# EDGAR Filing Document

**Accession Number:** 0001873454
**File Stem:** 0001731122-25-001411
**Filing Date:** 2025-10
**Character Count:** 195828
**Document Hash:** ced92d92dbe4e5d462aad0f4a6b34696
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731122-25-001411.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001731122-25-001411

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**EFFECTIVENESS DATE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ruanyun Edai Technology Inc.
- **CENTRAL INDEX KEY:** 0001873454
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290980
- **FILM NUMBER:** 251405484

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 698 JING DONG AVENUE, ZHEJIANG
- **STREET 2:** UNIVERSITY HIGH TECH CAMPUS NANCHANG
- **CITY:** JIANGXI
- **STATE:** F4
- **ZIP:** 330096
- **BUSINESS PHONE:** 3055393396

**MAIL ADDRESS:**
- **STREET 1:** NO. 698 JING DONG AVENUE, ZHEJIANG
- **STREET 2:** UNIVERSITY HIGH TECH CAMPUS NANCHANG
- **CITY:** JIANGXI
- **STATE:** F4
- **ZIP:** 330096

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ruanyun Edal Technology Inc.
- **DATE OF NAME CHANGE:** 20210719

**As filed with the Securities and Exchange Commission on October 21, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

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

**Ruanyun Edai Technology Inc.**

**(Exact Name of Registrant as Specified in Its Charter)**

---

| | |
|:---|:---|
| **Cayman Islands** | **Not Applicable** |
| **(State or Other Jurisdiction of<br> Incorporation or Organization)** | **(I.R.S. Employer<br> Identification No.)** |

---

**No. 698 Jing Dong Avenue, ZheJiang University HighTech Campus**

**Nanchang, Jiangxi, China 330096**

**(Address of Principal Executive Offices, Including Zip Code)**

**2025 Equity Incentive Plan**

**(Full Title of the Plans)**

**Puglisi & Associates<br> 850 Library Avenue, Suite 204<br> Newark, DE 19711<br> 302-738-6680**

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

**Copies to:**

**Clayton E. Parker, Esq.<br> K&L Gates LLP**

**Southeast Financial Center, Suite 3900**

**200 South Biscayne Boulevard**

**Miami, Florida 33131-2399**

**Telephone: 305-539-3300**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, 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. ☐

**PART I**

**EXPLANATORY NOTE**

This Registration Statement registers 6,500,000 ordinary shares, par value $0.0002 per share ("Ordinary Shares"), of Ruanyun Edai Technology Inc. (the "Registrant" or the "Company") under the Registrant's 2025 Equity Incentive Plan (the "Plan"), representing 6,500,000 Ordinary Shares reserved for issuance under the Plan, effective September 7, 2025. The Registrant currently intends to issue approximately 3,250,000 Ordinary Shares in the form of restricted stock awards to employees as an initial grant under the Plan, with the remaining shares reserved for future issuance as approved by the Board. The description of the Ordinary Shares set forth under the heading "Description of Share Capital and Governing Documents " in the Registrant's prospectus that constitutes part of the Registration Statement on Form F-1 (File No. 333- 281857) initially filed publicly by the Registrant with the U.S. Securities and Exchange Commission on August 30, 2024, as subsequently amended and supplemented from time to time thereafter, including any form of prospectus contained therein filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, is incorporated herein by reference.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The documents listed below have been filed with the Commission by the Registrant and are incorporated herein by reference to the extent not superseded by documents subsequently filed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's prospectus dated April 7, 2025 filed pursuant to [Rule 424(b)(4)](http://www.sec.gov/Archives/edgar/data/1873454/000173112225000554/0001731122-25-000554-index.htm) with the Commission on April 9, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company's current report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1873454/000173112225000556/0001731122-25-000556-index.htm) furnished to the Commission on April 10, 2025 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of Ordinary Shares contained in the Registrant's Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1873454/000173112225000472/0001731122-25-000472-index.htm) filed with the Commission pursuant to Section 12 of the Exchange Act, on March 28, 2025 and all other amendments and reports filed for the purpose of updating such description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registrant's Annual Report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/1873454/000173112225001057/0001731122-25-001057-index.htm) for the fiscal year ended March 31, 2025 filed with the Commission pursuant to Section 13 or 15(d) of the US Securities Exchange Act, on July 31, 2025.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any document or portion thereof, whether specifically listed above or to be filed in the future, that is not deemed "filed" with the Commission.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Cayman Islands laws do not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, save to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, for example, where a provision purports to provide indemnification against the consequences of committing a crime. Our memorandum and articles of association provide that, to the extent permitted by law, we shall indemnify each existing or former Director (including each alternate Director), secretary and other officer of our Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former Director (including alternate Director), secretary or officer in or about the conduct of our Company's business or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former Director (including alternate Director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his or her own dishonesty.

To the extent permitted by the Companies Act (Revised) of the Cayman Islands ("Cayman Companies Act"), the Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), secretary or officer of the Company in respect of any matter identified above on condition that the Director (including alternate Director), secretary or officer must repay the amount paid by our Company to the extent that we are ultimately found not liable to indemnify the Director (including alternate Director), secretary or that officer for those legal costs.

As provided in our memorandum and articles of association, we may, to the extent permitted by the Cayman Companies Act, pay or agree to pay, a premium in respect of a contract insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), secretary or officer or auditor of (i) our Company; (ii) a company which is or was a subsidiary of our Company; (iii) a company in which our Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred to in paragraph (a) is or was interested.

We have insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or officer, including claims relating to public securities matters, and to us with respect to payments that may be made by us to these officers and directors pursuant to our indemnification obligations or otherwise as a matter of law.

At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees or other agents or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission (the "Commission") such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.

**Item 7. Exemption From Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 4.1\* | [Second Amended and Restated Memorandum and Articles of Association](e6886_ex4-1.htm) |
| 4.2\*\* | [Specimen certificate evidencing ordinary shares (incorporated by reference to Exhibit 4.1 to our Registration Statement on Form F-1 (File No. 333-281857) filed with the Securities and Exchange Commission on August 30, 2024)](http://www.sec.gov/Archives/edgar/data/1873454/000173112224001338/e5875_ex4-1.htm) |
| 5.1\* | [<u>Opinion of Quality Law Services</u>](e6886_ex5-1.htm) |
| 23.1\* | [<u>Consent of Quality Law Services (included in Exhibit 5.1).</u>](e6886_ex5-1.htm) |
| 23.2\* | [<u>Consent of Audit Alliance LLP</u>](e6886_ex23-2.htm) |
| 24.1\* | [<u>Power of Attorney (included on the signature page to this Registration Statement).</u>](#c_001) |
| 99.1\* | [<u>2025 Equity Incentive Plan</u>](e6886_ex99-1.htm) |
| 107\* | [<u>Filing Fee Table</u>](e6886_ex107.htm) |

---

**\*** **Filed herewith.**

**\*\*** **Previously filed.**

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this 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 this 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;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

 

*Provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&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;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement 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;(c) 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 Commission 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.

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the People's Republic of China, on October 21, 2025

---

| | |
|:---|:---|
| RUANYUN EDAI TECHNOLOGY INC. | RUANYUN EDAI TECHNOLOGY INC. |
| By: | */s/ Yan Fu* |
| Name: | Yan Fu |
| Title: | Director and Chief Executive Officer |

---

**<u>SIGNATURES AND POWERS OF ATTORNEY</u>**

Each of the undersigned officers and directors of the Registrant hereby severally constitutes and appoints Yan Fu, acting alone, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and any subsequent registration statement filed pursuant to Rule 462 under the Securities Act, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission and any applicable securities exchange or securities self-regulatory body, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them individually, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| */s/ Yan Fu* | Director and Chief Executive Officer | October 21, 2025 |
| Yan Fu | (*Principal Executive Officer*) |  |
| */s/ Wei Hu* | Chief Financial Officer | October 21, 2025 |
| Wei Hu | (*Principal Financial Officer and Accounting Officer*) |  |
| */s/ Zejiong Zou* | Director | October 21, 2025 |
| Zejiong Zou |  |  |
| */s/ Wei Wang* | Director | October 21, 2025 |
| Wei Wang |  |  |
| */s/ Ying Tang* | Director | October 21, 2025 |
| Ying Tang |  |  |
| */s/ Liang Zou* | Director | October 21, 2025 |
| Liang Zou |  |  |

---

**Authorized U.S. Representative**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Ruanyun Edai Technology Inc. has signed this registration statement in Newark, Delaware on October 21, 2025.

---

| | |
|:---|:---|
| **Puglisi & Associates** | **Puglisi & Associates** |
| By: | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 4.1

**EXHIBIT 4.1**

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT**

**(AS AMENDED)**

**Second Amended and Restated**

**Memorandum and Articles of Association**

**of**

**RUANYUN EDAI TECHNOLOGY INC.** 

(adopted by a Special Resolution passed on 12 December 2022 and effective immediately prior to the completion of the initial public offering of the Company's Shares)

**THE COMPANIES ACT**

**(AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**RUANYUN EDAI TECHNOLOGY INC.**

(adopted by a Special Resolution passed on 12 December 2022 and effective immediately prior to the completion of the initial public offering of the Company's Shares)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Company is **Ruanyun Edai Technology Inc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The registered office will be situated at the offices of WB Corporate Services (Cayman) Ltd., of PO Box
2775, Artemis House, 67 Fort Street, Grand Cayman, KY1-1111, Cayman Islands or at such other place in the Cayman Islands as the Directors
may from time to time decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act (as amended) or any other laws of the Cayman Islands and shall
have and be capable of from time to time and at all times exercising any and all of the powers at any time or from time to time exercisable
by a natural person or body corporate in any part of the world whether as principal, agent, contractor or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company shall not be permitted to carry on any business where a licence is required under the laws
of the Cayman Islands to carry on such a business until such time as the relevant licence has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. As an exempted company, the Company's operations will be carried on subject to the provisions of
Section 174 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The liability of each Shareholder is limited to the amount from time to time unpaid on such Shareholder's
share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The authorised share capital of the Company is US$1,000,000 divided into 5,000,000,000 Shares of par value
US$0.0002 each, with the power for the Company to increase or reduce the said capital and to issue any part of its capital, original or
increased, with or without any preference, priority or special privilege or subject to any postponement of rights or to any conditions
or restrictions; and so that, unless the condition of issue shall otherwise expressly declare, every issue of shares, whether declared
to be preference or otherwise, shall be subject to the power hereinbefore contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Company has power to register by way of continuation as a body corporate limited by shares under the
laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 March in each
year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Capitalised terms that are not defined in this Memorandum of Association bear the same meaning as those
given in the Articles of Association of the Company.

**THE COMPANIES ACT**

**(AS AMENDED)**

**Company Limited by Shares**

**SECOND AMENDED AND RESTATED** 

**ARTICLES OF ASSOCIATION**

**OF**

**RUANYUN EDAI TECHNOLOGY INC.**

(adopted by a Special Resolution passed on 12 December 2022 and effective immediately prior to the completion of the initial public offering of the Company's Shares)

**TABLE A**

The Regulations contained or incorporated in Table A in the First Schedule to the Companies Act shall not apply to the Company and the following Regulations shall comprise the Articles of Association of the Company:

**INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In these Articles of Association the following terms shall have the meanings set opposite unless the context
otherwise requires:

---

| | |
|:---|:---|
| **"Affiliate"** | means in respect of a person, any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. |
| "**Articles**" | means these Articles of Association, as amended from time to time. |
| "**Auditors"** | means the auditors of the Company for the time being, if appointed. |
| "**Board of Directors" and "Board" and "Directors**" | means the Directors of the Company for the time being, or as the case may be, the Directors assembled as a Board or as a committee thereof. |

---

---

| | |
|:---|:---|
| "**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 and the Exchange Act. |
| "**Companies Act**" | means the Companies Act (as amended) of Cayman Islands. |
| "**control**" | means the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity. |
| **"Designated Stock Exchange"** | means the Nasdaq Capital Market and/or any other stock exchange or interdealer quotation system in the United States on which any Shares are listed for trading. |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange. |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act (as amended) of the Cayman Islands. |
| **"electronic communication"** | means electronic posting to the Company's Website, transmission to any number, address or internet website or other electronic delivery methods approved by the Directors. |
| **"Electronic Record"** | has the meaning given to that expression in the Electronic Transactions Act (as amended) of the Cayman Islands. |
| **"Exchange Act"** | means the United States Securities Exchange Act of 1934, as amended from time to time. |
| "**in writing**" | means written, printed, lithographed, Electronic Record, photographed or telexed or represented by any other substitute for writing or partly one and partly another. |
| "**Memorandum** "or "**Memorandum of Association"** | means the Memorandum of Association of the Company, as amended from time to time. |
| **"Ordinary Resolution"** | means a resolution: |

---

---

| | | |
|:---|:---|:---|
|  | a. | passed by a simple majority of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; or |
|  | b. | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate by all of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments if more than one, is signed. |
| **"paid up"** | includes credited as paid up. | includes credited as paid up. |
| **"person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires. | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires. |
| **"Registered Office"** | means the registered office of the Company as provided in Section 50 of the Companies Act. | means the registered office of the Company as provided in Section 50 of the Companies Act. |
| **"Register of Members"** | means the register to be kept by the Company in accordance with Section 40 of the Companies Act. | means the register to be kept by the Company in accordance with Section 40 of the Companies Act. |
| **"Seal"** | means the common seal (if any) of the Company including any facsimile thereof for use outside of the Cayman Islands. | means the common seal (if any) of the Company including any facsimile thereof for use outside of the Cayman Islands. |
| **"Secretary"** | means any person appointed by the Directors to perform any of the duties of the secretary of the Company including any assistant secretary. | means any person appointed by the Directors to perform any of the duties of the secretary of the Company including any assistant secretary. |
| **"Securities Act"** | means the United States Securities Act of 1933, as amended from time to time. | means the United States Securities Act of 1933, as amended from time to time. |
| **"Share"** | means a share of any class in the capital of the Company. | means a share of any class in the capital of the Company. |
| **"Shareholder" and "Member"** | means a person whose name is entered in the Register of Members. | means a person whose name is entered in the Register of Members. |
| **"signed"** | includes a signature or representation of a signature affixed by mechanical means. | includes a signature or representation of a signature affixed by mechanical means. |
| **"Special Resolution"** | means a resolution passed in accordance with Section 60 of the Companies Act, being a resolution: <br> a. passed by a majority of not less than two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing such a majority to the number of votes to which each Shareholder is entitled; or <br>b. approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate by all of the Shareholders and the effective date of the Special Resolution so adopted shall be the date on which the instrument or the last of such instruments if more than one, is executed. | means a resolution passed in accordance with Section 60 of the Companies Act, being a resolution: <br> a. passed by a majority of not less than two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing such a majority to the number of votes to which each Shareholder is entitled; or <br>b. approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate by all of the Shareholders and the effective date of the Special Resolution so adopted shall be the date on which the instrument or the last of such instruments if more than one, is executed. |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction. | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. 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;2.2. words importing the masculine gender only shall include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. words importing persons only shall include companies or associations or bodies of persons, whether corporate
or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. the word "written" and "in writing" include all modes of representing or reproducing
words in a visible from, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. any requirement as to the delivery under the Articles include delivery in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. 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 (as amended) of the Cayman
Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. Section 8 and 19(3) of the Electronic Transactions Act (as amended) of the Cayman Islands shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. a reference to an Article shall be to an Article of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. a reference to a dollar or dollars or US$ is a reference to United States dollars, the lawful currency
of the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. a 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;3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The business of the Company may be commenced as soon after incorporation as the Directors see fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registered office of the Company shall be at such address in the Cayman Islands as the Directors shall
from time to time determine. The Company may in addition establish and maintain such other offices and places of business and agencies
in such places as the Directors may from time to time determine.

**SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Subject to these Articles, all Shares for the time being unissued shall be under the control of the Directors
who may, in their absolute discretion and without the approval of the Members, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. issue, allot and dispose of Shares (including, without limitation, preferred shares) (whether in certificated
form or non-certificated form) to such persons, in such manner, on such terms and having such rights and being subject to such restrictions
as they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. grant rights over Shares or other securities to be issued in one or more classes or series as they deem
necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching to such Shares or
securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of
which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such
times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. grant options with respect to Shares and issue warrants or similar instruments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Directors may authorise the division of Shares into any number of classes and the different classes
shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including,
without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between
the different classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares
with such preferred or other rights, all or any of which may be greater than the rights of Shares, at such time and on such terms as they
may think appropriate. The Directors may issue from time to time, out of the authorised share capital of the Company (other than the authorised
but unissued Shares), series of preferred shares in their absolute discretion and without approval of the Members; provided, however,
before any preferred shares of any such series are issued, the Directors shall by resolution of Directors determine, with respect to any
series of preferred shares, the terms and rights of that series, and, for such purposes, the Directors may reserve an appropriate number
of Shares for the time being unissued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Company shall not issue shares to bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Company may, in so far as may be permitted by law, pay a commission to any person in consideration
of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares. Such commissions may be satisfied by the
payment of cash or the lodgement of fully or partly paid-up shares or partly in one way and partly in the other. The Company may also
on any issue of shares pay such brokerage as may be lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Directors shall keep or cause to be kept a Register of Members as required by Section 40 of the Companies
Act at such place or places as the Directors may from time to time determine, and in the absence of any such determination, the Register
of Members shall be kept at the Registered Office. The Company shall not be bound to register more than four persons as the joint holders
of any share or shares.

**FRACTIONAL SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Directors may issue fractions of a share up to such number of decimal places as they shall determine
of any class or series of shares, and, if so issued, a fraction of a share (calculated to three decimal points) shall be subject to and
carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise),
limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights)
and other attributes of a whole share of the same class or series of shares.

**REPURCHASE, REDEMPTION AND SURRENDER OF SHARES**

**OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Subject to the provisions of the Companies Act and without prejudice to these Memorandum and Articles,
the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. issue Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or
the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined, before the issue of such
Shares, by either the Board or by the Shareholders by Special Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. purchase its own Shares (including any redeemable Shares) on such terms and in such manner and terms as
have been approved by the Board or by Ordinary Resolution, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the
Companies Act, including out of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s)
(if any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Board may accept the surrender for no consideration of any fully paid share.

**TREASURY SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

**VARIATION OF RIGHTS ATTACHING TO SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The rights attaching to any class or series of share (unless otherwise provided by these Articles or the
terms of issue of the shares of that class or series) may be materially adversely varied or abrogated with the consent in writing of the
holders of three-fourths of the issued shares of that class or series, or with the sanction of a resolution passed by at least a three-fourths
majority of the holders of shares of the class or series present in person or by proxy and entitled to vote at a separate meeting of the
holders of the shares of the class or series. To every such separate general meeting the provisions of these Articles relating to general
meetings of the Company shall mutatis mutandis apply, but so that the necessary quorum shall, unless otherwise provided by these Articles,
be one or more persons holding or representing by proxy at least one-third (33 1/3%) of the issued and outstanding voting shares of the
class or series and that any holder of shares of the class or series present in person or by proxy may demand a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The special rights conferred upon the holders of shares of any class shall not, unless otherwise expressly
provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied by the creation or issue of further shares
ranking *pari passu* therewith. The rights attached to or otherwise conferred upon the holders of the Shares of any class shall not
be deemed to be materially adversely varied by the creation or issue of Shares with preferred or other rights in accordance with Article
7. **CERTIFICATES FOR SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. A Shareholder shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued and the Shareholder requests a share certificate in writing from the Company. Share certificates representing shares,
if any, shall be in such form as the Directors may determine. Share certificates shall be signed by one or more Directors or another person
authorised by the Directors. The Directors may authorise certificates to be issued with the authorised signature(s) affixed by mechanical
process. All certificates for shares shall be consecutively numbered or otherwise identified and shall specify the shares to which they
relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Every share certificate of the Company shall bear legends required by the applicable laws, including the
Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the
Directors may prescribe, and (in the case of defacement or wearing out) on delivery up of the old certificate.

**LIEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. The Company shall have a first priority lien and charge on every partly 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 first priority
lien and charge on all partly paid shares standing registered in the name of a Shareholder (whether held solely or jointly with another
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 in part exempt from the provisions of this Article. The Company's lien, if any, on a share shall extend to all distributions
payable thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. The Company may sell, in such manner as the Directors in their sole and absolute discretion think fit,
any shares on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently
payable nor until the expiration of 14 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. 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 reference to the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The proceeds of the sale after deduction of expenses, fees and commission incurred by the Company shall
be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue shall (subject to a like lien for sums not presently payable as existed upon the shares prior to the sale) be paid to
the person entitled to the shares at the date of the sale.

**CALLS ON SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. The Directors may from time to time make calls upon the Shareholders in respect of any moneys unpaid on
their partly paid shares, and each Shareholder shall (subject to receiving at least 14 days' notice specifying the time or times
of payment) pay to the Company at the time or times so specified the amount called on such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. The joint holders of a share shall be jointly and severally liable to pay calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof,
the person from whom the sum is due shall pay interest upon the sum at such rate per annum as the Directors shall determine from the day
appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest
wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account
of the amount of the share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. The Directors may make arrangements on the issue of partly paid shares for a difference between the Shareholders,
or the particular shares, in the amount of calls to be paid and in the times of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or
any part of the moneys uncalled and unpaid upon any partly paid shares held by him, and upon all or any of the moneys so advanced may
(until the same would, but for such advance, become presently payable) pay interest at such rate as may be agreed upon between the Shareholder
paying the sum in advance and the Directors.

**FORFEITURE OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. If a Shareholder fails to pay any call or instalment of a call in respect of partly paid shares on the
day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. The notice shall name a further day (not earlier than the expiration of 14 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which
the notice has been given may, at any time thereafter before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. A person whose shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the shares forfeited, but his liability shall cease if and when the Company receives payment in full the
amount unpaid on the shares forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. A statutory declaration in writing that the declarant is a Director, and that a share has been duly forfeited
on a date stated in the declaration, shall be conclusive evidence of the facts in the notice as against all persons claiming to be entitled
to the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. The Company may receive the consideration, if any, given for a share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the share in favour of the person to whom
the share is sold or disposed of and that person shall be registered as the holder of the share, and shall not be bound to see to the
application of the purchase money, if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings
in reference to the disposition or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which
by the terms of issue of a share becomes due and payable, whether on account of the amount of the share, or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. The instrument of transfer of any share shall be in any usual or common form or such other form as the
Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of a nil or partly
paid up share, if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied by such evidence
as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferor shall be deemed to remain
a holder of the share until the name of the transferee is entered in the Register of Members in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. The Directors may, in their absolute discretion, decline to register any transfer of share that is not
fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. If the Directors refuse to register a transfer of any shares, they shall, within six weeks after the date
on which the transfer was lodged with the Company, send to the transferee notice of the refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. The registration of transfers may, on ten calendar days' notice being given by advertisement in
such one or more newspapers, by electronic means or by any other means in accordance with 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 closed for more than 30 calendar
days in any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. All instruments of transfer which are registered shall be retained by the Company, but any instrument
of transfer which the Directors decline to register shall (except in any case of fraud) be returned to the person depositing the same.

**TRANSMISSION OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. The legal personal representative of a deceased sole holder of a share shall be the only person recognised
by the Company as having any title to the share. In the case of a share registered in the name of two or more holders, the survivor or
survivors of the deceased, or the legal personal representatives of the deceased, shall be the only person or persons recognised by the
Company as having any title to the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Any person becoming entitled to a share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the share or, instead of being registered himself, to make such transfer of the share as the deceased or bankrupt person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the share by the deceased or bankrupt person before the death or bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. 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 Shareholder in respect of the share, be entitled, in respect of it, to exercise any right conferred
by membership in relation to meetings of the Company.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. The Company shall be entitled to charge a fee not exceeding one U.S. dollar (US$1.00) on the registration
of every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other
instrument.

**ALTERATION OF SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into shares of such classes or series and amount, as the resolution shall prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.1. consolidate and divide all or any of its share capital into shares of a larger amount than its existing
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.2. convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.3. subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision
the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the
share from which the reduced share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.4. cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorised by law.

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholders for any other purpose, the Directors may provide that the Register of
Members shall be closed for transfers for a stated period which shall not exceed in any case 45 days. If the Register of Members shall
be so closed for the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at a meeting of
Shareholders the Register of Members shall be so closed for at least 10 days immediately preceding such meeting and the record date for
such determination shall be the date of the closure of the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. 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 those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the
Shareholders and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors
may, at or within 90 days prior to the date of declaration of such dividend fix a subsequent date as the record date for such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. If the Register of Members is not so closed and no record date is fixed for the determination of those
Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive
payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring
such dividend is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of
those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this
Article, such determination shall apply to any adjournment thereof.

**GENERAL MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. The Directors may, whenever they think fit, convene a general meeting of the Company. The Company may
(but shall not be obliged to, unless required by the Companies Act or by Designated Stock Exchange Rules that the Company chooses to follow
in lieu of home country practices) in each calendar year hold a general meeting as its annual general meeting and shall specify the meeting
as such in the notices calling it. All general meetings other than annual general meetings shall be called extraordinary general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. General meetings shall also be convened on the written requisition of any Shareholder or Shareholders
entitled to attend and vote at general meetings of the Company who hold not less than 10 per cent of the paid up voting share capital
of the Company deposited at the Registered Office specifying the objects of the meeting for a date no later than 21 days from the date
of deposit of the requisition signed by the requisitionists, and if the Directors do not convene such meeting for a date not later than
45 days after the date of such deposit, the requisitionists themselves may convene the general meeting in the same manner, as nearly as
possible, as that in which general meetings may be convened by the Directors, and all reasonable expenses incurred by the requisitionists
as a result of the failure of the Directors to convene the general meeting shall be reimbursed to them by the Company.

**NOTICE OF GENERAL MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. At least ten days' notice of a general meeting excluding the day service is deemed to take place
as provided in these Articles but including the day of the meeting specifying the place, the day and the hour of the 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 by Ordinary Resolution to such persons as are, under these Articles, entitled to receive such
notices from the Company, but with the consent of all the Shareholders entitled to receive notice of some particular meeting and attend
and vote thereat, that meeting may be convened by such shorter notice or without notice and in such manner as those Shareholders may think
fit. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any Shareholder shall not invalidate
the proceedings at any meeting. Notwithstanding that a meeting of the Company is called by shorter notice, it shall be deemed to have
been duly called if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.1. in the case of a meeting called as an annual general meeting, by all the members entitled to attend and
vote thereat or their proxies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.2. in the case of any other meeting, by a majority in number of the members having a right to attend and
vote at the meeting, being a majority together holding not less than 95% in nominal value of the shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. Any Shareholder present at any meeting of the Company shall for all purposes be deemed to have received
due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

**PROCEEDINGS AT GENERAL MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. All business carried out at a general meeting shall be deemed special with the exception of sanctioning
a dividend, the consideration of the accounts, balance sheets, and any report of the Directors or of the Auditors and the fixing of the
remuneration of the Auditors. No special business shall be transacted at any general meeting without the consent of all Shareholders entitled
to receive notice of that meeting unless notice of such special business has been given in the notice convening that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. No business shall be transacted at any general meeting unless a quorum of Shareholders is present at the
time when the meeting proceeds to business. One or more Shareholders holding at least one-third (33 1/3%) of all votes attached to all
outstanding voting Shares in issue and entitled to attend and vote at such general meeting present in person or by proxy shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. 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 Shareholders, 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 Shareholder or Shareholders present and entitled to vote shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. If the Directors wish to make this facility available to Shareholders for a specific or all general meetings
of the Company, a Shareholder who is entitled to participate in any specific or general meeting of the Company, may participate by means
of telephone or similar communication equipment by way of which all persons participating in such meeting can hear each other and such
participation shall be deemed to constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. The chairman, if any, of the Board of Directors shall preside as chairman at every general meeting of
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. If there is no such chairman, or if at any general meeting he is not present within fifteen minutes after
the time appointed for holding the meeting or is unwilling to act as chairman, the Shareholders present shall choose one of their number
to be chairman of that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. The chairman may, with the consent of any general meeting at which a quorum is present (and shall if so
directed by the meeting), adjourn a meeting from time to time and from place to place, but no business shall be transacted at any adjourned
meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for
14 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. 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 one or more Shareholders holding at least
10% of the votes attaching to the Shares present in person or by proxy entitled to vote, and unless a poll is so demanded, a declaration
by the chairman that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost,
and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of
the number or proportion of the votes recorded in favour of, or against, that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. If a poll is duly demanded it shall be taken in such manner as the chairman directs, and the result of
the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. 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 have a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. A poll demanded on the election of a chairman of the meeting or on a question of adjournment shall be
taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs.

**VOTES OF SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall
be accepted to the exclusion of the votes of the joint holders and for this purpose seniority shall be determined by the order in which
the names stand in the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. A Shareholder 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, or other person in the nature of a committee appointed
by that court, and any such committee or other person, may vote by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Shareholders who are entitled to vote at a general meeting shall not be entitled to vote at any general
meeting unless all calls or other sums presently payable by him in respect of shares carrying the right to vote held by him have been
paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. On a poll votes may be given either personally or by proxy. Each Shareholder, other than a recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)), may only appoint one proxy on a show of hand. Every Shareholder
who is entitled to vote at a general meeting and every person representing such a Shareholder as proxy shall have one vote for each share
of which such Shareholder or the Shareholder represented by the proxy is the holder. On a poll, a shareholder or proxy appointed by the
shareholder entitled to more than one vote is under no obligation to cast all his votes in the same way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney
duly authorised in writing or, if the appointor is a corporation, either under seal or under the hand of an officer or attorney duly authorised.
A proxy need not be a Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as
is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.1. not less than 48 hours before the time for holding the meeting or adjourned meeting at which the person
named in the instrument proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.2. in the case of a poll taken more than 48 hours after it is demanded, be deposited as aforesaid after the
poll has been demanded and not less than 24 hours before the time appointed for the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.3. where the poll is not taken forthwith but is taken not more than 48 hours after it was demanded be delivered
at the meeting at which the poll was demanded to the chairman or to the secretary or to any director,

provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or adjourned meeting) at the Registered Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The chairman may in any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a
poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings (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. Any such resolution may consist of several
documents in the like form signed by one or more of the Shareholders.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing
body authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Shareholders
or of the Board of Directors or of a committee of Directors, and the person so authorised shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholders or Director.

**DEPOSITARY AND CLEARING HOUSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the
Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such person(s) as it thinks
fit to act as its representative(s) at any general meeting of the Company or of any class of Shareholders provided that, if more than
one person is so authorised, the authorisation shall specify the number and class of Shares in respect of which each such Person is so
authorised. A person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf of the recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing house (or its nominee(s))
or depositary (or its nominee(s)) could exercise if it were an individual Member holding the number and class of Shares specified in such
authorisation, including the right to vote individually on a show of hands.

**DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. The Directors shall have the power at any time, and from time to time, to appoint a person as an additional
Director or persons as additional Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less
than three (or such minimum number as may be required from time to time by any Designated Stock Exchange Rules). The Company may by Ordinary
Resolution remove a Director at any time and may by Ordinary Resolution appoint another person in his stead. A vacancy on the Board created
by the removal of a Director may be filled by Ordinary Resolution or the affirmative vote of a simple majority of the remaining Directors
present and voting at a Board meeting. The notice of any meeting at which a resolution to remove a Director shall be proposed or voted
upon must contain a statement of the intention to remove that Director and such notice must be served on that Director not less than ten
(10) calendar days before the meeting. Such Director is entitled to attend the meeting and be heard on the motion for his removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. The remuneration of the Directors and any officers of the Company shall from time to time be determined
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. There shall be no shareholding qualification for Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Any casual vacancy occurring in the Board of Directors may be filled by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. The Directors shall not be required to retire by rotation.

**ALTERNATE DIRECTOR AND PROXY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. Any Director may in writing appoint another person 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 thereat 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. Such alternate shall not be an officer of the Company and shall be deemed to be the
agent of the Director appointing him. The remuneration of such alternate shall be payable out of the remuneration of the Director appointing
him and the proportion thereof shall be agreed between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. Any Director may appoint any person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Subject to the provisions of the Companies Act, these Articles, and to any resolutions made in a general
meeting, the business of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering
the Company and may exercise all powers of the Company. No resolution made by the Company in general meeting shall invalidate any prior
act of the Directors which would have been valid if that resolution had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. 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, mortgages, bonds and other such
securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. The Directors may from time to time appoint any person, whether or not a Director, to hold such office
in the Company as the Directors may think necessary for the administration of the Company, including but not limited to, the office of
President, one or more Vice-Presidents, Treasurer, Assistant Treasurer, Manager or Controller, and for such term, and with such powers
and duties as the Directors may think fit. The Directors may also appoint one or more of their number to the office of managing director
upon like terms, but any such appointment shall ipso facto determine if any managing director ceases from any cause to be a Director,
or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. The Directors may appoint a Secretary (and if need be an assistant secretary or Assistant Secretaries)
who shall hold office for such term, at such remuneration and upon such conditions and with such powers as they think fit. Any Secretary
or Assistant Secretary so appointed by the Directors may be removed by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. 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 discretion (not exceeding those vested in or exercisable by the Directors under these
Articles) and for such period and subject to such conditions as they may think fit, and any such power of attorney 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 discretion vested in him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. The Directors from time to time and at any time may establish any committees or local boards for managing
any of the affairs of the Company and may appoint any persons to be members of such committees or local boards and may appoint any managers
or agents of the Company and may fix the remuneration of any such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. The Directors from time to time and at any time may delegate to any such committee, local board, manager
or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such committee or local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and
any such appointment or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors
may at any time remove any person so appointed and may annul or vary any such delegation, but no person dealing in good faith and without
notice of any such annulment or variation shall be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**DISQUALIFICATION OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1. becomes prohibited by law from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2. becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3. dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.4. resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.6. is removed from office by Ordinary Resolution.

**PROCEEDINGS OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. The Directors may meet together (either within or without the Cayman Islands) for the despatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. In case of an equality of votes the chairman shall have a second or casting vote. A Director may, and the Secretary
or Assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. A Director or Directors may participate in any meeting of the Board of Directors, or of any committee
appointed by the Board of Directors of which such Director or Directors are members, by means of telephone or similar communication equipment
by way of which all persons participating in such meeting can hear each other and such participation shall be deemed to constitute presence
in person at the meeting. Every Director may be reimbursed for travel, hotel and other expenses incurred by him in attending meetings
of the Directors, any committee of the Directors or general meetings of the Company or in connection with the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors,
and unless so fixed, if there be two or more Directors shall be two, and if there be one Director the quorum shall be one. A Director
represented by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether
or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. 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 chairman or secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to
dissent shall not apply to a Director who voted in favour of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract
with the Company shall declare the nature of his interest at a meeting of the Directors. A general notice given to the Board of Directors
by any Director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract
which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract
so made. Subject to the Designated Stock Exchange Rules, a Director may vote in respect of any contract or proposed contract or arrangement
notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any
meeting of the Directors at which any such contract or proposed contract or arrangement shall come before the meeting for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms as the Directors may determine and no Director or intending
Director shall be disqualified by his office from contracting with the Company either with regard to his tenure of any such other office
or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the
Company in which any Director is in any way interested, be liable to be avoided, nor shall any Director so contracting or being so interested
be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that
office or of the fiduciary relationship thereby established. A Director, notwithstanding his interest, may be counted in the quorum present
at any meeting of the Directors whereat he or any other Director is appointed to hold any such office or place of profit under the Company
or whereat the terms of any such appointment are arranged and he may vote on any such appointment or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. Any Director may act by himself or his firm in a professional capacity for the Company, but he or his
firm shall not be entitled to any remuneration for such professional services unless approved by the Directors; provided that nothing
herein contained shall authorise a Director or his firm to act as auditors to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. The Directors shall cause minutes to be made in books provided for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.1. all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.2. the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.3. all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees
of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. When the chairman of a meeting of the Directors signs the minutes of such meeting those minutes shall
be deemed to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a
technical defect in the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. A resolution signed by all the Directors shall be as valid and effectual as if it had been passed at a
meeting of the Directors duly called and constituted. Any such resolution may consist of several documents in the like form signed by
one or more of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. The continuing Directors 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
may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. 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 fifteen minutes after the time appointed
for holding the meeting, the Directors present may choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. A committee appointed by the Directors may elect a chairman of its meetings. If no such chairman is elected,
or if at any meeting the chairman is not present within five minutes after the time appointed for holding the meeting, the members present
may choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. A committee appointed by the Directors may meet and adjourn as it thinks proper. Questions arising at
any meeting shall be determined by a majority of votes of the committee members present and in case of an equality of votes the chairman
shall have a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. All acts done by any meeting of the Directors or of a committee of Directors, or by any person acting
as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director
or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been duly appointed
and was qualified to be a Director.

**THE SEAL AND DEEDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Board of
Directors provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general
form confirming a number of affixings of the Seal. The Seal shall be affixed in the presence of a Director or the Secretary (or an Assistant
Secretary) or in the presence of any one or more persons as the Directors may appoint for the purpose and every person as aforesaid shall
sign every instrument to which the Seal is so affixed in their presence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Board of Directors provided
always that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form
confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such person or persons
as the Directors shall for this purpose appoint and such person or persons as aforesaid shall sign every instrument to which the facsimile
Seal is so affixed in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and
effect as if the Seal had been affixed in the presence of and the instrument signed by a Director or the Secretary (or an Assistant Secretary)
or in the presence of any one or more persons as the Directors may appoint for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Notwithstanding the foregoing, the Secretary or any Assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. The Company may execute any deed or other instrument which would otherwise be required to be executed
under Seal by the signature of such deed or instrument as a deed by a Director, the Secretary (or an Assistant Secretary) or any one or
more persons as the Directors may appoint for the purpose.

**DIVIDENDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Subject to any rights and restrictions for the time being attached to any class or series of shares, the
Directors may from time to time declare dividends (including interim dividends) and other distributions on shares in issue and authorise
payment of the same out of the funds of the Company lawfully available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Subject to any rights and restrictions for the time being attached to any class or series of shares, the
Company by Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors be applicable
for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending
such application may, in the absolute discretion of the Directors, either be employed in the business of the Company or be invested in
such investments (other than shares) as the Directors may from time to time think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Any dividend may be paid by cheque sent through the post to the registered address of the Shareholder
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 Shareholder or person entitled, or such joint holders as the case may be, may direct. Every such cheque 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 Shareholder or person entitled,
or such joint holders as the case may be, may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. The Directors when paying dividends to the Shareholders in accordance with the provisions of these Articles
may make such payment either in cash or in specie.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Subject to any rights and restrictions for the time being attached to any class or classes of shares,
all dividends shall be declared and paid according to the amount paid on the shares, but if and so long as nothing is paid up on any of
the shares dividends may be declared and paid according to the par value of the shares. No amount paid on a share in advance of calls
shall, while carrying interest, be treated for the purposes of this Article as paid on the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. If several persons are registered as joint holders of any share, any of them may give effectual receipts
for any dividend or other moneys payable on or in respect of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. No dividend shall bear interest against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Any dividend unclaimed after a period of six years from the date of declaration of such dividend shall
be automatically forfeited and shall revert to the Company and shall be applied to the class or series of shares in relation to which
the dividend relates.

**ACCOUNTS AND AUDIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by law, Designated Stock Exchange Rules or authorised by the Directors or by the Company by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. The Company may appoint Auditors but shall not be required to do so, unless required by the Companies
Act or Designated Stock Exchange Rules, and if the Company appoints Auditors the Company's accounts shall be audited in such manner
as may be determined from time to time by the Company by Special Resolution or failing such determination by the Directors. The Auditors
shall be appointed in general meeting or failing which by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. The Directors in each calendar year shall prepare, or cause to be prepared, an annual return and declaration
setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

**SHARE PREMIUM ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. The Directors shall in accordance with Section 34 of the Companies Act establish a share premium account
and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of
any share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. There shall be debited to any share premium account on the redemption or purchase of a share the difference
between the nominal value of such share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by Section 37 of the Companies Act, out of capital.

**CAPITALISATION OF RESERVES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Subject to any necessary sanction or authority being obtained the Company in general meeting may at any
time and from time to time pass a resolution that any sum not required for the payment or provision of a fixed dividend with or without
further participation in profits and (a) for the time being standing to the credit of any reserve fund of the Company including without
limitation the share premium account or (b) being undivided profits in the hands of the Company be capitalised and that such sum be appropriated
as capital to and amongst the members in the shares and proportions in which they would have been entitled thereto if the same had been
distributed by way of dividend and in such manner as the resolution may direct and the Directors shall in accordance with such resolution
apply such sum in paying up in full or in part any unissued shares or debentures of the Company on behalf of such members and appropriate
such shares or debentures to and distribute the same credited as fully paid up or partly paid up amongst them in the proportions aforesaid
in satisfaction of their shares and interests in the said capitalised sum or shall apply such sum or any part thereof on behalf of such
members in paying up the whole or part of any uncalled balance which shall for the time being be unpaid in respect of any issued shares
or debentures held by them. Where any difficulty arises in respect of any such distribution the Directors may settle the same as they
think expedient and in particular they may fix the value for distribution of any fully paid up shares or debentures make cash payments
to any members on the footing of the value so fixed in order to adjust rights and vest any such shares or debentures in trustees upon
such trusts for or for the benefit of the persons entitled to share in the appropriation and distribution as may seem just and expedient
to the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Notwithstanding any provisions in these Articles and subject to the Companies Act, the Directors may resolve
to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption reserve and profit
and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares to be allotted and
issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137.1. Employees, Directors or service providers of the Company or its Affiliates upon exercise or vesting of
any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement which relates to such persons
that has been adopted or approved by the Directors or the Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137.2. any trustee of any trust or administrator of any share incentive scheme or employee benefit scheme to
whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme or employee benefit
scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Members.

**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Any notice or document may be served by the Company or by the person entitled to give notice to any Shareholder
either personally, by facsimile, by email or by sending it through the post in a prepaid letter or via a recognised courier service, fees
prepaid, addressed to the Shareholder at his address as appearing in the Register of Members. In the case of joint holders of a share,
all notices shall be given to that one of the joint holders whose name stands first in the Register of Members in respect of the joint
holding, and notice so given shall be sufficient notice to all the joint holders. Notice may also be served by Electronic Communication
in accordance with the rules and regulations of the Designated Stock Exchange, the Commission and/or any other competent regulatory authority
or by placing it on the Company's Website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Any Shareholder present, either personally or by proxy, at any meeting of the Company shall for all purposes
be deemed to have received due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Any notice or other document, if served by (a) post, shall be deemed to have been served ten days after
the time when the letter containing the same is posted or, (b) facsimile or email, shall be deemed to have been served upon transmission
to the correct facsimile number or email address, or (c) recognised courier service, shall be deemed to have been served 48 hours after
the time when the letter containing the same is delivered to the courier service. In proving service by post or courier service it shall
be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier
service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Any notice or document delivered or sent by post, left at the registered address of any Shareholder or
sent by facsimile transmission or email in accordance with the terms of these Articles shall notwithstanding that such Shareholder be
then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect
of any share registered in the name of such Shareholder as sole or joint holder, unless his name shall at the time of the service of the
notice or document, have been removed from the Register of Members as the holder of the share, and such service shall for all purposes
be deemed a sufficient service of such notice or document on all persons interested (whether jointly with or as claiming through or under
him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.1. all Shareholders holding shares with the right to receive notice and who have supplied to the Company
an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.2. every person entitled to a share in consequence of the death or bankruptcy of a Shareholder, who but for
his death or bankruptcy would be entitled to receive notice of the meeting.

No other person shall be entitled to receive notices of general meetings.

**INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Subject to the relevant laws, rules and regulations applicable to the Company, no Member shall be entitled
to require discovery of any information in respect of any detail of the Company's trading or any information which is or may be
in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion
of the Board would not be in the interests of the Members of the Company to communicate to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Subject to due compliance with the relevant laws, rules and regulations applicable to the Company, the
Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its affairs
to any of its Members including, without limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Every Director, Secretary (including an Assistant Secretary), officer (other than the Auditors) or servant
for the time being of the Company or any trustee for the time being acting in relation to the affairs of the Company and their respective
heirs, executors, administrators, personal representatives or successors or assignees shall, in the absence of actual fraud or wilful
default or as otherwise required by law, be indemnified by the Company against, and it shall be the duty of the Directors out of the funds
and other assets of the Company to pay, all costs, losses, damages and expenses, including travelling expenses, which any such Director,
Secretary, officer, servant or trustee may incur or become liable in respect of by reason of any contract entered into, or act or thing
done by him as such Director, Secretary, officer, servant or trustee or in any way in or about the execution of his duties and the amount
for which such indemnity is provided shall immediately attach as a lien on the property of the Company and have priority over the Shareholders
and over all other claims. No such Director, Secretary, officer, servant or trustee shall be liable or answerable for the acts, receipts,
neglects or defaults of any other Director, Secretary, officer, servant or trustee or for joining in any receipt or other act for conformity
or for any loss or expense happening to the Company through the insufficiency or deficiency of any security in or upon which any of the
monies of the Company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person
with whom any monies, securities or effects shall be deposited, or for any loss, damage or misfortune whatsoever which shall happen in
or about the execution of the duties of his respective office or trust or in relation thereto unless the same happens through his own
actual fraud or wilful default or as otherwise required by law.

**NON-RECOGNITION OF TRUSTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. No person shall be recognised by the Company as holding any share upon any trust and the Company shall
not (unless required by law) be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent
or future interest in any of its shares or any other rights in respect thereof except an absolute right to the entirety thereof in each
Shareholder registered in the Register of Members.

**WINDING UP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. If the Company shall be wound up the liquidator may, with the sanction of an Ordinary Resolution of the
Company, divide amongst the Shareholders in specie 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 the Shareholders or different class or series of shares. The liquidator may,
with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the contributories as
the liquidator, with the like sanction shall think fit, but so that no Shareholder shall be compelled to accept any shares or other securities
whereon there is any liability.

**AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Subject to the Companies Act and the rights attaching to any class or series of shares, the Company may
at any time and from time to time by Special Resolution alter or amend the Memorandum and these Articles in whole or in part.

**REGISTRATION BY WAY OF CONTINUATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. The Company shall, subject to the provisions of the Companies Act and with the approval 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 deregistered in the Cayman Islands.

**DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. The Directors, or any service providers (including the officers, the Secretary and the registered office
agent of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority
or to any stock exchange on which securities of the Company may from time to time be listed any information regarding the affairs of the
Company including without limitation information contained in the Register and books of the Company.

## Exhibit 5.1

**EXHIBIT 5.1**

![A yellow letter q on a gray background Description automatically generated](image_002.jpg)

**Quality Law Services Ltd**

Suite 102, Cannon Place, P.O. Box 712, North

Sound Road, George Town

Grand Cayman KY1-9006

https://www.quality.ky/

21 October 2025 Our Ref: JIR24.054-3

**<br> Ruanyun Edai Technology Inc.**<br> WB CORPORATE SERVICES (CAYMAN) LTD.

P. O. Box 2775, 1st fl. Artemis House, 67 Fort Street

George Town, Grand Cayman KY1-1111

Cayman Islands

Dear Sir or Madam

**Ruanyun Edai Technology Inc. (the *Company*)**

We have acted as counsel as to Cayman Islands law to the Company in connection with the Company's Registration Statement (as defined in Schedule 1) on Form S-8, filed with the U.S. Securities and Exchange Commission (the ***Commission***) pursuant to the United States Securities Act of 1933 (as amended) (the ***Securities Act***). The Form S-8 relates to the Company's adoption of the 2025 Equity Incentive Plan which was made effective on 7 September 2025 (the **Plan**).

We are furnishing this opinion as exhibit 5.1 to the Registration Statement.

We based our opinion on the Companies Act (as amended) of the Cayman Islands (the ***Companies Act***) currently in force. For the purposes of this opinion, we have examined the documents listed in Schedule 1.

We have relied on the assumptions set out in Schedule 2, which we have not independently verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we consider relevant, and subject to the qualifications set out in Schedule 3, we give the following opinions under the laws of the Cayman Islands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is an exempted company duly incorporated with limited liability, validly existing, and in
good standing under the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The authorised share capital of the Company is US$1,000,000 divided into 5,000,000,000 shares of a nominal
or par value of US$0.0002 each (each a  ***Share***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The total of 6,500,000 ordinary shares of the Company to be issued and allotted by the Company in accordance
with the Plan and the Registration Statement (the  ***ESOP Shares***) have been duly authorised. When allotted, issued and fully
paid for as contemplated in the Listing M&A, the Plan (together with the applicable award agreement) and the Registration Statement
and when appropriate entries have been made in the Register of Members (as defined in Schedule 1), the ESOP Shares will be validly issued
and allotted, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

Yours faithfully

/s/ Quality Law Services

**Quality Law Services Ltd**

**Schedule 1**

**Documents Examined**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the certificate of incorporation of the Company dated 11 March 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the second amended and restated memorandum and articles of association of the Company as adopted
by a special resolution passed on 12 December 2022 (the  ***Listing MA***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Copies of the register of members (the  ***Register of Members***) and register of directors of
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the certificate of good standing dated 4 April 2025 in respect of the Company issued by the
Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Copies of executed written resolutions of the board of directors of the Company, each dated 7 Sep
 2025. (the above as  ***Company Records***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company's registration statement on Form S-8 initially filed
by the Company with the Commission on 21 October 2025, including all amendments and supplements thereto (the  ***Registration Statement***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Plan.

**Schedule 2**

**Assumptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All originals documents examined in connection with this opinion are authentic. All signatures, initials
and seals are genuine and are those of the persons authorised or granted power to sign and/or execute such documents. Copies of documents,
conformed copies or drafts of documents provided to us are true, correct and compete copies of, or in the final forms of, the originals,
and the final drafts or executed copies conform in every material respect to the latest drafts of the same produced to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The MA reviewed by us are the memorandum and articles of association currently in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company Records are complete and accurate in all respects and all matters required by law and the
MA to be recorded therein are so recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Neither the directors nor the shareholders of the Company have taken any steps to have the Company de-registered,
struck off or placed in liquidations. No steps have been taken to wind up the Company and no receiver has been appointed over the Company's
property or assets. No event of a type which is specified in the memorandum and articles of association of the Company as giving rise
to the winding up of the Company (if any) has in fact occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All copies of the Form S-8 are true and correct copies and the Form S-8 conforms in every material respect
to the latest drafts of the same produced to us and, where the Form S-8 has been provided to us in successive drafts marked-up to indicate
changes to such documents, all such changes have been so indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Board Resolutions remain in full force and have not been revoked or varied, and each director of the
Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and
skill that is required of him/her in approving the Plan and no director has a financial interest in or other relationship to a party of
the transactions contemplated by the Plan which has not been properly disclosed in the Board Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. There are no other resolutions, agreements, documents or arrangements otherwise than what we have examined
as listed in Schedule 1 that would affect, amend or vary the transactions envisaged by the Registration Statement or affect our opinion
in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Company will have sufficient authorised but unissued Shares to effect the issue of ESOP Shares at
the time of issuance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Upon the issuance of the ESOP Shares, the Company will receive consideration for the full issue price
no less than the par value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Company is, and after the allotment and issuance of the ESOP Shares will be, able to pay its liabilities
as they fall due.

**Schedule 3**

**Qualifications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To maintain the Company in good standing with the Registrar under the laws of the Cayman Islands, annual
filing fees must be paid and returns made to the Registrar within the timeframe prescribed by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under the Companies Act, the register of members of a Cayman Islands company is by statute regarded as
prima facie evidence of any matters which the Companies Act directs or authorizes to be inserted therein. A third-party interest in the
shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in
the event of fraud or manifest error).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In this opinion the phrase "**non-assessable** "means, with respect to the issuance of
shares that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contribution to the Company's
assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper
purpose or other circumstance, in which a court may be prepared to pierce or lift the corporate veil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A restrictions notice may be issued by the corporate services provider of the Company in the event of
the Company's failure to disclose beneficial ownership information as required by the Companies Act. Upon issuance of such notice,
in respect of the interests affected and amongst others, any transfer or agreement to transfer such interest may be void and the rights
attached thereto may not be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. We express no opinion as to the meaning, validity or effect of any references to foreign statutes, rules,
regulations, codes, judicial authority or any other promulgations and any references to them in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. We have not made any enquiry and express no opinion as to the compliance of the Company with the International
Tax Co-operation (Economic Substance) Act (as amended) of the Cayman Islands.

## Exhibit 23.2

**EXHIBIT 23.2**

![](image_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated July 31, 2025 on the consolidated financial statements of Ruanyun Edai Technology Inc. and its subsidiaries, appearing in the Annual Report on Form 20-F of Ruanyun Edai Technology Inc. for the year ended March 31, 2025. We also consent to the reference to us under the heading "Experts" in this Registration Statement.

/s/ Audit Alliance LLP

Singapore

October 21, 2025

PCAOB ID #3487

## Exhibit 99.1

**EXHIBIT 99.1**

**RUANYUN EDAI TECHNOLOGY INC.**

**2025 EQUITY INCENTIVE PLAN**

Ruanyun Edai Technology Inc. sets forth herein the terms and conditions of its 2025 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PURPOSE

The Plan is intended to enhance the Company's and its Affiliates' ability to attract, retain and motivate employees, Consultants and Non-Employee Directors to serve the Company and its Affiliates and to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the Plan provides for the grant of Options, SARs, Restricted Shares, RSUs, and Other Stock-Based Awards. Any of these awards may—but need not—be made as performance incentives to reward attainment of performance goals in accordance with the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DEFINITIONS

For purposes of interpreting the Plan and related documents (including Award Agreements), the following definitions will apply:

**"Affiliate" means any company or other trade or business that "controls," is "controlled by" or is "under common control with" the Company within the meaning of Rule 405 of Regulation C under the Securities Act.**

**"Award" means a grant, under the Plan, of (i) an Option, (ii) SARs, (iii) Restricted Shares, (iv) RSUs, (v) any Other Stock-Based Award, or (vi) a Substitute Award.** 

**"Award Agreement" means a written agreement between the Company and a Grantee, or notice from the Company or an Affiliate to a Grantee that evidences and sets out the terms and conditions of an Award.** 

**"Beneficial Owner" will have the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular Person, that Person will be deemed to have beneficial ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms "Beneficially Owns," "Beneficially Owned" and "Beneficial Ownership" have corresponding meanings.**

**"Board" means the Board of Directors of the Company.** 

**"Cause"** will be defined as that term is defined in the Grantee's offer letter or other applicable employment agreement; or, if there is no such definition, "Cause" means, as determined by the Company, and unless otherwise provided in the applicable Award Agreement: (i) the Grantee's failure to materially perform and discharge his duties and responsibilities after receiving written notice allowing the Grantee ten (10) days to create a plan to cure such failures, such plan being acceptable to the Chief Executive Officer of the Company, and a further thirty (30) days to cure such failures, if so curable; (ii) the Grantee's breach of the material provisions of any service or employment agreement between the Grantee and the Company; (iii) the Grantee's misconduct that, in the good faith opinion and sole discretion of the Committee, is injurious to the Company; (iv) a felony conviction involving personal dishonesty or moral turpitude, or a determination by the Board, that the Grantee has willfully and knowingly violated Company policies or procedures; (v) the Grantee's engagement in illegal drug use or alcohol abuse that prevents the Grantee from performing the Grantee's duties in any manner; (vi) the Grantee's misappropriation, embezzlement, or conversion of the Company's opportunities or property; or (vii) the Grantee's willful misconduct, recklessness or gross negligence in respect of the Grantee's duties or obligations. The Committee, in its absolute discretion, will determine the effect of all matters and questions relating to the existence of Cause.

**"Change in Control"** means, except as otherwise provided in a Grantee's Award Agreement, the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person" or "group" (as defined in Section 13(d) and 14(d) of the Exchange Act) together with their affiliates become the ultimate Beneficial Owners of voting stock of the Company representing more than 50% of the voting power of the total voting stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a merger or consolidation of the Company with any other corporation or entity regardless of which entity is the survivor, other than a merger or a consolidation that would result in the voting stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or the parent thereof) at least 50% of the combined voting power of the voting securities of the Company or such surviving entity or the parent thereof, outstanding immediately after such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Shareholders approve a plan of complete liquidation or winding up of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board, and any new member of the Board (other than a member of the Board designated by a person who has entered into an agreement with the Company to effect a transaction described in subsections (i), (ii), or (iii) of this definition of "Change in Control") whose election by the Company's shareholders was approved by a vote of at least two-thirds of the members of the Board at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof.

Solely to the extent required by Section 409A of the Code, an event described above will not constitute a Change in Control for purposes of the payment (but not vesting) terms and conditions of any Award subject to Section 409A of the Code unless such event also constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the Company's assets within the meaning of Section 409A of the Code.

**"Code" means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code will be deemed to include a reference to any regulations promulgated thereunder.**

**"Committee" means any committee or other persons designated by the Board to administer the Plan. The Board will cause the Committee (to the extent one is established) to satisfy the applicable requirements of any securities exchange on which the Ordinary Shares may then be listed. For purposes of Awards to Grantees who are subject to Section 16 of the Exchange Act, Committee means all of the members of the Committee who are "non-employee directors" within the meaning of Rule 16b-3 under the Exchange Act. All references in the Plan to the Board will mean such Committee or the Board.**

**"Company" means Ruanyun Edai Technology Inc., a company incorporated under the laws of the Cayman Islands.**

**"Consultant" means any person, except an employee or Non-Employee Director, engaged by the Company or any Affiliate to render personal services to such entity, including as an advisor, and who qualifies as a consultant or advisor under Rule 701 of the Securities Act (during any period in which the Company is not subject to the reporting requirements of the Exchange Act) or Form S-8 (during any period in which the Company is subject to the reporting requirements of the Exchange Act).**

**"Disability" will be defined as that term is defined in the Grantee's offer letter or other applicable employment agreement or, if there is no such definition, "Disability" means, as determined by the Company and unless otherwise provided in the applicable Award Agreement, "permanent and total disability" as set forth in Section 22(e)(3) of the Code.**

**"Effective Date" means 7 September 2025.**

**"Exchange Act" means the Securities Exchange Act of 1934, as amended.** 

**"Fair Market Value" of a Share as of a particular date means (i) if the Shares are listed on a national securities exchange, the closing price of a Share as quoted on such exchange or other comparable reporting system for the first regular trading day immediately preceding the applicable date, (ii) if the Shares are not then listed on a national securities exchange, the closing price of a Share quoted by an established quotation service for over-the-counter securities for the first trading day immediately preceding the applicable date, or (iii) if the Shares are not then listed on a national securities exchange or quoted by an established quotation service for over-the-counter securities, or the value of the Shares is not otherwise determinable, such value as determined by the Board, in good faith (but in any event not less than fair market value within the meaning of Section 409A of the Code, and any regulations and other guidance thereunder). Notwithstanding the foregoing, if the Board determines that an alternative definition of Fair Market Value should be used in connection with the grant, exercise, vesting, settlement or payout of any Award, it may specify such alternative definition in the applicable Award Agreement.**

**"Family Member" means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law or sister-in-law, including adoptive relationships, of the applicable individual, any person sharing the applicable individual's household (other than a tenant or employee), a trust in which any one or more of these persons have more than 50% of the beneficial interest, a foundation in which any one or more of these persons (or the applicable individual) control the management of assets and any other entity in which one or more of these persons (or the applicable individual) own more than 50% of the voting interests.**

**"GAAP" means U.S. Generally Accepted Accounting Principles.**

**"Grant Date" means the latest to occur of (i) the date as of which the Board approves an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6, or (iii) such other date as may be specified by the Board in the Award Agreement.** 

**"Grantee" means a person who receives or holds an Award.** 

**"Non-Employee Director" means a member of the Board who is not an employee of the Company or any Affiliate and who is a non-employee director within the meaning of Rule 16b-3.** 

**"Option" means an option to purchase one or more Shares under the Plan.** 

**"Option Price" means the exercise price for each Share subject to an Option.** 

"**Ordinary Share**" means an ordinary share of the Company, par value $0.0002 per share.

**"Other Stock-Based Award" means Awards consisting of Share units, or other Awards, valued in whole or in part by reference to, or otherwise based on, Ordinary Shares, other than Options, SARs, Restricted Shares and RSUs.**

**"Performance Award" means an Award made subject to the attainment of performance goals over a performance period established by the Board.** 

**"Person" means a person as defined in Section 13(d)(3) of the Exchange Act.**

**"Plan" means this Ruanyun Edai Technology Inc. 2025 Equity Incentive Plan.** 

**"Purchase Price" means the purchase price for each Share under a grant of Restricted Shares.** 

**"Restricted Period" will have the meaning set forth in Section 10.1.**

**"Restricted Shares" means restricted Shares awarded to a Grantee under Section 10.**

**"RSU" means a bookkeeping entry representing the equivalent of Shares, awarded to a Grantee under Section 10.** 

"**SAR**" means a right granted to a Grantee under **Section 9**.

**"SAR Exercise Price" means the per Share exercise price of a SAR granted under Section 9.** 

**"SEC" means the U.S. Securities and Exchange Commission.**

**"Securities Act" means the Securities Act of 1933, as amended.**

**"Separation from Service" means the termination of the applicable Grantee's employment or engagement with, and performance of services for, the Company and each Affiliate. Unless otherwise determined by the Company, if a Grantee's employment or engagement with the Company or an Affiliate terminates but the Grantee continues to provide services to the Company or an Affiliate in a non-employee director capacity or as an employee, officer or consultant, as applicable, such change in status will not be deemed a Separation from Service. Approved temporary absences from employment because of illness, vacation or leave of absence and transfers among the Company and its Affiliates will not be considered Separations from Service. Notwithstanding the foregoing, with respect to any Award that constitutes nonqualified deferred compensation under Section 409A of the Code, "Separation from Service" will mean a "separation from service" as defined under Section 409A of the Code.**

**"Service Provider" means an employee, officer, Non-Employee Director or Consultant of the Company or an Affiliate.** 

**"Share" means one Ordinary Share.**

**"Shareholder" means a shareholder of the Company.**

**"Substitute Award" means any Award granted in assumption of or in substitution for an award of a company or business acquired by the Company or an Affiliate or with which the Company or an Affiliate combines.** 

**"Termination Date" means the date that is ten (10) years after the Effective Date, unless the Plan is earlier terminated by the Board under Section 5.2.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ADMINISTRATION OF THE PLAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** General

The Board will have such powers and authorities related to the administration of the Plan as are consistent with the Company's memorandum and articles of association and applicable law. The Board will have the power and authority to delegate its powers and responsibilities under the Plan to the Committee, which will have full authority to act in accordance with its charter, and with respect to the authority of the Board to act under the Plan. All references to the Board will be deemed to include a reference to the Committee, to the extent such power or responsibilities have been delegated. Except as specifically provided in **Section 14** or as otherwise may be required by applicable law, regulatory requirement or the memorandum and articles of association of the Company, the Board will have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement and will have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and conditions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan. The Committee will administer the Plan *provided* that the Board will retain the right to exercise the authority of the Committee to the extent consistent with applicable law and the applicable requirements of any securities exchange on which the Ordinary Shares may then be listed. The interpretation and construction by the Board of the Plan, any Award or any Award Agreement will be final, binding and conclusive. Without limitation, the Board will have full and final authority, subject to the other terms and conditions of the Plan, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) construe and interpret the Plan and apply its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) designate Grantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determine the types of Awards to be made to a Grantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine the number of Shares to be subject to an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) establish the terms and conditions of each Award (including the Option Price of any Option and the SAR Exercise Price of any SAR, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer or forfeiture of an Award or the Shares subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) prescribe the form of each Award Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) amend, modify or supplement the terms and conditions of any outstanding Award, including the authority, in order to effectuate the purposes of the Plan, to modify Awards to foreign nationals or individuals who are employed outside the U.S. to recognize differences in local law, tax policy, or custom.

To the extent permitted by applicable law, the Board may delegate its authority as set forth in the Plan to any individual or committee of individuals (who need not be directors), including the authority to make Awards to Grantees who are not subject to Section 16 of the Exchange Act. To the extent that the Board delegates its authority to make Awards as provided by this **Section 3.1**, all references in the Plan to the Board's authority to make Awards and determinations with respect thereto will be deemed to include the Board's delegate. Any such delegate will serve at the pleasure of, and may be removed at any time by, the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** No Repricing

Notwithstanding any other term or condition of the Plan, the repricing of Options or SARs is prohibited without prior approval of the Shareholders. For this purpose, a "repricing" means any of the following (or any other action that has the same effect as any of the following): (i) changing an Option or SAR to lower its Option Price or SAR Exercise Price; (ii) repurchasing for cash or canceling an Option or SAR at a time when its Option Price or SAR Exercise Price is greater than the Fair Market Value of the underlying Shares in exchange for another Award; and (iii) any other action that is treated as a "repricing" under GAAP, unless the actions contemplated in clauses (i), (ii), or (iii) occur in connection with a change in capitalization or similar change under **Section 15**. A cancellation and exchange under clause (ii) would be considered a "repricing" regardless of whether it is treated as a "repricing" under GAAP and regardless of whether it is voluntary on the part of the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** Separation from Service for Cause

The Company may cause an Award to be forfeited if the Grantee incurs a Separation from Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** Clawbacks

Except to the extent otherwise provided in a Grantee's Award Agreement, all awards, amounts or benefits received or outstanding under the Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction or other similar action in accordance with any Company clawback or similar policy ("**Clawback Policy**") or any applicable law related to such actions. In addition, a Grantee may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement in accordance with the Clawback Policy. A Grantee's acceptance of an Award will be deemed to constitute the Grantee's acknowledgement of and consent to the Company's application, implementation and enforcement of any applicable Company clawback or similar policy that may apply to the Grantee, whether adopted before or after the Effective Date, and any applicable law relating to clawback, cancellation, recoupment, rescission, payback or reduction of compensation, and the Grantee's agreement that the Company may take any actions that may be necessary to effectuate any such policy or applicable law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** Deferral Arrangement

The Board may permit or require the deferral of any Award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in accordance with Section 409A of the Code, which may include terms and conditions for the payment or crediting of interest or dividend equivalents, including converting such credits into deferred units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.** No Liability

No member of the Board will be liable for any action or determination made in good faith with respect to the Plan, any Award or Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7.** Book Entry

Notwithstanding any other term or condition of the Plan, the Company may elect to satisfy any requirement under the Plan for the delivery of stock certificates through the use of book-entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. shares SUBJECT TO THE PLAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** Authorized Number of Shares

Subject to adjustment under **Section 15**, the total number of Shares authorized to be awarded under the Plan will not exceed Six Million Five Hundred Thousand (6,500,000) Shares. Shares delivered under the Plan will consist in whole or in part of authorized but undelivered Shares, treasury Shares or Shares purchased on the open market or otherwise, all as determined by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** Share Counting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1.** General

Each Share (regardless of the award type) granted in connection with an Award will be counted as one Share against the limit in **Section 4.1**, subject to this **Section 4.2**. Share-based Performance Awards will be counted assuming maximum performance results (if applicable) until such time as actual performance results can be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2.** Cash-Settled Awards

Any Award settled in cash will not be counted as Shares for any purpose under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.3.** Expired or Terminated Awards

If any Award expires or is terminated, surrendered, canceled or forfeited, in whole or in part, the undelivered Shares covered by that Award will again be available for the grant of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.4.** Repurchased, Surrendered or Forfeited Awards

If delivered Shares are repurchased by, or are surrendered or forfeited to, the Company at no more than cost, such Shares will again be available for the grant of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.5.** Payment of Option Price, Purchase Price or Tax Withholding in Shares

Shares subject to an Award under the Plan will not be made available for delivery under the Plan if such Shares are (i) Shares tendered in payment of an Option, (ii) Shares delivered or withheld by the Company to satisfy any tax withholding obligation, (iii) Shares covered by a Share-settled SAR or other Shares that were not delivered upon the settlement of the SAR. Shares covered by a cash-settled RSU will again be made available for delivery under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.6.** Substitute Awards

In the case of any Substitute Award, such Substitute Award will not be counted against the number of Shares reserved under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. EFFECTIVE DATE, DURATION AND AMENDMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** Term

The Plan will be effective as of the Effective Date. The Plan will terminate automatically on the ten-year anniversary of the Effective Date and may be terminated on any earlier date as provided in **Section 5.2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** Amendment and Termination of the Plan

The Board may, at any time and from time to time, amend, suspend or terminate the Plan as to any Awards that have not been made. An amendment will be contingent on approval of the Shareholders to the extent stated by the Board, required by applicable law or required by applicable securities exchange listing requirements. No Awards may be granted after the Termination Date. The applicable terms and conditions of the Plan, and any terms and conditions applicable to Awards granted before the Termination Date will survive the termination of the Plan and continue to apply to such Awards. No amendment, suspension or termination of the Plan will, without the consent of the Grantee, materially impair rights or obligations under any Award made before such amendment, suspension or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AWARD ELIGIBILITY AND LIMITATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** Service Providers

Awards may be made to any Service Provider selected and designated by the Board from time to time. The Board may grant an Award to a person who is reasonably expected to become a Service Provider provided that such grant is contingent on such person becoming a Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** Successive Awards

An eligible person may receive more than one Award, subject to such restrictions as are provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** Stand-Alone, Additional, Tandem and Substitute Awards

The Board may grant Awards either alone or in addition to, in tandem with or in substitution or exchange for any other Award or any award granted under another plan of the Company, any Affiliate or any business entity to be acquired by the Company or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Board will have the right to require the surrender of such other Award in consideration for the grant of the new Award. Subject to **Section 3.2**, the Board will have the right to make Awards in substitution or exchange for any other award under another plan of the Company, any Affiliate or any business entity to be acquired by the Company or an Affiliate. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate, in which the value of Shares subject to the Award is equivalent in value to the cash compensation (for example, RSUs or Restricted Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AWARD AGREEMENT

Each Award will be evidenced by an Award Agreement, in such forms as the Board determines from time to time. Without limiting the foregoing, an Award Agreement may be provided in the form of a notice that provides that acceptance of the Award constitutes acceptance of all terms and conditions of the Plan and the notice. Award Agreements granted from time to time or at the same time need not contain similar terms and conditions but will be consistent with the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TERMS AND CONDITIONS OF OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** Option Price

The Option Price of each Option will be fixed by the Board and stated in the related Award Agreement. Each Option will be separately designated in the Award Agreement. The Option Price of each Option (except those that constitute Substitute Awards) will be at least the Fair Market Value of a Share on the Grant Date. In no case will the Option Price of any Option be less than the par value of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** Vesting

Subject to **Section 8.3**, each Option will become exercisable at such times and under such terms and conditions (including performance requirements) as may be determined by the Board and stated in the Award Agreement. The Board may, but will not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event and at any time after the Grant Date of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** Term

Each Option will terminate, and all rights to purchase Shares thereunder will cease, upon the expiration of a period not to exceed ten (10) years from the Grant Date, or under such circumstances and on any date before ten (10) years from the Grant Date as may be set forth in the Plan or as may be fixed by the Board and stated in the related Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** Limitations on Exercise of Option

Notwithstanding any other term or condition of the Plan, in no event may any Option be exercised, in whole or in part, (i) after the defined Term is exceeded or (ii) after the occurrence of an event that results in termination of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.** Method of Exercise

An Option that is exercisable may be exercised by the Grantee's delivery of a notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. To be effective, notice of exercise must be made in accordance with procedures established by the Company from time to time. No Option may be exercised for a fraction of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.** Rights of Holders of Options

Unless otherwise stated in the related Award Agreement, a Grantee holding or exercising an Option will have none of the rights of a Shareholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting of the subject Shares) until the Shares covered by the Option are fully paid and delivered to the Grantee. Except as provided in **Section 15** or the related Award Agreement, no adjustment will be made for dividends, distributions or other rights for which the record date is before the date of such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TERMS AND CONDITIONS OF SARS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** Right to Payment

A SAR will confer on the Grantee a right to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the SAR Exercise Price. The Award Agreement for a SAR (except those that constitute Substitute Awards) will specify the SAR Exercise Price, which will be fixed on the Grant Date at a price that is not less than the Fair Market Value of a Share on that date. SARs may be granted alone or in conjunction with all or part of an Option or at any subsequent time during the term of such Option or in conjunction with all or part of any other Award. A SAR granted in tandem with an outstanding Option after the Grant Date of such Option will have a SAR Exercise Price that is equal to the Option Price, provided that the SAR Exercise Price may not be less than the Fair Market Value of a Share on the Grant Date of the SAR to the extent required by Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** Other Terms

The Board will determine at the Grant Date the times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals or future service requirements), the times at which SARs will cease to be or become exercisable after Separation from Service or upon such other terms or conditions determined by the Board, the method of exercise, whether or not a SAR will be in tandem or in combination with any other Award and any other terms and conditions of any SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** Term of SARs

The term of a SAR granted under the Plan will be determined by the Board and stated in the related Award Agreement, provided that such term will not exceed ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.** Payment of SAR Amount

Upon exercise of a SAR, a Grantee will be entitled to receive payment from the Company (in cash or Shares) in an amount determined by multiplying (i) the difference between the Fair Market Value of a Share on the date of exercise over the SAR Exercise Price by (ii) the number of Shares with respect to which the SAR is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. TERMS AND CONDITIONS OF RESTRICTED SHARES AND RSU s

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** Restrictions

At the time of grant, the Board may establish a period of time (a "**Restricted Period**") and any additional restrictions including the satisfaction of corporate or individual performance objectives applicable to an Award of Restricted Shares or RSUs in accordance with **Section 12**. Each Award of Restricted Shares or RSUs may be subject to a different Restricted Period and additional restrictions. Neither Restricted Shares nor RSUs may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or before the satisfaction of any other applicable restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** Restricted Share Certificates

The Company will deliver, in the name of each Grantee to whom Restricted Shares have been granted, stock certificates or other evidence of ownership representing the total number of Restricted Shares granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either (i) the Secretary of the Company will hold such certificates for the Grantee's benefit until such time as the Restricted Shares are forfeited to the Company or the restrictions lapse, or (ii) such certificates will be delivered to the Grantee. Any such certificates delivered to the Grantee will bear legends that comply with the applicable securities laws and regulations and make appropriate reference to the restrictions imposed under the Plan and the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** Rights of Holders of Restricted Shares

Unless the Board otherwise provides in an Award Agreement and subject to **Section 17.10**, holders of Restricted Shares will have rights as Shareholders, including voting and dividend rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.** Rights of Holders of RSUs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.1.** Settlement of RSUs

RSUs may be settled in cash or Shares, as determined by the Board and set forth in the Award Agreement. The Award Agreement will also set forth whether the RSUs will be settled (i) within the time period specified for "short term deferrals" under Section 409A of the Code or (ii) otherwise within the requirements of Section 409A of the Code, in which case the Award Agreement will specify upon which events such RSUs will be settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.2.** Voting and Dividend Rights

Unless otherwise stated in the applicable Award Agreement and subject to **Section 17.10**, holders of RSUs will not have rights as Shareholders, including no voting or dividend or dividend equivalents rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.3.** Creditor's Rights

A holder of RSUs will have no rights other than those of a general creditor of the Company. RSUs represent an unfunded and unsecured obligation of the Company, subject to the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5.** Purchase of Restricted Shares

The Grantee will be required, to the extent required by applicable law, to purchase Restricted Shares from the Company at a Purchase Price equal to the greater of the aggregate par value of the Restricted Shares or the Purchase Price, if any, specified in the related Award Agreement. If specified in the Award Agreement, the Purchase Price may be deemed paid by services already rendered. The Purchase Price will be payable in a form described in **Section 11** or, if permitted by the Board, in consideration for past services rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6.** Delivery of Shares

Upon the expiration or termination of any Restricted Period and the satisfaction of any other terms and conditions prescribed by the Board, the restrictions applicable to Restricted Shares or RSUs settled in Shares will lapse, and, unless otherwise provided in the Award Agreement, a stock certificate for such Shares will be delivered, free of all such restrictions, to the Grantee or the Grantee's beneficiary or estate, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** General Rule

Payment of the Option Price for an Option or the Purchase Price for Restricted Shares will be made in cash or in cash equivalents acceptable to the Company, except as provided in this **Section 11**. Notwithstanding any provision of this **Section 11**, during any period for which the Ordinary Shares are publicly traded (i.e., the Ordinary Shares are listed on any established stock exchange or a national market system) an exercise by a Non-Employee Director or officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 will be prohibited with respect to any Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** Surrender of Shares

To the extent the Award Agreement so provides, payment of the Option Price for an Option or the Purchase Price for Restricted Shares may be made all or in part through the tender to, or withholding by, the Company of Shares that will be valued, for purposes of determining the extent to which the Option Price or Purchase Price for Restricted Shares has been paid thereby, at their Fair Market Value on the date of exercise or surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.** Cashless Exercise

With respect to an Option only (and not with respect to Restricted Shares), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price may be made all or in part by delivery (on a form acceptable to the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Shares and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in **Section 17.3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.** Other Forms of Payment

To the extent the Award Agreement so provides, payment of the Option Price or the Purchase Price for Restricted Shares may be made in any other form that is consistent with applicable laws, regulations, and rules, including the Company's withholding of Shares otherwise due to the exercising Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. PERFORMANCE AWARDS

The right of a Grantee to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance terms conditions as may be specified by the Board. The Board may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance terms or conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **other sTOCK-based awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** Grant of Other Stock-Based Awards

Other Stock-Based Awards may be granted either alone or in addition to or in conjunction with other Awards. Other Stock-Based Awards may be granted in lieu of other cash or other compensation to which a Service Provider is entitled from the Company or may be used in the settlement of amounts payable in Shares under any other compensation plan or arrangement of the Company. Subject to the terms and conditions of the Plan, the Board will determine the persons to whom and the times at which such Awards may be made, the number of Shares to be granted under such Awards and all other terms and conditions of such Awards. Unless the Board determines otherwise, any such Award will be confirmed by an Award Agreement, which will contain such terms and conditions as the Board determines to be necessary or appropriate to carry out the intent of the Plan with respect to such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.** **Terms of Other Stock-Based Awards**

Any Shares subject to Awards made under this **Section 13** may not be sold, assigned, transferred, pledged or otherwise encumbered before the date on which the Shares are delivered or, if later, the date on which any applicable restriction, performance or deferral period lapses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. REQUIREMENTS OF LAW

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** General

The Company will not be required to sell or deliver any Shares under any Award if the sale or delivery of such Shares would constitute a violation by the Grantee, any other individual or the Company of any law or regulation of any governmental authority, including any federal or state securities laws or regulations. If at any time the Company determines that the listing, registration or qualification of any Shares subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a term or condition of, or in connection with, the delivery or purchase of Shares under the Plan, no Shares may be delivered or sold to the Grantee or any other individual exercising an Option unless such listing, registration, qualification, consent or approval has been effected or obtained free of any terms and conditions not acceptable to the Company, and any delay caused thereby will in no way affect the date of termination of the Award. Specifically, in connection with the Securities Act, upon the exercise of any Option or the delivery of any Shares underlying an Award,

unless a registration statement under the Securities Act is in effect with respect to the Shares covered by such Award, the Company will not be required to sell or deliver such Shares unless the Board has received evidence satisfactory to it that the Grantee or any other individual exercising an Option may acquire such Shares under an exemption from registration under the Securities Act. The Company may, but will not be obligated to, register any securities covered by the Plan under the Securities Act. The Company will not be obligated to take any affirmative action to cause the exercise of an Option or the delivery of Shares under the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly imposes the requirement that an Option will not be exercisable until the Shares covered by such Option are registered or are exempt from registration, the exercise of such Option (under circumstances in which the laws of such jurisdiction apply) will be deemed conditioned on the effectiveness of such registration or the availability of such an exemption. The Board may require the Grantee to sign such additional documentation, make such representations and furnish such information as the Board may consider appropriate in connection with the grant of Awards or delivery of Shares in compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** Rule 16b-3

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards and the exercise of Options granted to officers and directors under the Plan will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any term or condition of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, it will be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and will not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may modify the Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. EFFECT OF CHANGES IN CAPITALIZATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.** Changes in Ordinary Shares

If (i) the number of outstanding Shares is increased or decreased or the Shares are changed into or exchanged for a different number or kind of shares or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock, or other increase or decrease in such Shares effected without receipt of consideration by the Company occurring after the Effective Date or (ii) there occurs any spin-off, split-up, extraordinary cash dividend or other distribution of assets by the Company, (A) the number and kinds of shares for which grants of Awards may be made, (B) the number and kinds of shares for which outstanding Awards may be exercised or settled and (C) the performance goals relating to outstanding Awards will be equitably adjusted by the Company, provided that any such adjustment will comply with Section 409A of the Code. In addition, in the event of any such increase or decrease in the number of outstanding shares or other transaction described in clause (ii) above, the number and kind of shares for which Awards are outstanding and the Option Price per share of outstanding Options and SAR Exercise Price per share of outstanding SARs will be equitably adjusted, provided that any such adjustment will comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.** Effect of a Change in Control

In the event of a Change in Control, the Committee may, but will not be obligated to: (i) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of any Award; (ii) cancel Awards and cause to be paid to the holders of vested Awards the value of such Awards, if any, as determined by the Committee, in its sole discretion, it being understood that in the case of any Option with an Option Exercise Price or SAR with a SAR Exercise Price that equals or exceeds the price paid for an Ordinary Share in connection with the Change in Control, the Committee may cancel the Option or SAR without the payment of consideration therefor; (iii) provide for the issuance of substitute Awards or the assumption or replacement of such Awards; (iv) provide written notice to Grantees that for a period of at least ten (10) days prior to the Change in Control, such Awards will be exercisable, to the extent applicable, as to all Ordinary Shares subject thereto and upon the occurrence of the Change in Control, any Awards not so exercised will terminate and be of no further force and effect; or (v) otherwise treat such Awards in the manner set forth in the agreement pursuant to which the Change in Control is consummated. The obligations of the Company under the Plan will be binding on any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company or on any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3.** Adjustments

Adjustments under this **Section 15** related to Shares or other securities of the Company will be made by the Board. No fractional Shares or other securities will be delivered under any such adjustment, and any fractions resulting from any such adjustment will be eliminated in each case by rounding downward to the nearest whole Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. No Limitations on Company

The grant of Awards will not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or any part of its business or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. TERMS APPLICABLE GENERALLY TO AWARDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.** Disclaimer of Rights

No term or condition of the Plan or any Award Agreement will be construed to confer on any individual the right to remain in the employ or service of the Company or any Affiliate or to interfere in any way with any contractual or other right or authority of the Company either to increase or decrease the compensation or other payments to any individual at any time or to terminate any employment or other relationship between any individual and the Company. In addition, notwithstanding any other term or condition of the Plan, unless otherwise stated in the applicable Award Agreement, no Award will be affected by any change of duties or position of the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the Company to pay any benefits under the Plan will be interpreted as a contractual obligation to pay only those amounts described in the Plan, in the manner and under the terms and conditions prescribed in the Plan. The Plan will in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.** Nonexclusivity of the Plan

Neither the adoption of the Plan nor the submission of the Plan to the Shareholders for approval, to the extent such approval is sought by the Board, will be construed as creating any limitations on the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to one or more classes of individuals or specifically to one or more particular individuals), including the granting of Options as the Board determines desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.** Withholding Taxes

The Company or an Affiliate, as the case may be, will have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, local or foreign taxes of any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an Award, (ii) upon the delivery of any Shares upon the exercise of an Option or SAR or settlement of an RSU or (iii) otherwise due in connection with an Award. At the time of such vesting, lapse, exercise or settlement, the Grantee will pay to the Company or the Affiliate, as the case may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. The Company or the Affiliate, as the case may be, may require or permit the Grantee to satisfy such obligations, in whole or in part, (A) by causing the Company or the Affiliate to withhold up to the maximum required number of Shares otherwise deliverable to the Grantee as may be necessary to satisfy such withholding obligation or (B) by delivering to the Company or the Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld will have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the Shares used to satisfy such withholding obligation will be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. To the extent applicable, a Grantee may satisfy Grantee's withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4.** Other Terms and Conditions; Employment Agreements

Each Award Agreement may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Board. In the event of any conflict between the terms and conditions of an employment agreement and the Plan, the terms and conditions of the employment agreement will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5.** Severability

If any term or condition of the Plan or any Award Agreement is determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining terms and conditions of the Plan and the Award Agreement will be severable and enforceable, and all terms and conditions will remain enforceable in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6.** Governing Law

The Plan and all Award Agreements will be construed in accordance with and governed by the laws of the Cayman Islands without regard to the principles of conflicts of law that could cause the application of the laws of any jurisdiction other than the Cayman Islands. For purposes of resolving any dispute that arises under the Plan, each Grantee, by virtue of receiving an Award, will be deemed to have submitted to and consented to the exclusive jurisdiction of the Cayman Islands and to have agreed that any related litigation will be conducted solely in the courts of the Cayman Islands, where the Plan is made and to be performed, and no other courts. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.** Section 409A of the Code

The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan will be interpreted and administered to be in compliance with Section 409A and the applicable regulations and guidance thereunder. Any payments described in the Plan that are due within the "short-term deferral period" as defined in Section 409A of the Code will not be treated as deferred compensation unless applicable laws require otherwise. For purposes of Section 409A of the Code, each installment payment under the Plan will be treated as a separate payment. Notwithstanding any other term or condition of the Plan, to the extent required to avoid accelerated taxation or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided under the Plan during the six-month period immediately after the Grantee's Separation from Service will instead be paid on the first payroll date after the six-month anniversary of the Grantee's Separation from Service (or the Grantee's death, if earlier). Notwithstanding the foregoing, neither the Company nor the Board will have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Grantee under Section 409A of the Code and neither the Company nor the Board will have any liability to any Grantee for such tax or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8.** Separation from Service

The Board will determine the effect of a Separation from Service on Awards, and such effect will be set forth in the appropriate Award Agreement. Without limiting the foregoing, the Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, the actions that may be taken upon the occurrence of a Separation from Service, including accelerated vesting or termination, depending on the circumstances surrounding the Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.9.** Transferability of Awards and Delivered Shares

No Award will be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution, and, during the lifetime of the Grantee, only the Grantee personally (or the Grantee's personal representative) may exercise rights under the Plan.

Notwithstanding the foregoing, if authorized in the applicable Award Agreement or otherwise approved by the Board, a Grantee may transfer, not for value, all or part of an Award to any Family Member. For the purpose of this **Section 17.9**, a "not for value" transfer is a transfer that is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights or (iii) a transfer to an entity in which more than 50% of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. After a transfer under this **Section 17.9**, any such Award will continue to be subject to the same terms and conditions as were applicable immediately before transfer. Subsequent transfers of transferred Awards are prohibited except to Family Members of the original Grantee in accordance with this **Section 17.9** or by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.10.** Dividend Equivalent Rights

If specified in the Award Agreement, the recipient of an Award may be entitled to receive dividend equivalent rights with respect to the Shares or other securities covered by an Award. The terms and conditions of a dividend equivalent right may be set forth in the Award Agreement. Dividend equivalents credited to a Grantee may be paid in cash or deemed to be reinvested in additional Shares or other securities of the Company at a price per unit equal to the Fair Market Value of a Share on the date that such dividend was paid to Shareholders. Notwithstanding the foregoing, dividends or dividend equivalents will not be paid on any Award or portion thereof that is unvested or on any Award that is subject to the achievement of performance criteria before the Award has become earned and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.11.** Data Protection

A Grantee's acceptance of an Award will be deemed to constitute the Grantee's acknowledgement of and consent to the collection and processing of personal data relating to the Grantee so that the Company can meet its obligations and exercise its rights under the Plan and generally administer and manage the Plan. This data will include data about participation in the Plan and Shares offered or received, purchased or sold under the Plan and other appropriate financial and other data (such as the date on which the Awards were granted) about the Grantee and the Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.12.** Plan Construction

In the Plan, unless otherwise stated, the following uses apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a statute or law refer to the statute or law and any amendments and any successor statutes or laws and to all valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder, as amended, or their successors, as in effect at the relevant time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in computing periods from a specified date to a later specified date, the words "from" and "commencing on" (and the like) mean "from and including," and the words "to," "until" and "ending on" (and the like) mean "to and including";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indications of time of day will be based on the time applicable to the location of the principal headquarters of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the words "include," "includes" and "including" (and the like) mean "include, without limitation," "includes, without limitation" and "including, without limitation" (and the like), respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all references to articles and sections are to articles and sections in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all words used will be construed to be of such gender or number as the circumstances and context require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the captions and headings of articles and sections have been inserted solely for convenience of reference and will not be considered a part of the Plan, nor will any of them affect the meaning or interpretation of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any reference to an agreement, plan, policy, form, document or set of documents, and the rights and obligations of the parties under any such agreement, plan, policy, form, document or set of documents, will mean such agreement, plan, policy, form, document or set of documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all accounting terms not specifically defined will be construed in accordance with GAAP.

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**S-8**

(Form Type)

**Ruanyun Edai Technology Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering Price<br> Per Unit** | **Maximum<br> Aggregate<br> Offering Price<sup>(1)</sup>** | **Fee<br> Rate** | **Amount of<br> Registration Fee** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward<br> File Number** | **Carry<br> Forward<br> Initial<br> effective date** | **Filing Fee<br> Previously Paid<br> In Connection<br> with Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Ordinary Shares, par value $0.0002 per share | 457 (o) | 6500000 | $1.38 | $8970000.00 | .0.00015310 | $1373.31 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $8970000.00 |  | $1373.31 |  |  |  |  |
|  | **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** |  |  |  | $1373.31 |  |  |  |  |

---

(1) Estimated solely for purposes of calculating the registration fee in accordance
with Rule 457(c) under the Securities Act. The proposed maximum aggregate offering price is equal to the average of the high and low prices
of shares of Ruanyun Edai Technology Inc. ordinary shares on the Nasdaq Capital Market on October 15, 2025, multiplied by the number of
shares registered.