行動的 正式授權（受第 3(d) 節的約束）。本SAFE合約構成公司的合法、有效和有約束力的義務，可根據其條款對公司 強制執行，但受破產、無力償債或其他與一般債權人權利執行有關或影響普遍執行的一般法律和一般公平原則的 限制除外。據其所知，公司沒有違反 (i) 其當前的公司註冊證書或章程，(ii) 適用於公司的任何重要法規、規則或 法規，或 (iii) 公司為其一方或受其約束的一方所承擔的任何重大債務或合約，在每種情況下，此類違規或違約， 單獨或與所有此類違規或違約一起，可合理預期會對公司產生重大不利影響。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 本SAFE合約設想的交易的執行和完成不會： (i) 違反適用於公司的任何重大判斷、法規、規則或法 規； (ii) 導致公司作為一方或受其約束的任何重大債務或合約的加速； (iii) 導致對公司的任何財產、資產或收入 產生或施加任何留置權，或暫停、沒收或不續簽適用於公司、其業務或運營的任何重要許可、執照或授權。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Capital Shares issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 為執行本SAFE合約，除了： (i) 公司的批准； (ii) 適用證券法下的任何資格或文件； (iii) 為授權根 據第 1 條發行的資本股份的必要公司批准外，無需其他同意或許可。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 據其所知，在不與他人的權利發生任何衝突或侵犯他人權利的情況下，公司為其現在進行的和目 前擬進行的業務，對所有專利、商標、服務標誌、商號、著作權、營業秘密、執照、資訊、流程和其他智慧財產 權所有或擁有（或可以以商業上合理的條款獲得）足夠的合法權利。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Investor Representations*** ***投資者聲明***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 投資者有完全的法律能力、權力和授權來執行和交付本合約並履行其在本合約下的義務。本合約 構成投資者的有效且具有約束力的義務，可根據合約條款強制執行，但受破產、無力償債或其他與一般債權人權 利執行有關或影響普遍執行的一般法律和一般公平原則的限制除外。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 投資者已被告知，此合約標的證券尚未根據《證券法》或任何州證券法進行註冊，因此，除非根 據《證券法》和適用的州證券法進行註冊或獲得有效豁免註冊之要求，否則不得轉售。投資者購買根據本合約購 買的證券是為了自己的投資目的，而不是作為他人代理人，也不是為了分配或轉售與分配有關的其他目的，且投 資者目前無意出售、授予、參與或以其他方式分發這些證券。投資者在金融和商業事務方面具有足夠的知識和經 驗，能夠評估投資的利弊，且投資者財務狀況能夠無限期的承擔投資完全損失時之經濟損失風險。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Miscellaneous*** ***其他事項***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 經公司和投資者書面同意，本SAFE合約的任何規定均可修改或放棄。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 本SAFE合約要求或允許的任何通知，在專人送達、通過隔夜快遞送達或通過電子郵件發送至簽名 頁上列出的相關地址時，或以掛號信或掛號信的形式，預付郵資寄送給在簽名頁所列被通知方的地址後的 48小時， 即視為已經送達。該地址得隨後通過書面通知進行修改。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Capital Shares for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Shares (that is not payable in shares of Common Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 作為本SAFE合約的投資者，稅收目的以外，其無權出於任何目的投票或被視為資本股份持有人， 本SAFE合約中的任何內容也不得被解釋為授予投資者任何權利，因此，亦不享有公司股東的任何權利、不得投 票選舉董事或享有任何公司提交給股東的任何事項的權利，或同意或拒絕任何公司行動，亦無接收會議通知之權 利，直到投資者根據本SAFE合約第一條收到發行股份。但是，如果公司在本 SAFE合約權利已授權時，就已發行 的普通股支付股息（不以普通股支付），公司將同時向投資者支付該股息金額。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; and *provided, further*, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reincorporation to change the Company's domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 未經另一方事先書面同意，任何一方均不得通過法律或其他方式轉讓本 SAFE合約或本SAFE合約 中的權利；但是，在投資者死亡或殘疾的情況下，可以在未經公司同意的情況下將本 SAFE合約和/或其權利轉讓 給 (i) 投資者的遺產、繼承人、執行人、管理人、監護人和/或繼承人， (ii) 直接或間接控制投資者、受投資者控 制或與投資者共同控制的任何其他實體，包括但不限於投資者的任何普通合夥人、管理成員、高級職員或董事， 或任何風險資本由投資者的一名或多名普通合夥人或管理成員控制或與投資者共享同一管理公司的現在或以後存 在的基金；雙方同意，公司可以在未經投資者同意的情況下，將本 SAFE合約全部轉讓給與為改變公司住所而重 新註冊之公司。

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 如果本SAFE合約的任何一個或多個條款，因任何原因被認為全部或部分或在任何方面無效、非法 或不可執行，或如果本SAFE合約的任何一項或多項規定操作或預期操作將使本 SAFE合約失效，那麼在任何此類 情況下，僅此類條款將被視為無效，但該無效並不會影響本SAFE合約的任何其他條款，而本SAFE合約的其餘條 款將繼續並且完全有效，不會因此受到影響、偏見或干擾。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Safe is governed by and will be construed according to the laws of the Republic of China (including but not limited the validity, interpretation, construction, performance and enforcement of this Agreement, or any disputes or controversies arising from or related to this Agreement), without regard to the conflicts of law provisions of such jurisdiction. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Safe, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)本SAFE合約受中華民國法律管轄並依中華民國法律解釋（包括但不限於本 SAFE合約的有效性、解 釋、履行和執行，或因本SAFE合約引起或與本 SAFE合約相關的任何爭議） , 不考慮此類管轄權的法律衝突規定。 因本SAFE合約引起或與之相關的任何爭議、分歧或索賠，或其違約、終止或無效判定，均應受台北地方法院的 專屬管轄。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This SAFE is written in the English and Chinese languages and both 1anguages shall have equal validity. If there is any conflict or inconsistency between the English version and the Chinese version, the English version shall be the governing and prevailing version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 本SAFE合約以中英文分別書就，各版本有相同效力，若有不一致或衝突之處，悉依英文版為準。

(*Signature page follows*)

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IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

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| | |
|:---|:---|
| **OBOOK HOLDINGS INC.** | **OBOOK HOLDINGS INC.** |
| By: | /s/ Wang, Chun-Kai |
|  | WANG, CHUN-KAI |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., |
|  | Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |
| **INVESTOR: LIEN, YU-CHUNG** | **INVESTOR: LIEN, YU-CHUNG** |
| By: | /s/ Lien, Yu-Chung |
| Name: LIEN, YU-CHUNG | Name: LIEN, YU-CHUNG |

---

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**SUPPLEMENTAL AGREEMENT TO SAFE AGREEMENT** 

**SAFE** 未來股權簡單協議之補充協議

This Supplemental Agreement (this "Supplement") is entered into as of August 20, 2025 by and between:

本補充協議（以下稱「本補充協議」）於 2025/8/20 簽訂，雙方為：

(1) OBOOK HOLDINGS INC., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "Company"); and

(1) OBOOK HOLDINGS INC.，一家依開曼群島法律註冊成立的有限責任豁免公司（以下 稱「公司」）；以及

(2) LIEN, YU-CHUNG, an individual /entity (the "Investor").

(2) 連育忠，一名自然人/法人（以下稱「投資人」）。

**RECITALS** 前言

WHEREAS, the Company and the Investor previously entered into a Simple Agreement for Future Equity (the "SAFE Agreement");

鑑於，公司與投資人先前已簽訂一份未來股權簡易協議（以下稱「 SAFE 協議」）；

WHEREAS, the parties wish to supplement the SAFE Agreement by clarifying certain definitions and terms relating to equity securities and liquidity events;

鑑於，雙方希望透過補充協議，對有關股權證券與流動性事件之若干定義與條款予以澄清；

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

因此，雙方基於此所載之共同承諾以及其他良好且有價值之對價，特此同意如下：

**1. DEFINITIONS** 定義

For purposes of the SAFE Agreement, the following definitions shall apply and shall supersede any inconsistent definitions therein:

就 SAFE 協議而言，下列定義應適用，並取代其中任何不一致之定義：

1.1 "Common Shares" means the Class A Common Shares of the Company.

1.1 「普通股」係指公司之 A 類普通股。

1.2 "Direct Listing" means the Company's initial public offering of shares to be listed on a national securities exchange without an underwritten offering.

1.2 「直接上市」係指公司於無承銷安排情況下，將股份於國家證券交易所首次公開掛牌之行為。

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1.3 "Liquidity Event" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Initial Public Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other transaction or series of related transactions pursuant to which the Company's shares are listed or otherwise become publicly traded on a securities exchange or quotation system, whether through a direct listing, reverse merger, de-SPAC transaction, or other similar mechanism (collectively, a "Public Listing").

1.3 「流動性事件」係指：

(i) 控制權變更；

(ii) 首次公開發行；或

(iii) 任何其他交易或一系列相關交易，使公司股份於證券交易所或報價系統掛牌或公開交易，不論係透過直接上市、反向合併、去特殊目的收購公司交易 (de-SPAC)或其他類似機制（統稱「公開上市」）。

1.4 "Liquidity Price" means the fair market value per Common Share at the time of a Liquidity Event, determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwritten Initial Public Offering (IPO): the per-share price at which
the Common Shares are sold to the public in such offering (the "IPO Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Listing: the opening trading price of the Common Shares on the principal securities exchange on which they
are listed on the date of the direct listing (the "Direct Listing Open Price").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reverse Merger, de-SPAC Transaction, or Other Public Listing: the opening
trading price of the Common Shares (or shares into which they are exchanged) on the principal securities exchange on which they are listed on the first trading day of such Public Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change of Control (if no public trading price is available): the per-share value implied by the transaction consideration payable to the holders of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Circumstances (no public trading): the fair market value shall be determined by mutual agreement between
the Company and the Investor, or, if no agreement is reached, by a qualified independent valuation expert jointly selected by both parties.

1.4 「流動性價格」係指於流動性事件發生時，每股普通股之公平市價，其計算方式如下：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 承銷首次公開發行 (IPO) ：普通股在該次公開發行中售予公眾之每股價格（以下稱「 IPO 價格」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 直接上市：普通股於直接上市當日，在其掛牌之主要證券交易所之開盤交易價格（以下稱「直接上市開盤價」）。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 反向合併、去 SPAC 交易或其他公開上市：普通股（或其轉換之股份）於該公開上市首個交易日，在其掛牌之主要證券交易所之開盤交易價格。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 控制權變更（若無公開交易價格）：由交易對價所隱含之普通股每股價值。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 其他情形（無公開交易）：公平市價應由公司與投資人協商決定；若未達成協議，則由雙方共同選任之合格獨立估值專家決定。

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**2. MISCELLANEOUS** 其他條款

2.1 Effect of this Supplement. Except as expressly provided herein, all terms and conditions of the SAFE Agreement shall remain unmodified and in full force and effect.

2.1 本補充協議之效力。除本補充協議明確規定外，SAFE 協議之所有條款與條件均保持不變，並持續完全有效。

2.2 Governing Law. This Supplement shall be governed by, and construed in accordance with, the laws governing the SAFE Agreement.

2.2 準據法。本補充協議應受 SAFE 協議所適用之法律管轄並據以解釋。

2.3 Counterparts. This Supplement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

2.3 正本。本補充協議得以副本形式簽署，每份均視為正本，但所有副本共同構成同一文件。

IN WITNESS WHEREOF, the parties hereto have executed this Supplemental Agreement as of the date first written above.

茲證明，雙方已於文首所載日期簽署本補充協議，以昭信守。

---

| | |
|:---|:---|
|  OBOOK HOLDINGS INC. | OBOOK HOLDINGS INC. |
|  By: | /s/ WANG, CHUN-KAI |
|  Name: | WANG, CHUN-KAI |
|  | Chairman and CEO |
|  | Address: 9F, No. 28, Wencheng Rd., Beitou Dist., |
|  | Taipei City 112, Taiwan |
|  | Email address: darren@owlting.com |

---

---

| | |
|:---|:---|
|  INVESTOR: LIEN, YU-CHUNG | INVESTOR: LIEN, YU-CHUNG |
|  By: | /s/ LIEN, YU-CHUNG |
|  Name: | LIEN, YU-CHUNG |

---

## Exhibit 10.9

**Exhibit 10.9** 

**Loan Agreement** 

This Loan Agreement (hereinafter referred to as the "Agreement") is entered into on **February 11, 2022** by and between the following parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Wang, Chun-Kai** (hereinafter referred to as the "Lender"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **OWLTING Travel Service Inc.** (hereinafter referred to as the "Borrower").

In consideration of the Borrower's operational needs, the Lender agrees to provide a loan to the Borrower. To safeguard the rights and interests of both parties, the parties hereby agree to the following terms and conditions:

**Article 1 - Loan Principal** 

The Lender agrees to provide the Borrower with a total loan amount of **NTD 3,000,000** (within the approved limit) (hereinafter referred to as the "Loan Principal").

**Article 2 - Loan Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of this Loan Agreement shall commence on **February 11, 2022**, and shall expire
on **February 11, 2023**. The Borrower may prepay the Loan Principal at any time, upon which this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If neither party provides written notice of non-renewal at least **30 days** prior to the expiration of the loan term, the loan term shall automatically be extended for **one year**. The same shall apply thereafter.

**Article 3 - Loan Interest** 

The Lender and the Borrower agree that the loan under this Agreement shall bear an **interest rate of 0%**.

**Article 4 - Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the **Republic of China (Taiwan)**. Any disputes arising out of or in connection with this Agreement shall be submitted to the **Taipei District Court of Taiwan** as the court of first instance.

**Article 5 - Copies of the Agreement** 

This Agreement is executed in **two (2) original copies**, with each party holding **one (1) original copy**, both of which shall have equal legal effect.

------

**IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.** 

**Lender:** Wang, Chun-Kai (Sign)

**Borrower:** OWLTING Travel Service Inc. (Sign)

Representative: Wang, Chun-Kai

Address: 3F, No. 215, Section 3, Beixin Road, Xindian District, New Taipei City

## Exhibit 10.10

**Exhibit 10.10** 

**Loan Agreement** 

This Loan Agreement (hereinafter referred to as the "Agreement") is entered into on **May 27, 2022** by and between the following parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Wang, Chun-Kai** (hereinafter referred to as the "Lender"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **OBOOK HOLDINGS INC.** (hereinafter referred to as the "Borrower").

In consideration of the Borrower's operational needs, the Lender agrees to provide a loan to the Borrower. To safeguard the rights and interests of both parties, the parties hereby agree to the following terms and conditions:

**Article 1 - Loan Principal** 

The Lender agrees to provide the Borrower with a total loan amount of **USD 1,000,000** (within the approved limit) (hereinafter referred to as the "Loan Principal").

**Article 2 - Loan Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of this Loan Agreement shall commence on **May 27, 2022**, and shall expire
on **May 27, 2023**. The Borrower may prepay the Loan Principal at any time, upon which this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If neither party provides written notice of non-renewal at least **30 days** prior to the expiration of the loan term, the loan term shall automatically be extended for **one year**. The same shall apply thereafter.

**Article 3 - Loan Interest** 

The Lender and the Borrower agree that the loan under this Agreement shall bear an **interest rate of 0%**.

**Article 4 - Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the **Republic of China (Taiwan)**. Any disputes arising out of or in connection with this Agreement shall be submitted to the **Taipei District Court of Taiwan** as the court of first instance.

**Article 5 - Copies of the Agreement** 

This Agreement is executed in **two (2) original copies**, with each party holding **one (1) original copy**, both of which shall have equal legal effect.

------

**IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.** 

**Lender:** Wang, Chun-Kai (Sign)

**Borrower:** OBOOK HOLDINGS INC. (Sign)

Representative: Wang, Chun-Kai

Address: 3F, No. 213, Section 3, Beixin Road, Xindian District, New Taipei City

## Exhibit 10.11

**Exhibit 10.11** 

**Loan Agreement** 

This Loan Agreement (hereinafter referred to as the "Agreement") is entered into on **May 27, 2022** by and between the following parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Wang, Chun-Kai** (hereinafter referred to as the "Lender"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **OBOOK Inc.** (hereinafter referred to as the "Borrower").

In consideration of the Borrower's operational needs, the Lender agrees to provide a loan to the Borrower. To safeguard the rights and interests of both parties, the parties hereby agree to the following terms and conditions:

**Article 1 - Loan Principal** 

The Lender agrees to provide the Borrower with a total loan amount of **NTD 34,000,000** (within the approved limit) (hereinafter referred to as the "Loan Principal").

**Article 2 - Loan Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of this Loan Agreement shall commence on **May 27, 2022**, and shall expire
on **May 27, 2023**. The Borrower may prepay the Loan Principal at any time, upon which this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If neither party provides written notice of non-renewal at least **30 days** prior to the expiration of the loan term, the loan term shall automatically be extended for **one year**. The same shall apply thereafter.

**Article 3 - Loan Interest** 

The Lender and the Borrower agree that the loan under this Agreement shall bear an **interest rate of 0%**.

**Article 4 - Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the **Republic of China (Taiwan)**. Any disputes arising out of or in connection with this Agreement shall be submitted to the **Taipei District Court of Taiwan** as the court of first instance.

**Article 5 - Copies of the Agreement** 

This Agreement is executed in **two (2) original copies**, with each party holding **one (1) original copy**, both of which shall have equal legal effect.

------

**IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.** 

**Lender:** Wang, Chun-Kai (Sign)

**Borrower:** OBOOK Inc. (Sign)

Representative: Wang, Chun-Kai

Address: 3F, No. 213, Section 3, Beixin Road, Xindian District, New Taipei City

## Exhibit 10.12

**Exhibit 10.12** 

**Loan Agreement** 

This Loan Agreement (hereinafter referred to as the "Agreement") is entered into on **September 8, 2022** by and between the following parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Hsieh, Chung-Han** (hereinafter referred to as the "Lender"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **OBOOK HOLDINGS INC.** (hereinafter referred to as the "Borrower").

In consideration of the Borrower's operational needs, the Lender agrees to provide a loan to the Borrower. To safeguard the rights and interests of both parties, the parties hereby agree to the following terms and conditions:

**Article 1 - Loan Principal** 

The Lender agrees to provide the Borrower with a total loan amount of **USD 470,000** (within the approved limit) (hereinafter referred to as the "Loan Principal").

**Article 2 - Loan Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of this Loan Agreement shall commence on **September 8, 2022**, and shall expire
on **September 8, 2023**. The Borrower may prepay the Loan Principal at any time, upon which this Agreement shall automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If neither party provides written notice of non-renewal at least **30 days** prior to the expiration of the loan term, the loan term shall automatically be extended for **one year**. The same shall apply thereafter.

**Article 3 - Loan Interest** 

The Lender and the Borrower agree that the loan under this Agreement shall bear an **interest rate of 0%**.

**Article 4 - Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the **Republic of China (Taiwan)**. Any disputes arising out of or in connection with this Agreement shall be submitted to the **Taipei District Court of Taiwan** as the court of first instance.

**Article 5 - Copies of the Agreement** 

This Agreement is executed in **two (2) original copies**, with each party holding **one (1) original copy**, both of which shall have equal legal effect.

------

**IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.** 

**Lender:** Hsieh, Chung-Han (Sign)

**Borrower:** OBOOK HOLDINGS INC. (Sign)

Representative: Wang, Chun-Kai

Address: 3F, No. 213, Section 3, Beixin Road, Xindian District, New Taipei City

## Exhibit 10.13

**Exhibit 10.13** 

**Real Estate Lease Agreement** 

**Lessor:** Baoyuan Development Co., Ltd. (hereinafter referred to as Party A)

**Lessee:** OBOOK Inc. (hereinafter referred to as Party B)

Party B wishes to lease the subject property from Party A, and both parties hereby agree to abide by the following terms:

**Article 1: Location and Scope of the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **This Building:** The office building located at 8th and 9th Floor of No. 26 and 28 (Cheng Da Le Fu
Center), Wen Cheng Road, Beitou District, Taipei City.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Leased Property:** The entirety of the 8th and 9th Floor of this Building (Units A1, A2), totaling 934.58
ping, including the area of public facilities (detailed in Attachment 1). The aforementioned area includes both the indoor space and the proportionally allocated area of public facilities. The leased property does not include the exterior walls of
this Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Both parties agree that under the conditions set forth herein, Party A will lease the subject property to Party
B in its current condition as of the date of signing. Party B shall lease the property based on its current condition and must use it legally, solely for office purposes, and in accordance with the usage specified in the property's usage
license. If Party B needs to apply for changes or additions to the use specified in the building's usage license, Party A agrees to assist in providing relevant documents; however, the procedures for the changes must be handled by Party B at
its own expense. Furthermore, any costs arising from the processing of the aforementioned changes shall be borne by Party B.

**Article 2: Lease Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Lease Term shall begin on August 1, 2024 (the start date of the lease) and end on July 31, 2029
(hereinafter referred to as the "Lease Term"), for a total of five years. From August 1, 2024, to January 31, 2025, a rent-free renovation period shall be in effect. During this period, Party B shall not be required to pay rent.
However, Party B will remain responsible for all utility costs and any other expenses related to the use of the leased property incurred during this period. The rental payments shall commence on February 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon the expiration of the Lease Term, Party B shall have the right of first refusal to renew the lease. If
Party B intends to renew the lease, a written notice shall be provided to Party A at least six months prior to the expiration of the Lease Term. The renewal conditions shall be separately negotiated by both parties, and a new lease agreement must be
signed by both parties three months prior to the expiration of the Lease Term. If the parties are unable to reach an agreement, the lease shall terminate upon expiration of this Agreement and the Article 451 of the Civil Code regarding deemed
indefinite lease renewal shall not apply.

------

**Article 3: Rent and Payment Method** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The rent for the leased property (excluding tax) is as follows, in New Taiwan Dollars (NT$):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lease Period** | **Monthly Rent (Excluding Tax)** | **Monthly Rent (Excluding Tax)** | **Monthly Rent (Including Tax)** | **Monthly Rent (Including Tax)** |
|  02/01/2025~07/31/2029 | NT$ | 1383178 | NT$ | 1452337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall pay the monthly rent to Party A before the 1st day of each month. The payment method for the rent
is mutually agreed as follows: (Note: Party A does not accept payment in cash.) Party B shall deposit the rent into the bank account designated by Party A, and the transaction fees shall be borne by Party B. The designated bank account by Party A is
as follows:

[\*\*\*]

Account Number: [\*\*\*]

Account Name: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The business tax for the rent calculated in accordance with Section 1 of this article shall be added and
borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The amount and collection method of the building management fees shall be executed according to the resolution
of the management committee. The utility costs for the leased property and the shared utility costs for the building shall be borne by Party B from the date of delivery of the property, and they are not included in the aforementioned building
management fees. The allocation method shall be handled according to the regulations of the management committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall insure all movable equipment within the leased property with appropriate insurance.

**Article 4: Security Deposit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To ensure that Party B fulfills all obligations under this Agreement, a security deposit equivalent to three
months' rent, totaling NT$4,357,011 (hereinafter referred to as the "Security Deposit") shall be paid to Party A. Party B shall deliver NT$2,904,674 of the Security Deposit to Party A by check (limited to a non-endorsable check made payable to Party A) or by remittance within 5 days after signing this Agreement, and the remaining NT$1,452,337 shall be delivered to Party A by December 31, 2024. Party A shall issue
a receipt upon receiving the Security Deposit.

------

If Party B remits the Security Deposit, it shall be credited to the bank account designated by Party A:

[\*\*\*]

Account Number: [\*\*\*]

Account Name: [\*\*\*]

If Party B pays the Security Deposit by check, the check must be cashed within three days to be effective; otherwise, this Agreementshall become void retroactively from the date of signing.

If Party B uses remittance to pay the Security Deposit, any transaction fees and stamp duties on the receipt shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B may not assign the rights to the Security Deposit to any third party or use it as security for other
debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon expiration of the Lease Term or early termination of this Agreement, if Party B is in arrears for rent,
utilities, property management fees, or in violation of this Agreement or related regulations, Party A is entitled to deduct the outstanding rent or amounts from the Security Deposit directly. After Party B returns the leased property as agreed and
fulfills all other obligations under this Agreement, including but not limited to moving out the business registrations and tax registrations of Party B and third-party companies (if any), clearing any utility and returning to Party A, etc., and
upon Party B's written request along with a receipt as stated in Section 1 of this article, Party A shall confirm the amounts and return the Security Deposit (after deducting any outstanding amounts, if any) without interest to Party B
within thirty (30) days. The method of return shall be agreed upon in writing by both parties.

**Article 5: Expiry and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon the expiration or termination of the lease, except for improvements and installations expressly permitted
by Party A, Party B shall dismantle the existing decorations, return the premises to its original condition, and restore the building to its original state (including but not limited to: removal of decorations and advertising materials, restoring
fire pipelines, restoring the building management usage categories, vacating personnel, vehicles, furniture, and all items acquired by Party B during the lease). Any equipment or items not removed shall be deemed abandoned, and Party A may clear
them at Party B's cost, which shall be deducted from the security deposit. After all handover matters are completed, if there is a balance left after deducting Party B's outstanding rent and other payable fees and damages, Party A shall
return the balance without interest to Party B within thirty (30) days, and the method of return shall be agreed upon in writing by both parties. If there is a shortfall, Party B shall make up the difference to Party A. If Party B defaults or
fails to pay rent on time, the Security Deposit shall be forfeited and shall not be refunded.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unless otherwise specified in this Agreement, if Party B wishes to terminate the lease early, they must notify
Party A in writing six months prior to the termination date and shall pay penalty damages equivalent to three months' rent for that year to Party A. If Party B must terminate the lease early due to purchasing real estate from Party A or its
affiliates, no penalty damages need to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless otherwise provided by law, Party B shall not use the Security Deposit to offset rent, nor claim a
refusal to pay rent.

**Article 6: Obligations of Party B** 

Party B agrees to comply with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall exercise due care in the use and custody of the leased property to maintain its condition for
productive use. Party B shall properly manage any goods, decorations, equipment, and money within the leased property. Party B shall, at their own cost, insure against fire, property damage, and public liability as per specifications, and maintain
such insurance in effect throughout the Lease Term. In the event of any incident within the leased property, Party B shall bear full responsibility for compensation. If Party A suffers losses due to Party B's failure to insure or improper
insurance, Party B shall fully compensate Party A for those losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A or their designated representative may periodically inspect the condition of the leased property. If
any improvements are necessary or if there is abnormal wear or damage, Party B shall make improvements, repairs, or restore the property to its original condition within the period designated by Party A upon notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall not make noise or allow others to create noise within the leased property that disturbs Party A
or other tenants or neighbors of the building and shall not violate the Tobacco Hazards Prevention Act (Taiwan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The leased property is designated for office use only and shall not be used for any other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The leased property shall not be used for gambling, illegal activities, or actions contrary to public order or
morality, nor engage in any other usage that violates the usage license. In the event of a violation, Party A may immediately terminate this Agreement, and Party B shall pay penalty damages equivalent to six months' rent to Party A and
compensate Party A for all resulting losses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Common areas and facilities of the leased property, including but not limited to hallways, parking lots, public
restrooms, machine rooms, ground-level sidewalks, and all building stairways, fire escapes, elevators, water tanks, elevator shafts, etc., shall not have any items placed or used for residential or installation purposes. Party B shall maintain the
integrity of the leased property and all related facilities, including but not limited to elevators, water meters, lighting fixtures, aluminum doors and windows, glass, iron doors, plumbing equipment, fire-fighting equipment, firewall, gas
facilities, and other auxiliary equipment of the building, without any damage or modifications and in compliance with relevant laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Without the written consent of Party A, Party B shall not post advertisements or flyers in public areas such as
stairs, entrances, or exterior walls of the building (whether illuminated or not). Even within Party B's exclusive area of the leased property, no advertisements or other items affecting the building's appearance may be installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. During the Lease Term, Party B is responsible for maintaining and repairing the leased property and its
attached facilities (exclusive portions for Party B). Except for damages attributable to Party A, Party B shall diligently manage, use, and maintain the leased property and its attached facilities. Party B shall submit maintenance and repair records
to Party A on a [monthly/quarterly/semi-annual/annual] basis for reference. If any air conditioning, electrical, and fire protection systems and equipment are connected to the building's central system, Party A shall provide Party B with
reference to the maintenance service company designated by the building for optimal operations of all equipment systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If Party B's actions lead to an increase in premiums for the insurance taken on the leased property or
require additional types of insurance, Party B shall promptly reimburse Party A for any increase in premiums or expenses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Party B shall comply with the building regulations and must strictly adhere to the parking space usage rules.
In case of any updates or modifications to the regulations, the latest version of the regulations notified or announced in writing by Party A shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Party B shall follow all relevant safety rules of the building. In the event of any emergencies or dangers in
or around the building, Party B agrees to cooperate with Party A to take necessary or preventive measures to protect the safety of personnel and property in the building.

**Article 7: Transfer of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If Party A transfers the ownership of the leased property to a third party during the Lease Term, Party A must
notify Party B in writing of the transfer. The rights and obligations under this Agreement shall also transfer to the third party, who will assume these rights and obligations. Party B agrees to cooperate with the lease transfer process and the
signing of relevant documents. Unless otherwise agreed by the three parties, Party A must transfer the Security Deposit described in Article 4 of this Agreement to the third party, allowing Party B to request the return of the Security Deposit from
the third party according to the terms of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If Party A transfers the right to collect rent under this Agreement to a third party or sells the leased
property to a third party, Party B must not object and agrees to cooperate in signing relevant documents. However, this should not affect Party B's rights and obligations under this Agreement.

**Article 8: Grounds for Termination by Party A** 

If Party B is in any of the following situations, Party A may notify Party B in writing to make corrections within a specified period. If Party B fails to make the corrections within the specified period, Party A may terminate this Agreement. Regardless of whether Party A exercises the right to terminate this Agreement, Party B shall pay Party A a penalty equivalent to three months' rent and compensate Party A for any losses incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delayed payment of rent as described in Article 10, Section 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bringing, storing, or allowing any weapons, ammunition, nitroglycerin, kerosene, liquefied gas, or other
flammable, explosive, or dangerous items into the building or the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Storing goods or items in the leased property that do not comply with Party B's registered business
activities, or storing goods or items exceeding the weight limit of 500 kilograms per square meter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Damaging the structural integrity of the leased property, raising safety concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Without Party A's prior written consent, subleasing, lending, transferring, or allowing others to use all
or part of the leased property; if such actions by others cause damage to Party A or other tenants in the building, Party B shall be jointly liable for compensation. Party B's affiliated companies are: OBook Technology Co., Ltd., and LijiFu
Online Financial Flow Co., Ltd.; any additions or deletions must be notified to Party A in writing in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Cooking food inside the leased property (except when using a microwave, rice cooker, or other methods approved
by Party A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Allowing any person to stay overnight in the leased property, except for Party B's personnel who need to
stay for the purpose of executing or handling Party B's assigned tasks.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Using the leased property for purposes other than those specified in this Agreement without Party A's
prior written consent (including but not limited to setting up a business location).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Violating other terms of this Agreement.

**Article 9: Grounds for Termination by Party B** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If due to reasons not attributable to either party, the leased property is rendered unfit for use in whole or
in part due to natural disasters, geological changes, war, civil unrest, or other force majeure events, Party B may request Party A to reduce the rent proportionate to the unusable area of the leased property until the damaged part is fully
restored. Alternatively, Party B may terminate this Agreement with written consent from both parties. Party A must decide within two months after the damage whether to repair it and notify Party B in writing. If Party A decides not to repair it,
Party B may terminate the lease by notifying Party A in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the leased property is damaged due to reasons not attributable to Party B, and the remaining part no longer
meets Party B's intended use, Party B may terminate this Agreement by notifying Party A in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When terminating the lease under the above two circumstances, Party A shall return any prepaid but unearned
rent and Security Deposit to Party B without interest, after confirming that Party B has fulfilled all obligations under this Agreement. The method of return shall be agreed upon by both parties in writing.

**Article 10: Penalties for Breach** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If Party B violates any terms or fails to pay rent for two months, and fails to make payment after Party
A's demand, Party A may cut off the supply of water, electricity, and air conditioning at any time and terminate the lease immediately. Party A may also claim a penalty equal to the Security Deposit amount and Party B agrees not to claim any
damages from Party A for the resulting losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If Party B is late in paying rent or utility fees, Party A may request Party B to pay delayed interest at an
annual rate of 5%, calculated from the date of delay until the full payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Apart from the penalties mentioned in Sections 1 and 2 of this article for rent delay of two months, if the
rent or delayed interest remains unpaid, Party A may deduct the amount from the security deposit. For any shortfall and losses suffered by Party A, Party A may pursue legal remedies.

------

**Article 11: Access to the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A may enter the leased property after providing Party B with reasonable written notice two days in
advance for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To inspect the leased property according to Article 6, Section 2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To verify that Party B's use of the leased property complies with this Agreement and relevant regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To confirm that the use of the leased property meets the requirements of the competent authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To show the leased property to potential buyers if Party A intends to sell it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the three months before the Lease Term expires or is terminated early, if the parties have not signed a new agreement, Party A may show the leased property to potential new tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In cases of emergency involving significant personal injury or property damage, Party A may enter the leased
property without notifying, but shall notify Party B as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When entering the leased property under the conditions described in the previous two sections, Party A shall
take reasonable measures to minimize disruption to Party B's daily operations and Party A shall be accompanyed by personnel provided by Party B during the visit.

**Article 12: Renovations and Renovation Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the Lease Term, Party B may, at its own expense, renovate the interior of the leased property as long as
it does not affect the structural safety of the building. However, Party B must first provide Party A with the renovation plans and specifications for review. The renovations must not exceed the intended use of the leased property and must be
approved or authorized by the relevant authorities according to applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All renovations and equipment installed by Party B must be done in a manner that does not damage the
building's structure, safety, or overall appearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After completing the renovation work, Party B must provide Party A with complete documentation showing the
changes made to the leased property, including but not limited to architectural floor plans and diagrams describing the locations of fire safety equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party B must purchase and maintain at its own expense contractor's liability insurance and employer's
liability insurance during the renovation period. Party B must present proof of such insurance to Party A before starting the renovation work. The insurance must remain valid throughout the renovation period. If an insurance claim arises from the
renovation and Party B either fails to obtain insurance or the insurance coverage is insufficient to cover Party A's damages, Party B remains liable for compensation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All other renovation matters must comply with the building's decoration and construction management
regulations.

**Article 13: Confidentiality Clause** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Without the written consent of Party A, Party B shall not disclose any information related to this Agreement to
any third party. However, if disclosure is required by law to government authorities or other third parties, this restriction does not apply, though Party B must notify Party A prior to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The confidentiality obligations imposed on Party B under this clause shall remain effective for two years after
the termination of this Agreement or the expiration of the Lease Term.

**Article 14: Other Special Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the three-year term of this Agreement, Party B may not terminate the lease early. If Party B violates
this provision, it must pay Party A the difference between thirty-six months' rent and the rent for the periods already paid, plus an additional three months' rent as liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon expiration of the Lease Term, early throwing a lease, or Agreement termination, Party B must vacate and
restore the leased property to its original condition, unless otherwise agreed upon by Party A. The return process must be completed only after written confirmation by Party A. The main items and specifications of the leased property, as well as the
method of return, will be agreed upon separately by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B agrees that any valuable items left in the leased property are subject to Party A's lien rights.
Party A has the right, but not the obligation, to exercise this lien and dispose of the items at Party B's expense. If Party B leaves behind equipment (including production and office equipment) and fails to clear it or restore the leased
property to its original condition, such items will be considered abandoned. Party A may dispose of all such equipment as waste after Party B returns the leased property. Party B is responsible for all costs related to removal and cleaning, and
Party A will not be liable for any losses incurred by Party B. Any additional losses suffered by Party A must be compensated by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. At the termination of this Agreement, Party B must cancel all real estate registrations related to the leased
property with Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This agreement must be notarized, with notarization costs shared equally between Party A and Party B.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. At the time of signing, Party B must provide a copy of the updated registration card as an attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. After the signing of this contract, any preliminary agreements or negotiations prior to this Agreement shall
have no binding effect. The content of this Agreement shall be the only binding commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement is made in triplicate, with each copy held by Party A, Party B, and the notary as proof.

**Article 15: Notification** 

Any inquiry, demand, or notification between the parties must be sent by registered mail to the addresses listed in this Agreement. If either party changes their address, they must promptly notify the other party in writing. Failure to do so will result in the notifying party bearing full responsibility for any resulting delays. If a notification is returned due to refusal or inability to deliver, the date of the first delivery attempt by the postal service shall be considered the delivery date, and it will be deemed delivered.

**Article 16: Jurisdiction** 

In the event of any disputes or litigation arising from this Agreement, the Taipei District Court in Taiwan shall have the exclusive jurisdiction.

**Article 17: Enforcement** 

Party B shall pay the rent as agreed or, in case of a breach, pay the penalty or return the leased property upon expiration of the Lease Term. Non-compliance will be subject to compulsory enforcement. Party A must return the Security Deposit or rent deposit upon the return of the leased property by Party B. Failure to do so will also be subject to compulsory enforcement.

**Article 18: Attachments** 

The attachments referred to in this Agreement have the same effect as this Agreement and are considered part of it. In case of any conflict between the attachments and the Agreement, this Agreement shall prevail.

------

Attachments:

1. Floor Plan

2. Building Regulations

Lessor (Party A): Baoyuan Development Co., Ltd.

Representative: /s/ He, Bingxin

Address: 4th Floor, No. 15, Section 1, Nanjing East Road, Zhongshan District, Taipei City

Company Registration Number: 42659006

Phone: (02) 2541-9313

Lessee (Party B): OBOOK Inc.

Representative: /s/ Wang, Chun-Kai

Address: 3rd Floor, No. 215, Section 3, Beixin Road, Xindian District, New Taipei City

Company Registration Number: 53092632

Phone: (02) 7727-6533

Date: May 31, 2024

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**Real Estate Lease Agreement** 

**Lessor:** Baoyuan Development Co., Ltd. (hereinafter referred to as Party A)

**Lessee:** OwlTing Travel Service Inc. (hereinafter referred to as Party B)

Party B wishes to lease the subject property from Party A, and both parties hereby agree to abide by the following terms:

**Article 1: Location and Scope of the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **This Building:** The office building located at 6th Floor, No. 26, 28 and the 7th Floor of
No. 26 (Cheng Da Le Fu Center), Wen Cheng Road, Beitou District, Taipei City.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Leased Property:** The entirety of the 6th Floor of this Building (Units A1, A2) and the 7th Floor (Unit
A1), totaling 700.18 ping, including the area of public facilities (detailed in Attachment 1). The aforementioned area includes both the indoor space and the proportionally allocated area of public facilities. The leased property does not include
the exterior walls of this Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Both parties agree that under the conditions set forth herein, Party A will lease the subject property to Party
B in its current condition as of the date of signing. Party B shall lease the property based on its current condition and must use it legally, solely for office purposes, and in accordance with the usage specified in the property's usage
license. If Party B needs to apply for changes or additions to the use specified in the building's usage license, Party A agrees to assist in providing relevant documents; however, the procedures for the changes must be handled by Party B at
its own expense. Furthermore, any costs arising from the processing of the aforementioned changes shall be borne by Party B.

**Article 2: Lease Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Lease Term shall begin on August 1, 2024 (the start date of the lease) and end on July 31, 2029
(hereinafter referred to as the "Lease Term"), for a total of five years. From August 1, 2024, to January 31, 2025, a rent-free renovation period shall be in effect. During this period, Party B shall not be required to pay rent.
However, Party B will remain responsible for all utility costs and any other expenses related to the use of the leased property incurred during this period. The rental payments shall commence on February 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Upon the expiration of the Lease Term, Party B shall have the right of first refusal to renew the lease. If
Party B intends to renew the lease, a written notice shall be provided to Party A at least six months prior to the expiration of the Lease Term. The renewal conditions shall be separately negotiated by both parties, and a new lease agreement must be
signed by both parties three months prior to the expiration of the Lease Term. If the parties are unable to reach an agreement, the lease shall terminate upon expiration of this Agreement and the Article 451 of the Civil Code regarding deemed
indefinite lease renewal shall not apply.

------

**Article 3: Rent and Payment Method** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The rent for the leased property (excluding tax) is as follows, in New Taiwan Dollars (NT$):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lease Period** | **Monthly Rent (Excluding Tax)** | **Monthly Rent (Excluding Tax)** | **Monthly Rent (Including Tax)** | **Monthly Rent (Including Tax)** |
|  02/01/2025~07/31/2029 | NT$ | 1036266 | NT$ | 1088079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Party B shall pay the monthly rent to Party A before the 1st day of each month. The payment method for the rent
is mutually agreed as follows: (Note: Party A does not accept payment in cash.) Party B shall deposit the rent into the bank account designated by Party A, and the transaction fees shall be borne by Party B. The designated bank account by Party A is
as follows:

[\*\*\*]

Account Number: [\*\*\*]

Account Name: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The business tax for the rent calculated in accordance with Section 1 of this article shall be added and
borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The amount and collection method of the building management fees shall be executed according to the resolution
of the management committee. The utility costs for the leased property and the shared utility costs for the building shall be borne by Party B from the date of delivery of the property, and they are not included in the aforementioned building
management fees. The allocation method shall be handled according to the regulations of the management committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Party B shall insure all movable equipment within the leased property with appropriate insurance.

**Article 4: Security Deposit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To ensure that Party B fulfills all obligations under this Agreement, a security deposit equivalent to three
months' rent, totaling NT$3,264,237 (hereinafter referred to as the "Security Deposit") shall be paid to Party A. Party B shall deliver NT$2,176,158 of the Security Deposit to Party A by check (limited to a non-endorsable check made payable to Party A) or by remittance within 5 days after signing this Agreement, and the remaining NT$1,088,079 shall be delivered to Party A by December 31, 2024. Party A shall issue
a receipt upon receiving the Security Deposit.

------

If Party B remits the Security Deposit, it shall be credited to the bank account designated by Party A:

[\*\*\*]

Account Number: [\*\*\*]

Account Name: [\*\*\*]

If Party B pays the Security Deposit by check, the check must be cashed within three days to be effective; otherwise, this Agreement shall become void retroactively from the date of signing.

If Party B uses remittance to pay the Security Deposit, any transaction fees and stamp duties on the receipt shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B may not assign the rights to the Security Deposit to any third party or use it as security for other
debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon expiration of the Lease Term or early termination of this Agreement, if Party B is in arrears for rent,
utilities, property management fees, or in violation of this Agreement or related regulations, Party A is entitled to deduct the outstanding rent or amounts from the Security Deposit directly. After Party B returns the leased property as agreed and
fulfills all other obligations under this Agreement, including but not limited to moving out the business registrations and tax registrations of Party B and third-party companies (if any), clearing any utility and returning to Party A, etc., and
upon Party B's written request along with a receipt as stated in Section 1 of this article, Party A shall confirm the amounts and return the Security Deposit (after deducting any outstanding amounts, if any) without interest to Party B
within thirty (30) days. The method of return shall be agreed upon in writing by both parties.

**Article 5: Expiry and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Upon the expiration or termination of the lease, except for improvements and installations expressly permitted
by Party A, Party B shall dismantle the existing decorations, return the premises to its original condition, and restore the building to its original state (including but not limited to: removal of decorations and advertising materials, restoring
fire pipelines, restoring the building management usage categories, vacating personnel, vehicles, furniture, and all items acquired by Party B during the lease). Any equipment or items not removed shall be deemed abandoned, and Party A may clear
them at Party B's cost, which shall be deducted from the security deposit. After all handover matters are completed, if there is a balance left after deducting Party B's outstanding rent and other payable fees and damages, Party A shall
return the balance without interest to Party B within thirty (30) days, and the method of return shall be agreed upon in writing by both parties. If there is a shortfall, Party B shall make up the difference to Party A. If Party B defaults or
fails to pay rent on time, the Security Deposit shall be forfeited and shall not be refunded.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unless otherwise specified in this Agreement, if Party B wishes to terminate the lease early, they must notify
Party A in writing six months prior to the termination date and shall pay penalty damages equivalent to three months' rent for that year to Party A. If Party B must terminate the lease early due to purchasing real estate from Party A or its
affiliates, no penalty damages need to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Unless otherwise provided by law, Party B shall not use the Security Deposit to offset rent, nor claim a
refusal to pay rent.

**Article 6: Obligations of Party B** 

Party B agrees to comply with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Party B shall exercise due care in the use and custody of the leased property to maintain its condition for
productive use. Party B shall properly manage any goods, decorations, equipment, and money within the leased property. Party B shall, at their own cost, insure against fire, property damage, and public liability as per specifications, and maintain
such insurance in effect throughout the Lease Term. In the event of any incident within the leased property, Party B shall bear full responsibility for compensation. If Party A suffers losses due to Party B's failure to insure or improper
insurance, Party B shall fully compensate Party A for those losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Party A or their designated representative may periodically inspect the condition of the leased property. If
any improvements are necessary or if there is abnormal wear or damage, Party B shall make improvements, repairs, or restore the property to its original condition within the period designated by Party A upon notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Party B shall not make noise or allow others to create noise within the leased property that disturbs Party A
or other tenants or neighbors of the building and shall not violate the Tobacco Hazards Prevention Act (Taiwan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The leased property is designated for office use only and shall not be used for any other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The leased property shall not be used for gambling, illegal activities, or actions contrary to public order or
morality, nor engage in any other usage that violates the usage license. In the event of a violation, Party A may immediately terminate this Agreement, and Party B shall pay penalty damages equivalent to six months' rent to Party A and
compensate Party A for all resulting losses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Common areas and facilities of the leased property, including but not limited to hallways, parking lots, public
restrooms, machine rooms, ground-level sidewalks, and all building stairways, fire escapes, elevators, water tanks, elevator shafts, etc., shall not have any items placed or used for residential or installation purposes. Party B shall maintain the
integrity of the leased property and all related facilities, including but not limited to elevators, water meters, lighting fixtures, aluminum doors and windows, glass, iron doors, plumbing equipment, fire-fighting equipment, firewall, gas
facilities, and other auxiliary equipment of the building, without any damage or modifications and in compliance with relevant laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Without the written consent of Party A, Party B shall not post advertisements or flyers in public areas such as
stairs, entrances, or exterior walls of the building (whether illuminated or not). Even within Party B's exclusive area of the leased property, no advertisements or other items affecting the building's appearance may be installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. During the Lease Term, Party B is responsible for maintaining and repairing the leased property and its
attached facilities (exclusive portions for Party B). Except for damages attributable to Party A, Party B shall diligently manage, use, and maintain the leased property and its attached facilities. Party B shall submit maintenance and repair records
to Party A on a [monthly/quarterly/semi-annual/annual] basis for reference. If any air conditioning, electrical, and fire protection systems and equipment are connected to the building's central system, Party A shall provide Party B with
reference to the maintenance service company designated by the building for optimal operations of all equipment systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. If Party B's actions lead to an increase in premiums for the insurance taken on the leased property or
require additional types of insurance, Party B shall promptly reimburse Party A for any increase in premiums or expenses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Party B shall comply with the building regulations and must strictly adhere to the parking space usage rules.
In case of any updates or modifications to the regulations, the latest version of the regulations notified or announced in writing by Party A shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Party B shall follow all relevant safety rules of the building. In the event of any emergencies or dangers in
or around the building, Party B agrees to cooperate with Party A to take necessary or preventive measures to protect the safety of personnel and property in the building.

**Article 7: Transfer of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Party A transfers the ownership of the leased property to a third party during the Lease Term, Party A must
notify Party B in writing of the transfer. The rights and obligations under this Agreement shall also transfer to the third party, who will assume these rights and obligations. Party B agrees to cooperate with the lease transfer process and the
signing of relevant documents. Unless otherwise agreed by the three parties, Party A must transfer the Security Deposit described in Article 4 of this Agreement to the third party, allowing Party B to request the return of the Security Deposit from
the third party according to the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party A transfers the right to collect rent under this Agreement to a third party or sells the leased
property to a third party, Party B must not object and agrees to cooperate in signing relevant documents. However, this should not affect Party B's rights and obligations under this Agreement.

**Article 8: Grounds for Termination by Party A** 

If Party B is in any of the following situations, Party A may notify Party B in writing to make corrections within a specified period. If Party B fails to make the corrections within the specified period, Party A may terminate this Agreement. Regardless of whether Party A exercises the right to terminate this Agreement, Party B shall pay Party A a penalty equivalent to three months' rent and compensate Party A for any losses incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Delayed payment of rent as described in Article 10, Section 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Bringing, storing, or allowing any weapons, ammunition, nitroglycerin, kerosene, liquefied gas, or other
flammable, explosive, or dangerous items into the building or the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Storing goods or items in the leased property that do not comply with Party B's registered business
activities, or storing goods or items exceeding the weight limit of 500 kilograms per square meter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Damaging the structural integrity of the leased property, raising safety concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Without Party A's prior written consent, subleasing, lending, transferring, or allowing others to use all
or part of the leased property; if such actions by others cause damage to Party A or other tenants in the building, Party B shall be jointly liable for compensation. Party B's affiliated companies are: OBOOK Technology Co., Ltd., and LijiFu
Online Financial Flow Co., Ltd.; any additions or deletions must be notified to Party A in writing in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Cooking food inside the leased property (except when using a microwave, rice cooker, or other methods approved
by Party A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Allowing any person to stay overnight in the leased property, except for Party B's personnel who need to
stay for the purpose of executing or handling Party B's assigned tasks.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Using the leased property for purposes other than those specified in this Agreement without Party A's
prior written consent (including but not limited to setting up a business location).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Violating other terms of this Agreement.

**Article 9: Grounds for Termination by Party B** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If due to reasons not attributable to either party, the leased property is rendered unfit for use in whole or
in part due to natural disasters, geological changes, war, civil unrest, or other force majeure events, Party B may request Party A to reduce the rent proportionate to the unusable area of the leased property until the damaged part is fully
restored. Alternatively, Party B may terminate this Agreement with written consent from both parties. Party A must decide within two months after the damage whether to repair it and notify Party B in writing. If Party A decides not to repair it,
Party B may terminate the lease by notifying Party A in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If the leased property is damaged due to reasons not attributable to Party B, and the remaining part no longer
meets Party B's intended use, Party B may terminate this Agreement by notifying Party A in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. When terminating the lease under the above two circumstances, Party A shall return any prepaid but unearned
rent and Security Deposit to Party B without interest, after confirming that Party B has fulfilled all obligations under this Agreement. The method of return shall be agreed upon by both parties in writing.

**Article 10: Penalties for Breach** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B violates any terms or fails to pay rent for two months, and fails to make payment after Party
A's demand, Party A may cut off the supply of water, electricity, and air conditioning at any time and terminate the lease immediately. Party A may also claim a penalty equal to the Security Deposit amount and Party B agrees not to claim any
damages from Party A for the resulting losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party B is late in paying rent or utility fees, Party A may request Party B to pay delayed interest at an
annual rate of 5%, calculated from the date of delay until the full payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Apart from the penalties mentioned in Sections 1 and 2 of this article for rent delay of two months, if the
rent or delayed interest remains unpaid, Party A may deduct the amount from the security deposit. For any shortfall and losses suffered by Party A, Party A may pursue legal remedies.

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**Article 11: Access to the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party A may enter the leased property after providing Party B with reasonable written notice two days in
advance for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To inspect the leased property according to Article 6, Section 2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To verify that Party B's use of the leased property complies with this Agreement and relevant regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To confirm that the use of the leased property meets the requirements of the competent authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To show the leased property to potential buyers if Party A intends to sell it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the three months before the Lease Term expires or is terminated early, if the parties have not signed a new agreement, Party A may show the leased property to potential new tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In cases of emergency involving significant personal injury or property damage, Party A may enter the leased
property without notifying, but shall notify Party B as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. When entering the leased property under the conditions described in the previous two sections, Party A shall
take reasonable measures to minimize disruption to Party B's daily operations and Party A shall be accompanied by personnel provided by Party B during the visit.

**Article 12: Renovations and Renovation Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the Lease Term, Party B may, at its own expense, renovate the interior of the leased property as long as
it does not affect the structural safety of the building. However, Party B must first provide Party A with the renovation plans and specifications for review. The renovations must not exceed the intended use of the leased property and must be
approved or authorized by the relevant authorities according to applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All renovations and equipment installed by Party B must be done in a manner that does not damage the
building's structure, safety, or overall appearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. After completing the renovation work, Party B must provide Party A with complete documentation showing the
changes made to the leased property, including but not limited to architectural floor plans and diagrams describing the locations of fire safety equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Party B must purchase and maintain at its own expense contractor's liability insurance and employer's
liability insurance during the renovation period. Party B must present proof of such insurance to Party A before starting the renovation work. The insurance must remain valid throughout the renovation period. If an insurance claim arises from the
renovation and Party B either fails to obtain insurance or the insurance coverage is insufficient to cover Party A's damages, Party B remains liable for compensation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. All other renovation matters must comply with the building's decoration and construction management
regulations.

**Article 13: Confidentiality Clause** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Without the written consent of Party A, Party B shall not disclose any information related to this Agreement to
any third party. However, if disclosure is required by law to government authorities or other third parties, this restriction does not apply, though Party B must notify Party A prior to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The confidentiality obligations imposed on Party B under this clause shall remain effective for two years after
the termination of this Agreement or the expiration of the Lease Term.

**Article 14: Other Special Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. During the three-year term of this Agreement, Party B may not terminate the lease early. If Party B violates
this provision, it must pay Party A the difference between thirty-six months' rent and the rent for the periods already paid, plus an additional three months' rent as liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Upon expiration of the Lease Term, early throwing a lease, or Agreement termination, Party B must vacate and
restore the leased property to its original condition, unless otherwise agreed upon by Party A. The return process must be completed only after written confirmation by Party A. The main items and specifications of the leased property, as well as the
method of return, will be agreed upon separately by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Party B agrees that any valuable items left in the leased property are subject to Party A's lien rights.
Party A has the right, but not the obligation, to exercise this lien and dispose of the items at Party B's expense. If Party B leaves behind equipment (including production and office equipment) and fails to clear it or restore the leased
property to its original condition, such items will be considered abandoned. Party A may dispose of all such equipment as waste after Party B returns the leased property. Party B is responsible for all costs related to removal and cleaning, and
Party A will not be liable for any losses incurred by Party B. Any additional losses suffered by Party A must be compensated by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. At the termination of this Agreement, Party B must cancel all real estate registrations related to the leased
property with Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This agreement must be notarized, with notarization costs shared equally between Party A and Party B.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. At the time of signing, Party B must provide a copy of the updated registration card as an attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. After the signing of this contract, any preliminary agreements or negotiations prior to this Agreement shall
have no binding effect. The content of this Agreement shall be the only binding commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement is made in triplicate, with each copy held by Party A, Party B, and the notary as proof.

**Article 15: Notification** 

Any inquiry, demand, or notification between the parties must be sent by registered mail to the addresses listed in this Agreement. If either party changes their address, they must promptly notify the other party in writing. Failure to do so will result in the notifying party bearing full responsibility for any resulting delays. If a notification is returned due to refusal or inability to deliver, the date of the first delivery attempt by the postal service shall be considered the delivery date, and it will be deemed delivered.

**Article 16: Jurisdiction** 

In the event of any disputes or litigation arising from this Agreement, the Taipei District Court in Taiwan shall have the exclusive jurisdiction.

**Article 17: Enforcement** 

Party B shall pay the rent as agreed or, in case of a breach, pay the penalty or return the leased property upon expiration of the Lease Term. Non-compliance will be subject to compulsory enforcement. Party A must return the Security Deposit or rent deposit upon the return of the leased property by Party B. Failure to do so will also be subject to compulsory enforcement.

**Article 18: Attachments** 

The attachments referred to in this Agreement have the same effect as this Agreement and are considered part of it. In case of any conflict between the attachments and the Agreement, this Agreement shall prevail.

------

Attachments:

1. Floor Plan

2. Building Regulations

Lessor (Party A): Baoyuan Development Co., Ltd.

Representative: /s/ He, Bingxin

Address: 4th Floor, No. 15, Section 1, Nanjing East Road, Zhongshan District, Taipei City

Company Registration Number: 42659006

Phone: (02) 2541-9313

Lessee (Party B): OwlTing Travel Service Inc.

Representative: /s/ Wang, Chun-Kai

Address: 3rd Floor, No. 215, Section 3, Beixin Road, Xindian District, New Taipei City

Company Registration Number: 52594587

Phone: (02) 7727-6533

Date: May 31, 2024

------

**Real Estate Lease Agreement** 

**Lessor:** Baoyuan Development Co., Ltd. (hereinafter referred to as Party A)

**Lessee:** PayNow Inc. (hereinafter referred to as Party B)

Party B wishes to lease the subject property from Party A, and both parties hereby agree to abide by the following terms:

**Article 1: Location and Scope of the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **This Building:** The office building located at 7th Floor of No. 28 (Cheng Da Le Fu Center), Wen
Cheng Road, Beitou District, Taipei City.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Leased Property:** The entirety of the 7th Floor of this Building (Units A2), totaling 234.40 ping,
including the area of public facilities (detailed in Attachment 1). The aforementioned area includes both the indoor space and the proportionally allocated area of public facilities. The leased property does not include the exterior walls of this
Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Both parties agree that under the conditions set forth herein, Party A will lease the subject property to Party
B in its current condition as of the date of signing. Party B shall lease the property based on its current condition and must use it legally, solely for office purposes, and in accordance with the usage specified in the property's usage
license. If Party B needs to apply for changes or additions to the use specified in the building's usage license, Party A agrees to assist in providing relevant documents; however, the procedures for the changes must be handled by Party B at
its own expense. Furthermore, any costs arising from the processing of the aforementioned changes shall be borne by Party B.

**Article 2: Lease Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Lease Term shall begin on August 1, 2024 (the start date of the lease) and end on July 31, 2029
(hereinafter referred to as the "Lease Term"), for a total of five years. From August 1, 2024, to January 31, 2025, a rent-free renovation period shall be in effect. During this period, Party B shall not be required to pay rent.
However, Party B will remain responsible for all utility costs and any other expenses related to the use of the leased property incurred during this period. The rental payments shall commence on February 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon the expiration of the Lease Term, Party B shall have the right of first refusal to renew the lease. If
Party B intends to renew the lease, a written notice shall be provided to Party A at least six months prior to the expiration of the Lease Term. The renewal conditions shall be separately negotiated by both parties, and a new lease agreement must be
signed by both parties three months prior to the expiration of the Lease Term. If the parties are unable to reach an agreement, the lease shall terminate upon expiration of this Agreement and the Article 451 of the Civil Code regarding deemed
indefinite lease renewal shall not apply.

------

**Article 3: Rent and Payment Method** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The rent for the leased property (excluding tax) is as follows, in New Taiwan Dollars (NT$):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lease Period** | **Monthly Rent (Excluding Tax)** | **Monthly Rent (Excluding Tax)** | **Monthly Rent (Including Tax)** | **Monthly Rent (Including Tax)** |
|  02/01/2025~07/31/2029 | NT$ | 346912 | NT$ | 364258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall pay the monthly rent to Party A before the 1st day of each month. The payment method for the rent
is mutually agreed as follows: (Note: Party A does not accept payment in cash.) Party B shall deposit the rent into the bank account designated by Party A, and the transaction fees shall be borne by Party B. The designated bank account by Party A is
as follows:

[\*\*\*]

Account Number: [\*\*\*]

Account Name: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The business tax for the rent calculated in accordance with Section 1 of this article shall be added and
borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The amount and collection method of the building management fees shall be executed according to the resolution
of the management committee. The utility costs for the leased property and the shared utility costs for the building shall be borne by Party B from the date of delivery of the property, and they are not included in the aforementioned building
management fees. The allocation method shall be handled according to the regulations of the management committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party B shall insure all movable equipment within the leased property with appropriate insurance.

**Article 4: Security Deposit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. To ensure that Party B fulfills all obligations under this Agreement, a security deposit equivalent to three
months' rent, totaling NT$1,092,774 (hereinafter referred to as the "Security Deposit") shall be paid to Party A. Party B shall deliver NT$728,516 of the Security Deposit to Party A by check (limited to a non-endorsable check made payable to Party A) or by remittance within 5 days after signing this Agreement, and the remaining NT$364,258 shall be delivered to Party A by December 31, 2024. Party A shall issue a
receipt upon receiving the Security Deposit.

------

If Party B remits the Security Deposit, it shall be credited to the bank account designated by Party A:

[\*\*\*]

Account Number: [\*\*\*]

Account Name: [\*\*\*]

If Party B pays the Security Deposit by check, the check must be cashed within three days to be effective; otherwise, this Agreement shall become void retroactively from the date of signing.

If Party B uses remittance to pay the Security Deposit, any transaction fees and stamp duties on the receipt shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Party B may not assign the rights to the Security Deposit to any third party or use it as security for other
debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Upon expiration of the Lease Term or early termination of this Agreement, if Party B is in arrears for rent,
utilities, property management fees, or in violation of this Agreement or related regulations, Party A is entitled to deduct the outstanding rent or amounts from the Security Deposit directly. After Party B returns the leased property as agreed and
fulfills all other obligations under this Agreement, including but not limited to moving out the business registrations and tax registrations of Party B and third-party companies (if any), clearing any utility and returning to Party A, etc., and
upon Party B's written request along with a receipt as stated in Section 1 of this article, Party A shall confirm the amounts and return the Security Deposit (after deducting any outstanding amounts, if any) without interest to Party B
within thirty (30) days. The method of return shall be agreed upon in writing by both parties.

**Article 5: Expiry and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon the expiration or termination of the lease, except for improvements and installations expressly permitted
by Party A, Party B shall dismantle the existing decorations, return the premises to its original condition, and restore the building to its original state (including but not limited to: removal of decorations and advertising materials, restoring
fire pipelines, restoring the building management usage categories, vacating personnel, vehicles, furniture, and all items acquired by Party B during the lease). Any equipment or items not removed shall be deemed abandoned, and Party A may clear
them at Party B's cost, which shall be deducted from the security deposit. After all handover matters are completed, if there is a balance left after deducting Party B's outstanding rent and other payable fees and damages, Party A shall
return the balance without interest to Party B within thirty (30) days, and the method of return shall be agreed upon in writing by both parties. If there is a shortfall, Party B shall make up the difference to Party A. If Party B defaults or
fails to pay rent on time, the Security Deposit shall be forfeited and shall not be refunded.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Unless otherwise specified in this Agreement, if Party B wishes to terminate the lease early, they must notify
Party A in writing six months prior to the termination date and shall pay penalty damages equivalent to three months' rent for that year to Party A. If Party B must terminate the lease early due to purchasing real estate from Party A or its
affiliates, no penalty damages need to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Unless otherwise provided by law, Party B shall not use the Security Deposit to offset rent, nor claim a
refusal to pay rent.

**Article 6: Obligations of Party B** 

Party B agrees to comply with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Party B shall exercise due care in the use and custody of the leased property to maintain its condition for
productive use. Party B shall properly manage any goods, decorations, equipment, and money within the leased property. Party B shall, at their own cost, insure against fire, property damage, and public liability as per specifications, and maintain
such insurance in effect throughout the Lease Term. In the event of any incident within the leased property, Party B shall bear full responsibility for compensation. If Party A suffers losses due to Party B's failure to insure or improper
insurance, Party B shall fully compensate Party A for those losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Party A or their designated representative may periodically inspect the condition of the leased property. If
any improvements are necessary or if there is abnormal wear or damage, Party B shall make improvements, repairs, or restore the property to its original condition within the period designated by Party A upon notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Party B shall not make noise or allow others to create noise within the leased property that disturbs Party A
or other tenants or neighbors of the building and shall not violate the Tobacco Hazards Prevention Act (Taiwan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The leased property is designated for office use only and shall not be used for any other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. The leased property shall not be used for gambling, illegal activities, or actions contrary to public order or
morality, nor engage in any other usage that violates the usage license. In the event of a violation, Party A may immediately terminate this Agreement, and Party B shall pay penalty damages equivalent to six months' rent to Party A and
compensate Party A for all resulting losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Common areas and facilities of the leased property, including but not limited to hallways, parking lots, public
restrooms, machine rooms, ground-level sidewalks, and all building stairways, fire escapes, elevators, water tanks, elevator shafts, etc., shall not have any items placed or used for residential or installation purposes. Party B shall maintain the
integrity of the leased property and all related facilities, including but not limited to elevators, water meters, lighting fixtures, aluminum doors and windows, glass, iron doors, plumbing equipment, fire-fighting equipment, firewall, gas
facilities, and other auxiliary equipment of the building, without any damage or modifications and in compliance with relevant laws.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Without the written consent of Party A, Party B shall not post advertisements or flyers in public areas such as
stairs, entrances, or exterior walls of the building (whether illuminated or not). Even within Party B's exclusive area of the leased property, no advertisements or other items affecting the building's appearance may be installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. During the Lease Term, Party B is responsible for maintaining and repairing the leased property and its
attached facilities (exclusive portions for Party B). Except for damages attributable to Party A, Party B shall diligently manage, use, and maintain the leased property and its attached facilities. Party B shall submit maintenance and repair records
to Party A on a [monthly/quarterly/semi-annual/annual] basis for reference. If any air conditioning, electrical, and fire protection systems and equipment are connected to the building's central system, Party A shall provide Party B with
reference to the maintenance service company designated by the building for optimal operations of all equipment systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. If Party B's actions lead to an increase in premiums for the insurance taken on the leased property or
require additional types of insurance, Party B shall promptly reimburse Party A for any increase in premiums or expenses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Party B shall comply with the building regulations and must strictly adhere to the parking space usage rules.
In case of any updates or modifications to the regulations, the latest version of the regulations notified or announced in writing by Party A shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Party B shall follow all relevant safety rules of the building. In the event of any emergencies or dangers in
or around the building, Party B agrees to cooperate with Party A to take necessary or preventive measures to protect the safety of personnel and property in the building.

**Article 7: Transfer of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If Party A transfers the ownership of the leased property to a third party during the Lease Term, Party A must
notify Party B in writing of the transfer. The rights and obligations under this Agreement shall also transfer to the third party, who will assume these rights and obligations. Party B agrees to cooperate with the lease transfer process and the
signing of relevant documents. Unless otherwise agreed by the three parties, Party A must transfer the Security Deposit described in Article 4 of this Agreement to the third party, allowing Party B to request the return of the Security Deposit from
the third party according to the terms of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If Party A transfers the right to collect rent under this Agreement to a third party or sells the leased
property to a third party, Party B must not object and agrees to cooperate in signing relevant documents. However, this should not affect Party B's rights and obligations under this Agreement.

**Article 8: Grounds for Termination by Party A** 

If Party B is in any of the following situations, Party A may notify Party B in writing to make corrections within a specified period. If Party B fails to make the corrections within the specified period, Party A may terminate this Agreement. Regardless of whether Party A exercises the right to terminate this Agreement, Party B shall pay Party A a penalty equivalent to three months' rent and compensate Party A for any losses incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Delayed payment of rent as described in Article 10, Section 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Bringing, storing, or allowing any weapons, ammunition, nitroglycerin, kerosene, liquefied gas, or other
flammable, explosive, or dangerous items into the building or the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Storing goods or items in the leased property that do not comply with Party B's registered business
activities, or storing goods or items exceeding the weight limit of 500 kilograms per square meter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Damaging the structural integrity of the leased property, raising safety concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Without Party A's prior written consent, subleasing, lending, transferring, or allowing others to use all
or part of the leased property; if such actions by others cause damage to Party A or other tenants in the building, Party B shall be jointly liable for compensation. Party B's affiliated companies are: OBOOK Technology Co., Ltd., and LijiFu
Online Financial Flow Co., Ltd.; any additions or deletions must be notified to Party A in writing in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Cooking food inside the leased property (except when using a microwave, rice cooker, or other methods approved
by Party A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Allowing any person to stay overnight in the leased property, except for Party B's personnel who need to
stay for the purpose of executing or handling Party B's assigned tasks.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Using the leased property for purposes other than those specified in this Agreement without Party A's
prior written consent (including but not limited to setting up a business location).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Violating other terms of this Agreement.

**Article 9: Grounds for Termination by Party B** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If due to reasons not attributable to either party, the leased property is rendered unfit for use in whole or
in part due to natural disasters, geological changes, war, civil unrest, or other force majeure events, Party B may request Party A to reduce the rent proportionate to the unusable area of the leased property until the damaged part is fully
restored. Alternatively, Party B may terminate this Agreement with written consent from both parties. Party A must decide within two months after the damage whether to repair it and notify Party B in writing. If Party A decides not to repair it,
Party B may terminate the lease by notifying Party A in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If the leased property is damaged due to reasons not attributable to Party B, and the remaining part no longer
meets Party B's intended use, Party B may terminate this Agreement by notifying Party A in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. When terminating the lease under the above two circumstances, Party A shall return any prepaid but unearned
rent and Security Deposit to Party B without interest, after confirming that Party B has fulfilled all obligations under this Agreement. The method of return shall be agreed upon by both parties in writing.

**Article 10: Penalties for Breach** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party B violates any terms or fails to pay rent for two months, and fails to make payment after Party
A's demand, Party A may cut off the supply of water, electricity, and air conditioning at any time and terminate the lease immediately. Party A may also claim a penalty equal to the Security Deposit amount and Party B agrees not to claim any
damages from Party A for the resulting losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If Party B is late in paying rent or utility fees, Party A may request Party B to pay delayed interest at an
annual rate of 5%, calculated from the date of delay until the full payment is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Apart from the penalties mentioned in Sections 1 and 2 of this article for rent delay of two months, if the
rent or delayed interest remains unpaid, Party A may deduct the amount from the security deposit. For any shortfall and losses suffered by Party A, Party A may pursue legal remedies.

------

**Article 11: Access to the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Party A may enter the leased property after providing Party B with reasonable written notice two days in
advance for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To inspect the leased property according to Article 6, Section 2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To verify that Party B's use of the leased property complies with this Agreement and relevant regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To confirm that the use of the leased property meets the requirements of the competent authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To show the leased property to potential buyers if Party A intends to sell it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the three months before the Lease Term expires or is terminated early, if the parties have not signed a new agreement, Party A may show the leased property to potential new tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In cases of emergency involving significant personal injury or property damage, Party A may enter the leased
property without notifying, but shall notify Party B as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. When entering the leased property under the conditions described in the previous two sections, Party A shall
take reasonable measures to minimize disruption to Party B's daily operations and Party A shall be accompanied by personnel provided by Party B during the visit.

**Article 12: Renovations and Renovation Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. During the Lease Term, Party B may, at its own expense, renovate the interior of the leased property as long as
it does not affect the structural safety of the building. However, Party B must first provide Party A with the renovation plans and specifications for review. The renovations must not exceed the intended use of the leased property and must be
approved or authorized by the relevant authorities according to applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. All renovations and equipment installed by Party B must be done in a manner that does not damage the
building's structure, safety, or overall appearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. After completing the renovation work, Party B must provide Party A with complete documentation showing the
changes made to the leased property, including but not limited to architectural floor plans and diagrams describing the locations of fire safety equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Party B must purchase and maintain at its own expense contractor's liability insurance and employer's
liability insurance during the renovation period. Party B must present proof of such insurance to Party A before starting the renovation work. The insurance must remain valid throughout the renovation period. If an insurance claim arises from the
renovation and Party B either fails to obtain insurance or the insurance coverage is insufficient to cover Party A's damages, Party B remains liable for compensation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All other renovation matters must comply with the building's decoration and construction management
regulations.

**Article 13: Confidentiality Clause** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Without the written consent of Party A, Party B shall not disclose any information related to this Agreement to
any third party. However, if disclosure is required by law to government authorities or other third parties, this restriction does not apply, though Party B must notify Party A prior to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The confidentiality obligations imposed on Party B under this clause shall remain effective for two years after
the termination of this Agreement or the expiration of the Lease Term.

**Article 14: Other Special Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. During the three-year term of this Agreement, Party B may not terminate the lease early. If Party B violates
this provision, it must pay Party A the difference between thirty-six months' rent and the rent for the periods already paid, plus an additional three months' rent as liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Upon expiration of the Lease Term, early throwing a lease, or Agreement termination, Party B must vacate and
restore the leased property to its original condition, unless otherwise agreed upon by Party A. The return process must be completed only after written confirmation by Party A. The main items and specifications of the leased property, as well as the
method of return, will be agreed upon separately by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Party B agrees that any valuable items left in the leased property are subject to Party A's lien rights.
Party A has the right, but not the obligation, to exercise this lien and dispose of the items at Party B's expense. If Party B leaves behind equipment (including production and office equipment) and fails to clear it or restore the leased
property to its original condition, such items will be considered abandoned. Party A may dispose of all such equipment as waste after Party B returns the leased property. Party B is responsible for all costs related to removal and cleaning, and
Party A will not be liable for any losses incurred by Party B. Any additional losses suffered by Party A must be compensated by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. At the termination of this Agreement, Party B must cancel all real estate registrations related to the leased
property with Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. This agreement must be notarized, with notarization costs shared equally between Party A and Party B.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. At the time of signing, Party B must provide a copy of the updated registration card as an attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. After the signing of this contract, any preliminary agreements or negotiations prior to this Agreement shall
have no binding effect. The content of this Agreement shall be the only binding commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. This Agreement is made in triplicate, with each copy held by Party A, Party B, and the notary as proof.

**Article 15: Notification** 

Any inquiry, demand, or notification between the parties must be sent by registered mail to the addresses listed in this Agreement. If either party changes their address, they must promptly notify the other party in writing. Failure to do so will result in the notifying party bearing full responsibility for any resulting delays. If a notification is returned due to refusal or inability to deliver, the date of the first delivery attempt by the postal service shall be considered the delivery date, and it will be deemed delivered.

**Article 16: Jurisdiction** 

In the event of any disputes or litigation arising from this Agreement, the Taipei District Court in Taiwan shall have the exclusive jurisdiction.

**Article 17: Enforcement** 

Party B shall pay the rent as agreed or, in case of a breach, pay the penalty or return the leased property upon expiration of the Lease Term. Non-compliance will be subject to compulsory enforcement. Party A must return the Security Deposit or rent deposit upon the return of the leased property by Party B. Failure to do so will also be subject to compulsory enforcement.

**Article 18: Attachments** 

The attachments referred to in this Agreement have the same effect as this Agreement and are considered part of it. In case of any conflict between the attachments and the Agreement, this Agreement shall prevail.

------

Attachments:

1. Floor Plan

2. Building Regulations

Lessor (Party A): Baoyuan Development Co., Ltd.

Representative: /s/ He, Bingxin

Address: 4th Floor, No. 15, Section 1, Nanjing East Road, Zhongshan District, Taipei City

Company Registration Number: 42659006

Phone: (02) 2541-9313

Lessee (Party B): PayNow Inc..

Representative: /s/ Chen, Hsien-Hsiang

Address: 3rd Floor, No. 221, Section 3, Beixin Road, Xindian District, New Taipei City

Company Registration Number: 28229955

Phone: (02) 2521-5088

Date: May 31, 2024

## Exhibit 10.14

**Exhibit 10.14** 

**Real Estate Lease Agreement** 

**Lessor: OBOOK Inc (hereinafter referred to as Party A)** 

**Lessee: PayNow Inc. (hereinafter referred to as Party B)**

The conditions for entering into this Real Estate Lease Agreement (hereinafter referred to as the "Agreement") by mutual agreement are as follows:

Article 1: The location of the house rented by Party A: 3rd Floor, 221, Section 3, Beixin Road, Xindian District, New Taipei City, totaling approximately 88.23 ping.

Article 2: The lease term is from April 1, 2024 to December 31, 2024, nine months. The leased property will be furnished without payment of rent for 3 months (from April 1, 2024 to June 30, 2024) from the start of the lease term for Party B's decoration use. The rent will be calculated from the day after the expiry of the decoration period (July 1, 2024).

Article 3: The rent amount is NT$115,000 per month (including tax, excluding management fees, the management fees are based on the charging standards announced by the building management committee).

Article 4: Rent is paid in one installment each month. Party B shall complete the remittance to the account designated by Party A ([\*\*\*]) on the 1st of each month. Party B should not make any excuses to delay the payment and not make any deductions of remittance fee.

Article 5: When the lease term expires or terminates, Party B, except for continuing to rent with the consent of Party A, should remove all compartments, vacate the subject matter of the lease and return it to Party A sincerely in the original condition at the time of handover. If there is any registration, company registration, etc., the relocation shall be carried out and settle the fees without using excuses or claiming any rights. If not move out immediately and hand over the house, Party A may request Party B for liquidated damages calculated as twice the rent every month until the date of completion of the transfer, or directly cut off water and electricity without any objection. If the lease is terminated early, the same shall apply when Party B returns the leased property.

------

Article 6: If Party B is in arrears with rent for more than two installments and fails to pay within the time limit despite being reminded by Party A, Party A may terminate the lease without waiting for the expiration of the lease.

Article 7: If Party B intends to move out during the term, Party B cannot request rent repayment, relocation fees or any other royalties from Party A, but shall unconditionally return the subject matter of this lease to Party A in its original condition, and Party B shall not object. Party A and Party B shall also handle the matter in accordance with Article 18.

Article 8: During the term, Party B shall fulfill its custodianship responsibilities and shall not, without the consent of Party A, lend, sublease, transfer, or use the house to others in any other disguised manner, in whole or in part, as the subject of the lease, except the affiliates of Party B.

Article 9: When it is necessary to modify the facilities of the lease subject Party B shall notify Party A of the relevant drawings and may install them by itself after obtaining Party A's consent and shall provide backup copies for storage. At the same time, Party B shall comply with relevant laws and regulations on decoration, fire protection, water and electricity, etc., but the original building shall not be damaged; unless Party A agrees, Party B shall empty the house and restore it to its original condition when returning the house.

Article 10: Party B's use of the lease subject shall comply with the resolutions of the building's divided owners' meeting and the building's management regulations and other relevant regulations, and shall not be used illegally or store dangerous goods that affect public safety.

------

Article 11: Party B shall use the subject matter of this lease with the care of a good manager. Except for force majeure circumstances such as natural disasters and earthquakes, Party B shall be liable for damages if the subject of this lease is damaged due to Party B's negligent. If repairs are necessary due to damage not caused by Party B's negligent, Party A shall bear the repair costs. In addition, Party B shall regularly maintain and clean the air-conditioning equipment provided by Party A to Party B in the area used. Party B shall be responsible for the replacement of consumable parts such as two-way valves and auxiliary controllers. During the existence of this lease relationship, if part of the house is lost due to a natural disaster that is not attributable to Party B, Party B may request a rent reduction based on the lost part.

Article 12: If Party A and Party B breach the Agreement, causing damage to the rights and interests of the other party, they shall be liable for damages.

Article 13: Party A and Party B shall abide by the provisions of the terms of this Agreement. If Party B violates the terms of this Agreement, Party A may terminate the Agreement or terminate the lease at any time to take back the subject of the lease and request a penalty equivalent to one month's rent from Party B, and, if there are other damages, may request for damages. Party A is not responsible for the losses suffered by Party B. If Party A violates the terms of this Agreement, Party B may request the termination of the lease and Party B should have one-month rent-free relocation buffer period, if there is any other damage, Party B may request for compensation. Party B will not be responsible for any losses suffered by Party A.

Article 14: The taxes on the house shall be borne by Party A. The water, electricity, management fees, air-conditioning fees for the house (according to the charging standards announced by the building management committee) and the taxes that must be paid for business shall be borne by Party B.

Article 15: When the lease expires, the Agreement is terminated, or the lease is terminated and the tenant moves out, any furniture and sundries owned by Party B that are retained and not moved will be deemed abandoned and left to Party A's disposal. The cleaning fee can be deducted from the rent deposit. Party B shall not have objection.

------

Article 16: If Party B wishes to continue the lease, it shall notify Party A in writing three months before the expiration of the lease.

Article 17: If Party A and Party B intend to terminate the lease early during the term, they shall notify the other party in writing three months in advance and compensate the other party for one month's rent.

Article 18: Party B has the right to install the company's signboard on the "tenant list" of the leased building and at the stair hall of the current floor near the entrance of the leased property. However, the installation must still comply with the building regulations, the resolution of the owner meeting or the management committee's management regulations.

Article 19: The rental standard is to deliver the house in its current condition.

Article 20: Regarding Party B's company registration or related registration required for business, Party B shall be responsible for handling it by itself after obtaining Party A's consent, and Party A does not make any guarantee.

Article 21: Regarding that Party B shall pay the rent or liquidated damages as stipulated in this Agreement, return the house as stipulated in this Agreement upon expiration or early termination of the lease, and Party A's return of the deposit. those shall be enforced directly if fails to be performed.

Article 22: If there are any unsatisfied matters in this Agreement, they shall be settled fairly and in accordance with relevant laws, customs and the principle of good faith. For disputes arising from this Agreement, both parties agree that the Taipei District Court of Taiwan shall be the court of first instance.

Article 23: Other agreed matters:

1. The indoor electricity bill of the subject of this lease shall be paid by Party A on behalf of Party A. Party A shall request payment from Party B with the calculation sheet and invoice every month, and Party B shall pay within the specified period.

2. The calculation of air-conditioning electricity bills in this building is based on the flow rate of each household's water meter. Party B should cooperate with the building management personnel in meter reading.

------

The above terms are agreed upon by both parties. For avoid dispute, each party holds a copy of this Agreement to show their commitment to it.

The Parties:

Party A: OBOOK Inc. (Sign)

Representative: /s/ Wang, Chun-Kai

United Number: 53092632

Address: 3F, No. 213, Section 3, Beixin Road, Xindian District, New Taipei City

Phone: (02)7727-6533

Party B: PayNow Inc. (Sign)

Representative: /s/ Chen, Hsien Hsiang

United Number: 28229955

Address: 3F, No. 221, Section 3, Beixin Road, Xindian District, New Taipei City

Phone: (02)2521-5088

Date: 2024.03.25

## Exhibit 10.15

**Exhibit 10.15** 

**Property Lease Agreement** 

**Lessor:** HU, DA-HUA

**Lessee:** OwlStay Inc.

For the property lease, both parties hereby agree on the following terms:

**Article 1: Object of the Leased Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Property Indication:** No. 147, Qingbian Rd., Ruifang Dist., New Taipei City

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Scope of Lease:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The entire property, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The small glass-walled studio to the left upon entry, will remain closed and reserved for the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserve storage space for the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pantry, kitchen, and bathroom are shared facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Leased Equipment:** Based on the property's condition at the time of handover.

**Article 2: Lease Term** 

The lease term shall begin on January 1, 2024 (the start date of the lease) and end on December 31, 2028. If the Lessee intends to renew the lease, both parties shall initiate discussions at least three months before the expiration of the term. The Lessee is hereby granted, by the Lessor, the right of first refusal for renewal, which means the Lessor must notify the Lessee of the renewal terms. If the Lessee agrees to these terms, under the same or substantially similar conditions, the Lessee should give the Lessee the priority in signing the lease.

**Article 3: Rent and Payment Method** 

From January 1, 2024, to December 31, 2025, the monthly rent shall be NT$33,000 (all amounts hereinafter are in New Taiwan Dollars)

From January 1, 2026, to December 31, 2027, the monthly rent shall be NT$40,000.

From January 1, 2028, to December 31, 2028, the monthly rent shall be NT$45,000.

The Lessee shall pay the monthly rent to the Lessor before the 1st day of each month, and shall not delay or refuse for any reason, the Lessor may also not arbitrarily request a rent adjustment.

The rent payment method would be transferred:

Financial Institution: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

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**Article 4: Security Deposit** 

The security deposit is agreed by both parties to be NT$30,000. The Lessee has already paid the full deposit under the previous lease agreement; therefore, no additional deposit needs to be provided under this agreement. The security deposit, less any deductions for unpaid rent, overdue return of the property, or removal of waste, shall be returned by the Lessor to the Lessee, without interest, upon the expiration or termination of the lease and the return of the property by the Lessee.

**Article 5: Payment of Related Costs During the Lease Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the Lease Term, the Lessee shall be solely responsible for all water, electricity, and gas expenses
incurred from the use of the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The annual security fee shall be shared equally by both Parties.

**Article 6: Tax Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Lessor shall be solely responsible for taxes related to the property, including property tax, rental tax,
land value tax, and supplementary insurance premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Lessee shall be solely responsible for business tax and income tax related to the business operated at the
property.

**Article 7: Restrictions on the Use of the Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The property is designated for use in reception, exhibitions, coffee and dining services, and employee rest
areas. The use of the property for any other purpose is prohibited without the prior written consent of the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Lessee shall not use the property for any illegal activities or store explosive or flammable materials that
could affect public safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Lessor agrees that the Lessee may sublet, lend, or transfer the lease of the property, in whole or in part,
to another party.

Noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Lessor (Mr. Hu) shall be entitled to complimentary coffee, and the Lessor's friends shall be
eligible for discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renovations are permitted but must be submitted to the Lessor (Mr. Hu) for review and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stereo systems can be installed by the Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Postcards, cards, artwork, and other merchandise from the Lessor (Mr. Hu) may be sold by the Lessee, who
shall receive 30% of the sale price as commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For courses conducted by the Lessor (Mr. Hu), priced at NT$400 per person, the Lessee shall receive a
commission of NT$100 per participant. The Lessor will provide advance notice to the Lessee regarding scheduled courses.

**Article 8: Repairs and Modifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any necessary modifications to the property must be approved by the Lessor and carried out under relevant laws
and regulations, ensuring that structural safety is not compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the event described above, the Lessor shall return the property in its condition as modified.

**Article 9: Obligations of Lessee** 

The Lessee shall use the property with the care of a prudent manager. If the Lessee fails to fulfill this obligation, resulting in damage to or loss of the property, the Lessee shall be liable for compensation for the damages.

**Article 10: Partial loss of the property** 

During the Lease Term, if a portion of the property is destroyed due to force majeure events, such as natural disasters, not attributable to the Lessee, the Lessee may request a reduction in rent corresponding to the portion of the property that has been destroyed.

**Article 11: Termination of the Lease** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the Lease Term, if the Lessee wishes to terminate the lease early, they must provide the Lessor with
three months prior written notice and should pay the Lessor with a penalty equal to one month's rent, calculated based on the rent amount for the month in which the notice is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the Lease Term, the Lessor may only terminate the lease early for the reasons specified in Article 14 of
this Agreement when the Lessee breaches the terms of this Agreement.

**Article 12: Return of Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon expiration of the Lease Term or termination of the Lease Agreement, the Lessee shall immediately return
the property and vacate the premises, including removing any registered residence or other registrations (based on the date documents are submitted to the relevant government authorities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The return of the property as previously stated shall be completed by both parties through a joint inspection
of the property's condition and its equipment. If one party does not participate in the handover inspection despite being given a reasonable deadline by the other party, the handover shall be deemed completed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Lessee fails to return the property as stipulated in the first clause, the Lessor shall be entitled to
claim from the Lessee an additional rent equivalent to the monthly rent for the duration the property remains unreturned. Additionally, the Lessor may impose a penalty amounting to one month's rent for the month in which the Lease Term or
termination date occurs (or a prorated daily rent if less than one month) until the property is returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Lessor may deduct any amounts due and related unpaid costs from the security deposit specified in Article
4. **Article 13: Transfer of Property Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. After the property has been delivered and occupied by the Lessee, if the Lessor transfers ownership to a third
party, this Agreement shall remain in effect and binding upon the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In the event of such a transfer, the Lessor shall transfer the security deposit and prepaid rent to the
transferee and provide written notice to the Lessee.

**Article 14: Termination of Lease by Lessor** 

The Lessor may terminate the lease if any of the following conditions occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Lessee fails to pay rent that is overdue by two months or more and does not make payment after being given
a reasonable deadline for payment set by the Lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Lessee breaches any provisions of this Agreement related to the use of the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Lessee breaches any provisions of this Agreement related to the maintenance and repair of the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Lessee accumulates outstanding fees amounting to two months' rent and fails to pay after being given a
reasonable deadline for payment set by the Lessor.

**Article 15: Termination of Lease by Lessee** 

The Lessee may terminate the lease if any of the following conditions occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the property requires repairs that are the responsibility of the Lessor, and such repairs are not completed
within a reasonable time after being requested by the Lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If a situation described in Article 10 arises, and a reduction in rent cannot be agreed upon, or if the
remaining portion of the property is no longer suitable for the designated use of the lease.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the property poses a risk to the safety or health of the Lessee or any sub-lessees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the Lessee is unable to use the property as agreed due to claims made by a third party regarding the
property.

**Article 16: Agreement and Its Effectiveness** 

This Agreement shall become effective as of the date of signing. Each party shall retain one original copy of the Agreement.

The rights and obligations stipulated in this Agreement shall be binding upon and enforceable by the successors of both parties.

**Article 17: Outstanding Matters** 

Any matters not specified in this Agreement shall be handled under relevant laws, customs, principles of equality and reciprocity, and the principle of good faith.

**Contracting Parties** 

Lessor: HU, DA-HUA

ID Number: [\*\*\*]

Address: [\*\*\*]

Contact Phone: [\*\*\*]

Email: [\*\*\*]

Lessee: OwlStay Inc.

Representative: Wang, Chun-Kai

Unified Business Number: [\*\*\*]

Address: [\*\*\*]

Date: March 14, 2023

## Exhibit 10.16

**Exhibit 10.16** 

**Property Lease Agreement** 

Lessor: Lin Boquan and Lin Haoting (hereinafter referred to as Party A)

Lessee: OwlStay Inc. (hereinafter referred to as Party B)

This agreement is made by both parties under the following terms:

Article 1: Location and Usage of the Leased Property

1. The property located at 122 Chang'an West Road, Taipei City, Floors 1 through 4 (including the attic), owned by Lin Boquan.

2. The property located at 124 Chang'an West Road, Taipei City, Floors 1 through 4, owned by Lin Haoting.

3. The property located at No. 9, Alley 3, Lane 138, Chang'an West Road, Taipei City, Floors 1 through 4, owned by Lin Boquan.

4. The property located at Alley 3, Lane 138, Chang'an West Road, Taipei City, Floors 1 through 4, owned by Lin Boquan.

Article 2: Lease Term

The lease term agreed upon by Party A and Party B is from May 1, 2024, to April 30, 2026, for a total of two years.

Article 3: Rent

From May 1, 2024, to April 30, 2026, the monthly rent is NT$800,000 (tax included) (receipt required). Party B shall not delay or refuse payment for any reason. (Electricity and water fees are to be paid separately.)

---

| | | | |
|:---|:---|:---|:---|
| Leased<br> Property | Property<br>Owner | Rent<br> (Tax included) | Lease Term |
| No. 122, Chang'an West Road, Taipei City: Entire building from Floors 1 to 4, including the attic. | Lin Boquan | NT$350,000 | From May 1, 2024, to April 30, 2026. |
| No. 124, Chang'an West Road, Taipei City: Entire building from Floors 1 to 4. | Lin Haoting | NT$350,000 | From May 1, 2024, to April 30, 2026. |
| No. 9, Lane 3, Lane 138, Chang'an West Road, Taipei City: Entire building from Floors 1 to 4. | Lin Boquan | NT$95,000 | From May 1, 2024, to April 30, 2026. |
| No. 1, Lane 3, Lane 138, Chang'an West Road, Taipei City: Entire building from Floors 1 to 4. | Lin Boquan | NT$95,000 | From May 1, 2024, to April 30, 2026. |

---

------

Article 4: The rent must be paid by the 1st of each month and the amount of each time should 1 month. Party B is required to make timely payments without delay or excuses.

Article 5: A security deposit of NT$1,600,000 is required. A previous deposit of NT$1,350,000 has been received (NT$855,000 from Lin Boquan and NT$495,000 from Lin Haoting). Party B must make an additional deposit of NT$250,000. Party A will return the security deposit without interest after the lease ends and the property is vacated and returned by Party B.

Article 6: Upon expiration of the lease, unless Party A agrees to extend the lease, Party B must promptly vacate and return the property to Party A. Party B cannot delay or assert any rights regarding the property. If Party B fails to vacate and return the property on time, Party A may claim a penalty of five times the monthly rent until the property is returned, and Party B has no objections.

Article 7: If Party B moves out during the lease term, Party B cannot request rent refunds, moving costs, or any other fees from Party A. Party B must return the property to Party A unconditionally, with no objections.

Article 8: Without Party A's consent, Party B may not sublease, transfer, or allow others to use the property, either in whole or in part, through any means.

Article 9: If modifications or installations are necessary, Party B may do so only with Party A's consent. Modifications must not damage the original structure. Upon returning the property, Party B must return it in the condition and layout as specified in the contract (see Attachments 1, 2, and 3).

Article 10: The property must not be used for illegal activities or for storing hazardous materials that could affect public safety.

Article 11: Party B must use the property with the care of a prudent manager. Except for force majeure events such as natural disasters, Party B is responsible for damages caused by negligence and must compensate for any damages. Party B is also responsible for repairs due to natural wear and tear.

Article 12: If Party B breaches the agreement and causes damage to Party A's interests, Party B agrees to compensate Party A for the damages. Party B is also responsible for reimbursing Party A for any litigation costs or attorney fees incurred due to legal proceedings.

Article 13: Both parties must adhere to the terms of this contract. If any condition is breached, Party A may terminate the lease at any time and reclaim the property. Party A will not be responsible for any losses incurred by Party B as a result.

------

Article 14: Each party is responsible for their own stamp duty. Party A will bear the property taxes, while Party B is responsible for utility fees and any taxes related to their business operations.

Article 15: Upon the expiration of the lease, if Party B leaves any personal property or items behind, these will be considered as abandoned and Party A may dispose of them as deemed necessary. Party B will have no objections.

Article 16 Special Provisions: 1. If Party B intends to move out before the expiration of the lease term, Party B must notify Party A three months in advance and compensate Party A with two months' rent. Party B will have no objections. 2. If Party B breaches any terms of this contract during the lease period, Party A may handle the situation as they see fit, and Party B will have no objections.

Article 17: During the lease term, Party B must purchase public liability insurance from an insurance company, with coverage agreed upon by both parties, set at twice the amount required for government-regulated hotel industries.

Article 18: Party B is responsible for paying the rental income tax and the supplementary health insurance premium for the second generation, and must provide a withholding tax statement to Party A for the following year.

Article 19: The payment method for rent is as follows:

Party B will transfer the monthly rent to the designated bank accounts of Party A:

[\*\*\*], Account Number [\*\*\*], Account Holder: [\*\*\*]

[\*\*\*], Account Number [\*\*\*], Account Holder: [\*\*\*]

Article 20: This contract must be notarized, with the notary fees borne by Party B.

The above terms have been agreed upon by both parties. To ensure the terms are upheld, this contract is made in triplicate, with each party and the notary public holding one copy.

Contracting Parties: Lin Boquan (Party A)

ID Number: [\*\*\*]

Contact Phone: [\*\*\*]

Address: [\*\*\*]

Contracting Parties: Lin Haoting (Party A)

ID Number: [\*\*\*]

Contact Phone: [\*\*\*]

Address: [\*\*\*]

------

Contracting Parties: OwlStay Inc. (Party B)

Unified Business Number: [\*\*\*]

Contact Phone: [\*\*\*]

Address:No. 122, Chang'an West Road, Datong District, Taipei City

Representative: Wang, Chun-Kai (Party B)

ID Number: [\*\*\*]

Contact Phone: [\*\*\*]

Address: [\*\*\*]

Date: March 15, 2024

## Exhibit 10.17

**Exhibit 10.17** 

**Home Stay Management Entrustment Agreement** 

This home stay management agreement (hereinafter referred to as the "**Agreement**") was executed on August 1, 2019 (hereinafter referred to as the "**Effective Date**") by the following parties:

**1.** Wong, Wei-Fong (the person in charge of the home stay,
hereinafter referred to as the ' **Principal** '); and

2. OwlStay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS:

1. The Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal intends to appoint the Manager Company to operate the hostel.

2. The Manager Company possesses the commercial brand, image, design, popularity, website, intellectual property rights, etc. (hereinafter referred to as the "IP") of the accommodation industry; and the Parties intend that the Principal is authorized by the IP in respect of the operation of the Management Subject (as hereinafter defined).

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Agreement and agree as follows:

**Article 1 Subject of the Entrustment** 

The Principal provides the following property, related facilities interior equipment, etc. (hereinafter referred to as the '**Management Subject**') of its currently registered hostel to be entrusted to the Manager Company for operation and management:

1. Home Stay Name: Jiufen Mountain Sea Bay Home Stay

Home Stay Address: [\*\*\*]

2. Residential address: [\*\*\*]

**Article 2 Term of Entrustment** 

The term of the entrusted operation and management shall begin on March 31, 2025. The Principal agrees that the Management Company shall have a right of first refusal for the renewal or replacement of this Agreement (the Principal shall notify the Manager Company of the terms and conditions proposed by a third party. If the Manager Company agrees to such terms and conditions, the Principal shall offer the Manager Company the opportunity to agree on the same or substantially similar terms and conditions), and shall cooperate with the Management Company in matters such as agreement renewal, agreement modification, or entering into new agreements.

**Article 3 Object of Entrustment** 

The Principal shall provide the Management Subject, and the Manager Company shall be responsible for its operation and management. The object of the management and operation delegation includes, but is not limited to, the following:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal hereby delegates to the Manager Company full authority to operate and manage all operational
matters related to the Management Subject and grants the Manager Company exclusive rights to such operations. During the term specified in the preceding clause, the Principal shall not reassign or grant any part or all of these rights to any other
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company shall assign its team and personnel to operate and manage the Management Subject and shall
carry out all daily operational matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any requirements for the further hiring and management of hostel staff, including but not limited to
recruitment, training, supervision, and guidance, shall also be the responsibility of the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall be responsible for the decision-making and execution of marketing strategies for the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall be responsible for determining the operational policies and pricing for the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Installation, safety maintenance, and management of the environment, facilities, and equipment related to the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Principal shall, when necessary, assist the Manager Company in complying with relevant regulations and
procedures related to the Management Subject, including but not limited to cooperating with administrative inspections and audits, providing necessary application and registration documents, and authorizing the Manager Company to act as its
procedural agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall be responsible for managing the actual financial flow related to the Management
Subject, including the collection and disbursement of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Design and renovation related to the Management Subject, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Other matters agreed upon by both parties.

**Article 4 Royalties** 

From August 1, 2019, to March 31, 2021, both parties agree that the Management Company will be responsible for the initial repair and renovation costs. The Principal will provide the Management Subject to the Management Company free of charge for operation as a home stay. During this period, the Principal is not required to pay Management Fees, royalties, or any other management-related expenses to the Management Company. The Management Company is also not required to pay any rent, Monthly Fees, or other costs to the Principal.

From April 1, 2021, to March 31, 2025, the Principal shall pay the following management fees, royalties, and expenses to the Management Company. However, the Management Company shall ensure that the monthly income generated from the Management Subject, after deducting the management fees, royalties, and other management-related expenses, is not less than NT$34,500 per month (hereinafter referred to as "Monthly Fees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management Fees

The Principal shall pay the Management Company a monthly management fee equivalent to NT$56,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Royalties

Unless otherwise specified in this Agreement, starting from the commencement of operations, the Principal shall pay eighty percent (80%) of the monthly gross revenue (including taxes) of the Management Subject as management fees to the Manager Company. Both parties agree that if the Management Company adjusts the room rates in the future, the parties shall immediately negotiate an adjustment to the royalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other management-related expenses shall be reimbursed based on actual costs incurred. Manager Company shall
submit monthly invoices to the Principal for these expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management fees and monthly royalties payable by the Principal shall be prorated for any incomplete month
based on the number of days in that month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall settle the income, management fees, royalties related to the Management Subject, and
other expenses incurred by management with the Principal monthly, and shall issue invoices or receipts to the Principal under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Agreement, the Principal shall bear the costs of Taiyang(note) rent, property tax, and
land value tax. The Management Company shall be responsible for utility costs, including water, electricity, and gas. Should the Principal incur additional expenses for business tax and profit-seeking enterprise income tax as a result of this
agreement, the Management Company shall reimburse the Principal for the equivalent amount. Note: The "Taiyang Rent" refers to the standard rent applicable to general users. If operating the Management Subject results in an increase in
Taiyang Rent, the difference in the increased rent shall be borne by the Management Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If a portion of the Management Subject is lost during the term of this Agreement for reasons not attributable
to the Management Company, the Management Company may, based on the portion that has been lost, negotiate an adjustment to the management fees with the Principal. If the Management Company is unable to fulfill the objectives of the entrusted
operation with respect to the remaining portion of the subject property, it may terminate the Agreement prematurely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall remit the Monthly Fees to the following bank account designated by the Principal
by the due date of each month. The Management Company shall not delay or refuse payment for any reason:

Bank: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Start from April 1, 2021, if regulatory restrictions prevent the Management Company from legally operating
the hostel, In the event that the Management Company terminates either part or all of this agreement with respect to the Management Subject, whether in whole or in part, both parties agree to adjust the Monthly Fees payable by the Principal as
specified in Article 4 of this Agreement to reflect any changes in the legally permissible scope of operation. The Management Fees payable to the Management Company by the Principal shall also be adjusted accordingly. Adjustment Ratio to the scope
of operation should be referenced according to the attached floor plan: Ping An (50% of the total fee), Liu Jin (25% of the total fee), and Jing Hao (25% of the total fee). Any renovation costs incurred prior to the termination of the scope that is
legally prohibited from operating as the Management Subject shall still be borne by the Management Company. The rights and obligations related to the portion of the scope that is legally prohibited from operating as the Management Subject, and
incurred prior to termination, shall remain unaffected.

**Article 5 Deposit** 

The Manager Company shall pay a deposit of NT$70,000 to the Principal concurrently with the signing of this Agreement. The deposit shall be returned to the Manager Company upon the expiration of the term of the entrustment, or upon the termination, cancellation, or judicial declaration of invalidity of this Agreement, following the handover of the property by the Manager Company, except the deposit may be deducted for any outstanding amounts due, delays in handing over the property, or costs related to the disposal of waste.

**Article 6 Obligations** 

The obligations of the Manager Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as otherwise provided in this Agreement, the Management Company shall use the Management Subject solely
for the purposes and within the scope specified in this Agreement. The Management Company shall not alter the purpose or sub-entrust the Management Subject without the prior consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Management Company shall not store explosive or flammable materials within the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company may undertake modifications to the Management Subject under relevant laws and regulations,
ensuring that structural safety is not compromised. Upon returning the property, the Management Company should return it in its modified condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Management Company shall be responsible for maintaining the managed property and its associated facilities
and safety equipment. In the event of damage requiring repair, the Management Company shall be responsible for the necessary repairs. If the property is damaged due to the Management Company's gross negligence, the Management Company shall be
liable to the Principal for damages. Additionally, if any third party suffers damage due to the Management Company's operation and management of the property, the Management Company shall assume full responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The collection, processing, and use of traveler registration data shall comply with the relevant provisions of
the Personal Data Protection Act. However, the Management Company may use such data for research, analysis, operational, and marketing purposes, and may apply it to lodging operators managed or operated by other management companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Management Company shall be responsible for maintaining environmental cleanliness, including rubbish
collection and sanitization of the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon the expiration or termination of this Agreement, the Management Company shall promptly deregister the
relevant business registration with the appropriate governmental authorities (as determined by the Management Company when submitting documents to the relevant government authorities) and return the Management Subject to the Principal. If the
Management Company fails to do so without a valid reason, the Principal may continue to impose the Monthly Guarantee Fee for each month of delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the expiration or termination of this Agreement, the Management Company shall be responsible for the
removal of any remaining items. Should the Management Company fail to remove these items within a reasonable period after receiving a reminder from the Principal, such items shall be deemed abandoned and may be disposed of by the Principal at the
Management Company's expense.

The Principal acknowledges and agrees that all intellectual property rights, including but not limited to patents, copyrights, trademarks, and trade secrets, related to this Agreement are owned by the Management Company. The Principal agrees not to use such intellectual property rights if this Agreement is invalidated, terminated, canceled, or otherwise discharged. Furthermore, the Principal acknowledges that the Management Company's management model, business model, proprietary information, customer analysis data, literature, marketing materials, content, strategies, financial information, pricing strategies, and operating conditions (including but not limited to housing rates) are the exclusive assets of the Management Company and are considered confidential. The Principal shall not use, disclose, or share this confidential information with any third party without the prior written consent of the Management Company.

**Article 7 Transfer of Ownership of the Management Subject** 

During the term of the Agreement, the Principal shall be responsible for ensuring that any transfer of ownership of the Management Subject to a third party does not affect the continuation of this Agreement with the transferee.

**Article 8 Early Termination of the Agreement** 

Prior to the expiration of the entrusted period, the Principal may not terminate the contract early unless the Management Company has at least two months' overdue payments or breaches the responsibilities outlined in Article 6, and the Principal has given a reasonable period of notice for remediation without improvement. If the Management Company wishes to terminate this agreement early, it must provide two months' notice to the Principal. If proper notice is given, no penalty will be incurred. If the Management Company terminates the contract without giving advance notice, it shall compensate the Principal with a penalty equivalent to the Monthly Fees, which may be deducted from the deposit specified in Article 5.

------

**Article 9 Default Liability**

Unless otherwise provided herein, if either party (hereinafter referred to as the "Defaulting Party") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, the other party (hereinafter referred to as the "Non-Defaulting Party") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within thirty (30) days. If the breach is not remedied or cannot be remedied within this period, the Non-Defaulting Party may terminate this Agreement and claim damages for any losses.

**Article 10 Severability** 

If any provision of this Agreement is contrary to law or is deemed not legally binding and is held to be invalid, the remainder of this Agreement shall remain in force.

**Article 11 Dispute Resolution**

In the event of a dispute arising out of this Agreement, the parties agree to negotiate in good faith. If the negotiation fails, the parties may resolve the dispute as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties may apply for mediation to the mediation committee of the relevant township or district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Request mediation or file a lawsuit in the court where the Management Subject is located.

**Article 12. Miscellaneous** 

1. This Agreement constitutes the entire agreement among the Parties hereto and supersedes all other prior
agreements, both written and oral. This agreement shall not be changed without the written consent of both parties.

2. This Agreement shall be governed by the laws of the Republic of China.

3. Any matters not specified in this Agreement shall be governed by and handled under the applicable laws and
regulations.

**Article 13 Counterparts** 

This Agreement has been executed in two duplicate originals, each party shall retain one original copy of the Agreement.

(This page is intentionally left blank; the next page is for signatures.)

------

(Sign page)

---

| | |
|:---|:---|
| Wong, Wei Fong | OwlStay Inc. |
| /s/ Wong, Wei Fong<br> Name : Wong, Wei Fong <br> ID : [\*\*\*]<br> Address : [\*\*\*]<br> Date : 2019.7.31 | /s/ Liu, Guo Pei<br> Name : Liu, Guo Pei<br> Title : Chairman<br> Address : [\*\*\*] <br> Date : 2019.7.31 |

---

## Exhibit 10.18

**Exhibit 10.18** 

**Home Stay Management Entrustment Agreement** 

This home stay management entrustment agreement (hereinafter referred to as the "**Agreement**") was executed on April 25, 2024 (hereinafter referred to as the "**Effective Date**") by the following parties:

1. Hsu, Sheng Yu (the person in charge of the home stay, hereinafter referred to as the
' **Principal** '); and

2. Owlstay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS:

1. The Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal intends to appoint the Manager Company to operate the home stay.

2. The Manager Company possesses the commercial brand, image, design, popularity, website, intellectual property rights, etc. (hereinafter referred to as the "IP") of the accommodation industry; and the Parties intend that the Principal is authorized by the IP in respect of the operation of the Management Subject (as hereinafter defined).

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Agreement and agree as follows.

**Article 1 Subject of the Entrustment** 

The Principal provides the following property, related facilities interior equipment, etc. (hereinafter referred to as the '**Management Subject**') of its currently registered home stay to be entrusted to the Manager Company for operation and management:

1. Home Stay Name: Jiufen Green Light Home Stay

Home Stay Address: [\*\*\*]

**Article 2 Term of Entrustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the entrusted operation and management shall begin on May 1, 2024, and end on April 30,
2029. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Principal agrees that the Management Company shall have a right of first refusal for the renewal or
replacement of this Agreement. The Principal shall notify the Manager Company of the terms and conditions proposed by a third party. If the Manager Company agrees to such terms and conditions, the Principal shall offer the Manager Company the
opportunity to agree on the same or substantially similar terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Principal shall cooperate with the Manager Company in the renewal, negotiation, or execution of the new
agreement.

------

**Article 3 Scope of Entrustment** 

The Principal shall provide the Management Subject, and the Manager Company shall be responsible for its operation and management. The scope of the management and operation entrustment includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal hereby entrusts the Manager Company full authority to operate and manage all operational matters
related to the Management Subject and grants the Manager Company exclusive rights to such operations. During the term specified in the preceding clause, the Principal shall not reassign or grant any part or all of these rights to any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company shall assign its team and personnel to operate and manage the Management Subject and shall
carry out all daily operational matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any requirements for the further hiring and management of home stay staff, including but not limited to
recruitment, training, supervision, and guidance, shall also be the responsibility of the Manager Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall be responsible for the decision-making and execution of marketing strategies for the
Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall be responsible for determining the operational policies and pricing for the
Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Installation, safety maintenance, and management of the environment, facilities, and equipment related to the
Management Subjects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Principal shall, when necessary, assist the Manager Company in complying with relevant regulations and
procedures related to the Management Subject, including but not limited to cooperating with administrative inspections and audits, providing necessary application and registration documents, and authorizing the Manager Company to act as its
procedural agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall be responsible for managing the actual financial flow related to the Management
Subject, including the collection and disbursement of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Design and renovation of the Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Maintain the furniture and painting specifically borrowed by the Principal within the Management Subject
(Attachment 1), and any other matters as agreed upon by the Parties.

**Article 4 Fees and Royalties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal shall pay the following management fees, royalties, and other expenses to the Manager Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management fees and royalties: Unless otherwise specified in this Agreement, starting from the commencement of
operations, the Principal shall pay eighty percent (80%) of the monthly gross revenue (including taxes) of the Management Subject as management fees to the Manager Company. Any surplus remaining from the monthly gross revenue (including taxes) after
deducting the Monthly Guaranteed Fee (including taxes, as defined below) and management fees shall be considered royalties and shall belong to the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other management-related expenses shall be reimbursed based on actual costs incurred. Manager Company shall
submit monthly invoices to the Principal for these expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The management fees and monthly royalties payable by the Principal shall be prorated for any incomplete month
based on the number of days in that month.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company should ensure that the Principal's monthly revenue from the Management Subject, after
deducting the management fees, royalties, and other fees specified in the paragraph 3 hereof, should not fall below the amount set forth below (hereinafter referred to as the "Monthly Guaranteed Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From May 1, 2024, to April 30, 2030, the Monthly Guaranteed Fee shall be no less than NT$107,800
(including taxes) per month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Principal, in accordance with the article 2, paragraph 3, entrusts the Manager Company with the
operation and management of the aforementioned area of the Management Subject, the amount specified in the first clause of this paragraph and the preceding paragraph shall be adjusted to NT$107,800 (including taxes) starting from the month following
the 30th day after the transfer of that part of the building to the Manager Company, and continuing until April 30, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The parties agree that the Management Company may directly deduct the management fees, royalties, and other
fees from the Principal's monthly revenue generated from the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company shall settle the income, management fees, royalties, and other expenses related to the
Management Subjects with the Principal monthly, and shall issue invoices or receipts to the Principal under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If a portion of the Management Subject is lost during the term of this Agreement for reasons not attributable
to the Management Company, the Management Company may, based on the portion that has been lost, negotiate an adjustment to the management fees with the Principal. If the Management Company is unable to fulfill the objectives of the entrusted
operation with respect to the remaining portion of the Management Subject, it may terminate the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the term of the Agreement, the Principal shall bear the property tax and land value tax. The Management
Company shall be responsible for utility costs, including water, electricity, and gas. Should the Principal incur additional expenses for business tax and profit-seeking enterprise income tax as a result of this agreement, the Management Company
shall reimburse the Principal for the equivalent amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Management Company shall remit the Monthly Fee to the bank account designated by the Principal, on or
before the 1st day of each month, without delay or refusal for any reason:

Bank Name: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

**Article 5 Deposit** 

The Manager Company shall pay a deposit of NT$215,600 to the Principal concurrently with the signing of this Agreement. The Principal has received NT$200,000 as deposit, the Manager Company should make up NT$15,600. The Deposit shall be returned to the Manager Company upon the expiration of the term of the entrustment, or upon the termination, cancellation, or judicial declaration of invalidity of this Agreement, following the handover of the property by the Manager Company, except the Deposit may be deducted for any outstanding amounts due, delays in handing over the property, or costs related to the disposal of waste.

------

**Article 6 Obligations** 

The obligations of the Manager Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as otherwise provided in this Agreement, the Management Company shall use the Management Subjects solely
for the purposes and within the scope specified in this Agreement. The Management Company shall not alter the purpose or sub-entrust the Management Subjects without the prior consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Management Company shall not store explosive or flammable materials within the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company may undertake modifications to the Management Subjects under relevant laws and regulations,
ensuring that structural safety is not compromised. Upon returning the property, the Management Company should return it in the current status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Repair responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Management Company shall be responsible for the maintenance of ancillary and safety equipment associated
with the property throughout the management period. If such equipment becomes damaged, worn, or depreciated due to normal use, the Management Company may determine by itself whether to effectuate repairs. If the Management Company decides to
undertake such repairs, it should bear all associated costs at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Management Company causes damage to the Management Subjects due to intentional acts or gross negligence,
the Management Company shall be liable to compensate the Principal for any damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Management Company shall be responsible for any infringement of third-party rights resulting from its
operation and management of the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except for issues attributable to the Management Company, the Principal shall be responsible for the repair of
any structural defects in the building (including but not limited to water leakage and cracks caused by earthquakes). If the Principal fails to complete the repairs or fails to repairs within 30 days from the date of notice from the Management
Company, the Management Company can arrange repairs by a third party at its own expense. The cost of such repairs shall be deducted from the next payment of the Monthly Guarantee Fee. If the subsequent Monthly Guarantee Fee is insufficient to cover
the full cost of repairs, the Management Company may continue to deduct the outstanding amount from subsequent Monthly Guarantee Fee payments until the full amount of the repair costs has been recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The collection, processing, and use of traveler registration data shall comply with the relevant provisions of
the Personal Data Protection Act. However, the Management Company may use such data for research, analysis, operational, and marketing purposes, and may apply it to lodging operators managed or operated by other management companies.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Management Company shall be responsible for maintaining environmental cleanliness, rubbish collection and
sanitization of the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon the expiration or termination of this Agreement, the Management Company shall promptly deregister the
relevant business registration (This will be determined when the Management Company submits the documents to the relevant government agencies) and return the Management Subjects. If the Management Company fails to do so without a reasonable cause,
the Principal may continue to impose the Monthly Guarantee Fee for each month of delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the expiration or termination of this Agreement, the Management Company shall be responsible for the
removal of any remaining items. Should the Management Company fail to remove these items within a reasonable period after receiving a reminder from the Principal, such items shall be deemed waste and may be disposed by the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Principal acknowledges and agrees that all intellectual property rights (including but not limited to
patents, copyrights, trademarks, and trade secrets) related to this Agreement are owned by the Management Company. The Principal agrees not to use such intellectual property rights if this Agreement is invalidated, terminated, canceled, or otherwise
discharged. Furthermore, the Principal acknowledges that the Management Company's management model, business model, proprietary information, customer analysis data, literature, marketing materials, content, strategies, financial information,
pricing strategies, and operating conditions (including but not limited to housing rates) are the exclusive assets of the Management Company and are considered confidential. The Principal shall not use or share the above with any third party without
the prior written consent of the Management Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. If the Principal, the Management Company, or the Management Subject is subjected to penalties or fines imposed
by the competent authorities during the term of this Agreement, the Management Company shall be responsible for paying such fines.

**Article 7 Transfer of Ownership of the Management Subject** 

1. The Principal undertakes and guarantees that in the term of entrustment, it will ensure even if the Principal transfers the ownership of the Management Subjects to a third party, this Agreement will continue to exist for the assignee.

2. If the Principal violates the preceding paragraph, it shall compensate for the remaining term as stipulated in Article 4 of this contract: (1) monthly management fees, and (2) monthly royalties (calculated based on the average royalties in the 12 months before the contract is terminated) to the Management Company, and the Management Company does not need to pay the Monthly Guarantee Fee to the Principal for the remaining contract period.

**Article 8 Early Termination of the Agreement** 

1. Except as otherwise stipulated in this Agreement, the Principal cannot terminate the Agreement before the expiration of the entrustment term, unless the Management Company is in arrears with the Principal for the Monthly Guarantee Fee for at least two months or the Management Company breaches the obligations specified in the article 7, and fails to remedy such breach within a reasonable period after being given written notice and an opportunity to cure the default by the Principal.

2. If the Management Company intends to terminate this Agreement early, it must notify the Principal two months before the termination and compensate the Principal with an amount equivalent to one Monthly Fee. The Principal shall return the deposit without interest in accordance with the article 6.

------

**Article 9 Default Liability** 

Unless otherwise provided herein, if either party (hereinafter referred to as the "Defaulting Party") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, the other party (hereinafter referred to as the "Non-Defaulting Party") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within thirty (30) days. If the breach is not remedied or cannot be remedied within this period, the Non-Defaulting Party may terminate this Agreement and claim damages for any losses.

**Article 10 Severability** 

If any provision of this Agreement is contrary to law or is deemed not legally binding and is held to be invalid, the remainder of this Agreement shall remain in force.

**Article 11 Dispute Resolution** 

In the event of a dispute arising out of this Agreement, the parties agree to negotiate in good faith. If the negotiation fails, the parties may resolve the dispute as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties may apply for mediation to the mediation committee of the relevant township or district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Request mediation or file a lawsuit in the court where the Management Subject is located.

**Article 12. Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement constitutes the entire agreement among the Parties hereto and supersedes all other prior
agreements, both written and oral. This Agreement shall not be changed without the written consent of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The paragraph 9, article 7 and the article 10 of this Agreement shall survive the invalidity, expiration,
termination, cancellation, or rescission of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Agreement shall be governed by the laws of the Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any matters not specified in this Agreement shall be governed by and handled under the applicable relevant laws
and regulations.

**Article 13 Counterparts** 

This Agreement has been executed in two duplicate originals, and each party shall retain one original copy of the Agreement.

(Below is intentionally left blank; the next page is for signatures.)

------

(Sign page)

---

| | |
|:---|:---|
|  | **OwlStay Inc.** |
| /s/ Hsu, Sheng Yu<br> Name: Hsu, Sheng Yu<br> ID: [\*\*\*]<br> Address: [\*\*\*]<br> Date: 2024.4.25 | /s/ Wang, Chun-Kai<br> Name: Wang, Chun-Kai<br> Title: Chairman<br> Address: [\*\*\*]<br> Date: 2024.4.25 |

---

## Exhibit 10.19

**Exhibit 10.19** 

**Home Stay Management Entrustment Agreement** 

This home stay management entrustment agreement (hereinafter referred to as the "**Agreement**") was executed on May 23, 2024 (hereinafter referred to as the "**Effective Date**") by the following parties:

1. Lin, Yue-Mei (appointed and authorized by the owner and license holder
of the home stay, Lin, Yi-Lu, hereinafter referred to as the ' **Principal** '); and

2. Owlstay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS:

1. The Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal intends to appoint the Manager Company to operate the home stay.

2. The Manager Company possesses the commercial brand, image, design, popularity, website, intellectual property rights, etc. (hereinafter referred to as the "IP") of the accommodation industry; and the Parties intend that the Principal is authorized by the IP in respect of the operation of the Management Subject (as hereinafter defined).

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Agreement and agree as follows. The home stay management agreement signed by the parties on March 12, 2024 no longer applies.

**Article 1 Subject of the Entrustment** 

The Principal provides the following property, related facilities interior equipment, etc. (hereinafter referred to as the '**Management Subject**') of its currently registered home stay to be entrusted to the Manager Company for operation and management:

Home Stay Name: Green Villa

Home Stay Address: [\*\*\*]

**Article 2 Term of Entrustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the entrusted operation and management shall begin on April 1, 2024, and end on June 30,
2030. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Principal agrees that the Management Company shall have a right of first refusal for the renewal or
replacement of this Agreement. The Principal shall notify the Manager Company of the terms and conditions proposed by a third party. If the Manager Company agrees to such terms and conditions, the Principal shall offer the Manager Company the
opportunity to agree on the same or substantially similar terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The first and second floors of the front building of the Management Subject are currently leased to a third
party. Upon the expiration of the lease, the Principal should entrust the operation and management of the aforementioned area to the Manager Company. But if the Manager Company doesn't intend to take the part of building, the Principal can
rent it out by itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Principal shall cooperate with the Manager Company in the renewal, negotiation, or execution of the new
agreement.

------

**Article 3 Scope of Entrustment** 

The Principal shall provide the Management Subject, and the Manager Company shall be responsible for its operation and management. The scope of the management and operation entrustment includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal hereby entrusts the Manager Company full authority to operate and manage all operational matters
related to the Management Subject and grants the Manager Company exclusive rights to such operations. During the term specified in the preceding clause, the Principal shall not reassign or grant any part or all of these rights to any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company shall assign its team and personnel to operate and manage the Management Subject and shall
carry out all daily operational matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any requirements for the further hiring and management of home stay staff, including but not limited to
recruitment, training, supervision, and guidance, shall also be the responsibility of the Manager Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall be responsible for the decision-making and execution of marketing strategies for the
Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall be responsible for determining the operational policies and pricing for the
Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Installation, safety maintenance, and management of the environment, facilities, and equipment related to the
Management Subjects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Principal shall, when necessary, assist the Manager Company in complying with relevant regulations and
procedures related to the Management Subject, including but not limited to cooperating with administrative inspections and audits, providing necessary application and registration documents, and authorizing the Manager Company to act as its
procedural agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall be responsible for managing the actual financial flow related to the Management
Subject, including the collection and disbursement of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Design and renovation of the Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Maintain the furniture and equipment specifically borrowed by the Principal within the Management Subject,
specific lists shall be prepared by the Parties in the form of Attachment 1 as of the handover date of April 1, 2024, and any other matters as agreed upon by the Parties.

**Article 4 Fees and Royalties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal shall transfer the management subject to the Manager Company on April 1, 2024 (hereinafter
referred to as the "Handover Date"). From April 1, 2024, to May 30, 2024, the Manager Company shall conduct operational preparations. During this period, the Principal shall not be required to pay any management fees, royalties,
or other management-related expenses to the Manager Company. Correspondingly, the Manager Company shall not be required to pay any rent, Monthly Guaranteed Fee, or other fees to the Principal. Both parties agree that the Manager Company shall be
responsible for the initial repair and renovation costs.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Principal shall pay the following management fees, royalties, and other expenses to the Manager Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management fees and royalties: Unless otherwise specified in this Agreement, starting from the commencement of
operations, the Principal shall pay eighty percent (80%) of the monthly gross revenue (including taxes) of the Management Subject as management fees to the Manager Company. Any surplus remaining from the monthly gross revenue (including taxes) after
deducting the Monthly Guaranteed Fee (including taxes, as defined below) and management fees shall be considered royalties and shall belong to the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other management-related expenses shall be reimbursed based on actual costs incurred. Manager Company shall
submit monthly invoices to the Principal for these expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The management fees and monthly royalties payable by the Principal shall be prorated for any incomplete month
based on the number of days in that month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company should ensure that the Principal's monthly revenue from the Management Subject, after
deducting the management fees, royalties, and other fees specified in the paragraph 3 hereof, should not fall below the amount set forth below (hereinafter referred to as the "Monthly Guaranteed Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From June 1, 2024, to June 30, 2030, the Monthly Guaranteed Fee shall be no less than NT$65,000
(including taxes) per month and should pay directly to Lin, Yi-Lu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From June 1, 2024, to June 30, 2030, pay NT$65,000 to the Principal monthly as consulting fee for
Lin, Yue-Mei to serve as an operation consultant for managing the subject matter and caring for the garden plants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Principal, in accordance with the article 2, paragraph 3, entrusts the Manager Company with the
operation and management of the aforementioned area of the Management Subject, the amount specified in the first clause of this paragraph and the preceding paragraph shall be adjusted to NT$80,000 (including taxes) starting from the month following
the 30th day after the transfer of that part of the building to the Manager Company, and continuing until June 30, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The parties agree that the Management Company may directly deduct the management fees, royalties, and other
fees from the Principal's monthly revenue generated from the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall settle the income, management fees, royalties, and other expenses related to the
Management Subjects with the Principal monthly, and shall issue invoices or receipts to the Principal under applicable laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If a portion of the Management Subject is lost during the term of this Agreement for reasons not attributable
to the Management Company, the Management Company may, based on the portion that has been lost, negotiate an adjustment to the management fees with the Principal. If the Management Company is unable to fulfill the objectives of the entrusted
operation with respect to the remaining portion of the Management Subject, it may terminate the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. From June 2024, the Manager Company shall remit the Monthly Guaranteed Fee for each subsequent month to the
bank account designated by the Principal, on or before the 5th day of each month, without delay or refusal for any reason:

Bank Name: [\*\*\*]

Branch Name: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

Bank Name: [\*\*\*]

Branch Name: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

**Article 5 Items of Ownership Transfer** 

Upon the handover of the Management Subjects to the Manager Company, the items owned by the Principal shall be classified into the following two categories, as detailed in the list set out in Attachment 1:

1. Ownership transferred to the Manager Company without compensation: From the date of handover, ownership of these items shall be transferred to the Manager Company without compensation. This means that even if this Agreement is later invalidated, terminated, canceled, or discharged, the items transferred without compensation shall be disposal of the Manager Company, and the Principal shall not request the return of these items or claim any expenses.

2. Ownership transferred to the Manager Company with compensation: From the date of handover, the items shall be purchased by the Manager Company from the Principal at the price specified in Attachment 1. Ownership of these items shall be transferred to the Manager Company upon the payment.

3. All items, equipment, and furniture not listed in this Agreement and Attachment 1 shall be removed or entrusted to a third party by the Principal before the handover date. If The Principal fails to remove or handle such items by the handover date, the Manager Company shall be responsible for compensating any costs associated with the removal, including manpower, time, or third-party handling costs.

4. The Principal guarantees that the items listed in Attachment 1 and transferred to the Manager Company are solely owned by the Principal and are free from any claims by third parties (including, but not limited to, pledges, and mortgages). If a third party asserts rights against the Management Company due to a breach of the aforementioned provisions, the Principal shall be responsible for addressing and resolving such claims. If such claims result in litigation, the Principal shall indemnify the Management Company for all costs incurred (including but not limited to settlement amounts, litigation expenses, and attorney's fees).

------

**Article 6 Deposit** 

The Manager Company shall pay a deposit of NT$500,000 to the Principal concurrently with the signing of this Agreement. The deposit shall be returned to the Manager Company upon the expiration of the term of the entrustment, or upon the termination, cancellation, or judicial declaration of invalidity of this Agreement, following the handover of the property by the Manager Company, except the deposit may be deducted for any outstanding amounts due, delays in handing over the property, or costs related to the disposal of waste.

**Article 7 Obligations** 

The obligations of the Manager Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as otherwise provided in this Agreement, the Management Company shall use the Management Subjects solely
for the purposes and within the scope specified in this Agreement. The Management Company shall not alter the purpose or sub-entrust the Management Subjects without the prior consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Management Company shall not store explosive or flammable materials within the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company may undertake modifications to the Management Subjects under relevant laws and regulations,
ensuring that structural safety is not compromised. Upon returning the property, the Management Company should return it in the current status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Repair responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Management Company shall be responsible for the maintenance of ancillary and safety equipment associated
with the property throughout the management period. If such equipment becomes damaged, worn, or depreciated due to normal use, the Management Company may determine by itself whether to effectuate repairs. If the Management Company decides to
undertake such repairs, it should bear all associated costs at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Management Company causes damage to the Management Subjects due to intentional acts or gross negligence,
the Management Company shall be liable to compensate the Principal for any damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Management Company shall be responsible for any infringement of third-party rights resulting from its
operation and management of the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except for issues attributable to the Management Company, the Principal shall be responsible for the repair of
any structural defects in the building (including but not limited to water leakage and cracks caused by earthquakes). If the Principal fails to complete the repairs or fails to repairs within 30 days from the date of notice from the Management
Company, the Management Company can arrange repairs by a third party at its own expense. The cost of such repairs shall be deducted from the next payment of the Monthly Guarantee Fee. If the subsequent Monthly Guarantee Fee is insufficient to cover
the full cost of repairs, the Management Company may continue to deduct the outstanding amount from subsequent Monthly Guarantee Fee payments until the full amount of the repair costs has been recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The collection, processing, and use of traveler registration data shall comply with the relevant provisions of
the Personal Data Protection Act. However, the Management Company may use such data for research, analysis, operational, and marketing purposes, and may apply it to lodging operators managed or operated by other management companies.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Management Company shall be responsible for maintaining environmental cleanliness, rubbish collection and
sanitization of the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon the expiration or termination of this Agreement, the Management Company shall promptly deregister the
relevant business registration (This will be determined when the Management Company submits the documents to the relevant government agencies) and return the Management Subjects. If the Management Company fails to do so without a reasonable cause,
the Principal may continue to impose the Monthly Guarantee Fee for each month of delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the expiration or termination of this Agreement, the Management Company shall be responsible for the
removal of any remaining items. Should the Management Company fail to remove these items within a reasonable period after receiving a reminder from the Principal, such items shall be deemed waste and may be disposed by the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Principal acknowledges and agrees that all intellectual property rights (including but not limited to
patents, copyrights, trademarks, and trade secrets) related to this Agreement are owned by the Management Company. The Principal agrees not to use such intellectual property rights if this Agreement is invalidated, terminated, canceled, or otherwise
discharged. Furthermore, the Principal acknowledges that the Management Company's management model, business model, proprietary information, customer analysis data, literature, marketing materials, content, strategies, financial information,
pricing strategies, and operating conditions (including but not limited to housing rates) are the exclusive assets of the Management Company and are considered confidential. The Principal shall not use or share the above with any third party without
the prior written consent of the Management Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. If the Principal, the Management Company, or the Management Subject is subjected to penalties or fines imposed
by the competent authorities during the term of this Agreement, the Management Company shall be responsible for paying such fines, except for the fines of the authority of tax.

**Article 8 Transfer of Ownership of the Management Subject** 

1. The Principal undertakes and guarantees that in the term of entrustment, it will ensure even if the Principal transfers the ownership of the Management Subjects to a third party, this Agreement will continue to exist for the assignee.

2. If the Principal violates the preceding paragraph, it shall compensate for the remaining term as stipulated in Article 4 of this contract: (1) monthly management fees, and (2) monthly royalties (calculated based on the average royalties in the 12 months before the contract is terminated) to the Management Company, and the Management Company does not need to pay the Monthly Guarantee Fee to the Principal for the remaining contract period.

**Article 9 Early Termination of the Agreement** 

1. Except as otherwise stipulated in this Agreement, the Principal cannot terminate the Agreement before the expiration of the entrustment term, unless the Management Company is in arrears with the Principal for the Monthly Guarantee Fee for at least two months or the Management Company breaches the obligations specified in the article 7, and fails to remedy such breach within a reasonable period after being given written notice and an opportunity to cure the default by the Principal.

------

2. If the Management Company intends to terminate this Agreement early, it must notify the Principal two months before the termination and compensate the Principal NT$300,000. The Principal shall return the deposit without interest in accordance with the article 6.

**Article 10 Default Liability**

Unless otherwise provided herein, if either party (hereinafter referred to as the "Defaulting Party") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, the other party (hereinafter referred to as the "Non-Defaulting Party") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within thirty (30) days. If the breach is not remedied or cannot be remedied within this period, the Non-Defaulting Party may terminate this Agreement and claim damages for any losses.

**Article 11 Severability** 

If any provision of this Agreement is contrary to law or is deemed not legally binding and is held to be invalid, the remainder of this Agreement shall remain in force.

**Article 12 Dispute Resolution**

In the event of a dispute arising out of this Agreement, the parties agree to negotiate in good faith. If the negotiation fails, the parties may resolve the dispute as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties may apply for mediation to the mediation committee of the relevant township or district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Request mediation or file a lawsuit in the court where the Management Subject is located.

**Article 13. Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement constitutes the entire agreement among the Parties hereto and supersedes all other prior
agreements, both written and oral. This Agreement shall not be changed without the written consent of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The paragraph 9, article 7 and the article 10 of this Agreement shall survive the invalidity, expiration,
termination, cancellation, or rescission of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Agreement shall be governed by the laws of the Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any matters not specified in this Agreement shall be governed by and handled under the applicable relevant laws
and regulations.

**Article 14 Counterparts** 

This Agreement has been executed in two duplicate originals, and each party shall retain one original copy of the Agreement.

(Below is intentionally left blank; the next page is for signatures.)

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(Sign page)

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| | |
|:---|:---|
|  | **OwlStay Inc.** |
| /s/ Lin, Yue-Mei<br> Name: Lin, Yue-Mei<br> ID: [\*\*\*]<br> Address: [\*\*\*]<br> Date: 2024.05.23 | /s/ Wang, Chun-Kai<br> Name: Wang, Chun-Kai<br> Title: Chairman<br> Address: No. 122, Chang'an West Road, Datong District, Taipei City<br> Date: 2024.05.23 |

---

## Exhibit 10.20

**Exhibit 10.20** 

**Home Stay Management Entrustment Agreement** 

This home stay management agreement (hereinafter referred to as the "**Agreement**") was executed on January 1, 2020 (hereinafter referred to as the "**Effective Date**") by the following parties:

**1.** Xu, Min-Wei (the person in charge of the home stay, hereinafter
referred to as the ' **Principal** '); and

2. Owlstay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS:

1. The Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal intends to appoint the Manager Company to operate the home stay.

2. The Manager Company possesses the commercial brand, image, design, popularity, website, intellectual property rights, etc. (hereinafter referred to as the ''**IP**'') of the accommodation industry; and the Parties intend that the Principal is authorized by the IP in respect of the operation of the Management Subject (as hereinafter defined).

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Agreement and agree as follows:

**Article 1 Subject of the Entrustment** 

The Principal provides the following property, related facilities interior equipment, etc. (hereinafter referred to as the '**Management Subject**') of its currently registered home stay to be entrusted to the Manager Company for operation and management:

1. Home Stay Name: Jiufen Wangshan Home Stay

Home Stay Address: [\*\*\*]

2. Residential address: [\*\*\*]

**Article 2 Term of Entrustment** 

The term of the entrusted operation and management shall begin from the date of actual entrustment to May 31, 2029. The Principal agrees that the Management Company shall have a right of first refusal for the renewal or replacement of this Agreement (the Principal shall notify the Manager Company of the terms and conditions proposed by a third party. If the Manager Company agrees to such terms and conditions, the Principal shall offer the Manager Company the opportunity to agree on the same or substantially similar terms and conditions), and shall cooperate with the Management Company in matters such as agreement renewal, agreement modification, or entering into new agreements.

------

**Article 3 Object of Entrustment** 

The Principal shall provide the Management Subject, and the Manager Company shall be responsible for its operation and management. The object of the management and operation delegation includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal hereby delegates to the Manager Company full authority to operate and manage all operational
matters related to the Management Subject and grants the Manager Company exclusive rights to such operations. During the term specified in the preceding clause, the Principal shall not reassign or grant any part or all of these rights to any other
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company shall assign its team and personnel to operate and manage the Management Subject and shall
carry out all daily operational matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any requirements for the further hiring and management of home stay staff, including but not limited to
recruitment, training, supervision, and guidance, shall also be the responsibility of the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall be responsible for the decision-making and execution of marketing strategies for the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall be responsible for determining the operational policies and pricing for the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Installation, safety maintenance, and management of the environment, facilities, and equipment related to the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Principal shall, when necessary, assist the Manager Company in complying with relevant regulations and
procedures related to the Management Subject, including but not limited to cooperating with administrative inspections and audits, providing necessary application and registration documents, and authorizing the Manager Company to act as its
procedural agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall be responsible for managing the actual financial flow related to the Management
Subject, including the collection and disbursement of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Design and renovation related to the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Other matters agreed upon by both parties.

**Article 4 Royalties** 

The Principal shall pay the following management fees, royalties, and expenses to the Manager Company, the Manager Company shall ensure that the Principal's monthly revenue, after deducting the management fees, royalties, and other charges, shall be no less than NT$15,000 per month (hereinafter referred to as the "Monthly Fee")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management fees

The Principal shall pay the Management Company a monthly management fee equivalent to NT$40,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Royalties

Unless otherwise specified in this Agreement, starting from the commencement of operations, the Principal shall pay eighty percent (80%) of the monthly gross revenue (including taxes) of the Management Subject as management fees to the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other management-related expenses shall be reimbursed based on actual costs incurred. Manager Company shall
submit monthly invoices to the Principal for these expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management fees and monthly royalties payable by the Principal shall be prorated for any incomplete month
based on the number of days in that month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall settle the income, management fees, royalties, and other expenses related to the
Management Subject with the Principal monthly, and shall issue invoices or receipts to the Principal under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Agreement, the Principal shall bear the costs of Tai-Yan rent, property tax, and land value tax. The Management Company shall be responsible for utility costs, including water, electricity, and gas. Should the Principal incur additional expenses for business
tax and profit-seeking enterprise income tax as a result of this agreement, the Management Company shall reimburse the Principal for the equivalent amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If a portion of the Management Subject is lost during the term of this Agreement for reasons not attributable
to the Management Company, the Management Company may, based on the portion that has been lost, negotiate an adjustment to the management fees with the Principal. If the Management Company is unable to fulfill the objectives of the entrusted
operation with respect to the remaining portion of the subject property, it may terminate the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall remit the Monthly Fee to Xu, Shu Ying, the authorized collection agent appointed
by the Principal, before the 1st of each month, and shall not delay or refuse payment for any reason. Within the scope of the collection authority, all actions taken by Xu, Shu Ying shall be considered as actions of Xu, Min Wei, having the same
legal effect. Should Xu, Min Wei wish to impose restrictions on or revoke the collection authority, written notice must be given to the Management Company. Xu, Shu Ying's account information is as follows:

Bank: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

ID Number: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Both parties agree that if regulatory restrictions prevent the Management Company from legally operating the
home stay at [\*\*\*], and the Management Company may terminate part of this Agreement for this address, the Monthly Fee specified in Article 4 of this agreement will be reduced by 50%. Consequently, the management fee payable by the Principal to the
Management Company will also be reduced by 50%. However, the rights and obligations that have already arisen in relation to [\*\*\*], shall remain unaffected.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Both parties agree that, due to the recent renovation of the Management Subject which has increased its value,
the Management Company shall pay an additional NT$32,127 per month from May 1, 2020, to May 31, 2029, with the final month's payment being NT$32,174 (hereinafter referred to as "**Monthly Incremental Fee** "), totaling
NT$3,501,890 (hereinafter referred to as "**Incremental Fee** "). If the confirmed value of the Management Subject upon completion is less than NT$3,501,890, the parties agree to make up the difference in the final month. All related
taxes and fees arising from this adjustment shall be borne by the Principal. Any disputes or disagreements with the property owner shall not involve the Management Company, and the Principal may not demand that the Management Company bear additional
taxes, compensations, or damages.

**Article 5 Deposit** 

The Manager Company shall pay a deposit of NT$30,000 to the Principal concurrently with the signing of this Agreement. The deposit shall be returned to the Manager Company upon the expiration of the term of the entrustment, or upon the termination, cancellation, or judicial declaration of invalidity of this Agreement, following the handover of the property by the Manager Company, except the deposit may be deducted for any outstanding amounts due, delays in handing over the property, or costs related to the disposal of waste.

**Article 6 Obligations** 

The obligations of the Manager Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as otherwise provided in this Agreement, the Management Company shall use the Management Subject solely
for the purposes and within the scope specified in this Agreement. The Management Company shall not alter the purpose or sub-entrust the Management Subject without the prior consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Management Company shall not store explosive or flammable materials within the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company may undertake modifications to the Management Subject under relevant laws and regulations,
ensuring that structural safety is not compromised. Upon returning the property, the Management Company should return it in its modified condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Management Company shall be responsible for maintaining the Management Subject and its associated
facilities and safety equipment. In the event of damage requiring repair, the Management Company shall be responsible for the necessary repairs. If the property is damaged due to the Management Company's gross negligence, the Management Company
shall be liable to the Principal for damages. Additionally, if any third party suffers damage due to the Management Company's operation and management of the property, the Management Company shall assume full responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The collection, processing, and use of traveler registration data shall comply with the relevant provisions of
the Personal Data Protection Act. However, the Management Company may use such data for research, analysis, operational, and marketing purposes, and may apply it to lodging operators managed or operated by other management companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Management Company shall be responsible for maintaining environmental cleanliness, including rubbish
collection and sanitization of the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon the expiration or termination of this Agreement, the Management Company shall promptly deregister the
relevant business registration with the appropriate governmental authorities (as determined by the Management Company when submitting documents to the relevant government authorities) and return the Management Subject to the Principal. If the
Management Company fails to do so without a valid reason, the Principal may continue to impose the Monthly Guarantee Fee for each month of delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the expiration or termination of this Agreement, the Management Company shall be responsible for the
removal of any remaining items. Should the Management Company fail to remove these items within a reasonable period after receiving a reminder from the Principal, such items shall be deemed abandoned and may be disposed of by the Principal at the
Management Company's expense.

The Principal acknowledges and agrees that all intellectual property rights, including but not limited to patents, copyrights, trademarks, and trade secrets, related to this Agreement are owned by the Management Company. The Principal agrees not to use such intellectual property rights if this Agreement is invalidated, terminated, canceled, or otherwise discharged. Furthermore, the Principal acknowledges that the Management Company's management model, business model, proprietary information, customer analysis data, literature, marketing materials, content, strategies, financial information, pricing strategies, and operating conditions (including but not limited to housing rates) are the exclusive assets of the Management Company and are considered confidential. The Principal shall not use, disclose, or share this confidential information with any third party without the prior written consent of the Management Company.

**Article 7 Transfer of Ownership of the Management Subject** 

During the term of the Agreement, the Principal shall be responsible for ensuring that any transfer of ownership of the Management Subject to a third party does not affect the continuation of this Agreement with the transferee.

**Article 8 Early Termination of the Agreement** 

1. Before the expiration of the management term, the Principal may not terminate the Agreement early unless the Management Company is in arrears of at least two months' worth of fees or has breached its responsibilities under Article 6, and has failed to rectify the situation within a reasonable period after being notified by the Principal. If the Management Company wishes to terminate the Agreement early, it must provide the Principal with two months' notice and compensate the Principal with an amount equivalent to one month's fee and pay the pay the unpaid balance of the Incremental Fee to the Principal in one lump sum. The Principal shall return the deposit without interest in accordance with Article 5.

------

2. However, in the case of early termination as specified in the paragraph 9, article 4 of this Agreement, the Management Company does not need to notify Principal two months before the termination, but it is required to pay 50% of the unpaid balance of the Incremental Fee to the Principal in one lump sum. It does not need to compensate the Principal for other expenses. The Principal shall return 50% of deposit without interest in accordance with the agreement in Article 5.

**Article 9 Default Liability** 

Unless otherwise provided herein, if either party (hereinafter referred to as the "Defaulting Party") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, the other party (hereinafter referred to as the "Non-Defaulting Party") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within thirty (30) days. If the breach is not remedied or cannot be remedied within this period, the Non-Defaulting Party may terminate this Agreement and claim damages for any losses.

**Article 10 Severability** 

If any provision of this Agreement is contrary to law or is deemed not legally binding and is held to be invalid, the remainder of this Agreement shall remain in force.

**Article 11 Dispute Resolution** 

In the event of a dispute arising out of this Agreement, the parties agree to negotiate in good faith. If the negotiation fails, the parties may resolve the dispute as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties may apply for mediation to the mediation committee of the relevant township or district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Request mediation or file a lawsuit in the court where the Management Subject is located.

**Article 12. Miscellaneous** 

1. This Agreement constitutes the entire agreement among the Parties hereto and supersedes all other prior
agreements, both written and oral. This agreement shall not be changed without the written consent of both parties.

2. This Agreement shall be governed by the laws of the Republic of China.

3. Any matters not specified in this Agreement shall be governed by and handled under the applicable laws and
regulations.

**Article 13 Counterparts** 

This Agreement has been executed in two duplicate originals, each party shall retain one original copy of the Agreement.

(This page is intentionally left blank; the next page is for signatures.)

------

(Sign page)

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| | |
|:---|:---|
| Xu, Min-Wei | OwlStay Inc. |
| /s/ Xu, Min Wei<br> Name: Xu, Min Wei<br> ID: [\*\*\*]<br> Address: [\*\*\*]<br> Date: 2020.1.1 | /s/ Liu, Guo Pei<br> Name: Liu, Guo Pei<br> Title: Chairman<br> Address: [\*\*\*]<br> Date: 2020.1.1 |

---

## Exhibit 10.21

**Exhibit 10.21** 

**Home Stay Management Entrustment Agreement** 

This home stay management entrustment agreement (hereinafter referred to as the "**Agreement**") was executed on August 21, 2020 (hereinafter referred to as the "**Effective Date**") by the following parties:

1. Lai, Min-Tsun (the person in charge of the home stay, hereinafter referred to as the
' **Principal** '); and

2. Owlstay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS:

1. The Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal intends to appoint the Manager Company to operate the home stay.

2. The Manager Company possesses the commercial brand, image, design, popularity, website, intellectual property rights, etc. (hereinafter referred to as the "IP") of the accommodation industry; and the Parties intend that the Principal is authorized by the IP in respect of the operation of the Management Subject (as hereinafter defined).

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Agreement and agree as follows.

**Article 1 Subject of the Entrustment** 

The Principal provides the following property, related facilities interior equipment, etc. (hereinafter referred to as the '**Management Subject**') of its currently registered home stay to be entrusted to the Manager Company for operation and management:

Home Stay Name: La Wei Lo Home Stay

Home Stay Address: [\*\*\*]

**Article 2 Term of Entrustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the entrusted operation and management shall begin on September 20, 2020, and end on
September 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Principal agrees that the Management Company shall have a right of first refusal for the renewal or
replacement of this Agreement. The Principal shall notify the Manager Company of the terms and conditions proposed by a third party. If the Manager Company agrees to such terms and conditions, the Principal shall offer the Manager Company the
opportunity to agree on the same or substantially similar terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Principal shall cooperate with the Manager Company in the renewal, negotiation, or execution of the new
agreement.

------

**Article 3 Scope of Entrustment** 

The Principal shall provide the Management Subject, and the Manager Company shall be responsible for its operation and management. The scope of the management and operation entrustment includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal hereby entrusts the Manager Company full authority to operate and manage all operational matters
related to the Management Subject and grants the Manager Company exclusive rights to such operations. During the term specified in the preceding clause, the Principal shall not reassign or grant any part or all of these rights to any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company shall assign its team and personnel to operate and manage the Management Subject and shall
carry out all daily operational matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any requirements for the further hiring and management of home stay staff, including but not limited to
recruitment, training, supervision, and guidance, shall also be the responsibility of the Manager Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall be responsible for the decision-making and execution of marketing strategies for the
Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall be responsible for determining the operational policies and pricing for the
Management Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Installation, safety maintenance, and management of the environment, facilities, and equipment related to the
Management Subjects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Principal shall, when necessary, assist the Manager Company in complying with relevant regulations and
procedures related to the Management Subject, including but not limited to cooperating with administrative inspections and audits, providing necessary application and registration documents, and authorizing the Manager Company to act as its
procedural agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall be responsible for managing the actual financial flow related to the Management
Subject, including the collection and disbursement of funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Design and renovation of the Management Subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Other matters as agreed upon by the Parties.

**Article 4 Fees and Royalties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal shall transfer the management subject to the Manager Company on September 4, 2020
(hereinafter referred to as the "Handover Date"). From September 4, 2020, to September 19, 2020, the Manager Company shall conduct operational preparations. During this period, the Principal shall not be required to pay any
management fees, royalties, or other management-related expenses to the Manager Company. Correspondingly, the Manager Company shall not be required to pay any rent, Monthly Guaranteed Fee, or other fees to the Principal. Both parties agree that the
Manager Company shall be responsible for the initial repair and renovation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The term of the entrustment shall begin on September 20, 2020, and end on September 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Principal shall pay the following management fees, royalties, and other expenses to the Manager Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management fees: The Principal should monthly pay the management fees equal to NT$200,000 to the Manager
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Royalties: Unless otherwise specified in this Agreement, starting from the commencement of operations, the
Principal shall pay eighty percent (80%) of the monthly gross revenue (including taxes) of the Management Subject as Royalties to the Manager Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other Expenses; other management related expenses shall be reimbursed based on actual costs incurred. Manager
Company shall submit monthly invoices to the Principal for these expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management fees and monthly royalties payable by the Principal shall be prorated for any incomplete month
based on the number of days in that month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company should ensure that the Principal's monthly revenue from the Management Subject, after
deducting the management fees, royalties, and other fees specified in the paragraph 3 hereof, should not fall below the amount set forth below (hereinafter referred to as the "Monthly Guaranteed Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From September 20, 2020, to September 19, 2021, the Monthly Guaranteed Fee shall be no less than
NT$130,000 (including taxes) per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From September 20, 2021, to September 19, 2023, the Monthly Guaranteed Fee shall be no less than
NT$145,000 (including taxes) per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. From September 20, 2023, to September 19, 2025, the Monthly Guaranteed Fee shall be no less than
NT$150,000 (including taxes) per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The parties agree that the Management Company may directly deduct the management fees, royalties, and other
fees from the Principal's monthly revenue generated from the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall settle the income, management fees, royalties, and other expenses related to the
Management Subjects with the Principal monthly, and shall issue invoices or receipts to the Principal under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the entrustment term, the house tax and land value tax will be borne by the Principal; water,
electricity and gas bills will be borne by the Management Company. If because the Management Company is entrusted to operate under this agreement or the Management Company leases the first floor of the Management Subject to a third party due to the
paragraph 2, article 7 of this agreement, the Principal have to bear additional business tax and profit-seeking enterprise income tax, or the foregoing agreed tax, which shall be borne by the Principal, increase. The Principal's additional
burden and increased tax burden will be paid by the Management Company to the Principal after the Principal submits relevant documents and payment certificates and is verified by the Management Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If a portion of the Management Subject is lost during the term of this Agreement for reasons not attributable
to the Management Company, the Management Company may, based on the portion that has been lost, negotiate an adjustment to the management fees with the Principal. If the Management Company is unable to fulfill the objectives of the entrusted
operation or if the continued use of the Management Subject will cause safety concerns, the Management Company may terminate this Agreement at any time without bearing any penalty and damages.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. From October 2020, the Manager Company shall remit the Monthly Guaranteed Fee for each subsequent month to the
bank account designated by the Principal, on or before the 1th day of each month, without delay or refusal for any reason. If the Management Company finds after settling the monthly payment that the income from the Management Subject payable to the
Principal, after deducting the management fees, royalties and other expenses payable by the Principal, is higher than the Monthly Guaranteed Fee (i.e. the income from the Management Subject for the month—(minus) management fees, royalties and
other expenses—(minus) Monthly Guarantee Fee = monthly fee), the Management Company should remit the monthly fee and the Monthly Guarantee Fee payable to the Principal to the bank account designated by the Principal below before the 1st of the
next month. However, if the monthly fee is not remitted before the first day of the next month after settlement by the Management Company, it will be deferred to the next payment (for example: the Management Company remits NT$130,000 to the
Principal designated account on November 1, 2020. It was found after settlement at the end of November of the same year that the monthly fee for that month is NT$20,000, so the Management Company should remit NT$150,000 before December 1
of the same year. to the bank account designated by the Principal, However, if the Management Company fails to do before December 1 of the same year to pay Party B the aforementioned monthly fee for November, the Management Company will pay it
before January 1 of the following year.):

Bank Name: [\*\*\*]

Branch Name: [\*\*\*]

Bank Code: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

**Article 5 Items of Ownership Transfer** 

Upon the handover of the Management Subjects to the Manager Company, the items owned by the Principal shall be classified into the following two categories, as detailed in the list set out in Attachment 1:

1. Ownership transferred to the Manager Company without compensation: From the date of handover, ownership of these items shall be transferred to the Manager Company without compensation. This means that even if this Agreement is later invalidated, terminated, canceled, or discharged, the items transferred without compensation shall be disposal of the Manager Company, and the Principal shall not request the return of these items or claim any expenses.

2. Ownership transferred to the Manager Company with compensation: From the date of handover, the items shall be purchased by the Manager Company from the Principal at the price specified in Attachment 1. Ownership of these items shall be transferred to the Manager Company upon the payment.

3. All items, equipment, and furniture not listed in this Agreement and Attachment 1 shall be removed or entrusted to a third party by the Principal before the handover date. If The Principal fails to remove or handle such items by the handover date, the Manager Company shall be responsible for compensating any costs associated with the removal, including manpower, time, or third-party handling costs.

------

4. The Principal guarantees that the items listed in Attachment 1 and transferred to the Manager Company are solely owned by the Principal and are free from any claims by third parties (including, but not limited to, pledges, and mortgages). If a third party asserts rights against the Management Company due to a breach of the aforementioned provisions, the Principal shall be responsible for addressing and resolving such claims. If such claims result in litigation, the Principal shall indemnify the Management Company for all costs incurred (including but not limited to settlement amounts, litigation expenses, and attorney's fees).

**Article 6 Deposit** 

The Manager Company shall pay a deposit of NT$450,000 to the Principal concurrently with the signing of this Agreement. The deposit shall be returned to the Manager Company upon the expiration of the term of the entrustment, or upon the termination, cancellation, or judicial declaration of invalidity of this Agreement, following the handover of the property by the Manager Company, except the deposit may be deducted for any outstanding amounts due, delays in handing over the property, or costs related to the disposal of waste.

**Article 7 Obligations** 

The obligations of the Manager Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as otherwise provided in this Agreement, the Management Company shall use the Management Subjects solely
for the purposes and within the scope specified in this Agreement. The Management Company shall not alter the purpose or sub-entrust the Management Subjects without the prior consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Principal knows and understands that the Management Company may rent the first floor of the Management
Subject to the catering business or other business and complete relevant registration, the Principal shall assist in providing documents required by the competent authority so that the Management Company and third parties must successfully complete
registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Management Company shall not store explosive or flammable materials within the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company may undertake modifications to the Management Subjects under relevant laws and regulations,
ensuring that structural safety is not compromised. Upon returning the property, the Management Company should return it in the current status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Repair responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Management Company shall be responsible for the maintenance of ancillary and safety equipment associated
with the property throughout the management period. If such equipment becomes damaged, worn, or depreciated due to normal use, the Management Company may determine by itself whether to effectuate repairs. If the Management Company decides to
undertake such repairs, it should bear all associated costs at its own expense.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Management Company causes damage to the Management Subjects due to intentional acts or gross negligence,
the Management Company shall be liable to compensate the Principal for any damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Management Company shall be responsible for any infringement of third-party rights resulting from its
operation and management of the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except for issues attributable to the Management Company, the Principal shall be responsible for the repair of
any structural defects in the building (including but not limited to water leakage and cracks caused by earthquakes). If the Principal fails to complete the repairs or fails to repairs within 30 days from the date of notice from the Management
Company, the Management Company can arrange repairs by a third party at its own expense. The cost of such repairs shall be deducted from the next payment of the Monthly Guarantee Fee. If the subsequent Monthly Guarantee Fee is insufficient to cover
the full cost of repairs, the Management Company may continue to deduct the outstanding amount from subsequent Monthly Guarantee Fee payments until the full amount of the repair costs has been recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The collection, processing, and use of traveler registration data shall comply with the relevant provisions of
the Personal Data Protection Act. However, the Management Company may use such data for research, analysis, operational, and marketing purposes, and may apply it to lodging operators managed or operated by other management companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Management Company shall be responsible for maintaining environmental cleanliness, rubbish collection and
sanitization of the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the expiration or termination of this Agreement, the Management Company shall promptly deregister the
relevant business registration (This will be determined when the Management Company submits the documents to the relevant government agencies) and return the Management Subjects. If the Management Company fails to do so without a reasonable cause,
the Principal may continue to impose the Monthly Guarantee Fee for each month of delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Upon the expiration or termination of this Agreement, the Management Company shall be responsible for the
removal of any remaining items. Should the Management Company fail to remove these items within a reasonable period after receiving a reminder from the Principal, such items shall be deemed waste and may be disposed by the Principal.

The Principal acknowledges and agrees that all intellectual property rights (including but not limited to patents, copyrights, trademarks, and trade secrets) related to this Agreement are owned by the Management Company. The Principal agrees not to use such intellectual property rights if this Agreement is invalidated, terminated, canceled, or otherwise discharged. Furthermore, the Principal acknowledges that the Management Company's management model, business model, proprietary information, customer analysis data, literature, marketing materials, content, strategies, financial information, pricing strategies, and operating conditions (including but not limited to housing rates) are the exclusive assets of the Management Company and are considered confidential. The Principal shall not use or share the above with any third party without the prior written consent of the Management Company.

------

**Article 8 Transfer of Ownership of the Management Subject** 

1. The Principal undertakes and guarantees that in the term of entrustment, it will ensure even if the Principal transfers the ownership of the Management Subjects to a third party, this Agreement will continue to exist for the assignee.

2. If the Principal violates the preceding paragraph, it shall compensate for the remaining term as stipulated in Article 4 of this contract: (1) monthly management fees, and (2) monthly royalties (calculated based on the average royalties in the 12 months before the contract is terminated) to the Management Company, and the Management Company does not need to pay the Monthly Guarantee Fee to the Principal for the remaining contract period.

**Article 9 Early Termination of the Agreement** 

1. Except as otherwise stipulated in this Agreement, the Principal cannot terminate the Agreement before the expiration of the entrustment term, unless the Management Company is in arrears with the Principal for the Monthly Guarantee Fee for at least two months or the Management Company breaches the obligations specified in the article 7, and fails to remedy such breach within a reasonable period after being given written notice and an opportunity to cure the default by the Principal.

2. If the Management Company intends to terminate this Agreement early, it must notify the Principal two months before the termination and compensate the Principal one current month amount of the Monthly Guaranteed Fee. The Principal shall return the deposit without interest in accordance with the article 6.

**Article 10 Default Liability** 

Unless otherwise provided herein, if either party (hereinafter referred to as the "**Defaulting Party**") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, the other party (hereinafter referred to as the "**Non-Defaulting Party**") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within thirty (30) days. If the breach is not remedied or cannot be remedied within this period, the Non-Defaulting Party may terminate this Agreement and claim damages for any losses.

**Article 10 Severability** 

If any provision of this Agreement is contrary to law or is deemed not legally binding and is held to be invalid, the remainder of this Agreement shall remain in force.

**Article 11 Dispute Resolution** 

In the event of a dispute arising out of this Agreement, the parties agree to negotiate in good faith. If the negotiation fails, the parties may resolve the dispute as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties may apply for mediation to the mediation committee of the relevant township or district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except for legal matters with exclusive jurisdiction where both parties shall litigate in the court where the
Management Subject located, the parties agree that the Taipei District Court of Taiwan shall be the court of first instance jurisdiction.

------

**Article 12 Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement constitutes the entire agreement among the Parties hereto and supersedes all other prior
agreements, both written and oral. This Agreement shall not be changed without the written consent of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement shall be notarized. Notarization fees and other notarization-related expenses shall be borne by
Party A and Party B each. Both parties shall complete the notarization of this Agreement on the day when this contract is signed, and the Management Company shall pay the deposit in Article 6 of this Agreement and the Monthly Guarantee Fee from
September 20, 2020 to September 30 of the same year (both parties agree that the fee is calculated as NT$44,688), and then this Agreement comes into effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Agreement shall be governed by the laws of the Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any matters not specified in this Agreement shall be governed by and handled under the applicable relevant laws
and regulations.

**Article 13 Counterparts** 

This Agreement has been executed in three duplicate originals. Each party and the Notary shall retain one original copy of the Agreement.

(This page is intentionally left blank; the next page is for signatures.)

------

(Sign page)

---

| | |
|:---|:---|
| Principal | Management Company <br> **OwlStay Inc.** |
| /s/ Lai, Min-Tsun<br> Name: Lai, Min-Tsun<br> ID: [\*\*\*]<br> Address: [\*\*\*]<br> Date : 2020.8.21 | /s/ Wang, Chun-Kai<br> Name: Wang, Chun-Kai<br> Title: Chairman<br> Address: [\*\*\*]<br> Date : 2020.8.21 |

---

------

**Consent Form of Person in Charge of the Home Stay** 

This consent form (hereinafter referred to as the "**Consent Form**") was executed on August 21, 2020 (hereinafter referred to as the "**Effective Date**") by the following parties:

1. Lai, Min-Tsun (hereinafter referred to as the ' **Principal** '); and

2. Owlstay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS, the Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal has signed a separate contract to entrust the Management Company to operate its La Wei Lo Home Stay located at No. 71, Haibin St. Minyou Vil., Hualien City, Hualien County (hereinafter referred to as the "Home Stay ").

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Consent Form and agree as follows.

1. In order to assist in the operation and management of this Home Stay, the Management Company has invested considerable resources and costs in building software and hardware. The Principal agrees that the rights to the resources and software and hardware provided or built by the Management Company belong to the Management Company. The Principal shall not misappropriate, change or use without the consent of the management company.

2. The Principal agrees that the Management Company's investment in the business image, design, popularity, website, intellectual property rights, etc., all belong to the Management Company and the Principal may not use or exploit them in other ways.

3. The Principal agrees not to hire or contact any personnel of the Management Company, nor to establish a contractual relationship with any such personnel.

4. If the relevant licenses of this Home Stay and relevant government permits expire, renew, change licenses, or are otherwise required to be handled by the Principal, the Principal agrees to cooperate with the process.

5. If the relevant lease or entrusted operation and management entrustment agreement of this Home Stay expires, or the operating conditions change, the Principal agrees that the Management Company has the priority to renew or change the contract (that is, the Principal shall notify the Management Company of the conditions with the third party. If the Management Company agrees to these conditions, the Principal shall give priority to signing a agreement with the Management Company under equal or substantially the same conditions.) and cooperate with the Management Company in renewing, changing or signing a new agreement.

------

6. Unless otherwise provided herein, if either party (hereinafter referred to as the "**Defaulting Part**y") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, if the breach can be remedied, the other party (hereinafter referred to as the "**Non-Defaulting Party**") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within 10 days.

7. If any provision of this Consent Form violates the law, or is deemed to be invalid and not legally binding, the remaining provisions will remain valid.

8. This contract shall be governed by the laws of the Republic of China. If there are any matters not covered in this contract, they will be handled in accordance with the applicable relevant laws and regulations. For disputes arising from this contract, all parties agree that they should first negotiate in good faith. If negotiation fails, both parties may handle the matter in the following ways: (1) Apply to the township, city (district) mediation committee for mediation; (2) Apply to the court where the subject matter is managed for mediation or initiate litigation.

9. This contract takes effect when signed by the Principal and the Management Company, and will terminate when the entrusted operation and management agreement between the Principal and the Management Company expires.

10. There are two copies of this contract, and each party shall hold one copy as evidence.

The Parties

---

| | |
|:---|:---|
|  | Management Company <br> **OwlStay Inc.** |
| /s/ Lai, Min-Tsun<br> Name: Lai, Min-Tsun<br> ID: [\*\*\*]<br> Address: [\*\*\*] <br> [\*\*\*]<br> Date : 2020.8.21 | /s/ Wang, Chun-Kai<br> Name: Wang, Chun-Kai<br> Title: Chairman<br> Address: [\*\*\*]<br> Date : 2020.8.21 |

---

## Exhibit 10.22

**Exhibit 10.22** 

**Home Stay Management Entrustment Agreement** 

This home stay management agreement (hereinafter referred to as the "**Agreement**") was executed on May 31, 2019 (hereinafter referred to as the "**Effective Date**") by the following parties:

**1.** Xu, Shu Ying (the person in charge of the home stay, hereinafter referred to as the
' **Principal** '); and

2. Owlstay Inc. (hereinafter referred to as the "**Manager Company** ")

WHEREAS:

1. The Manager Company has the capability, experience, and team with a proven track record in the operation, property management, and marketing of the accommodation industry. The Principal intends to appoint the Manager Company to operate the home stay.

2. The Manager Company possesses the commercial brand, image, design, popularity, website, intellectual property rights, etc. (hereinafter referred to as the ''IP'') of the accommodation industry; and the Parties intend that the Principal is authorized by the IP in respect of the operation of the Management Subject (as hereinafter defined).

Therefore, for the reasons stated above and for the express purpose of defining the rights and obligations of the parties hereto, the parties hereby execute this Agreement and agree as follows:

**Article 1 Subject of the Entrustment** 

The Principal provides the following property, related facilities interior equipment, etc. (hereinafter referred to as the '**Management Subject**') of its currently registered Home Stay to be entrusted to the Manager Company for operation and management:

1. Home Stay Name: Flip Flop Hostel Shan Ju Home Stay

Home Stay Address: [\*\*\*]

2. Residential address: [\*\*\*]

**Article 2 Term of Entrustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of the entrusted operation and management shall begin from the date of actual entrustment to
May 31, 2029. The Principal agrees that the Management Company shall have a right of first refusal for the renewal or replacement of this Agreement (the Principal shall notify the Manager Company of the terms and conditions proposed by a third
party. If the Manager Company agrees to such terms and conditions, the Principal shall offer the Manager Company the opportunity to agree on the same or substantially similar terms and conditions), and shall cooperate with the Management Company in
matters such as agreement renewal, agreement modification, or entering into new agreements.

------

**Special Provision:** If there are no reservations by 5:00 p.m. for the following day on weekdays (excluding weekends and consecutive holidays), the owner of the Management Subject may use the residential property at [\*\*\*] for one night without charge, provided that the owner informs the Principal and the Management Company in advance. The Management Subject must be vacated by the standard check-out time the following day. This usage is limited to once per month.

**Article 3 Object of Management** 

The Principal shall provide the Management Subject, and the Manager Company shall be responsible for its operation and management. The object of the management and operation delegation includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal hereby delegates to the Manager Company full authority to operate and manage all operational
matters related to the Management Subject and grants the Manager Company exclusive rights to such operations. During the term specified in the preceding clause, the Principal shall not reassign or grant any part or all of these rights to any other
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Manager Company shall assign its team and personnel to operate and manage the Management Subject and shall
carry out all daily operational matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any requirements for the further hiring and management of home stay staff, including but not limited to
recruitment, training, supervision, and guidance, shall also be the responsibility of the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Manager Company shall be responsible for the decision-making and execution of marketing strategies for the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall be responsible for determining the operational policies and pricing for the
Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Installation, safety maintenance, and management of the environment, facilities, and equipment related to the
Management Subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Principal shall, when necessary, assist the Manager Company in complying with relevant regulations and
procedures related to the Management Subject, including but not limited to cooperating with administrative inspections and audits, providing necessary application and registration documents, and authorizing the Manager Company to act as its
procedural agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Management Company shall be responsible for managing the actual financial flow related to the Management
Subject, including the collection and disbursement of funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Design and renovation related to the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Other matters agreed upon by both parties.

**Article 4 Fees and Royalties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Principal shall pay the following management fees, royalties, and other expenses to the Manager Company,
the Manager Company shall ensure that the Principal's monthly revenue, after deducting the management fees, royalties, and other charges, from June 1, 2019, to May 31, 2020, the Monthly Fee shall be no less than NT$60,000 per month
(hereinafter referred to as the "**Monthly Fee** "); from June 1, 2020, to May 31, 2029, the Monthly Fee shall be no less than NT$65,000 per month (hereinafter referred to as the "**Monthly Fee** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Management fees

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The Principal shall pay the Management Company a monthly management fee equivalent to NT$90,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Royalties

Unless otherwise specified in this Agreement, starting from the commencement of operations, the Principal shall pay eighty percent (80%) of the monthly gross revenue (including taxes) of the Management Subject as management fees to the Manager Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Other management-related expenses shall be reimbursed based on actual costs incurred. Manager Company shall
submit monthly invoices to the Principal for these expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management fees and Monthly Royalties payable by the Principal shall be prorated for any incomplete month
based on the number of days in that month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Manager Company shall settle the income, management fees, royalties, and other expenses related to the
Management Subject with the Principal monthly, and shall issue invoices or receipts to the Principal under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. During the term of the Agreement, the Principal shall bear the costs of rent, property tax, and land value tax.
The Management Company shall be responsible for utility costs, including water, electricity, and gas. Should the Principal incur additional expenses for business tax and profit-seeking enterprise income tax as a result of this agreement, the
Management Company shall reimburse the Principal for the equivalent amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If a portion of the Management Subject is lost during the term of this Agreement for reasons not attributable
to the Management Company, the Management Company may, based on the portion that has been lost, negotiate an adjustment to the management fees with the Principal. If the Management Company is unable to fulfill the objectives of the entrusted
operation with respect to the remaining portion of the Management Subject, it may terminate the Agreement prematurely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Manager Company shall remit the Monthly Fee for each month to the bank account designated by the Principal,
on or before the 1th day of each month, without delay or refusal for any reason:

Bank: [\*\*\*]

Account Name: [\*\*\*]

Account Number: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Both parties agree that if regulatory restrictions prevent the Management Company from legally operating the
home stay at [\*\*\*], and the Management Company needs to terminate part of this Agreement for this address, the Monthly Fee specified in Article 4 of this agreement will be reduced by 50%. Consequently, the management fee payable by the Principal to
the Management Company will also be reduced by 50%. However, the rights and obligations that have already arisen in relation to [\*\*\*], shall remain unaffected.

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**Article 5 Deposit** 

The Manager Company shall pay a deposit of NT$120,000 to the Principal concurrently with the signing of this Agreement. The deposit shall be returned to the Manager Company upon the expiration of the term of the entrustment, or upon the termination, cancellation, or judicial declaration of invalidity of this Agreement, following the handover of the property by the Manager Company, except the deposit may be deducted for any outstanding amounts due, delays in handing over the property, or costs related to the disposal of waste.

**Article 6 Obligations** 

The obligations of the Manager Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except as otherwise provided in this Agreement, the Management Company shall use the Management Subject solely
for the purposes and within the scope specified in this Agreement. The Management Company shall not alter the purpose or sub-entrust the Management Subject without the prior consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Management Company shall not store explosive or flammable materials within the Management Subjects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Manager Company may undertake modifications to the Management Subjects under relevant laws and regulations,
ensuring that structural safety is not compromised. Upon returning the property, the Management Company should return it in its modified condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Management Company shall be responsible for maintaining the Management Subject and its associated
facilities and safety equipment. In the event of damage requiring repair, the Management Company shall be responsible for the necessary repairs. If the property is damaged due to the Management Company's gross negligence, the Management
Company shall be liable to the Principal for damages. Additionally, if any third party suffers damage due to the Management Company's operation and management of the property, the Management Company shall assume full responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The collection, processing, and use of traveler registration data shall comply with the relevant provisions of
the Personal Data Protection Act. However, the Management Company may use such data for research, analysis, operational, and marketing purposes, and may apply it to lodging operators managed or operated by other management companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Management Company shall be responsible for maintaining environmental cleanliness, including rubbish
collection and sanitization of the Management Subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Upon the expiration or termination of this Agreement, the Management Company shall promptly deregister the
relevant business registration with the appropriate governmental authorities (as determined by the Management Company when submitting documents to the relevant government authorities) and return the Management Subject to the Principal. If the
Management Company fails to do so without a valid reason, the Principal may continue to impose the Monthly Guarantee Fee for each month of delay.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the expiration or termination of this Agreement, the Management Company shall be responsible for the
removal of any remaining items. Should the Management Company fail to remove these items within a reasonable period after receiving a reminder from the Principal, such items shall be deemed abandoned and may be disposed of by the Principal at the
Management Company's expense.

The Principal acknowledges and agrees that all intellectual property rights, including but not limited to patents, copyrights, trademarks, and trade secrets, related to this Agreement are owned by the Management Company. The Principal agrees not to use such intellectual property rights if this Agreement is invalidated, terminated, canceled, or otherwise discharged. Furthermore, the Principal acknowledges that the Management Company's management model, business model, proprietary information, customer analysis data, literature, marketing materials, content, strategies, financial information, pricing strategies, and operating conditions (including but not limited to housing rates) are the exclusive assets of the Management Company and are considered confidential. The Principal shall not use, disclose, or share this confidential information with any third party without the prior written consent of the Management Company.

**Article 7 Transfer of Ownership of the Management Subject** 

During the term of the Agreement, the Principal shall be responsible for ensuring that any transfer of ownership of the Managed Subject to a third party does not affect the continuation of this Agreement with the transferee.

**Article 8 Early Termination of the Agreement** 

Before the expiration of the management term, the Principal may not terminate the Agreement early unless the Management Company is in arrears of at least two months' worth of fees or has breached its responsibilities under Article 6, and has failed to rectify the situation within a reasonable period after being notified by the Principal. If the Management Company wishes to terminate the Agreement early, it must provide the Principal with two months' notice and compensate the Principal with an amount equivalent to one Monthly Fee. The Principal shall return the deposit without interest in accordance with Article 5. However, in the case of early termination as specified in the paragraph 9, article 4 of this Agreement, only two months' notice is required, and no additional compensation to the Principal is necessary.

**Article 9 Default Liability**

Unless otherwise provided herein, if either party (hereinafter referred to as the "Defaulting Party") breaches this Agreement or fails to perform any of the undertakings specified in the terms and conditions hereof, the other party (hereinafter referred to as the "Non-Defaulting Party") shall issue a written notice to the Defaulting Party, demanding the performance of its obligations or the rectification of the breach within thirty (30) days. If the breach is not remedied or cannot be remedied within this period, the Non-Defaulting Party may terminate this Agreement and claim damages for any losses.

------

**Article 10 Severability** 

If any provision of this Agreement is contrary to law or is deemed not legally binding and is held to be invalid, the remainder of this Agreement shall remain in force.

**Article 11 Dispute Resolution**

In the event of a dispute arising out of this Agreement, the parties agree to negotiate in good faith. If the negotiation fails, the parties may resolve the dispute as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties may apply for mediation to the mediation committee of the relevant township or district.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Request mediation or file a lawsuit in the court where the Management Subject is located.

**Article 12. Miscellaneous** 

1. This Agreement constitutes the entire agreement among the Parties hereto and supersedes all other prior
agreements, both written and oral. This agreement shall not be changed without the written consent of both parties.

2. This Agreement shall be governed by the laws of the Republic of China.

3. Any matters not specified in this Agreement shall be governed by and handled under the applicable laws and
regulations.

**Article 13 Counterparts** 

This Agreement has been executed in two duplicate originals, each party shall retain one original copy of the Agreement.

(This page is intentionally left blank; the next page is for signatures.)

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(Sign page)

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| | |
|:---|:---|
| Xu, Shu Ying | OwlStay Inc. |
| /s/ Xu, Shu Ying<br> Name: Xu, Shu Ying<br> ID Number: [\*\*\*]<br> Address: [\*\*\*]<br> Date: 2019.5.31 | /s/ Wu, Bing Yao<br> Name: Wu, Bing Yao<br> Title: Auditor<br> Address: [\*\*\*]<br> Date: 2019.5.31 |

---

## Exhibit 10.23

**Exhibit 10.23** 

**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

[•], 2025

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**OBOOK HOLDINGS INC.** 

**SHARE SUBSCRIPTION AGREEMENT** 

This Share Subscription Agreement (the "<u>Agreement</u>") is made as of [•], 2025 by and between OBOOK HOLDINGS INC., organized under the laws of the Cayman Islands (the "<u>Company</u>") and [•] (the "<u>Purchaser</u>"). Each of the Purchaser and the Company shall be hereinafter referred to as a "<u>Party</u>", and collectively as "<u>Parties</u>".

The Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale of Securities</u>**. Sale and Issuance of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing (as defined below), the Company shall have authorized the sale and issuance to the Purchaser of [•] shares of the Class A Common Shares of the Company (the "<u>Shares</u>" or "<u>Securities</u>"), having the rights, preferences, privileges and restrictions set forth in the Articles of Association of the Company, which shall be updated from time to time ("<u>Articles</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase, and the Company agrees to sell and issue to the Purchaser at the Closing, the Shares, at a purchase price of US$10 per share, with the total amount being US$[•] (the "<u>Investment Proceeds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Closing; Delivery</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase and sale of the Shares shall take place on or before [•], 2025 hereof, or at such other time and place as the Company and the Purchaser mutually agreed upon, orally or in writing (which time and place are designated as the "<u>Closing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, the Purchaser shall deliver to the Company the Investment Proceeds, which shall be paid by wire transfer of immediately available funds to the Company's designated bank account set forth in <u>Exhibit A</u> hereto, and the Purchaser shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the receipt of the Investment Proceeds by the Company, the Company shall issue the Shares to, and register the Shares in the name of, the Purchaser on the register of members of the Company, and shall take all other actions and execute and deliver all other documents that may be reasonably necessary or appropriate as a condition to the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Defined Terms Used in this Agreement</u>. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or the Subsidiaries.

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"<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other entity.

"<u>Transaction Agreements</u>" means this Agreement and any other agreements in connection with the consummation of the transactions contemplated under this Agreement.

"<u>Transfer</u>" means any sale, assignment, transfer, creation of pledge or encumbrance, hypothecation or other disposition of any kind, whether voluntary, involuntary or by operation of law, including, without limitation, any transfer by bequest, devise or descent, pursuant to divorce or legal separation, pursuant to a distribution, dividend or liquidation, or to receivers, levying creditors or trustees in bankruptcy proceedings or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Representations and Warranties of the Company</u>**. The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Organization, Good Standing and Qualification</u>. The Company is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all requisite corporate power and authority to carry on its business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Capitalization</u>. All of the outstanding Common Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Authorization</u>. All corporate action on the part of the Company, its officers, directors and holders of shares necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder and thereunder and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Valid Issuance of Shares</u>. The Shares, when issued, sold and delivered in accordance with the terms hereof for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Governmental Consents and Filings</u>. Assuming the accuracy of the representations made by the Purchaser in <u>Section</u> <u>3</u> of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Litigation</u>. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against the Company that questions the validity of this Agreement or the right of the Company to enter into them, or to consummate the transactions contemplated hereby or thereby, or that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, or any change in the current equity ownership of the Company, nor is the Company aware that there is any basis for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Intellectual Property</u>. The Company owns all material patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information and proprietary rights and processes necessary for the business of the Company as now conducted without any conflict with, or infringement of, the rights of others. The Company has not received any communications alleging that it has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets or other proprietary rights or processes of any other person or entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Compliance with Other Instruments</u>. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby or thereby will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Tax Returns and Payments</u>. There are no local or foreign taxes due and payable by the Company which have not been timely paid. There are no accrued and unpaid local or foreign taxes of the Company which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by any applicable local or foreign governmental agency. The Company has duly and timely filed all local and foreign tax returns required to have been filed by it with respect to taxes for any year.<u> </u>These returns and reports are true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Compliance with Laws; Permits</u>. The Company is not in conflict in any material respect with, in material default under, or in material violation of, any material laws or governmental judgment, injunction, order or decree applicable to the Company's business. The Company currently holds all material permits necessary or proper for the current operation of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Disclosure</u>. The Company and the Purchaser have engaged in a due diligence process, and in connection with that process <u>t</u>he Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Representations and Warranties of the Purchaser</u>**. The Purchaser hereby represents and warrants to the Company with respect to itself only that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Authorization</u>. If the Purchaser is not a natural person, the Purchaser is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. The Purchaser has full power and authority to enter into th<u>is</u> Agreements. This Agreements, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Purchase Entirely for Own Account</u>. This Agreement is made with the Purchaser in reliance upon the Purchaser's representation to the Company, which by the Purchaser's execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Compliance; No Conflicts</u>. In respect with the transactions contemplated hereunder, Purchaser is not subject to any approval, registration or reporting requirement under any regulations. No Approval by or with any <u>g</u>overnmental authority is required to be obtained or made by such Purchaser in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and thereby. The authorization, execution, delivery and performance of this Agreement and the transaction contemplated hereunder shall not violate or conflict with, or result in the breach of or default or loss of benefits under, any instrument, agreement, law or governmental order by which the Purchaser is bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Securities Law Matters</u>. The Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&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) understands that the Shares have not been, and will not be, registered under the United States Securities Act of 1933 (by reason of a specific exemption which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein), or otherwise registered, cleared or approved for public sale under the laws of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is acquiring the Shares for its own account for investment purposes, and not as a nominee or agent or with a present intention to resell or distribute any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has the knowledge and experience necessary to make the investment decision involved in the purchase of the Securities and is able to bear all economic risk of its investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) represents that neither the Company nor any Person acting on its behalf, has offered to sell or sold the Shares (or any other Securities of the Company) to such Purchaser by means of any form of general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&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) (i) has been provided with access to all information concerning the Shares, the Company and its Subsidiaries, to the extent that such Purchaser has requested and has had an opportunity to ask questions of, and to receive answers from, management of the Company and to obtain such additional information concerning the Shares, the Company and its Subsidiaries as such Purchaser deems necessary in connection with its acquisition of Shares; and (ii) fully understands the nature, scope and duration of the limitations applicable to the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is (i) an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933 (as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act), and the Company is relying upon such representation and warranty, or (ii) not a "U.S. person" as defined in Rule 902 of Regulation S of the United States Securities Act of 1933 at the time any offer to sell the Shares was made to such Purchaser and at the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has neither directly or indirectly, including through a broker or finder (i) engaged in any general solicitation; or (ii) published any advertisement, in each case in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Additional Representations and Warranties of Non-U.S. Purchaser.</u> To the extent the Purchaser is not a U.S. Person, in addition to the representations and warranties otherwise set forth in this Section 3, such non-U.S. Purchaser certifies and agrees that such Purchaser (i) is not acquiring the Shares for the account or benefit of any U.S. person, (ii) is not acquiring the Shares in an offshore transaction within the meaning of and in accordance with Rules 901 and 903 of Regulation S promulgated under the Securities Act, (iii) is not acquiring or contemplate to acquire the Shares while in the United States or any of its territories or possessions, (iv) is familiar with the rules and restrictions set forth in Regulation S and has not undertaken and will not undertake any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Shares, (v) will not engage in hedging transactions with regard to the Shares, except in compliance with the Securities Act of 1933, and (vi) is not a "distributor" within the meaning Rule 902(d) under the Securities Act of 1933 with respect to the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Exemption</u>**<u> </u>**<u>from Registration; Restricted Securities</u>. Purchaser understands that the Shares will not be registered under the United States Securities Act of 1933 or registered or listed publicly pursuant to any other applicable securities laws and regulations, on the ground that the sale provided for in this Agreement is exempt from registration under the United States Securities Act of 1933 or the registration or listing requirements of any other applicable securities laws and regulations, and that the reliance of the Company on such exemption is predicated in part on such the Purchaser's representation set forth in this Agreement. Purchaser understands that the Shares are restricted securities within the meaning of Rule 144 under the United States Securities Act of 1933; that the Shares are not registered or listed publicly and must be held indefinitely unless they are subsequently registered or listed publicly or an exemption from such registration or listing is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Disclosure of Information</u>. The Purchaser has had an opportunity to discuss the Company's business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company's management. The Purchaser understands that such discussions, as well as any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company's business which the Purchaser believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Truthfulness of Investor Questionnaire</u>. The Purchaser certifies that all information provided by the Purchaser in the Confidential Investor Questionnaire as set forth in Exhibit B delivered to the Company in connection with this Agreement is true, complete and accurate in all material respects as of the date hereof, and does not contain any untrue statement or any material omission. The Purchaser further acknowledges that the Company has relied and will continue to rely upon the truthfulness, accuracy and completeness of such information provided by the Purchaser in the Confidential Investor Questionnaire as set forth in Exhibit B in assessing the Purchaser's eligibility to acquire and Shares and in determining any availability of exemptions, as applicable, under the securities laws.**<u> </u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Conditions of the Purchaser</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Purchaser to the Company under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, the waiver of which shall not be effective against the Purchaser who does not consent thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section</u> <u>2</u> shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Performance</u>. The Company shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conditions of the Company</u>**<u>'</u>**<u>s Obligations at Closing</u>**. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section</u> <u>3</u> shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Performance</u>. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Investment Proceeds</u>. On or prior to the Closing, Purchaser shall pay the Investment Proceeds as set forth in <u>Section</u> <u>1.1</u> to the designed bank account as set forth in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Qualifications</u>. All authorizations, approvals or permits, if any, of any governmental authority that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Post-Closing Undertakings</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Market Stand-Off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall not transfer any Shares for a period of six (6) months following the Closing without the prior written consent of the Company. In the occurrence of a Liquidation Event or a Deemed Liquidation Event, the Purchaser and any Shares shall no longer be subject to this lock-up period. For the purpose of this Agreement, a "<u>Liquidation Event</u>" means a liquidation, dissolution or winding up of the Company, and a "<u>Deemed Liquidation Event</u>" means an acquisition, merger or consolidation (other than one in which the holders of shares of the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the shares of the Company or the surviving or acquiring entity) or a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Company's first filing in connection with the first public offering of any class of shares of the Company or any successor entity thereto (the "<u>Initial Offering</u>") and upon request of the Company or the underwriters managing such offering of the Company's securities, the Purchaser shall not transfer or make any short sale of any securities of the Company, however or whenever acquired (other than those included in the Initial Offering) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) as may be requested by the Company or such managing underwriters. The Purchaser shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Initial Offering. The underwriters in connection with the Initial Offering are intended third-patty beneficiaries of this <u>Section</u> <u>6.1(b)</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Purchaser further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Offering that are consistent with this <u>Section</u> <u>6.1(b)</u> or that are necessary to give further effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Drag-Along</u>. In the event that the board of directors of the Company, or shareholders representing at least 70% of the total issued and outstanding shares of the Company, have resolved to accept an offer to purchase their Company shares from a bona fide third party, the Company shall send a written notice (the "<u>Drag-Along Notice</u>") to the Purchaser specifying the name of the such third party, the consideration payable per share and a summary of the material terms of such proposed purchase. Upon receipt of a Drag-Along Notice, the Purchaser shall be obligated to sell all of its shares in the Company, free of any encumbrance, in the transaction contemplated by the Drag-Along Notice on the same terms and conditions as resolved by the board or the shareholders of the Company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Transfer; Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any Party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination</u><u>; Survival</u>. This Agreement may be terminated, as between the Company and the Purchaser, only prior to the Closing (a) by the mutual written consent of the Company and the Purchaser, or (b) by either the Company or the Purchaser, by notice to the other, if the applicable Closing has not occurred prior to December 31, 2026, or such later date as may be agreed in writing between the Company and the Purchaser, other than through the failure of the Party seeking to terminate this Agreement to comply fully with its obligations under this Agreement. The provisions of this <u>Section</u> <u>7</u> shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of Taiwan, Republic of China. Any dispute, controversy, difference or claim arising out of, relating to or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be subject to the exclusive jurisdiction of the Taipei District Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Notices</u>. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt) or email, addressed to the Party to be notified at such Party's address, fax number or e-mail address as set forth on the signature page hereto, or as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Fees and Expenses</u>. The Company and the Purchaser shall each bear their own fees and expenses incurred in connection with th<u>is</u> Agreements, including their own legal expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Attorney</u><u>'</u><u>s Fees</u>. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing Party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the Parties agree to renegotiate such provision in good faith. In the event that the Parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees that such Party will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the other Party (the "<u>Confidential Information</u>"), <u>provided</u> Confidential Information does not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section</u> <u>7.10</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or has been independently developed or conceived by such Party without use of such confidential information obtained from the other Party; 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;(iii) is or has been made known or disclosed to such Party by a third Party without a breach of any obligation of confidentiality such third Party may have to the Party who originally disclosed such confidential information (the "<u>Disclosing Party</u>");

<u>provided</u>, <u>however</u>, that such Party may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Company shares from such Party, if such prospective purchaser agrees to be bound by the provisions of this <u>Section</u> <u>7.10</u>; (iii) to any affiliate, general partner, member, shareholder, or wholly owned subsidiary of such Party in the ordinary course of business, provided that such Party informs such third Party that such information is confidential and directs such third Party to maintain the confidentiality of such information (such parties in (i), (ii) and (iii) above, "<u>Representatives</u>"); or (iv) as may otherwise be required by law, provided that such Party promptly notifies the Disclosing Party of such disclosure as required by law and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Party acknowledges that the information being provided to it in connection with this Agreement and the transactions contemplated hereby is subject to the terms of the letter agreement dated as of [•], 2025 by and between the Company and the Purchaser (the "<u>Confidentiality Agreement</u>"). The Confidentiality Agreement shall survive the execution and delivery of this Agreement and shall apply to all information furnished thereunder or hereunder and any other activities contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Purchaser acknowledges that the Company has made available to it Confidential Information. The Purchaser acknowledges that it is aware, and that its Representatives have been advised, (i) that any Confidential Information may constitute material non-public information of the Company, and (ii) of the restrictions which may be imposed by applicable securities laws prohibiting or restricting any person who has material non-public information about a publicly traded entity from purchasing or selling securities of such entity or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities. The Purchaser hereby confirms that it and its Representatives will take any action necessary or appropriate to prevent the use by the Purchaser and its Representatives of any Confidential Information in a way that would reasonably be expected to violate any securities laws in applicable jurisdictions, including, without limitation, the Republic of China and the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Entire Agreement</u>. This Agreement, and the documents referred to herein constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the Parties hereto are expressly canceled. No amendments or waivers to this Agreement will be effective unless in writing and signed by the Party against whom such amendment or waiver is to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Interpretation</u>. The headings in this Agreement are inserted for convenience of reference only and shall not limit or affect the construction of the provisions hereof. The Parties have participated jointly in the negotiation and drafting of this Agreement, and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any Party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. In this Agreement, unless the context otherwise requires: (a) words denoting the singular number shall include the plural and vice versa; (b) references to exhibits are to be construed as references to the exhibits to this Agreement; (c) reference to any document, instrument or agreement shall be construed as a reference to said document, instrument or agreement as the same may be amended or supplemented from time to time, and including all attachments and exhibits thereto, (d) the words "include", "includes" or "including" shall be deemed to be followed by "without limitation" or "but not limited to", whether or not they are followed by such phrases or words of similar import; (e) the words "hereof", "herein" and "hereunder" and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular part of this Agreement; (f) references to persons or Parties include their respective successors and permitted assigns; and (g) references to a number of days shall refer to calendar days unless working or business days are otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Counterparts; Electronic Execution</u>. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered by electronic transmission, and upon such delivery, the facsimile or electronic transmission shall have the same effect as if an original signature had been delivered to the other Party. The words "execution," "execute", "signed," "signature," and words of like import in or related to this Agreement (including any related amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms complying with applicable law, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

------

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

---

| |
|:---|
| **THE COMPANY:** |
| **OBOOK HOLDINGS INC.** |
| By: |
| Name: Wang, Chun-Kai |
| Title: Chairman and CEO |
| Address: 9F., No. 28, Wencheng Rd., Beitou Dist.,<br> Taipei City 112, Taiwan |
| Email address: darren@owlting.com |
| **PURCHASER:** |
| [•] |
| By: |
| Name: [•] |
| Title: [•] |
| Address: [•] |
| Email: [•] |

---

## Exhibit 21.1

**Exhibit 21.1** 

**List of Significant Subsidiaries of the Registrant (as of December 31, 2024)** 

---

| | |
|:---|:---|
| **Subsidiaries** | **Jurisdiction of**<br> **Incorporation** |
| OBOOK INC.\*<br> (歐簿客科技股份有限公司) | Taiwan |
| OWLSTAY INC.\*<br> (众樂股份有限公司) | Taiwan |
| OWLTING TRAVEL SERVICE INC.\*<br> (奥丁丁旅行社股份有限公司) | Taiwan |
| OWLTING USA, INC. | Delaware, United States |
| OWLNEST, INC. | Wyoming, United States |
| OWLTING JAPAN INC. \* (OWLTINGJAPAN株式会社) | Japan |
| OWLPAYJAPAN INC.\*<br> (OWLPAYJAPAN株式会社) | Japan |
| OWLPAY HOLDINGS PTE. LTD. | Singapore |
| PAYNOW INC.\*<br> (立吉富線上金流股份有限公司) | Taiwan |
| OWLTING HK INC. LIMITED | Hong Kong |
| OWLTING EU LLC.\*<br> (OWLTING EU SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ) | Poland |
| OWLTING MALAYSIA SDN. BHD. | Malaysia |
| OWLTING (THAILAND) CO., LTD. | Thailand |

---

\* The English name of this subsidiary is a translated version of its name in the local language under which this subsidiary has been registered with applicable authorities.

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use of our report dated August 1, 2025, with respect to the consolidated financial statements of OBOOK Holdings Inc and subsidiaries, included herein and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG

Taipei, Taiwan

September 3, 2025

## Exhibit 99.1

**Exhibit 99.1** 

**OBOOK HOLDINGS INC.** 

**CODE OF BUSINESS CONDUCT AND ETHICS** 

The Board of Directors (the "Board of Directors" or "Board") of OBOOK Holdings Inc. (with its subsidiaries, the "Company") has adopted this code of business conduct and ethics (this "Code") to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote honest and ethical conduct, including fair dealing and the ethical handling of conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote full, fair, accurate, timely and understandable disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure the protection of the Company's legitimate business interests, including corporate opportunities,
assets and confidential information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deter wrongdoing.

All directors, officers and employees of the Company are expected to be familiar with the Code and to adhere to those principles and procedures set forth in the Code which apply to them. Any more detailed policies and procedures as currently in effect or may be adopted from time to time by the Company are separate requirements and are not part of this Code.

For purposes of this Code, the Company has designated persons in charge of the Company and relevant departments to form a "Code of Ethics Contact Task Force" (the "Task Force"), which includes the Chief Executive Officer, Head of the Finance Department, General Counsel, Head of the Compliance Department, Head of the Human Resources Department, and Head of Internal Audit Office as members.

From time to time, the Company may waive some provisions of this Code. Any waiver of the Code for executive officers or directors of the Company may be made only by the Board of Directors or a committee of the Board and must be promptly disclosed as required by SEC or Nasdaq rules. Any waiver for other employees may be made only by the General Counsel.

I. **Honest and Candid Conduct** 

Each director, officer and employee owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each director, officer and employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required or consistent with the Company's policies.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Observe both the form and spirit of laws and governmental rules and regulations, accounting standards and Company
policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to a high standard of business ethics.

II. **Conflicts of Interest** 

A "conflict of interest" occurs when an individual's private interest interferes or appears to interfere with the interests of the Company. A conflict of interest can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. For example, a conflict of interest would arise if a director, officer or employee, or a member or his or her family, receives improper personal benefits as a result of his or her position in the Company. Any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest should be discussed with the Task Force.

Service to the Company should never be subordinated to personal gain and advantage. Conflicts of interest should, wherever possible, be avoided.

In particular, clear conflict of interest situations involving directors, executive officers and other employees who occupy supervisory positions or who have discretionary authority in dealing with any third party specified below may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any significant ownership interest in any supplier or business clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any business clients, supplier or competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any outside business activity that detracts from an individual'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;• the receipt of non-nominal gifts or excessive entertainment from any
company with which the Company has current or prospective business dealings;

&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 immediate family member; and

&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
unrelated third parties are permitted to so purchase or sell.

Such situations, if material, should always be discussed with the Task Force. All material transactions or relationships involving directors and executive officers that could reasonably be expected to give rise to a conflict of interest must be approved by the General Counsel of the Company, and that a list of those approvals be submitted semi-annually to the Board of Directors for its review.

------

Anything that would present a conflict for a director, officer or employee would likely also present a conflict if it is related to a member of his or her family.

III. **Disclosure** 

Each director, officer or employee involved in the Company's disclosure process, including the Chief Executive Officer, the Chief Financial Officer, and the Internal Audit Director (the "Senior Financial Officers"), is required to be familiar with and comply with the Company's disclosure controls and procedures and internal control over financial reporting, to the extent relevant to his or her area of responsibility, so that the Company's public reports and documents filed with the Securities and Exchange Commission (the "SEC") comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each such person having direct or supervisory authority regarding these SEC filings or the Company's other public communications concerning its general business, results, financial condition and prospects should, to the extent appropriate within his or her area of responsibility, consult with other Company officers and employees and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each director, officer or employee who is involved in the Company's disclosure process, including without limitation the Senior Financial Officers, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business
and financial operations of the Company.

&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 and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Properly review and critically analyze proposed disclosure for accuracy and completeness (or, where appropriate,
delegate this task to others).

IV. **Compliance** 

It is the Company's policy to comply with all applicable laws, rules and regulations, including but not limited to anti-money laundering laws, anti-bribery and corruption regulations, and sanctions regimes. It is the personal responsibility of each director, officer and employee to adhere to the standards and restrictions imposed by those laws, rules and regulations. The Company expects each director, officer and employee to remain informed about the legal obligations relevant to their roles and to seek appropriate guidance whenever necessary.

Employees should promptly report any actions or behaviors that may compromise legal or regulatory compliance to the Task Force. The Company is dedicated to maintaining a transparent and ethical environment, where concerns are addressed without fear of retaliation. Non-compliance with applicable laws, rules and regulations may result in termination or legal proceedings.

------

V. **Reporting and Accountability** 

The Board of Directors 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 director, officer or employee who becomes aware of any existing or potential violation of this Code is required to notify the Task Force promptly. Failure to do so is itself a violation of this Code.

Any questions relating to how this Code should be interpreted or applied should be addressed to the Task Force. A director, officer or employee who is unsure of whether a situation violates this Code should discuss the situation with the Task Force to prevent possible misunderstandings and embarrassment at a later date.

Each director, officer or employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Task Force promptly of any existing or potential violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any other director, officer or employee for reports of potential violations that are made
in good faith.

The Board of Directors and the General Counsel shall take all action they consider appropriate to investigate any violations reported to them. If a violation has occurred, the Company will take such disciplinary or preventive action as it deems appropriate, after consultation with the Board of Directors, in the case of a director or executive officer, or the General Counsel, in the case of any other employee.

From time to time, the Company may waive some provisions of this Code. Any waiver of the Code for executive officers or directors of the Company may be made only by the Board of Directors or a committee of the Board and must be promptly disclosed as required by SEC or Nasdaq rules. Any waiver for other employees may be made only by the General Counsel.

VI. **Corporate Opportunities** 

Directors, officers and employees owe a duty to the Company to advance the Company's business interests when the opportunity to do so arises. Directors, officers and employees are prohibited from taking (or directing to a third party) a business opportunity that is discovered through the use of corporate property, information or position, unless the Company has already been offered the opportunity and turned it down. More generally, directors, officers and employees are prohibited from using corporate property, information or position for personal gain and from competing with the Company.

------

Sometimes the line between personal and Company benefits is difficult to draw, and sometimes there are both personal and Company benefits in certain activities. Directors, officers and employees who intend to make use of Company property or services in a manner not solely for the benefit of the Company should consult beforehand with the Task Force.

VII. **Confidentiality** 

In carrying out the Company's business, directors, officers and employees often learn confidential or proprietary information about the Company, its customers and clients, suppliers, or joint venture parties. Directors, officers and employees must maintain the confidentiality of all information so entrusted to them, except when disclosure is authorized or legally mandated. Confidential or proprietary information of our Company, and of other companies, includes any non-public information that would be harmful to the relevant company or useful or helpful to competitors if disclosed.

VIII. **Fair Dealing** 

We have a history of succeeding through honest business competition. We do not seek competitive advantages through illegal or unethical business practices. Each director, officer and employee should endeavor to deal fairly with the Company's customers and clients, service providers, suppliers, competitors and employees. No director, officer and employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any unfair dealing practice.

IX. **Avoidance of Insider Trading** 

Each director, officer and employee who in the course of work has access to material nonpublic information relating to the Company shall maintain strict confidentiality of the said information prior to its public disclosure; utilization of the said information for insider trading is strictly prohibited. Information is "material" if a reasonable investor would consider such information important to a decision to his or her investment decision.

It is against Company policy and in many circumstances illegal for a director, officer or employee to profit from undisclosed information relating to the Company or any other company. Any director, officer or employee may not purchase or sell any of the Company's securities while in possession of material nonpublic information relating to the Company. Also, any director, officer or employee may not purchase or sell securities of any other company while in possession of any material nonpublic information relating to that company.

------

Any director, officer or employee who is uncertain about the legal rules involving a purchase or sale of any Company securities or any securities in companies that he or she is familiar with by virtue of his or her work for the Company, should consult with the Company's Legal Department before making any such purchase or sale.

X. **Protection and Proper Use of Company Assets** 

All directors, officers and employees should protect the Company's assets and ensure their efficient use. All Company assets should be used only for legitimate business purposes.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

#### Exhibit 107

#### Calculation of Filing Fee Tables
Form F-1

(Form Type)

OBOOK Holdings Inc.

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Security<br> Type | Security Class Title | Fee Calculation<br> or Carry Forward<br> Rule | Amount<br> Registered | Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit | Maximum<br>Aggregate<br>Offering<br>Price<sup>(1)</sup> | Fee Rate | Amount of<br> Registration Fee |
| &nbsp;&nbsp;&nbsp;Fees to Be<br>Paid | Equity | Class A common shares, par value US$0.001 per share | Rule 457(a) |  | N/A | US$40,000,000<sup>(1)</sup> | US$153.10 per $1,000,000 | US$6124.00 |
|  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | US$40,000,000 |  | US$6124.00 |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  |
|  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |
|  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | US$6124.00 |

---

(1) Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(a) of the Securities Act of 1933, as amended. Given that there is no proposed maximum offering price per share of Class A Common Share, the registrant calculates the proposed maximum aggregate offering price, by analogy to Rule 457(f)(2), based on the book value of the Class A Common Shares the registrant registers, which will be calculated from its unaudited pro forma audited balance sheet as of     . Given that the registrant's shares of Class A Common Shares are not traded on an exchange or over-the-counter, the registrant did not use the market prices of its Class A Common Shares in accordance with Rule 457(c).