# EDGAR Filing Document

**Accession Number:** 0002080841
**File Stem:** 0001213900-25-126775
**Filing Date:** 2025-12
**Character Count:** 939086
**Document Hash:** 84099578a1b8d5059ed0cf060008c5f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-126775.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001213900-25-126775

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 40

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BW Industrial Holdings Inc.
- **CENTRAL INDEX KEY:** 0002080841
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL BUILDING CONTRACTORS - NONRESIDENTIAL BUILDINGS [1540]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 814516346
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292504
- **FILM NUMBER:** 251615573

**BUSINESS ADDRESS:**
- **STREET 1:** 2825 WILCREST DRIVE, SUITE 42111
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77042
- **BUSINESS PHONE:** 832-627-6852

**MAIL ADDRESS:**
- **STREET 1:** 2825 WILCREST DRIVE, SUITE 42111
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77042

#### As filed with the U.S. Securities and Exchange Commission on December 30 , 2025

#### Registration No. [•]

#### U.S. SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### ___________________________________

#### FORM S-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933

#### ___________________________________

#### BW Industrial Holdings Inc.<br> (Name of registrant as specified in its charter)

#### ___________________________________

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| | | |
|:---|:---|:---|
|  **Delaware** | **1541** | **81-4516346** |
|  **(State or jurisdiction of** <br>**incorporation or organization)** | **(Primary Standard Industrial <br>Classification Code Number)** | **(I.R.S. Employer** <br>**Identification No.)** |

---

#### 2825 Wilcrest Drive, Suite 421<br>Houston, TX 77042<br>Tel: (832) 627-6852<br> (Address, including zip code, and telephone number,<br>including area code, of Registrant's principal executive offices)

#### ___________________________________

#### Copies to:

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| | |
|:---|:---|
| **Louis E. Taubman, Esq. <br>Joan Wu, Esq.<br>Hunter Taubman Fischer & Li LLC<br>950 Third Ave., 19th Floor<br>New York, NY 10022<br>(212) 530**-2210 | **William Rosenstadt, Esq. <br>Yarona Yieh, Esq. <br>Ortoli Rosenstadt LLP<br>366 Madison Avenue, 3rd Fl.<br>New York, NY 10017<br>(212) 588**-0022 |

---

#### ___________________________________

#### Approximate date of proposed sale to the public:<br>As soon as practicable after the effective date of the registration statement
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐

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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

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

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. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the Registration Statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.**

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[**Table of Contents**](#TOC001)

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

#### SUBJECT TO COMPLETION, DATED DECEMBER 30 , 2025

#### PROSPECTUS

#### 2,625,000 Shares of Common Stock

#### BW Industrial Holdings Inc.
This prospectus relates to an initial offering of 2,625,000 shares of common stock, $0.0001 par value (the "Common Stock"), of BW Industrial Holdings Inc., a Delaware corporation (the "Company"), on a firm commitment basis (the "Offering"). We anticipate that the initial public offering price will be between $7 and $9.

We have reserved the symbol "BWGC" for purposes of listing our Common Stock on the Nasdaq Global Market ("Nasdaq") and have applied to list our Common Stock on Nasdaq. The closing of this Offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Common Stock will be approved for listing on Nasdaq.

We are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. See "Prospectus Summary — Implications of Being an Emerging Growth Company."

Additionally, we are, and following the completion of this Offering, will continue to be, a "controlled company" as defined under Nasdaq Marketplace Rules 5615(c). Mr. Yunlong Zhang, our controlling stockholder, will be able to exercise approximately 57.21% of the aggregate voting power of our issued and outstanding shares of Common Stock and will be able to determine all matters requiring approval by our stockholders, immediately after the consummation of this Offering, assuming the sales of 2,625,000 shares of Common Stock we are offering and no over-allotment option is exercised by the underwriters. Mr. Yunlong Zhang has served as our Chief Executive Officer ("CEO") and director ("Director") since November 2016. For further information, see "Principal Stockholders" and "Prospectus Summary — Our Relationship with Our Controlling Stockholder — Mr. Yunlong Zhang." As a "controlled company", we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements. We will avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq. As of the date of this prospectus, we intend to rely only on the exemption that permits us not to have a nominating and corporate governance committee composed entirely of independent directors. We may in the future take advantage of additional controlled company exemptions. As a result, our board may not be structured in the same manner as the boards of companies that are subject to all of Nasdaq's corporate governance requirements, and our stockholders may not have the same protection afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq. See "Prospectus Summary — Implications of Our Being a Controlled Company" and "Risk Factors — Risks Relating to Our Capital Stock and Trading — We will be a 'controlled company' within the meaning of Nasdaq listing standards and, as a result, will qualify for exemptions from certain corporate governance requirements".

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

**An investment in our Common Stock is speculative and involves a high degree of risk. See "Risk Factors" beginning at page 12 to read about factors you should consider before buying our Common Stock.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total Without <br>Over-Allotment <br>Option** | **Total With <br>Over-Allotment <br>Option** |
|  Assumed Initial public offering price of Common Stock<sup>(1)</sup> | $8.0 | $21000000 | $24150000 |
|  Underwriting discounts<sup>(2)</sup> | $0.48 | $1260000 | $1449000 |
|  Proceeds to our company before expenses<sup>(3)</sup> | $7.52 | $19740000 | $22701000 |

---

____________

(1) Assumes an initial public offering price of $8.0 per share of Common Stock, the midpoint of the range set forth on the cover page of this registration statement.

(2) Represents underwriting discounts equal to 6.0% per share of Common Stock. Does not include an unaccountable expense allowance equivalent to one percent (1%) of the gross proceeds received by the Company from the sales of the shares of Common Stock payable to the underwriters, excluding the over-allotment option. We refer you to "Underwriting" beginning on page 86 of this prospectus for a description of compensation payable to the underwriters.

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(3) We have agreed to grant a 45-day option to Eddid Securities USA Inc., the representative of the underwriters ("Representative" or "Eddid"), to purchase up to an additional 393,750 shares of Common Stock, on the same terms and conditions as set forth above solely to cover over-allotments, if any. See "Underwriting" beginning on page 86 for more information.

The Offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares of Common Stock if any such shares of Common Stock are taken. We have granted the Representative an option, exercisable for 45 days after the closing of this Offering, to purchase up to an additional 15% of the shares of Common Stock on the same terms as the other shares of Common Stock being purchased by the Representative from us.

The underwriters expect to deliver the shares of our Common Stock against payment in U.S. dollars in New York, New York on or about [•], 2025. In addition, we will pay additional items of value in connection with this Offering that are viewed by the Financial Industry Regulatory Authority ("FINRA"), as underwriting compensation. These payments will further reduce proceeds available to us before expenses.

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

#### Eddid Securities USA Inc.

#### The date of this prospectus is [•], 2025

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [Prospectus Summary](#T991001) | 1 |
|  [Risk Factors](#T991002) | 12 |
|  [Cautionary Statement Concerning Forward-Looking Information](#T991003) | 30 |
|  [Dividend Policy](#T1004) | 32 |
|  [Use Of Proceeds](#T991005) | 33 |
|  [Capitalization](#T991006) | 34 |
|  [Dilution](#T991007) | 35 |
|  [Market Price and Dividends on Registrant's Common Equity and Related Stockholder Matters](#T991008) | 36 |
|  [Management's Discussion And Analysis Of Financial Condition and Results of Operations](#T991009) | 37 |
|  [Business](#T991010) | 58 |
|  [Industry](#T991011) | 69 |
|  [Management](#T991012) | 77 |
|  [Executive Compensation](#T991013) | 81 |
|  [Security Ownership of Certain Beneficial Owners and Management](#T991014) | 83 |
|  [Shares Eligible For Future Sale](#T991015) | 84 |
|  [Underwriting](#T991016) | 86 |
|  [Certain Relationships and Related Transactions](#T991017) | 91 |
|  [Description of Securities](#T991018) | 93 |
|  [Legal Matters](#T991019) | 96 |
|  [Experts](#T991020) | 96 |
|  [Disclosure Of Commission Position on Indemnification for Securities Act Liabilities](#T991021) | 96 |
|  [Where You Can Find Additional Information](#T991022) | 96 |
|  [Exhibits and Financial Statement Schedule](#T991023) | F-1 |

---

Neither we nor the underwriters have authorized any person to give you any supplemental information or to make any representations for us. You should not rely upon any information about us that is not contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. Information contained in this prospectus or in our other public reports may become stale. You should not assume that the information contained in this prospectus, any prospectus supplement or the documents incorporated by reference are accurate as of any date other than their respective filing dates, regardless of the time of delivery of this prospectus or of any sale of the shares of Common Stock. Our business, financial condition, results of operations and prospects may have changed since those dates. We are offering to sell, and seeking offers to buy, shares of our Common Stock only in jurisdictions where offers and sales are permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale.

**For Investors Outside the United States:** The underwriters are offering to sell, and seeking offers to buy, shares of our Common Stock only in jurisdictions where offers and sales are permitted. Neither we nor the underwriters have done anything that would permit this Offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our Common Stock and the distribution of this prospectus outside the United States.

***Unless the context indicates otherwise, as used in this prospectus, the terms "BW Holdings," "Company," "we," "us," "our," "our company" and "our business" refer, to BW Industrial Holdings Inc. "Bestwater" or "BW Construction" are to Bestwater USA Inc. (d/b/a BW Industrial Construction), a corporation organized under the laws of Texas, and a wholly owned subsidiary of BW Holdings.***

Unless the context indicates otherwise, all information in this prospectus assumes no exercise by the underwriters of their over-allotment option.

Numerical figures included in this prospectus may have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

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#### COMMONLY USED DEFINED TERMS
Unless the context otherwise requires, in this registration statement references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Bestwater" or "BW Construction" refers to Bestwater USA Inc. (dba. BW Industrial Construction), a wholly owned subsidiary of BW Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BW Holdings" refers to BW Industrial Holdings Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Bylaws" refers to the bylaws of BW Holdings, adopted on December 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Certificate of Incorporation" refers to the amended and restated certificate of incorporation of BW Holdings, adopted on April 28, 2025 and as amended on December 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company" refers to BW Holdings and its wholly owned subsidiary Bestwater or BW Construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Common Stock" refers to shares of the Company's common stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Eddid" refers to Eddid Securities USA Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EPC" refers to engineering, procurement, and construction services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" refers to the U.S. Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FINRA" refers to the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fiscal year" refers to the period from January 1 of each calendar year to December 31 of the following calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MEP" refers to mechanical, electrical, and plumbing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OSHA" refers to the U.S. Occupational Safety and Health Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC" and "China" refer to the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Quality Control Manager" refers to the individual in charge of implementing, monitoring, and enforcing all quality assurance and quality control procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Exchange Commission," "SEC," "Commission" or similar terms refer to the Securities Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Sarbanes-Oxley Act" refers to the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" refers to the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "United States," "U.S." and "US" refer to the United States of America.

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#### PROSPECTUS SUMMARY
*The following summary provides an overview of selected information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Common Stock. You should carefully read this prospectus in its entirety before investing in our Common Stock, including the information discussed in the section titled "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and notes thereto that appear elsewhere in this prospectus.*

#### Business Overview
We are a U.S.-based engineering, procurement, and construction ("EPC") company that provides design, construction, and integration services for critical process systems across multiple industrial sectors. We serve companies in automotive parts manufacturing, energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

Our EPC business has been built on serving international companies, seeking to establish and expand their manufacturing operations in the United States. We believe this experience gives us deep expertise in navigating complex regulatory frameworks, international business practices, and the technical requirements of sophisticated manufacturing processes. We are now leveraging these capabilities to expand our client base to include domestic and more foreign companies with similar technical and project execution needs, and to explore opportunities in public sector projects. This strategy aims to diversify our client base and reduce concentration risk.

As of the date of this prospectus, we meet the eligibility requirements to bid on government projects in Texas and actively participate in government bids in Texas, and have dedicated personnel responsible for bidding on a regular basis. These efforts include monitoring and submitting bids for city-led municipal water and wastewater infrastructure projects.

We believe our Houston headquarters positions us strategically to serve clients throughout North America, with proximity to major industrial corridors, suppliers, and skilled labor markets. We believe our experience bridging international standards with U.S. regulatory requirements, combined with our track record in complex industrial projects, enables us to deliver efficient, compliant solutions for clients seeking comprehensive EPC services.

For the years ended December 31, 2023 and 2024, our revenue was approximately $29.1 million and approximately $102.0 million, respectively. The revenue from EPC services accounted for approximately $28.0 million, representing 96% of the total revenue for the year ended December 31, 2023, and approximately $102.0 million, representing 100% of the total revenue for the year ended December 31, 2024, respectively. Our net income was approximately $4.1 million and approximately $7.8 million for the years ended December 31, 2023 and 2024, respectively.

For the nine months ended September 30, 2024 and 2025, our revenue was approximately $66.3 million and approximately $19.9 million, respectively. The revenue from EPC services accounted for approximately $66.2 million, representing approximately 100% of total revenue for the nine months ended September 30, 2024, and approximately $19.7 million, representing 99% of total revenue for the nine months ended September 30, 2025. Our net income was approximately $5.6 million and approximately $5.4 million for the nine months ended September 30, 2024 and 2025, respectively.

We are dependent on large construction projects for which we recognize revenue over time. These projects can take up to several months or more than one year. Such projects represent a significant portion of our total revenue and as a result, our financial performance in any given reporting period or fiscal year may fluctuate due to the timing and completion of such projects, as well as the number and size of such projects in any given year.

In addition, our customers typically have the unilateral right to terminate existing contracts without cause. Upon any such termination for convenience, we are entitled to receive compensation for the work we have already performed and for the costs incurred by us as a result of such termination, but we would not be able to receive the full amount of revenues that would have been generated had the project continued through completion. This termination structure provides our customers with flexibility but also introduces the risk that a significant project could be terminated prior to completion, which could impact our revenues and results of operations.

#### History and Corporate Structure
BW Holdings was incorporated in Delaware on April 28, 2025, and is headquartered in Houston, Texas. The Company operates through its wholly owned operating subsidiary, Bestwater, doing business as BW Industrial Construction, a corporation organized under the laws of Texas on November 21, 2016.

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On June 5, 2025, the Company entered into a share exchange agreement with Bestwater and its stockholders, pursuant to which the Company acquired 100% of the issued and outstanding shares of common stock of Bestwater's, and in exchange, issued an aggregate of 19,400,000 shares of the Company's Common Stock (the "Share Exchange") to stockholders of Bestwater. As a result of the Share Exchange, Bestwater became a wholly owned subsidiary of the Company. The Share Exchange is recognized as a combination of entities under common control as both Bestwater and the Company have been controlled before and after the transaction by the same stockholders. As such, the financial statements and financial information contained in this filing for prior years have been retrospectively adjusted as if the Share Exchange had occurred at the beginning of the earliest period presented.

On December 19, 2025, the Company effectuated a forward split of its issued and outstanding shares of Common Stock at a ratio of 1-for-2 without amending its par value (the "Forward Split"). As a result of the Forward Split, the issued and outstanding shares of Common Stock of Company increased from 9,700,000 shares to 19,400,000 shares. Unless otherwise noted, the number of shares is presented on a post-Forward Split basis.

Below is the chart showing the Company's corporate structure as of the date of this prospectus and as of the closing of the Offering (assuming the over-allotment option is not exercised in full):

![](tflowchart_001.jpg)

#### Our Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Comprehensive Pre*-Construction *Advisory Services*. Unlike many regional EPC firms that focus primarily on construction execution, we differentiate ourselves by offering a full suite of pre-construction advisory services beginning at the initial stages of project development. Our support includes industrial site selection, regulatory and permitting feasibility assessments, and analysis of local policies and development incentives. We believe this service is especially valuable to foreign manufacturers and other clients unfamiliar with the U.S. regulatory landscape, enabling them to navigate complex requirements with confidence. By engaging early in the project lifecycle, we aim to help clients make faster, better-informed strategic decisions before committing significant capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cross*-Border *Technical and Regulatory Navigation*. Many of our clients operate mature production facilities in China and other international markets and seek to replicate proven processes in their U.S. operations. Our team specializes in working with foreign design documents, technical specifications, and manufacturing layouts. We collaborate with U.S.-licensed architects and engineers to translate these foreign design documents into U.S.-compliant construction drawings while preserving the operational logic and efficiency of the original designs. We believe this cross-border technical expertise enables us to leverage clients' existing investments in manufacturing processes, that we believe significantly reducing design time and costs compared to approaches that require complete facility redesign from the ground up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Effective Change Order Management Through Cultural Insight and Technical Expertise*. International clients often face costly change orders when working with contractors due to communication gaps, cultural misunderstandings, inconsistent documentation practices, and differing interpretations of regulatory requirements. We have observed projects where change orders have reached 100% of original contract values, doubling the project costs. Our approach focuses on minimizing such cost overruns through better upfront

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coordination and communication. Our team's deep understanding of the U.S. business norms and technical design standards enables us to proactively identify and resolve potential issues during the planning phase. Through our translation of the original design documents into locally compliant construction drawings, we aim to reduce ambiguity and increase project alignment from the outset. This collaborative, detail-oriented approach tends to minimize the likelihood of scope changes and contributes to more predictable project outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Strategic Procurement Optimization*. We engage clients early in the design process to optimize material and equipment sourcing strategies, determining which components can be procured internationally for cost advantages and which must be sourced domestically for compliance or logistical reasons. Our experience with international supply chains and long-lead procurement enables proactive planning during design phases, reducing project delays and cost overruns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Specialized Technical Expertise in Advanced Manufacturing*. We have successfully delivered complex industrial facilities across lithium battery manufacturing, solar panel production, and precision glass manufacturing. Our technical capabilities include cleanroom construction, hazardous material handling systems, ultra-pure process systems, and advanced mechanical, electrical, and plumbing ("MEP") integration required for high-technology manufacturing environments.

#### Our Growth Strategies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Expansion*. We are pursuing a market expansion strategy to serve domestic and more foreign industrial clients across Asia and the Americas. This strategy aims to diversify our client base and reduce concentration risk. As of the date of this prospectus, we meet the eligibility requirements to bid on government projects in Texas and actively participate in government bids in Texas, and have dedicated personnel responsible for bidding on a regular basis. These efforts include monitoring and submitting bids for city-led municipal water and wastewater infrastructure projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Technology and Systems Enhancement*. To support scalable project delivery and stay current with industry best practices as we grow, we plan to invest more in our technology infrastructure. As of the date of this prospectus, we are considering exploring the use of AI-powered design tools because we believe such tools could help generate 3D models during the design process more efficiently and may support additional interactive functionalities in the future. These proposed technology investments are designed to enhance cross-team collaboration, reduce construction-phase issues, and ultimately deliver better outcomes for our clients while increasing our operational efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leveraging Policy Incentives for Market Expansion.* We plan to capitalize on the growing availability of U.S. policy incentives designed to attract foreign manufacturing investment to expand our client base and accelerate project pipelines. If more states and localities offer tax abatements, infrastructure support, and streamlined permitting to attract international manufacturers, we believe we will be positioned to serve as a critical bridge helping these companies navigate and maximize these benefits. We believe our expertise in guiding clients through incentive application processes, including industrial site selection, regulatory and permitting feasibility assessments, analysis of local policies and development incentives, and government communications creates opportunities to engage with prospects earlier in their decision-making process, potentially leading to larger project scopes and stronger client relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Potential Vertical Integration*. As part of our long-term strategic planning, as of the date of this prospectus, we are considering potential vertical integration opportunities, including the possible acquisition of local design institutes or steel fabrication facilities. These potential acquisitions could enhance our in-house capabilities and provide greater control over project timelines and quality. However, as of the date of this prospectus, no formal discussions have taken place, and no specific acquisition targets have been identified.

#### Our EPC Services
Our service offerings are structured to meet diverse client needs and project phases, providing flexibility in engagement scope and timing. Most of our revenue is derived from full-scope EPC projects or multi-phase service arrangements that span significant portions of the project lifecycle. These projects typically have an average duration of approximately 12 months, which we believe is faster than some competitors in our sector. While we generally act as the general contractor, we also provide specialized EPC services as a subcontractor in one project in Arizona. We believe this service structure enables us to build relationships progressively while providing project owners the flexibility to engage us at the appropriate project phase and scope level for their specific needs.

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We have successfully executed complex, large-scale industrial projects across various sectors, including the renewable energy, automotive, and advanced manufacturing sectors. Our past work includes providing full EPC services for both the construction and renovation of renewable energy production facilities, and an automotive glass manufacturing plant, covering MEP, compressed air systems ("CAS"), and heating, ventilation, and air conditioning ("HVAC") installations. We also led the design and installation of dust collection, insulation, and vacuum piping systems at battery manufacturing facilities.

#### Our Products
In addition to our core EPC service offerings, we have expanded into product development in the second quarter of 2025 and plan to launch our first proprietary product line: modular water treatment systems. These containerized systems are designed to provide clean drinking and domestic-use water and can be rapidly deployed with minimal on-site setup with the connection to a water source and power supply.

The systems are self-contained and highly portable, making them suitable for a range of use cases. They integrate multi-stage filtration, sterilization, and intelligent control functions to produce potable water that meets drinking water standards. The system features automatic operation, remote monitoring, and a plug-and-play structure, reducing installation costs and labor intensity for end users. We believe this product is suitable for a range of use cases. In North America, we expect the primary customer base to include commercial users such as camping grounds, remote worksites, and private ranches where access to municipal water is limited. In Central and South America, we anticipate demand from government agencies or non-profit organizations ("NGOs") for installations in rural or underserved residential areas where access to drinkable water is a critical need.

As of the date of this prospectus, we have completed the product development and market analysis phase. We expect to initiate pilot deployments and small-scale production runs in the first quarter of 2026 and are targeting initial commercial sales in the first half of 2026. We believe the material challenges to commercialization include obtaining required certifications to comply with regional water quality standards, establishing reliable manufacturing and distribution arrangements, demonstrating cost competitiveness to the target customers, and gaining market acceptance for a new product line without an established sales track record. We expect the costs of the product launch and the promotion to be approximately $200,000 annually, and we intend to fund these activities with our existing resources. In the event that we use a portion of the net proceeds from this Offering to fund our commercialization upstart, we do not expect we will require additional financing beyond the expected proceeds of this Offering. However, there can be no assurance that we will overcome these challenges on the anticipated timeframe or that we will not require additional capital to fund our anticipated commercialization beyond the anticipated net proceeds of this proposed offering.

#### Corporate Information
Our principal executive office is located at 2825 Wilcrest Drive, Suite 421, Houston, Texas, 77042. Our telephone number at our principal executive office is 832-627-6852. Our corporate website is *https://bsw*-epc*.com/*. The information on our corporate website is not part of, and is not incorporated by reference into, this prospectus.

#### Implications of Being an "Emerging Growth Company"
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the JOBS Act. An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives, and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as "compensation discussion and analysis";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain a non-binding advisory vote from our stockholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on frequency," and "say-on-golden-parachute" votes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Common Stock held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

#### Implications of Our Being a Controlled Company
Following the completion of this Offering, Mr. Yunlong Zhang will beneficially own approximately 57.21% of the aggregate voting power of our issued and outstanding shares of Common Stock assuming no exercise of the underwriters' over-allotment option, or approximately 56.2%, assuming full exercise of the underwriter's over-allotment option. As a result, Mr. Zhang will have the ability to control matters requiring stockholder approval, including the election of directors, amendment of the articles of incorporation and approval of certain major corporate transactions in accordance with the Delaware General Corporation Law. As such, we will be deemed to be a "controlled company" under Nasdaq Marketplace Rules 5615(c). As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that our director nominees be selected or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees.

We will avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq. As of the date of this prospectus, we intend to rely only on the exemption that permits us not to have a nominating and corporate governance committee composed entirely of independent directors. We may in the future take advantage of additional controlled company exemptions. As a result, our board may not be structured in the same manner as the boards of companies that are subject to all of Nasdaq's corporate governance requirements, and our stockholders may not have the same protection afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

#### Implications of Being a Smaller Reporting Company
We are also a "smaller reporting company," as defined under Rule 405 under the Securities Act of 1933, as amended. We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the market value of our stock held by non-affiliates is less than $250 million; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates was less than $700 million.

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For so long as we remain a smaller reporting company, we are permitted and intend to rely on exemptions from certain disclosure and other requirements that are applicable to other public companies that are not applicable to a smaller reporting company. For example, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our annual report (the "Annual Report") on Form 10-K, and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation. As a result, the information in this prospectus supplement, the accompanying base prospectus, or the documents incorporated by reference herein and therein that we provide to our investors in the future may be different than what investors might receive from other public reporting companies. If investors consider our Common Stock less attractive as a result of our election to use the scaled-back disclosure permitted for smaller reporting companies, there may be a less active trading market for our Common Stock and our share price may be more volatile.

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#### Summary of the Offering
This Offering relates to the offer and sale of our shares of Common Stock.

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| | |
|:---|:---|
|  **Issuer** | BW Industrial Holdings Inc. |
|  **Securities offered by us** | 2,625,000 shares of Common Stock (or 3,018,750 shares of Common Stock if the underwriters exercise their option to purchase additional shares of Common Stock in full within 45 days of the closing date of this Offering). |
|  **Over-allotment option** | We have granted to the underwriters an option, exercisable within 45 days from the closing of the Offering to purchase up to an aggregate of 393,750 additional shares of Common Stock. |
|  **Form of the Offering** | Firm commitment basis |
|  **Offering price** | We estimate that the initial public offering price will be in the range of $7.0 to $9.0 per share of Common Stock. |
|  **Shares of Common Stock outstanding before this Offering** | <br>19,400,000 shares of Common Stock |
|  **Shares of Common Stock outstanding following the Offering** | <br>22,025,000 shares of Common Stock assuming no exercise of the underwriters' over-allotment option. <br> 22,418,750 shares of Common Stock, assuming full exercise of the underwriters' over-allotment option. |
|  **Use of proceeds** | We intend to use proceeds from the Offering for business expansion, strategic acquisitions and working capital and other general corporate purposes. See "Use of Proceeds" for additional information. |
|  **Lock-up** | We have agreed not to, for a period of six (6) months from the date of this prospectus, issue, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our Common Stock or any securities convertible into or exercisable or exchangeable for shares of our Common Stock (excluding, however, the issuance of any shares of our Common Stock or other equity awards pursuant to our executive compensation or employee benefit plan), without the prior written consent of the Representative. <br> All of our directors and officers and our principal stockholders (5% or more stockholders) have agreed with the underwriters, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Common Stock or securities convertible into or exercisable or exchangeable for our Common Stock for a period of six (6) months after the date of this prospectus. See "Underwriting — Lock-up Agreements" for more information. |

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| | |
|:---|:---|
|  **Risk Factors** | An investment in our Common Stock is speculative and involves substantial risks. You should read the "Risk Factors" section beginning on page 12 of this prospectus for a discussion of certain factors to consider carefully before deciding to invest in shares of our Common Stock. |
|  **Transfer Agent** | [•] |
|  **Listing** | We have applied to list our share of Common Stock on the Nasdaq Global Market. At this time, Nasdaq has not yet approved our application to list our shares of Common Stock. The closing of this Offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our shares of Common Stock will be approved for listing on Nasdaq. |
|  **Proposed Stock Symbol** | We have reserved the symbol "BWGC" for the trading of our Common Stock on Nasdaq |

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#### Summary of Risk Factors

#### Risks Related to Our Business and Operation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demand for our services may decrease during economic downturns or unpredictable economic cycles, which would most likely affect our businesses adversely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our dependence on large construction contracts may result in uneven financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We derive a substantial portion of our revenue from a limited number of clients, and the loss of one or more of these clients could materially and adversely affect our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on a limited number of vendors, and the loss of, or a disruption in the operations of, any of these parties could materially and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual results could differ from the assumptions and estimates used to prepare our consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project backlog amounts may be uncertain indicators of future revenues as project realization may be subject to unexpected adjustments, delays, and cancellations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our results could be adversely affected by natural disasters, human-made disasters, or other catastrophic events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Artificial intelligence ("AI") poses risks that could adversely affect our business, results of operations, and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intense competition for engineering, procurement and construction contracts could reduce our market share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in government incentives or trade policies could reduce demand for our services and adversely impact our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor disruptions could adversely affect our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expectations of customers and investors may change with respect to sustainability practices, which may impose costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on internally generated cash flows to fund our operations and growth, and any disruption to our cash flow could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience reduced profits or incur losses under fixed-price contracts if costs increase above estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we guarantee the timely completion or the performance of a project, we could incur additional costs to fulfill such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be involved in litigation, liability claims and contract disputes which could reduce our profits and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to recover adequately on change orders submitted to project owners could have a material effect on our financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The shortage of skilled craft labor may negatively impact our ability to execute on our long-term construction contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our dependence upon third parties to complete our contracts may adversely affect our performance under current and future construction contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to maintain safe work sites could result in losses as we work on projects that are inherently dangerous.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to obtain or maintain sufficient bonding capacity, which could materially adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance may not be sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future acquisitions and/or investments may not occur, which could limit the growth of our business, and the integration of acquired companies may not be successful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to protect our management information systems against security breaches could adversely affect our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We could be adversely affected by violations of the Foreign Corrupt Practices Act and similar anti-bribery laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our continued success requires us to retain and hire talented personnel.

#### Risks Related to This Offering and Our Shares of Common Stock
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no existing market for our securities, and we do not know if one will develop to provide you with adequate liquidity. Even if a market does develop following this Offering, the stock prices in the market may not exceed the offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BW Holdings is a holding company and our operations, cash flow, and ability to pursue enhancement opportunities depend on the earnings, distributions, and financial condition of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Common Stock is likely to be highly volatile, and you could lose all or part of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to macroeconomic conditions and other factors, some of which are beyond our control, resulting in a decline in our stock price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to meet the continued listing requirements of Nasdaq could result in a delisting of our Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our shares are delisted from Nasdaq and become subject to the penny stock rules, it would become more difficult to trade our shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have no current plans to pay cash dividends on our Common Stock for the foreseeable future, and you may not receive any return on investment unless you sell your Common Stock for a price greater than that which you paid for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management will have broad discretion in how we use the net proceeds of this Offering and might not use them effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our founder and principal stockholder has substantial influence over our company. His interests may not be aligned with the interests of our other stockholders, and he could prevent or cause a change of control or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale or availability for sale of substantial amounts of our Common Stock could adversely affect its market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate and substantial dilution as a result of this Offering and may experience additional dilution in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur significant increased costs as a result of operating as a public company and our management will be required to devote substantial time to new compliance initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements, which could leave our stockholders with less information or fewer rights available to stockholders of more mature companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we have elected to use the extended transition period for complying with new or revised accounting standards for an "emerging growth company" our financial statements may not be comparable to companies that comply with standard public company effective dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be a "controlled company" within the meaning of Nasdaq listing standards and, as a result, will qualify for exemptions from certain corporate governance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our Common Stock adversely, the price of our Common Stock and trading volume could decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delaware law and our Certificate of Incorporation and Bylaws contain certain provisions, including anti-takeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to establish and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.

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#### RISK FACTORS
*Any investment in our securities involves a high degree of risk. You should carefully consider the risks described below, which we believe represent certain of the material risks to our business, together with the information contained elsewhere in this prospectus, before you decide to invest in our shares of Common Stock. Please note that the risks highlighted here are not the only ones that we may face. For example, additional risks presently unknown to us or that we currently consider immaterial or unlikely to occur could also impair our operations. If any of the following events occur or any additional risks presently unknown to us actually occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.*

#### Risks Related to Our Business and Operation

#### Demand for our services may decrease during economic downturns or unpredictable economic cycles, which would most likely affect our businesses adversely.
The engineering and construction industry is prone to cyclical fluctuations influenced by factors such as economic recessions, downturns in project owners' business cycles, material shortages, subcontractor price hikes, interest rate changes, regulatory and political change, and other external economic factors.

When the general level of economic activity deteriorates, uncertainty about future business prospects increases, prompting clients to potentially delay or cancel projects. This includes new construction projects, manufacturing facility buildouts, production line expansions, and installation of critical process systems. The adverse financial condition of the industry could diminish our customers' ability and willingness to fund capital expenditures or pursue significant projects in the future. Furthermore, specific economic, regulatory and market conditions affecting our clients may lead to a decrease in demand for our services, causing delays, reductions, or cancellations of projects essential to our future business forecasts.

#### Our dependence on large construction contracts may result in uneven financial results.
Our EPC services activities are concentrated on a limited number of large construction projects for which we recognize revenues over time. We believe this best reflects the transfer of control to the client and the progress toward completion. To a substantial extent, our contract revenues are based on the related amounts of costs incurred. As the timing of equipment purchases, subcontractor services and other contract events may not be evenly distributed over the terms of our contracts, the amount of total contract costs may vary from quarter to quarter, creating uneven amounts of quarterly and/or annual consolidated revenues. In addition, the timing of contract commencements and completions may exacerbate the uneven pattern. For example, in April 2025, a solar panel module manufacturer client under the service agreement dated March 25, 2024, (the "Solar Agreement") exercised its right to terminate for convenience. As of September 30, 2025, we recognized approximately $93.4 million of revenue under the Solar Agreement, representing 100% of the total contract value of approximately $93.4 million. The majority of the project work was completed prior to the termination and this termination has discontinued a substantial source of revenue present in 2024.

As a result of the foregoing, future reported amounts of consolidated revenues, cash flow from operations, net income and earnings per share may vary in uneven patterns and may not be indicative of the operating results expected for any other fiscal period; thus, rendering consecutive quarter comparisons of our consolidated operating results a less meaningful way to assess the growth of our business.

***We derive a substantial portion of our revenue from a limited number of clients, and the loss of one or more of these clients could materially and adversely affect our business and results of operations.***

Our business is subject to significant customer concentration. For the year ended December 31, 2023, one major client accounted for 96% of our total revenues. For the year ended December 31, 2024, two major clients accounted for 78% and 19% of our total revenues. For the nine months ended September 30, 2024, two major clients accounted for 75% and 24% of our total revenues. For the nine months ended September 30, 2025, two major clients accounted for 70% and 13% of our total revenues. We expect that a significant portion of our revenue will continue to be derived from an increasing number of clients and projects for the foreseeable future. However, a reduction in the scope or value of projects, or delays in payments could materially and adversely affect our revenue, cash flows, and profitability.

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In addition, our dependence on a small client base may limit our negotiating power on pricing and contract terms, and makes us more vulnerable to changes in their business strategies, financial condition, or procurement policies. While we are actively seeking to diversify our client base, we may not be successful in doing so in a timely manner, or at all.

#### Our customers may unilaterally terminate their contracts with us for convenience, which could adversely affect our revenues and results of operations.
Our customers typically have the unilateral right to terminate existing contracts without cause. Upon any such termination for convenience, we are entitled to receive compensation for the work we have already performed and for the costs incurred by us as a result of such termination, but we would not be able to receive the full amount of revenues that would have been generated had the project continued through completion. This termination structure provides our customers with flexibility but also introduces the risk that a significant project could be terminated prior to completion, which could impact our revenues and results of operations. Any such early termination could result in lower than expected revenues, reduced profitability and disruption to our operations. If a material number of projects were terminated for convenience, our business, financial condition, and results of operations could be materially and adversely affected.

***We rely on a limited number of vendors, and the loss of, or a disruption in the operations of, any of these parties could materially and adversely affect our business.***

A significant portion of our cost of revenues is attributable to a limited number of vendors. For the year ended December 31, 2023, three vendors accounted for 24%, 14% and 12% of our total cost of revenues. For the year ended December 31, 2024, four vendors accounted for approximately 64% of our total cost of revenues. For the nine months ended September 30, 2025, three vendors accounted for approximately 64% of our total cost of revenues. For the nine-month period ended September 30, 2024, four vendors accounted for 19%, 18%, 12% and 11% of our total cost of revenues. This is common for EPC projects that heavily concentrate on MEP work. We expect to continue to depend on a small pool of highly qualified vendors for subcontracted services, and also control the number of vendors working on each project for on-site management purposes for the foreseeable future. Any disruption, delay, or deterioration in our relationships with these suppliers could materially impact our ability to deliver projects on time and on budget. In addition, if any of our major vendors were to significantly increase their prices or change their terms unfavorably, and we are unable to pass those increases on to our clients or secure alternative vendors on acceptable terms, our gross margins and financial results could be adversely affected. Although we seek to maintain strong relationships with our vendors and evaluate alternatives where feasible, there can be no assurance that we will be able to avoid disruptions or cost increases in the future.

***We have no history of commercial sales, distribution, or branding, and our ability to successfully launch and commercialize our modular water treatment systems is unproven.***

We have not generated any commercial revenues from sales of our modular water treatment systems. To date, we have no history of establishing sales channels, building a distribution network, marketing our products, or developing brand recognition. The future success of our sales of the modular water treatment systems depends on our ability to transition from development to commercialization, which will require us to, among other things, obtain necessary regulatory approvals, establish effective sales and distribution capabilities, build brand awareness, and generate customer demand. There is no assurance that we will be able to accomplish these objectives in a timely manner, on commercially reasonable terms, or at all. If we fail to establish these capabilities or achieve market acceptance of our products, our business, financial condition, and results of operations may be materially and adversely affected.

#### Actual results could differ from the assumptions and estimates used to prepare our consolidated financial statements.
To prepare consolidated financial statements in conformity with accounting principles generally accepted in the U.S., we are required to make estimates, assumptions, and judgments as of the date of such financial statements, which affect the reported values of assets and liabilities, revenues and expenses, and disclosures of contingent assets and liabilities.

For each of our fixed-price customer contracts, we recognize revenues over the life of the contract as performance obligations are completed by us based on the proportion of costs incurred to date compared with the total costs estimated to be incurred for the entire project, and by using the resulting percentage to update the recorded amounts of project-to-date revenues. We review and make necessary revisions to the amounts of estimated future costs on a monthly basis. In addition, contract results may be impacted by our estimates of the amounts of change orders that we expect to receive and our assessment of any contract disputes that may arise. The effects on revenues of changes to the amounts

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of contract values and estimated costs are recorded as catch-up adjustments when the amounts are known and can be reasonably estimated. These revisions can occur at any time and could be material. Given the uncertainties associated with the types of customer contracts that we are awarded, it is possible for contract values and actual costs to vary from estimates previously made, which may result in reductions or reversals of previously recorded revenues and profits.

Among the other areas that could require significant estimates by our management are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the determination of provisions for income taxes, the accounting for uncertain income tax positions and the establishment of valuation allowances associated with deferred income tax assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the determination of the allowance for doubtful accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accruals for estimated liabilities, including any losses related to legal matters.

Our actual business and financial results could differ from our estimates, which may impact future profits.

#### Project backlog amounts may be uncertain indicators of future revenues as project realization may be subject to unexpected adjustments, delays, and cancellations.
Project cancellations or scope modifications may occur that could reduce the amount of our project backlog and the associated revenues and profits that we actually earn. Our projects generally provide our customers the right to terminate existing contracts unilaterally at their convenience as long as they compensate us for work already completed and compensate us for the additional costs incurred by us to terminate corresponding subcontract, terminate equipment orders, and demobilize and vacate construction sites. These costs would most likely be meaningful. Should any unexpected delay, suspension, or termination of the work under such projects occur, our results of operations may be materially and adversely affected. Although we believe that the customer commitments represented by project backlog are firm, we cannot guarantee that amounts in project backlog will be recognized as future revenues or will result in profitable operating results.

#### Our cash flows may be adversely affected by the timing of progress payments, retentions, or holdbacks under our contracts.
For our EPC services, revenue is recognized over time as work is completed, and payments are typically tied to the achievement of specified project milestones. In certain jurisdictions, we are subject to statutory retainage or holdbacks, under which a portion of the contract price is withheld by the client during the process and released after a certain period following the completion. To mitigate the impact of these delays on our cash flows, we typically include corresponding retainage provisions in agreements with our subcontractors, requiring them to accept the same retainage percentage and payment timing that applies to us. Although we generally do not agree to additional contractual retentions beyond these statutory requirements, such statutory arrangements delay our receipt of a portion of the contract value and may adversely affect our cash flows during the life of a project. In certain projects where we act as a subcontractor, our ability to control the cash flow may be influenced by the general contractor, which could affect our financial results. In addition, if a client disputes our performance, experiences financial difficulties, or otherwise withholds payment, we may encounter delays or be unable to collect amounts owed, including retentions or holdbacks. Any such delays or nonpayment could require us to use our own working capital to fund project costs, reduce liquidity available for other projects, and negatively impact our financial condition and results of operations.

#### Our results could be adversely affected by natural disasters, human-made disasters, or other catastrophic events.
Natural disasters, such as hurricanes, tornadoes, blizzards, floods, and other adverse weather conditions; or other catastrophic events such as fires, public health crises, pandemics, geopolitical conflicts, terrorism, and civil disturbances could disrupt our operations or the operations of one or more of our vendors or customers. In particular, these types of events could shut down our construction job sites or fabrication facility for indefinite periods of time, disrupt our product supply chain or could cause our customers to delay or cancel projects. To the extent any of these events occur, our operations and financial results could be adversely affected.

The adverse effects of the war in Ukraine spread globally. The prolonged disruption by Russia of the supply and prices of oil and natural gas provided to Western European nations adversely affected the economies of those countries. Western European nations were forced to search for alternative supplies of oil and natural gas at higher prices or through more complicated transit routes, further disrupting global supply chains. Many resorted to seeking alternative energy sources, such as liquefied natural gas ("LNG"), which involves infrastructure challenges and elevated costs.

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In addition to energy supply disruptions, activities conducted by Yemen-based terrorist groups significantly endangered the key shipping route between the Red Sea and the Indian Ocean. These actions led to rerouting shipping vessels, longer transit times, and increased freight costs, compounding global supply chain challenges.

While we have protections in our contracts with major customers that provide certain relief that helps to mitigate certain financial risks, the effectiveness of these protections may be limited by factors including the financial strength of the customer. The extent to which natural disasters, human-made disasters or other catastrophic events could harm us depends on the impact on our customers, supply chains, labor forces and numerous other evolving factors.

#### AI poses risks that could adversely affect our business, results of operations, and financial condition.
Although our current use of AI tools is limited, we recognize that improper or unauthorized use of such tools, including third-party AI applications, could pose risks related to data privacy, confidentiality, and information security.

#### Intense competition for engineering, procurement and construction contracts could reduce our market share.
The EPC services market for industrial facility construction in the United States is highly competitive and continues to evolve. We compete against a broad range of domestic and international firms, including large, well-capitalized EPC providers, regional construction firms, and vertically integrated engineering or industrial solution providers. Many of these competitors have established client relationships, extensive experience with U.S. permitting and construction regulations, and greater financial and operational resources. As global industrial clients continue to pursue U.S. expansion strategies, we expect competition to intensify, including from U.S. firms with strong local regulatory knowledge, labor networks, and supply chain infrastructure.

Competing effectively in this market requires not only strong technical and project execution capabilities, but also the ability to provide tailored support to foreign clients navigating the U.S. construction environment. If we fail to differentiate our services, secure new project awards with favorable margins, or retain key clients, we could lose market share, face pressure on our profit margins, and experience declines in future revenue and earnings.

#### Changes in government incentives or trade policies could reduce demand for our services and adversely impact our business.
Many of the industrial projects we support are influenced by federal or state policies, including tax credits, grants, utility rate incentives, permitting advantages, and other programs designed to promote manufacturing investment in the United States. Reductions, delays, or cancellations of such incentive policies could affect our clients' capital expenditure decisions. This may result in fewer new facilities being built, slower project development timelines, or the cancellation of planned construction projects.

In addition, trade actions, such as tariffs, export controls, or import restrictions, targeting industrial equipment, materials, or goods manufactured in certain countries (including China) may lead to increased project costs or temporary supply chain disruptions for our clients. Although we do not directly import construction, our EPC services depend on subcontractors and suppliers that source key materials, such as steel and aluminum, from international markets. Tariffs or other trade restrictions imposed on these materials could lead to higher procurement costs or supply chain delays for our subcontractors, which in turn may increase overall project costs or impact project timelines. In addition, uncertainty around trade policies may lead some project owners to delay or reconsider investment in new industrial construction projects, particularly where material costs are a significant portion of the budget. In some cases, significant increases in material costs or uncertainty around trade policy may prompt clients to pause construction or temporarily suspend operations until market conditions stabilize. For example, in February 2025, we secured a $30 million contract with a new client in the battery manufacturing industry for the construction of a production facility. However, in June 2025, the project was placed on hold. We believe this hold was in part due to significantly increased U.S. tariffs on imports from China, particularly machinery and production equipment, which have been subject to tariffs of up to 145%, as well as additional duties on steel and aluminum. These policy shifts significantly raised projected capital expenditures and delayed critical equipment installation. While the contract has not been terminated and we remain in active communication with the client, there is currently no definitive timeline for resumption.

While some foreign manufacturers may respond by localizing production in the United States, the timing and scale of such responses remain uncertain, and such trade policy changes may still result in delays, increased costs, or reduced near-term demand for our services.

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These factors could materially and adversely affect our business, financial condition, and results of operations.

#### U.S. tariffs, trade disputes, and any uncertainties around trade policies could materially harm our business.
In recent years, and particularly in 2025, the U.S. government has implemented substantial tariffs on a wide range of goods imported from Canada, Mexico, and China. Current tariff levels on many Chinese goods, particularly machinery and production equipment, are significant. Furthermore, the U.S. administration has demonstrated a willingness to modify these tariffs, sometimes rapidly, creating significant uncertainty regarding the impacts on our clients' planned capital expenditures and on our ongoing as well as future projects. Recent statements suggest potential future adjustments, but the timing, scope, and direction of any changes remain highly uncertain.

Any escalation in trade tensions, further increases in tariffs, imposition of quotas, or other restrictions could exacerbate these risks. The cumulative impact of these tariffs and the related uncertainty could materially and adversely affect our business, financial condition, results of operations, and future prospects.

#### Labor disruptions could adversely affect our operations.
Although none of our current employees are represented by labor unions, certain large-scale construction projects may involve subcontractors whose workers are unionized or subject to labor agreements. In such cases, we may be indirectly affected by labor disputes, strikes, slowdowns, or other disruptions involving unionized subcontractor personnel or trade groups operating at our project sites.

Any significant labor unrest affecting our subcontractors or vendors could result in cost overruns, delays in project completion, or disruption to our operations. In addition, adverse labor incidents may generate negative publicity, which could harm our reputation and reduce our ability to secure future project awards in certain markets.

While we strive to work with subcontractors and vendors who maintain constructive labor relationships, we cannot guarantee that labor disruptions will not occur or negatively impact our business, financial condition, or results of operations.

#### Inflationary pressures may adversely affect our operating results and profitability.
Our business is subject to inflationary pressures that may increase the costs of raw materials, subcontractor services, labor-related expenses, and other project-related costs. Key construction inputs such as steel, copper, concrete, and specialized equipment are particularly susceptible to price volatility due to global supply chain disruptions and market dynamics. If inflation persists or accelerates, we may face challenges in maintaining our current gross margins and managing operating expenses as a percentage of project revenues, especially if contract prices do not adjust accordingly. This risk could adversely impact our profitability, cash flow, and overall financial performance.

#### Expectations of customers and investors may change with respect to sustainability practices, which may impose costs.
Customer and investor standards, which may evolve, may include a focus on environmental, social, and governance practices of the companies with which they work or in which they invest. Customers may require that we meet their standards before granting us projects, which may create additional costs to us. If our sustainability practices do not ultimately meet customer expectations, we may not win projects.

***We rely on internally generated cash flows to fund our operations and growth, and any disruption to our cash flow could adversely affect our business.***

We have historically funded our operations and growth strategy through internally generated cash flows and have not relied on external financing. We believe that maintaining this asset-light, self-funded model is a key aspect of our business philosophy. However, this approach also limits our access to additional capital that may otherwise be available through debt or equity financing.

If our cash flows are adversely affected by project delays, cost overruns, customer payment issues, or broader economic conditions, we may not have sufficient liquidity to fund working capital needs, pursue growth opportunities, or respond to unexpected events. Our ability to scale or invest in strategic initiatives could also be constrained. In contrast, competitors with access to external financing may have greater flexibility to navigate such challenges. Any material disruption in our cash flow generation could negatively impact our operations, financial condition, and growth prospects.

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#### We may experience reduced profits or incur losses under fixed-price contracts if costs increase above estimates.
Primarily, our business is performed under fixed-price contracts at prices that reflect our estimates of corresponding costs and schedules. Inaccuracies in these estimates may lead to cost overruns that may not be paid by our project owner customers. While our projects typically have durations averaging around one year, which reduces our exposure to certain long-term risks such as multi-year inflationary effects or prolonged economic shifts, we remain subject to cost estimation risks that could materially impact our profitability. Inaccuracies in our cost estimates may lead to cost overruns that may not be recoverable from our project owner customers. If we fail to accurately estimate the resources required and time necessary to complete these types of contracts, or if we fail to complete these contracts within the costs and timeframes to which we have agreed, there could be material adverse impacts on our actual financial results, the accuracy of forecasted future results, as well as our business reputation.

Factors that could result in contract cost overruns, project delays or other problems for us may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in the scheduled deliveries of machinery and equipment ordered by us or a project owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated technical problems, including design or engineering issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inadequate project execution tools for recording, tracking, forecasting and controlling future costs and schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen increases in the costs of labor, warranties, raw materials, components or equipment, or our failure or inability to obtain resources when needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on historical cost and/or execution data for estimation purposes that is not representative of current conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or productivity issues caused by weather conditions, or other forces majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfying the requirements of the Inflation Reduction Act of 2022 (the "IRA") for our customers in order to maximize its potential benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incorrect assumptions related to labor productivity, scheduling estimates or future economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• workmanship deficiencies resulting in delays and costs associated with the performance by us of unanticipated rework; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifications to projects that create unanticipated costs or delays.

While our shorter project durations limit our exposure to certain risks that affect longer-term contracts, cost overruns and delays can still occur within our typical project timeframes and negatively impact our financial condition and results of operations.

We try to mitigate these risks by reflecting in our overall cost estimates the reasonable possibility that a number of different and potentially unfavorable outcomes might occur. There are no assurances that our estimates will be sufficient. If not, our misjudgments may lead to decreased profits or losses. In some cases, as certain risk scenarios are eliminated or our concerns regarding certain potential cost and/or schedule issues diminish, we may estimate that the likelihood of an unforeseen cost overrun has reduced and, accordingly, we may increase the estimated gross margin on the project by decreasing the remaining overall cost estimate.

#### If we guarantee the timely completion or the performance of a project, we could incur additional costs to fulfill such obligations.
In certain of our fixed-price long-term contracts, we guarantee that we will complete a project by a scheduled date. We sometimes provide that the project, when completed, will also achieve certain performance standards. Subsequently, we may fail to complete the project on time or equipment that we install may not meet guaranteed performance standards. In those cases, we may be held responsible for costs incurred by the customer resulting from any delay or any modification to the plant made in order to achieve the performance standards, generally in the form of contractually agreed-upon liquidated damages or obligations to re-perform substandard work. If we are required to pay such costs, the total costs of the project would likely exceed our original estimate, and we could experience reduced profits, or a loss related to the applicable project.

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#### We may be involved in litigation, liability claims and contract disputes which could reduce our profits and cash flows.
We build industrial construction projects where design, construction, or systems failures can result in substantial injury or damage to third parties. In addition, the nature of our business results in project owners, subcontractors, and vendors occasionally presenting claims against us for recovery of costs for which they believe they are not contractually liable. In other cases, project owners may withhold retention and/or contract payments that they believe they do not contractually owe us, or they believe offset amounts owed to them by us. They may even terminate the contract. These legal matters generally arise in the normal course of our business. In addition, from time to time, we and/or certain of our current or former directors, officers or employees could be named as parties to other types of lawsuits.

Litigation can involve complex factual and legal questions, and proceedings may occur over several years. Any claim that is successfully asserted against us could result in our payment of significant sums for damages and other losses. Even if we were to prevail, any litigation may be costly and time-consuming, and would likely divert the attention of our management and key personnel from our business operations over multi-year periods. Either outcome may result in adverse effects on our financial condition, results of operations, cash flows and our reputation.

In accordance with customary industry practices, we maintain insurance coverage against some, but not all, potential losses in order to protect against the risks we face. When it is determined that we have liability, we may not be covered by insurance or, if covered, the dollar amount of any liability may exceed our policy limits or self-insurance reserves. Further, we may elect not to carry insurance related to particular risks if our management believes that the cost of available insurance is excessive relative to the risks presented. In addition, we cannot insure fully against pollution and environmental risks. Our management liability insurance policies are on a "claims-made" basis covering only claims actually made during the policy period currently in effect. In addition, even where insurance is maintained for such exposures, the policies have deductibles resulting in our assuming exposure for a layer of coverage with respect to any such claims. Any liability not covered by our insurance, in excess of our insurance limits and self-insurance reserves or, if covered by insurance but subject to a high deductible, could result in a significant loss for us, which claims may reduce our future profits and cash available for operations.

#### Our failure to recover adequately on change orders submitted to project owners could have a material effect on our financial results.
We may submit change orders to project owners for additional amounts exceeding the contract price or for amounts not included in the original contract price. Our contracts generally require that all change orders be formally approved and signed by the project owner before we proceed with any related work. As a result, we typically do not perform change-related work at risk, which limits our exposure to disputes over unpaid or unapproved change orders.

However, even with formal approvals from the clients, change orders may still be subject to delays in negotiation. These delays may affect the timing of revenue recognition and cash collections, and if significant, could adversely impact our working capital and operating results.

#### The shortage of skilled craft labor may negatively impact our ability to execute on our long-term construction contracts.
Increased infrastructure spending and general economic expansion may increase the demand for employees with the types of skills needed for the completion of our projects. There is a risk that our construction project schedules become unachievable or that labor expenses will increase unexpectedly as a result of a shortage in the supply of skilled personnel available to us. Increased labor costs may influence our customers' decisions regarding the feasibility or scheduling of specific projects, potentially leading to delays or cancellations that could materially affect our business adversely. Labor shortages, productivity decreases, or increased labor costs could impair our ability to maintain our business or grow our revenues. In general, we have been effective in staffing our projects with the necessary resources and managing labor costs. However, the inability to hire and retain qualified skilled employees in the future, including workers in the construction crafts, could negatively impact our ability to complete our long-term construction contracts successfully.

#### Our dependence upon third parties to complete our contracts may adversely affect our performance under current and future construction contracts.
We engage third-party subcontractors to perform certain work under our EPC contracts. We also rely on third-party manufacturers or suppliers to provide much of the equipment and most of the materials (such as copper, concrete and steel) needed to complete our construction projects. If we are unable to hire qualified subcontractors or to find qualified equipment manufacturers or suppliers, our ability to successfully complete a project could be adversely

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impacted. If the price we are required to pay for subcontractors or equipment and supplies exceeds the corresponding amount that we have estimated, we may suffer a reduction in the anticipated amount of gross profit or even a loss on the contract. If a supplier, manufacturer, or subcontractor fails to provide supplies, equipment, or services as required under a negotiated contract for any reason, we may be required to self-perform unexpected work or obtain these supplies, equipment, or services on an expedited basis or at a higher price than anticipated from a substitute source, which could impact contract profitability in an adverse manner. Unresolved disputes with a subcontractor or supplier regarding the scope of work or performance may escalate, resulting in arbitration proceedings or legal actions. Unfavorable outcomes of such disputes may also impact contract profitability in an adverse manner. In addition, if a subcontractor fails to pay its subcontractors, suppliers or employees, liens may be placed on our project requiring us to incur the costs of reimbursing such parties in order to have the liens removed or to commence litigation.

***When acting as the general contractor, we remain responsible for project performance and integration even when we engage third-party subcontractors, which could expose us to additional risks and liabilities.***

While we generally require subcontractors to provide a two-year warranty on their work and product warranties that extend to the earlier of one year from first use or 18 months from delivery, we remain the primary point of contact for clients and retain full responsibility for overall project integration and delivery. Subcontractors are obligated, at their own expense, to correct or reperform any work that fails to meet agreed performance standards. Nevertheless, if a subcontractor fails to perform adequately, experiences delays, or delivers substandard work, we may incur additional costs to remedy such issues, engage replacement subcontractors, or face penalties under our contracts. Furthermore, any subcontractor-related issues could harm our reputation, even if the cause is outside our direct control. These risks could materially and adversely affect our business, financial condition, results of operations, and reputation.

#### Our operations are subject to contractor licensing requirements that vary by state and jurisdiction, which could limit our ability to pursue or complete projects.
In the United States, contractor licensing requirements differ significantly across states, counties, and municipalities. Generally, we must obtain a general contractor license in each jurisdiction where we perform construction-related services as the general contractor. When acting as a subcontractor, we may also be required to hold certain licenses depending on the scope of work. These licenses are typically issued to qualifying individuals affiliated with our operating entity and must be maintained and renewed as required. We currently obtain licenses on a project-by-project basis and plan to secure additional licenses as we expand geographically. However, failure to obtain, maintain, or renew the necessary licenses in a timely manner could prevent us from bidding on, winning, or performing certain projects, which could adversely affect our business growth, operations, and financial results.

#### Failure to maintain safe work sites could result in losses as we work on projects that are inherently dangerous.
Our project sites can place our employees and others near large and/or mechanized equipment, high voltage electrical equipment, moving vehicles, dangerous processes, or highly regulated materials, and in challenging environments. Consequently, safety is a primary focus of our business and is critical to our reputation. Many of our customers require that we meet certain safety criteria to be eligible to bid on contracts. Further, regulatory changes implemented by OSHA or similar government agencies could impose additional costs on us. We maintain programs with the primary purpose of implementing effective health, safety, and environmental procedures throughout our Company. If we fail to implement appropriate safety procedures and/or if our procedures fail, our employees or others may suffer injuries or illness. The failure to comply with such procedures, client contracts or applicable regulations could subject us to losses and liability, and adversely impact our ability to complete awarded projects as planned or to obtain projects in the future.

#### We may be unable to obtain or maintain sufficient bonding capacity, which could materially adversely affect our business.
Some of our contracts require performance and payment bonds. Our ability to obtain performance and payment bonds primarily depends upon our capitalization, working capital, past performance, management expertise, reputation, and certain external factors, including the overall capacity of the surety market. If we are unable to renew or obtain a sufficient level of bonding capacity in the future, we may be precluded from being able to bid for certain projects or successfully contract with certain clients. In addition, even if we are able to successfully renew or obtain performance or payment bonds, we may be required to post letters of credit in connection with such bonds, which could negatively affect our liquidity and results of operations.

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It is standard for sureties to issue or continue bonds on a project-by-project basis, and they can decline to do so at any time or require the posting of additional collateral as a condition thereto. Events that adversely affect the insurance and bonding markets generally may result in bonding becoming more difficult to or costly to obtain in the future. If we were to experience an interruption or reduction in the availability of our bonding capacity as a result of these or any other reasons, or if bonding costs were to increase, we may be unable to compete for certain projects that require bonding, which would materially and adversely affect our financial condition, results of operations or liquidity.

#### Our insurance may not be sufficient.
We carry insurance that we consider adequate in regard to the nature of the covered risks and the costs of coverage, discussed in the "Insurance" section. Nonetheless, we are not fully insured against all possible risks, nor are all such risks insurable. We may be forced to cover the costs of certain realized risks which may have a material adverse effect on our business, results of operations or financial condition.

***Future acquisitions and/or investments may not occur, which could limit the growth of our business, and the integration of acquired companies may not be successful.***

We may make additional opportunistic acquisitions and/or investments by identifying companies with significant potential for profitable growth and realizable synergies with one or more of our existing businesses. However, we may have more than one industrial focus depending on the opportunity and/or needs of our customers. Companies meeting our criteria and that provide products and/or services in growth industries and that are available for purchase at attractive prices are difficult to find. Discussions with the principal(s) of potential acquisition targets may be protracted and ultimately terminated for a variety of reasons. Further, due diligence investigations of attractive target companies may uncover unfavorable data, and the negotiation and consummation of acquisition agreements may not be successful.

We cannot readily predict the timing or size of any future acquisitions or the capital we will need for these transactions. However, it is likely that any potential future acquisition or strategic investment transaction would require the use of cash and/or shares of our Common Stock. Using cash for acquisitions may limit our financial flexibility and make us more likely to seek additional capital through future debt or equity financings. Our ability to obtain such additional financing in the future may depend upon prevailing capital market conditions, the strength of our future operating results and financial condition as well as conditions in our business, and the amount of outside financing sought by us. These factors may affect our efforts to arrange additional financing on terms that are acceptable to us. Our ability to use shares of our Common Stock as future acquisition consideration may be limited by a variety of factors, including the future market price of shares of our Common Stock and a potential seller's assessment of the liquidity of our Common Stock. If adequate funds or the use of our Common Stock are not available to us, or are not available on acceptable terms, we may not be able to take advantage of desirable acquisitions or other investment opportunities that would benefit our business. Even if we do complete acquisitions in the future, acquired companies may fail to achieve the results we anticipate including the expected gross profit percentages.

If we complete any acquisitions in the future, we may attempt to integrate certain aspects to drive synergies and cost reductions, as well as to share best practices, processes, and procedures. In the future, we may not be able to successfully integrate such acquired companies with our other operations without substantial costs, delays or other operational or financial problems including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the diversion of management's attention from other important operational or financial matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to retain or maintain the focus of key personnel of acquired companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discovery of previously unidentified project costs or other liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen difficulties encountered in the maintenance of uniform standards, controls, procedures, and policies, including an effective system of internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment losses related to acquired goodwill and other intangible assets.

Further, we may conclude that the divestiture of a troubled or unrelated business will satisfy the best interests of our stockholders. There is risk that we would be unable to complete such a transaction with terms and timing that are acceptable for us, or at all. Any divesting transaction could also result in a material loss for us.

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In summary, integrating acquired companies may involve unique and significant risks. Our failure to overcome such risks could materially and adversely affect our business, financial condition, and future results of operations, and could cause damage to our Company's reputation.

#### Our failure to protect our management information systems against security breaches could adversely affect our business and results of operations.
Our information systems face the threat of unauthorized access, computer hackers, viruses, malicious code, cyberattacks, phishing and other security incursions and system disruptions, including attempts to improperly access our confidential and proprietary information as well as the confidential and proprietary information of our customers and other business partners. Techniques used to attempt to obtain unauthorized access to information systems change frequently, and the rapid development of AI poses new cybersecurity risks that we may not timely anticipate. A party who circumvents our security measures, or those of our clients, contractors, or other vendors, could misappropriate confidential or proprietary information, improperly manipulate data, or cause damage or interruptions to systems.

Furthermore, we are heavily reliant on computer, information and communications technology and related systems, some of which are hosted by third party providers. We may experience system availability disruptions. Unplanned interruptions could delay or prevent necessary operations. While we believe that our reasonable safeguards will protect us from serious disruptions in the availability of our information technology assets, these safeguards may not be sufficient. We may also be required to expend significant resources to protect against or alleviate damage caused by systems interruptions and delays.

Various privacy and security laws in the U.S. require us to protect sensitive and confidential information and data from disclosure and we are bound by our client and other contracts, as well as our own business practices, to protect confidential and proprietary information and data from unauthorized disclosure. We believe that we have deployed industry-accepted security measures and technologies to securely maintain confidential and proprietary information retained within our information systems. However, these measures and technologies may not adequately prevent unanticipated security breaches. There can be no assurance that our efforts will prevent these intrusions. Further, as these security threats continue to evolve, we may be required to devote additional resources to protect, prevent, detect, and respond against such threats. We believe that our business represents a low value target for cyberextortion as we are not a company in the high technology space, and we do not maintain large files of sensitive or confidential personal information. However, we may from time to time hold significant cash balances for project execution that could encourage bad actors to attempt to breach the security of our systems, particularly by using social engineering schemes. We do maintain a cybersecurity insurance policy to help protect ourselves from various types of losses relating to computer security breaches; however, it may not cover all types of breaches, or a meaningful portion of any loss incurred.

We are unaware of any significant security breaches at any of our business locations. That does not suggest that we may not be victimized by an additional breach in the future. Any significant future breach of our information security could damage our reputation, result in litigation and/or regulatory fines and penalties, or have other material adverse effects on our business, financial condition, results of operations or cash flows.

#### We could be adversely affected by violations of the Foreign Corrupt Practices Act and similar anti-bribery laws.
The U.S. Foreign Corrupt Practices Act and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to officials or others for the purpose of obtaining or retaining business. While we believe that our policies and oversight, as well as our client's policies and oversights in this area are comprehensive and effective, we cannot provide assurances that our internal controls and procedures always will protect us from the possible reckless or criminal acts committed by our employees or others. We typically sign and comply with client-imposed ethics and compliance policies as part of our contracts, demonstrating our commitment to maintaining high standards of anti-corruption compliance. If we are found to be liable for anti-bribery law violations (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others including our partners, subcontractors or suppliers), we could suffer from criminal or civil penalties or other sanctions, including contract cancellations or debarment, and damage to our reputation, any of which could have a material adverse effect on our business. Litigation or investigations relating to alleged or suspected violations of anti-bribery laws, even if such litigation or investigations demonstrate ultimately that we did not violate anti-bribery laws, could be costly and could divert management's attention away from other aspects of our business.

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#### Our continued success requires us to retain and hire talented personnel.
Our ability to operate productively and profitably particularly in the industrial construction industry, is dependent on our ability to attract, employ, retain, and train skilled personnel necessary to meet our future requirements. However, unforeseen future changes in our management may occur. Therefore, we cannot be certain that any key executive or manager will continue in such capacity while performing at a high level for any particular period of time, nor can we be certain that events will permit us to complete smooth management transitions should they occur. We cannot be certain that we will be able to maintain experienced management teams and adequately skilled groups of employees necessary to execute our long-term construction contracts successfully and to support our future growth strategy. The loss of key personnel, the inability to complete management transitions without significant loss of effectiveness, or the inability to hire and retain qualified employees in the future could negatively impact our ability to manage our business in the future.

***Our Certificate of Incorporation renounces certain corporate opportunities and permits our non-employee directors and their affiliates to compete with us, which could result in conflicts of interest and limit our growth opportunities.***

Our Certificate of Incorporation, to the fullest extent permitted by Delaware law, provides that our non-employee directors and their respective affiliates have no duty to refrain from engaging in the same or similar business activities or lines of business as those in which we or our affiliates engage or may engage, and may compete with us without breaching any fiduciary duty. In addition, our Certificate of Incorporation renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity that may be a corporate opportunity for such persons, except in limited circumstances where the opportunity is expressly offered to a director or officer solely in his or her capacity as a director or officer of our company.

As a result, our non-employee directors and their affiliates may pursue business opportunities for themselves or others that could otherwise be suitable for us, including opportunities that are competitive with our business, and are not obligated to present such opportunities to us. These provisions may result in our Company foregoing attractive business opportunities, strategic transactions or investments, and could create conflicts of interest that are not resolved in our favor.

Further, because these provisions limit the fiduciary duties of our non-employee directors and their affiliates and provide that stockholders are deemed to have consented to such provisions, our stockholders may have limited ability to challenge these actions or seek remedies. These conflicts of interest and limitations could have a material adverse effect on our business, financial condition, results of operations and prospects.

#### Risks Related to This Offering and Our Shares of Common Stock
***There is no existing market for our securities, and we do not know if one will develop to provide you with adequate liquidity. Even if a market does develop following this Offering, the stock prices in the market may not exceed the offering price.***

Prior to this Offering, there has not been a public market for our securities. We cannot assure you that an active trading market for our Common Stock will develop following this Offering, or if it does develop, it may not be maintained. You may not be able to sell your shares quickly or at the market price if trading in our Common Stock is not active. The initial public offering price for the shares will be determined by negotiations between us and representatives of the Underwriters and may not be indicative of prices that will prevail in the trading market following the completion of this Offering. Consequently, you may not be able to sell shares of our Common Stock at prices equal to or greater than the price you pay in this Offering.

***BW Holdings is a holding company and our operations, cash flow, and ability to pursue enhancement opportunities depend on the earnings, distributions, and financial condition of our subsidiaries.***

We, BW Holdings, are a holding company and our only significant assets are the capital stock of our current or future subsidiaries. As a result, we are subject to the risks attributable to our subsidiary. As a holding company, we conduct substantially all of our business through our subsidiary, which generate substantially all of our revenues. Consequently, our cash flows and ability to complete current or desirable future enhancement opportunities are dependent on the earnings of our subsidiary and the distribution of those earnings to us. Its ability to pay dividends and other distributions will depend on their operating results and will be subject to applicable laws and regulations which require that solvency and capital standards be maintained by such companies and contractual restrictions contained in the instruments governing their debt. In the event of a bankruptcy, liquidation, or reorganization of any of our subsidiaries, holders of indebtedness and trade creditors will generally be entitled to payment of their claims from the assets of that subsidiary before any assets are made available for distribution to us.

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#### The market price of our Common Stock is likely to be highly volatile, and you could lose all or part of your investment.
Investing in our stock involves substantial risk due to potential for rapid and unpredictable fluctuations in our stock price. The trading price of our Common Stock is likely to be volatile and may experience rapid and unpredictable changes. This volatility can make it difficult for investors to assess the rapidly changing value of our stock and may prevent you from being able to sell your shares at or above the price you paid for them. Our stock price could be subject to wide fluctuations in response to a variety of factors, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly or annual operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publication of research reports by securities analysts about us or our competitors or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's reaction to our press releases, our other public announcements and our filings with the Securities and Exchange Commission ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors may give to the market; additions and departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions and departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments, or changes in business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the passage of legislation or other regulatory developments affecting us or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terrorist acts, acts of war or periods of widespread civil unrest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters and other calamities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in general market and economic conditions.

In addition, instances of extreme stock price run-ups followed by rapid price declines and significant stock price volatility may occur, and these fluctuations may be unrelated to our actual or expected operating performance, financial condition, or prospects. Broad market and industry factors may negatively affect the market price of our Common Stock, regardless of our actual operating performance. In the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management's attention and resources and could also require us to make substantial payments to satisfy judgments or to settle litigation.

***Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to macroeconomic conditions and other factors, some of which are beyond our control, resulting in a decline in our stock price.***

Our quarterly operating results may fluctuate significantly because of several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor availability and costs for hourly and management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic conditions, both nationally and locally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer preferences and competitive conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expansion to new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in infrastructure costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in commodity prices.

Unanticipated fluctuations in our quarterly operating results could result in a decline in our stock price.

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#### Our failure to meet the continued listing requirements of Nasdaq could result in a delisting of our Common Stock.
If, after listing, we fail to satisfy the continued listing requirements of Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist our Common Stock. Such delisting would likely have a negative effect on the price of our Common Stock and would impair your ability to sell or purchase our Common Stock when you wish to do so. In the event of a de-listing, we would take actions to restore our compliance with Nasdaq's listing requirements, but we can provide no assurance that any such action taken by us would allow our Common Stock to become listed again, stabilize the market price or improve the liquidity of our Common Stock, prevent our Common Stock from dropping below Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq's listing requirements.

#### If our shares are delisted from Nasdaq and become subject to the penny stock rules, it would become more difficult to trade our shares.
The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. If we do not obtain or retain a listing on Nasdaq and if the price of our Common Stock is less than $5.00, our Common Stock will be deemed a penny stock. The penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive (i) the purchaser's written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our Common Stock, and therefore stockholders may have difficulty selling their shares.

***We have no current plans to pay cash dividends on our Common Stock for the foreseeable future, and you may not receive any return on investment unless you sell your Common Stock for a price greater than that which you paid for it.***

We may retain future earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay any cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors ("Board of Directors" or "Board") and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions, and other factors that our Board of Directors may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur, including our credit facility. As a result, you may not receive any return on an investment in our Common Stock unless you sell our Common Stock for a price greater than that which you paid for it and any potential investor who anticipates the need for current dividends should not purchase our securities. See the section entitled "Dividend Policy."

#### Our management will have broad discretion in how we use the net proceeds of this Offering and might not use them effectively.
Our management will have considerable discretion over the use of proceeds from this Offering. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used in a manner which you may consider most appropriate. Our management might spend a portion or all of the net proceeds from this Offering in ways that our stockholders do not desire or that might not yield a favorable return. The failure by our management to apply these funds effectively could harm our business. Furthermore, you will have no direct say on how our management allocates the net proceeds of this Offering. Until the net proceeds are used, they may be placed in investments that do not produce significant income or that may lose value.

***Our founder and principal stockholder has substantial influence over our company. His interests may not be aligned with the interests of our other stockholders, and he could prevent or cause a change of control or other transactions.***

After giving effect to this Offering, Mr. Yunlong Zhang will own 12,600,000 shares of Common Stock, representing 57.21% of the Company's voting power (or 56.0% of the Company's voting power, if the underwriters exercise the over-allotment option in full). Accordingly, Mr. Zhang will have significant influence in determining the

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outcome of any corporate transaction or other matter submitted to the stockholders for approval, including mergers, consolidations, the appointment of directors and other significant corporate actions. Mr. Zhang will also have the power to prevent or cause a change in control. Without the consent of Mr. Zhang, we may be prevented from entering into transactions that could be beneficial to us or our minority stockholders. In addition, Mr. Zhang could violate his fiduciary duties by diverting business opportunities from us to himself or others. The interests of Mr. Zhang may differ from the interests of our other stockholders. The concentration in the ownership of our Common Stock shares may cause a material decline in the value of our Common Stock. For more information regarding Mr. Zhang's stock ownership and voting power, see "Security Ownership of Certain Beneficial Owners and Management."

#### The sale or availability for sale of substantial amounts of our Common Stock could adversely affect its market price.
Sales of substantial amounts of our Common Stock in the public market after the completion of this Offering, including sales made of any shares pledged for a loan by any holder of a significant number of shares of our Common Stock, or the perception that these sales could occur, could adversely affect the market price of our Common Stock and could materially impair our ability to raise capital through equity offerings in the future. The Common Stock sold in this Offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing stockholders may also be sold in the public market in the future subject to the restrictions in Rule 144 under the Securities Act and the applicable lock-up agreements. There will be 22,025,000 shares of Common Stock outstanding immediately after this Offering (or 22,418,750 shares of Common Stock assuming the full exercise of the underwriters' over-allotment option). In connection with this Offering, we have agreed not to sell any Common Stock for six (6) months from the closing of this Offering without the prior written consent of the underwriter, and each of our directors and officers named in the section "Directors and Executive Officers," have agreed not to sell any Common Stock for six months from the date of this prospectus without the prior written consent of the underwriter, subject to certain exceptions. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the FINRA. We cannot predict what effect, if any, market sales of securities held by our significant stockholders or any other stockholder or the availability of these securities for future sale will have on the market price of our Common Stock. See "Plan of Distribution" and "Description of Capital Stock" for a more detailed description of the restrictions on selling our securities after this Offering.

#### You will experience immediate and substantial dilution as a result of this Offering and may experience additional dilution in the future .
You will incur immediate and substantial dilution as a result of this Offering. After giving effect to the sale by us of 2,625,000 shares of Common Stock offered in this Offering at an assumed initial public offering price of $8.0 per share, the midpoint of the price range set forth on the cover page, and after deducting underwriting commissions and estimated offering expenses payable by us, investors in this Offering can expect an immediate dilution of $6.47 per share. Following the completion of this Offering, in most scenarios, our Board has the authority, without action or vote of our stockholders, to issue all or any part of our authorized but unissued shares of Common Stock, including shares issuable upon the exercise of options, or shares of our authorized but unissued preferred stock. Issuances of Common Stock or voting preferred stock would reduce your influence over matters on which our stockholders vote and, in the case of issuances of preferred stock, would likely result in your interest in us being subject to the prior rights of holders of that preferred stock. See the section titled "Dilution."

***We will incur significant increased costs as a result of operating as a public company and our management will be required to devote substantial time to new compliance initiatives.***

If we become a public company, we will incur significant legal, accounting, and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC and Nasdaq, has imposed various requirements on public companies. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, we anticipate that compliance with these rules and regulations will increase our legal, accounting, and financial compliance costs substantially. A number of those requirements will require us to carry out activities we have not done previously. For example, we will create new board committees and adopt new internal controls and disclosure controls and procedures. In addition, these rules and regulations may make our activities related to legal, accounting, and financial compliance more difficult, time-consuming and costly and may also place undue strain on our personnel, systems and resources. Furthermore, if we identify any issues in complying with those requirements (for example, if we or our auditors identify a material weakness or significant deficiency in our internal control over financial reporting), we could incur additional costs

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rectifying those issues, and the existence of those issues could adversely affect us, our reputation or investor perceptions of us. If these requirements divert the attention of our management and personnel from other business concerns, they could have a material adverse effect on our business, financial condition, and results of operations. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to incur substantial costs to maintain our current levels of such coverage. These increased costs will require us to divert a significant amount of money that we could otherwise use to expand our business and achieve our strategic objectives. Advocacy efforts by stockholders and third parties may also prompt additional changes in governance and reporting requirements, which could further increase our costs.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.***

We will be subject to income taxes in the United States, and our domestic tax liabilities will be subject to the allocation of expenses in differing jurisdictions. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations, or interpretations thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.

In addition, we may be subject to audits of our income, sales, and other transaction taxes by federal, state, and local authorities. Outcomes from these audits could have an adverse effect on our financial condition and results of operations.

***As an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements, which could leave our stockholders with less information or fewer rights available to stockholders of more mature companies.***

For as long as we remain an "emerging growth company", we have elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking advantage of an extension of time to comply with new or revised financial accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

We expect to take advantage of these reporting exemptions until we are no longer an "emerging growth company." Because of these lessened regulatory requirements, our stockholders would be left without information or rights available to stockholders of more mature companies.

***Because we have elected to use the extended transition period for complying with new or revised accounting standards for an "emerging growth company" our financial statements may not be comparable to companies that comply with standard public company effective dates.***

We have elected to use the extended transition period for complying with new or revised accounting standards for an emerging growth company. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result

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of this election, our financial statements may not be comparable to companies that comply with standard public company effective dates, and thus investors may have difficulty evaluating or comparing our business, performance, or prospects in comparison to other public companies, which may have a negative impact on the value and liquidity of our Common Stock.

***We will be a "controlled company" within the meaning of Nasdaq listing standards and, as a result, will qualify for exemptions from certain corporate governance requirements.***

Following this Offering, Mr. Yunlong Zhang, our Chief Executive Officer and Chairman, will hold approximately 57.21% of the voting power in us (or approximately 56.20% if the underwriters exercise their over-allotment option in full) and, as a result, we will be a "controlled company" within the meaning of the Nasdaq listing standards. For so long as we remain a controlled company, we technically qualify and are eligible to be exempted from the obligation to comply with certain Nasdaq corporate governance requirements, however, we do not plan to take advantage of the exemptions provided to controlled companies, which include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Board of Directors is not required to be comprised of a majority of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Board of Directors is not subject to the compensation committee requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not subject to the requirements that director nominees be selected either by the independent directors or a nomination committee comprised solely of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Board of Directors is not required to be comprised of a majority of independent directors;

The controlled company exemptions do not apply to the audit committee requirement or the requirement for executive sessions of independent directors. We are required to disclose in our annual report that we are a controlled company and the basis for that determination. We will avail ourselves of the "controlled company" exemption under the corporate governance rules of Nasdaq. As of the date of this prospectus, we intend to rely only on the exemption that permits us not to have a nominating and corporate governance committee composed entirely of independent directors. We may in the future take advantage of additional controlled company exemptions. Our status as a controlled company could cause our securities to be less attractive to certain investors or otherwise adversely affect our securities' trading price.

***If securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our Common Stock adversely, the price of our Common Stock and trading volume could decline.***

The trading market for our Common Stock may be influenced by the research and reports that securities or industry analysts may publish about us, our business, our market, or our competitors. If any of the analysts who may cover us change their recommendation regarding our Common Stock adversely, or provide more favorable relative recommendations about our competitors, the price of our Common Stock would likely decline. If any analyst who may cover us was to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the price of our Common Stock or trading volume to decline.

***Delaware law and our Certificate of Incorporation and Bylaws will contain certain provisions, including anti-takeover provisions that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.***

Our Certificate of Incorporation and Bylaws contains provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed undesirable by our board and therefore depress the trading price of our Common Stock. In addition, as a Delaware corporation, we will generally be subject to provisions of Delaware law, including the Delaware General Corporation Law ("DGCL"). These provisions could also make it difficult for stockholders to take certain actions, including electing directors who are not nominated by the current members of our board or taking other corporate actions, including effecting changes in management.

Such provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our board or management.

Any provision of our Certificate of Incorporation or Bylaws or Delaware law that has the effect of delaying or preventing a change in control could limit the opportunity for stockholders to receive a premium for their shares of our stock and could also affect the price that some investors are willing to pay for our Common Stock.

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***Failure to establish and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.***

We are not currently required to comply with the rules of the SEC implementing Section 404 of the Sarbanes-Oxley Act and therefore are not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a publicly traded company, we will be required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which will require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of controls over financial reporting. Though we will be required to disclose changes made in our internal controls and procedures on a quarterly basis, we will not be required to make our first annual assessment of our internal control over financial reporting pursuant to Section 404 until the year following our first annual report required to be filed with the SEC. Our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC or the date we are no longer an emerging growth company and are an accelerated or large accelerated filer.

To comply with the requirements of being a public company, we may need to undertake various actions, such as implementing new internal controls and procedures and hiring additional accounting or internal audit staff, all of which would is likely to add additional attention and costs to the Company.

Prior to the consummation of this Offering, we are a private company with limited accounting personnel to adequately execute its accounting processes and limited supervisory resources with which to address its internal control over financial reporting. In connection with the audit of our consolidated financial statements for the years ended December 31, 2024 and 2023, we identified control deficiencies in the design and operation of our internal control over financial reporting that constituted material weaknesses. Specifically, these material weaknesses are (i) the lack of accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements; (ii) lack of formal policies and procedures to establish risk assessment processes and an internal control framework: and (iii) deficiencies in IT general control related to the privileged access restriction, user access review, IT operations and cybersecurity of the Company's financial system.

To remediate the material weaknesses described above, we have implemented most of the measures described below in early 2025 and we will continue to evaluate and, as needed, implement additional measures. The remaining measures are currently in progress. Specifically, we have taken or are taking the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have recruited personnel with the requisite knowledge in accounting and disclosure requirements for complex transactions under U.S. GAAP and statutory compliance. Where needed, we have engaged external third parties with the expertise for complex or evolving areas such as public company filings, taxation, and valuation services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have designed a control environment which allows management to monitor effectiveness of internal controls over financial reporting and are addressing gaps identified within the environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have appointed independent board member nominees with what we believe to be sufficient accounting and reporting experience and knowledge, and will design and implement risk assessment policies and procedures to identify and assess internal and external risks relating to financial reporting on a regular basis. Our board of directors will oversee implementation of such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have strengthened processes to communicate internal control information and address operating deficiencies in IT general controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have developed and implemented action plans to address control deficiencies identified within certain key financial processes, prioritized by potential financial impact and risk.

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Our management and other personnel will need to devote a substantial amount of time to compliance initiatives applicable to public companies, including compliance with Section 404 and the evaluation of the effectiveness of our internal controls over financial reporting within the prescribed timeframe. We cannot assure you that there will not be additional material weaknesses in our internal control over financial reporting now or in the future and we may discover additional deficiencies in existing systems and controls that we may not be able to remediate in an efficient or timely manner.

Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition, results of operations or cash flows. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines that we have a material weakness in our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our securities could decline, and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

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#### CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION
This prospectus and the documents to which we refer you and incorporate into this prospectus by reference contain forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "will," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential" or "continue" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including those described in this prospectus under the heading "Risk Factors" beginning on page 12. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this prospectus, the documents to which we refer you and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our market opportunity and the potential growth of that market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategy, outcomes, and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trends in our industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in which we operate.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in industrial construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our operating strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition for projects with our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable economic conditions and restrictive financing markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully identify, manage, and integrate acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain sufficient capacity to undertake certain projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to accurately estimate the overall risks, requirements, or costs when we bid on or negotiate contracts that are ultimately awarded to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cancellation of a significant number of contracts or our disqualification from bidding for new contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to adverse weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• climate change and related laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indebtedness and the restrictions imposed on us by the terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our supply chain to obtain adequate raw materials, equipment and essential supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain key personnel and maintain satisfactory labor relations, and to manage or mitigate any labor shortages, turnover and labor cost increases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of inflation on costs of labor, raw materials and other items that are critical to our business, including fuel, concrete and steel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable developments affecting the banking and financial services industry;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• property damage and other claims and insurance coverage issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to any litigation or disputes, including employment-related, workers' compensation and breach of contract claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our information technology systems and infrastructure, including cybersecurity incidents.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you not to place undue reliance on these statements, which speak only as of the date of this prospectus. We are under no duty to update any of the forward-looking statements after the date of this prospectus to conform such statements to actual results.

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#### DIVIDEND POLICY
Our Board has discretion regarding whether to declare or pay dividends.

On December 31, 2024, Bestwater declared a special dividend in the amount of $2,303,066.04 to Mr. Yunlong Zhang. On June 1, 2025, Bestwater declared a special dividend in an aggregate amount of $1,998,200 to its stockholders as of such date. Other than aforementioned special dividends, we have never declared or paid dividends on our Common Stock. We intend to retain earnings, if any, to support the development of our business and therefore do not anticipate paying cash dividends for the foreseeable future. Payment of future dividends, if any, will be at the discretion of our Board after taking into account various factors, including current financial condition, operating results and current and anticipated cash needs.

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#### USE OF PROCEEDS
Based upon an assumed initial public offering price of $8.0 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, we estimate that we will receive net proceeds from this Offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately $18.4 million if the underwriters do not exercise their over-allotment option, and $21.3 million if the underwriters exercise their over-allotment option in full.

As of the date of this prospectus, we intend to use proceeds we receive from the Offering for business expansion, strategic acquisitions, and working capital and other general corporate purposes. The intended allocation of the proceeds for each purpose are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50% for business expansion, including talent acquisition, geographic expansion, and broadening the scope of our projects to include public infrastructure and commercial construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 35% for strategic acquisitions, including potential acquisitions of design institutes, engineering firms, or building materials manufacturing businesses to enhance our vertical integration; however, we have not identified any specific acquisition targets as of the date of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% for working capital and general corporate purposes.

A $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) the net proceeds to us from this Offering by approximately $2.4 million, after deducting the estimated underwriting discounts, non-accountable expense allowance and estimated aggregate offering expenses payable by us and assuming no change to the number of shares of Common Stock offered by us as set forth on the cover page of this prospectus.

The foregoing represents our current intentions based upon our present plans and business conditions to allocate and use the net proceeds of this Offering. However, the nature, amounts and timing of our actual expenditures may vary significantly depending on numerous factors. As a result, our management has and will retain broad discretion over the allocation of the net proceeds from this Offering. We may find it necessary or advisable to use the net proceeds from this Offering for other purposes, and we will have broad discretion in the application of net proceeds from this Offering. Pending our use of the net proceeds from this Offering, we intend to invest the net proceeds in a variety of capital preservation investments, including short-term, investment-grade, interest-bearing instruments, and U.S. government securities. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus. Such events and conditions could include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays, cancellations, terminations, or changes in anticipated project awards or schedules that alter our near-term capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in raw material, labor or subcontracting costs that require us to allocate more proceeds to operating expenses or working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic or market conditions, such as inflation, interest rate fluctuations, or reduced availability of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations affecting our operations or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational disruptions, including supply chain interruptions or labor shortages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• force majeure events, such as natural disasters, pandemics, or geopolitical instability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic opportunities, such as investments in technology, joint ventures, or acquisitions, that were not anticipated at the time of this Offering.

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#### CAPITALIZATION
The following table sets forth our capitalization as of September 30, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of 2,625,000 shares of Common Stock by us in this Offering at the assumed initial public offering price of $8.0 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated discounts to the underwriters, non-accountable expense allowance, and the estimated offering expenses payable by us. The following capitalization table assumes the over-allotment option has not been exercised and fully exercised.

You should read this capitalization table in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes appearing elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Actual<sup>(1)</sup>** | **Pro Forma As Adjusted<sup>(</sup><sup>2</sup><sup>)</sup>** | **Pro Forma As Adjusted<sup>(</sup><sup>2</sup><sup>)</sup>** |
|  | **Actual<sup>(1)</sup>** | **Assuming no <br>exercise of the <br>over-allotment <br>option** | **Assuming full <br>exercise of the <br>over-allotment <br>option** |
|  Cash | $4648112 | $23498785 | $26428285 |
|  Stockholders' Equity: |  |  |  |
|  Common Stock, (i) $0.0001 par value; 200,000,000 shares of Common Stock authorized; 19,400,000 issued and outstanding on an actual basis, and (ii) $0.0001 par value; 200,000,000 shares of Common Stock authorized; 22,025,000 issued and outstanding on a pro forma as adjusted basis. | $1940 | 2203 | 2242 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 1736415 | 20115325 | 23044786 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 13476035 | 13476035  | 13476035  |
| &nbsp;&nbsp;&nbsp; Total Stockholders' Equity | $15214390 | 33593563 | 36523063 |

---

____________

(1) Giving retroactive effect to the 1 for 1,000 share exchange effected on June 5, 2025 and the 1 for 2 forward stock split effected on December 19, 2025, both of which have been retroactively reflected in the share amounts and per share data presented on an actual basis and in our unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2025.

(2) Reflects the sale of the 2,625,000 shares of Common Stock in this Offering at an assumed initial public offering price of $8.0 per share, the midpoint of the price range set forth on the cover page of the registration statement, and after deducting the estimated underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us. The as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this Offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us. We estimate that such net proceeds will be approximately $18.4 million.

A $1.00 increase (decrease) in the assumed initial public offering price of $8.0 per share would increase (decrease) each of additional paid-in capital, total stockholders' equity and total capitalization by $2.4 million, assuming the number of the Common Stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and estimated expenses payable by us.

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#### DILUTION
If you invest in our Common Stock, your interest will be diluted to the extent of the difference between the public offering price per share of our Common Stock that you pay and the pro forma as adjusted net tangible book value per share of our Common Stock after this Offering. Our pro forma as adjusted net tangible book value as of September 30, 2025, was 15.2 million, or $0.78 per share of Common Stock. Our pro forma as adjusted net tangible book value per share represents total assets reduced by goodwill and other intangible assets and total liabilities and divided by the number of shares of Common Stock outstanding immediately prior to the closing of this Offering.

After giving effect to our sale of 2,625,000 shares offered in this Offering based on the estimated initial public offering price of $8.0 per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deduction of the estimated underwriting discounts and the estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025, would have been $33.6 million, or $1.53 per outstanding share of Common Stock. This represents an immediate increase in net tangible book value of $0.75 per share of Common Stock to the existing stockholders, and an immediate dilution in net tangible book value of $6.47 per share of Common Stock to investors purchasing the shares of Common Stock in this Offering. The as adjusted information discussed above is illustrative only.

The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
|  | **Post-Offering<sup>(1)</sup>** | **Full Exercise of <br>Over-Allotment <br>Option** |
|  Assumed initial public offering price per share | $8.0 | $8.0 |
|  Net tangible book value per share as of September 30, 2025 | $0.78 | $0.78 |
|  Increase per share attributable to this Offering | $0.75 | $0.85 |
|  As adjusted net tangible book value per share immediately after this Offering | $1.53 | $1.63 |
|  Amount of dilution in net tangible book value per share to new investors in the Offering | $6.47 | $6.37 |

---

____________

(1) Assumes that the underwriters' over-allotment option has not been exercised.

The following tables summarize, on an as adjusted basis as of September 30, 2025, the differences between existing stockholders and the new investors with respect to the number of shares purchased from us, the total consideration paid and the average price per share before deducting the estimated underwriting discounts and the estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Over-allotment option not <br>exercised** | **Shares purchased**  | **Shares purchased**  | **Total consideration** | **Total consideration** | **Average price <br>Per Share** |
|  **Over-allotment option not <br>exercised** | **Number** | **Percent** | **Amount** | **Percent** | **Average price <br>Per Share** |
|  Existing stockholders | 19400000 | 88% | $15214390 | 42% | $0.78 |
|  New investors | 2625000 | 12% | $21000000 | 58% | $8.00 |
|  Total | 22025000 | 100% | $36214390 | 100% | $1.64 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Over-allotment option <br>exercised in full** | **Shares purchased**  | **Shares purchased**  | **Total consideration** | **Total consideration** | **Average price <br>Per Share** |
|  **Over-allotment option <br>exercised in full** | **Number** | **Percent** | **Amount** | **Percent** | **Average price <br>Per Share** |
|  Existing stockholders | 19400000 | 87% | $15214390 | 39% | $0.78 |
|  New investors | 3018750 | 13% | $24150000 | 61% | $8.00 |
|  Total | 22418750 | 100% | $39364390 | 100% | $1.76 |

---

The as adjusted information as discussed above is illustrative only. Our net tangible book value following the completion of this Offering is subject to adjustment based on the actual initial public offering price of our Common Stock and other terms of this Offering determined at the pricing.

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#### MARKET PRICE AND DIVIDENDS ON REGISTRANT'S COMMON EQUITY<br>AND RELATED STOCKHOLDER MATTERS

#### Market Information
Our Common Stock is not currently listed on any stock exchange. We have applied to list our Common Stock listed on Nasdaq under the symbol "BWGC." Nasdaq might not approve our listing, and if it does, a trading market might not develop for our Common Stock. We will not proceed with this Offering in the event our Common Stock is not approved for listing on Nasdaq.

#### Number of Holders
As of December 30, 2025, there are four (4) record holders of our Common Stock.

#### Dividend Policy
On December 31, 2024, Bestwater declared a special dividend in the amount of $2,303,066.04 to Mr. Yunlong Zhang. On June 1, 2025, Bestwater declared a special dividend in an aggregate amount of $1,998,200 to its stockholders as of such date. Other than aforementioned special dividends, we have never declared or paid dividends on our Common Stock. We intend to retain earnings, if any, to support the development of our business and therefore do not anticipate paying cash dividends for the foreseeable future. Payment of future dividends, if any, will be at the discretion of our Board after taking into account various factors, including current financial condition, operating results and current and anticipated cash needs.

#### Securities Authorized for Issuance under Equity Compensation Plans
Our Board of Directors plan to approve and adopt the "2025 Equity Incentive Plan" (the "Plan"). The following table discloses information as of the date of this prospectus, with respect to compensation plans (including individual compensation arrangements) under which our equity securities are authorized for issuance, aggregated as follows:

#### Equity Compensation Plan Information

---

| | |
|:---|:---|
|  **Plan category** | **Number of <br>securities to <br>be issued upon <br>exercise of <br>outstanding <br>options or <br>rights** |
|  Equity compensation plans approved by security holders |  |
|  Equity compensation plans not approved by security holders |  |
|  Total |  |

---

____________

(1) The number of shares of Common Stock reserved for issuance under our Plan was initially [•]; such amount will increase automatically on each January 1, starting with [January 1, ], with an additional number of shares of Common Stock equal to the lesser of (A) 2% of the outstanding number of shares of Common Stock (on a fully-diluted basis) on December 31 and (B) such lower number of shares of Common Stock as may be determined by the Board. Therefore, as of December [•], 2025, we had a total of [•] shares of Common Stock available for issuance under the Plan.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION <br>AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain forward*-looking *statements based upon current beliefs, plans and expectations that involve risks, uncertainties, and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward*-looking *statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward*-looking *statements.*

#### Overview
We are a U.S.-based EPC company that provides design, construction, and integration services for critical process systems across multiple industrial sectors. We serve companies in automotive parts manufacturing, energy storage and battery manufacturing, renewable energy infrastructure, electronics production, and advanced manufacturing.

Our business has been built on serving international companies, primarily overseas enterprises, seeking to establish and expand their manufacturing operations in the United States. We believe this foundation has given us deep expertise in navigating complex regulatory frameworks, international business practices, and the technical requirements of sophisticated manufacturing processes. We are now leveraging these capabilities to expand our client base to include domestic and more foreign companies with similar technical and project execution needs, and to explore opportunities in public sector projects. This strategy aims to diversify our client base and reduce concentration risk.

As of the date of this prospectus, we meet the eligibility requirements to bid on government projects in Texas and actively participate in government bids in Texas, and have dedicated personnel responsible for bidding on a regular basis. These efforts include monitoring and submitting bids for city-led municipal water and wastewater infrastructure projects.

We believe our Houston headquarters positions us a strong base to serve clients throughout North America, with proximity to what we believe to be major industrial corridors, suppliers, and skilled labor markets. While not unique to Houston, we believe this combination of logistical accessibility and industry ecosystem makes it a compelling location for supporting our EPC operations. Our experience bridging international standards with U.S. regulatory requirements, combined with our track record in complex industrial projects, enables us to deliver efficient, compliant solutions for any client seeking comprehensive EPC services. We continue to expand our footprint across Texas, Arizona, Florida, and other key markets. Our strategy focuses on delivering turnkey industrial solutions that meet the unique operational and cultural needs of overseas manufacturers entering the U.S. market.

For the years ended December 31, 2023 and 2024, our revenue was approximately $29.1 million and approximately $102.0 million, respectively. The revenue from EPC services accounted for approximately $28.0 million, representing 96% of the total revenue for the year ended December 31, 2023, and approximately $102.0 million, representing 100% of the total revenue for the year ended December 31, 2024, respectively. Our net income was approximately $4.1 million and approximately $7.8 million for the years ended December 31, 2023 and 2024, respectively.

For the three-month periods ended September 30, 2024 and 2025, our revenue was approximately $41.9 million and approximately $1.9 million, respectively. The revenue from EPC services accounted for approximately $41.9 million, representing 100% of the total revenue for the three-month period ended September 30, 2024 and approximately $1.8 million, representing 94% of the total revenue for the three-month period ended September 30, 2025, respectively. Our net income (loss) was approximately $3.6 million and approximately $(0.4) million for the three-month periods ended September 30, 2024 and 2025, respectively.

For the nine-month periods ended September 30, 2024 and 2025, our revenue was approximately $66.3 million and approximately $19.9 million, respectively. The revenue from EPC services accounted for approximately $66.2 million, representing approximately 100% of the total revenue for the nine-month period ended September 30, 2024 and approximately $19.7 million, representing 99% of the total revenue for the nine-month period ended September 30, 2025, respectively. Our net income was approximately $5.6 million and approximately $5.4 million for the nine-month periods ended September 30, 2024 and 2025, respectively.

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#### KEY FACTORS AFFECTING THE RESULTS OF OUR GROUP'S OPERATIONS
Our financial condition and results of operation have been and will continue to be affected by a number of factors, many of which may be beyond our control, including those factors set out in the section headed "Risk Factors" in this prospectus and those set out below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Demand from our major client groups*** — We derive a substantial portion of our revenue from a limited number of clients. For the year ended December 31, 2023, one major client accounted for 96% of our total revenues. For the year ended December 31, 2024, two major clients accounted for 78% and 19% of our total revenues. Our accounts receivables and contract assets also reflect this concentration. As of December 31, 2023, two major clients accounted for 56% and 44% of our total accounts receivable. As of December 31, 2024, one major client accounted for 100% of our total accounts receivable. As of December 31, 2023, one major client accounted for 100% of our total contract assets. As of December 31, 2024, two major clients accounted for 65% and 30% of our total contract assets.

For the three-month period ended September 30, 2024, two major clients accounted for 84% and 14% of our total revenues. For the three-month period ended September 30, 2025, two major clients accounted for 45% and 38% of our total revenues. For the nine-month period ended September 30, 2024, two major clients accounted for 75% and 24% of our total revenues. For the nine-month period ended September 30, 2025, two major clients accounted for 70% and 13% of our total revenues. Our accounts receivables and contract assets also reflect this concentration. As of September 30, 2025, four major clients accounted for 32%, 22%, 20% and 18% of our total accounts receivable. As of September 30, 2025, two major clients accounted for 69% and 30% of our total contract assets.

Although we expect a continued degree of revenue concentration in the near term, as of the date of this prospectus, we aim to expand our client base, build repeat-client momentum, and further diversify project pipelines which we believe will position us to reduce client concentration over time. Nevertheless, the timing of new contract execution and the resumption of paused projects may lead to fluctuations in revenue recognition and cash flow in the short term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Fluctuations in the cost of our revenues*** — Subcontracting costs and project related expenses are the largest part of our cost of revenue. These costs are subject to fluctuations due to several key factors, including variations in project size and scope; changes in labor availability and subcontractor rates;<br>fluctuations in raw material prices (e.g., steel, concrete, electrical components); project site conditions and logistics; and supply chain delays or disruptions affecting the timing and cost of materials and subcontracted services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Concentration of supply*** — For the year ended December 31, 2023, three vendors accounted for 24%, 14% and 12% of our total cost of revenues. For the year ended December 31, 2024, four vendors accounted for 19%, 18%, 14% and 13% of our total cost of revenues. For the three-month period ended September 30, 2024, three vendors accounted for 25%, 22% and 18% of our total cost of revenues. For the three-month period ended September 30, 2025, four vendors accounted for 21%, 19%, 17% and 11% of our total cost of revenues. For the nine-month period ended September 30, 2024, four vendors accounted for 19%, 18%, 12% and 11% of our total cost of revenues. For the nine-month period ended September 30, 2025, three vendors accounted for 34%, 16% and 14% of our total cost of revenues. This concentration is not the result of strategic reliance on specific subcontractors, but rather reflects project-specific factors, such as the technical complexity or volume of work in certain trades (e.g., electrical or mechanical), that cause certain vendors to assume a larger role in specific projects. All subcontractors and suppliers are selected through competitive bidding based on each project's scope, location, and schedule. While we maintain an expanding vendor pool, changes in pricing, availability, or performance of these key vendors could adversely impact our cost structure and operating margins. We continue to manage this risk by evaluating alternative vendors and negotiating favorable terms where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Inflation risk*** — Inflationary factors, such as increases in material costs, subcontracting costs, project related employee benefits expenses and miscellaneous project expenses, could impair our operating results. For example, prices for key inputs such as steel, copper, and concrete continue to fluctuate due to global supply chain disruptions. A high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenue if the revenues do not increase with such increased costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Geopolitical tensions and trade policies*** — Our projects may be affected by external policy changes and international trade developments, particularly when they involve imported equipment and materials. In February 2025, we signed a $30 million contract with a client in the battery manufacturing industry for the construction of a production facility. However, in June 2025, the project was placed on hold. We believe this was in part due to significantly increased U.S. tariffs on certain types of machinery and production equipment, some of which have been subject to tariffs of up to 145%, as well as additional duties on steel and aluminum. These policy shifts significantly raised projected capital expenditures and delayed critical equipment installation. While the contract has not been terminated and we remain in active communication with the client, there is currently no definitive timeline for resumption. This instance reflects the potential impact of external macroeconomic and policy factors on specific projects, rather than a trend affecting our overall client base. We continue to monitor relevant policy developments and maintain flexibility in project scheduling and resource allocation.

Despite these headwinds, we believe our specialization in delivering EPC services to U.S.-based manufacturing ventures positions us to benefit from ongoing trends in reshoring and foreign direct investment into the U.S. industrial base. These trends have been driven in part by geopolitical tensions, global supply chain disruptions, and government incentives that encourage strategic sectors to localize production and reduce reliance on overseas manufacturing.

#### Description and Analysis of Principal Components of Our Results of Operations
The following discussion is based on our Company's historical results of operations and may not be indicative of our Group's future operating performance.

<u>**<u>Comparison of operating results for the financial years ended December 31, 2023 and 2024</u>**</u>

The following table shows our statement of operations data for the fiscal years ended December 31, 2023 and 2024. For further information regarding the results of our operations, see our financial statements appearing elsewhere in this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2023** | **For the <br>year ended <br>December 31, <br>2024** | **Change** | **Change** |
|  | **US$** | **US$** | **US$** | |
|  **Revenue** | 29075604 | 102048355 | 72972751 | 251% |
|  Cost of revenues | (21962790) | (88920480) | (66957690) | 305% |
|  **Gross profit** | **7112814** | **13127875** | **6015061** | 85% |
|  **Operating expenses:** |  |  |  |  |
|  Selling, general, and administrative expenses | (1899253) | (3396780) | (1497527) | 79% |
|  **Total operating expenses** | (1899253) | (3396780) | (1497527) | 79% |
|  **Income from operations** | **5213561** | **9731095** | **4517534** | **87**% |
|  **Other income** |  |  |  |  |
|  Interest income | 271 | 105115 | 104844 | 38688% |
|  **Total other income** | **271** | **105115** | **104844** | **38688**% |
|  **Income before income tax expense** | **5213832** | **9836210** | **4622378** | **89**% |
|  Income tax expense | (1094905) | (2065604) | (970699) | 89% |
|  **Net income** | **4118927** | **7770606** | **3651679** | 89% |

---

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<u>**<u>Comparison of operating results for the</u> <u>three-month</u> <u>periods ended September 30, 2024 and 2025</u>**</u>

The following table shows our statement of operations data for the three-month periods ended September 30, 2024 and 2025. For further information regarding the results of our operations, see our financial statements appearing elsewhere in this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>three-month <br>period ended <br>September 30, <br>2024** | **For the <br>three-month <br>period ended <br>September 30, <br>2025** | **Change** | **Change** |
|  | **US$** | **US$** | **US$** | |
|  **Revenue** | 41941712 | 1872377 | (40069335) | (96)% |
|  Cost of revenues | (36848681) | (1487849) | 35360832 | (96)% |
|  **Gross profit** | **5093031** | **384528** | **(4708503**) | (92)% |
|  **Operating expenses:** |  |  |  |  |
|  Selling, general and administrative expenses | (532355) | (955939) | (423584) | 80% |
|  **Total operating expenses** | (532355) | (955939) | (423584) | 80% |
|  **Income (Loss) from operations** | **4560676** | **(571411**) | **(5132087**) | **(113)**% |
|  **Other income** |  |  |  |  |
|  Interest income | 21199 | 29462 | 8263 | 39% |
|  **Total other income** | **21199** | **29462** | **8263** | **39**% |
|  **Income (Loss) before income tax expense** | **4581875** | **(541949)** | **(5123824**) | **(112)**% |
|  Income tax (expense) benefit | (962368) | 113809 | 1076177 | (112)% |
|  **Net income (loss)** | **3619507** | **(428140)** | **(4047647**) | (112)% |

---

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<u>**<u>Comparison of operating results for the</u> <u>nine-month</u> <u>periods ended September 30, 2024 and 2025</u>**</u>

The following table shows our statement of operations data for the nine-month periods ended September 30, 2024 and 2025. For further information regarding the results of our operations, see our financial statements appearing elsewhere in this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>nine-month <br>period ended <br>September 30, <br>2024** | **For the <br>nine-month <br>period ended <br>September 30, <br>2025** | **Change** | **Change** |
|  | **US$** | **US$** | **US$** | |
|  **Revenue** | 66266834 | 19867626 | (46399208) | (70)% |
|  Cost of revenues | (57338720) | (9075285) | 48263435 | (84)% |
|  **Gross profit** | **8928114** | **10792341** | **(1864227**) | (21)% |
|  **Operating expenses:** |  |  |  |  |
|  Selling, general and administrative expenses | (1968801) | (4074212) | (2105411) | 107% |
|  **Total operating expenses** | (1968801) | (4074212) | (2105411) | 107% |
|  **Income from operations** | **6959313** | **6718129** | **(241184)** | **(3)**% |
|  **Other income** |  |  |  |  |
|  Interest income | 76190 | 80654 | 4464 | 6% |
|  **Total other income** | **76190** | **80654** | **4464** | **6**% |
|  **Income before income tax expense** | 7035503 | 6798783 | **(236720**) | **(3)**% |
|  Income tax expense | (1477456) | (1427744) | 49712 | (3)% |
|  **Net income** | 5558047 | 5371039 | **(187008**) | (3)% |

---

#### Revenue
As set forth in the following table, during the years ended December 31, 2023 and 2024, our revenue was derived from EPC services and sales of equipment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  EPC services | 28009454 | 96% | 101951758 | 100% |
|  Sales of equipment | 1066150 | 4% | 96597 | 0% |
|  **Total** | **29075604** | **100**% | **102048355** | **100**% |

---

Our total revenue increased by approximately $73.0 million, or 251%, to approximately $102.1 million for the year ended December 31, 2024 from approximately $29.1 million for the year ended December 31, 2023. The increase was primarily attributable to the commencement and execution of a major EPC contract, which contributed approximately $79.6 million, or 78% of our total revenue in 2024. The remaining approximately $22.4 million was generated from other EPC projects, compared to approximately $28.0 million in 2023, reflecting both new contract awards and the completion of certain ongoing projects. Revenue from equipment sales decreased from approximately $1.1 million in 2023 to approximately $0.1 million in 2024. Accordingly, the year-over-year revenue increase was driven predominantly by the Solar Agreement, partially offset by decreases in other EPC activities and equipment sales.

In April 2025, the client under the Solar Agreement exercised its right to terminate for convenience. The termination did not result from any performance issues or breach by us. As of December 31, 2024, we recognized approximately $79.6 million of revenue under the Solar Agreement, representing 90.5% of the total contract value of approximately $88 million. The majority of the project work was completed prior to the termination and while

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we believe we are entitled to a termination fee, covering completed work and related costs, this termination has discontinued a substantial source of revenue present in 2024. As a result, we believe our results of operations for 2024 should not be considered indicative of our future operating results or financial condition.

As of September 30, 2025, we recognized approximately $93.4 million in revenue from the Solar Agreement, representing 100% of its total contract value. Out of the total contract value, $13.9 million was recognized for the nine months ended September 30, 2025.

Subsequent to December 31, 2024, we entered into several EPC contracts with different clients, each generally in the single-digit million dollar range. While the aggregate value of these contracts is not comparable to the Solar Agreement, we believe they broaden our client base and may support future revenue opportunities.

As set forth in the following table, for the three-month and nine-month periods ended September 30, 2024 and 2025, our revenue was derived from EPC services and sales of equipment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  EPC services | 41941712 | 100% | 1751457 | 94% |
|  Sales of equipment |  | —% | 120920 | 6% |
|  **Total** | **41941712** | **100**% | **1872377** | **100**% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  EPC services | 66195790 | 100% | 19707106 | 99% |
|  Sales of equipment | 71044 | 0% | 160520 | 1% |
|  **Total** | **66266834** | **100**% | **19867626** | **100**% |

---

Our total revenue decreased by approximately $40.0 million, or 96%, to approximately $1.9 million for the three-month period ended September 30, 2025 from approximately $41.9 million for the three-month period ended September 30, 2024. Our total revenue decreased by approximately $46.4 million, or 70%, to approximately $19.9 million for the nine-month period ended September 30, 2025 from approximately $66.3 million for the nine-month period ended September 30, 2024. The decrease was primarily due to the postponement of a $30 million EPC contract with a new client in the battery manufacturing industry, as well as the completion of several large-scale projects in early to mid-2025 that had contributed to revenue in prior periods. The project, which was signed in February 2025 and expected to commence shortly thereafter, was placed on hold in June 2025. While the contract has not been terminated and we remain in active communication with the client, as of the date of this prospectus, there is currently no definitive timeline for resumption.

#### Cost of revenues
During the years ended December 31, 2023 and 2024, our cost of revenues increased by approximately $66.9 million or 305% to approximately $88.9 million for the year ended December 31, 2024 from approximately $22.0 million for the year ended December 31, 2023. Such an increase was correlated to the increase in revenue from EPC services.

Our cost of revenues decreased by approximately $35.3 million or 96% to approximately $1.5 million for the three-month period ended September 30, 2025, from approximately $36.8 million for the three-month period ended September 30, 2024. For the nine-month periods ended September 30, 2024 and 2025, our cost of revenues decreased by approximately $48.3 million or 84% to approximately $9.0 million for the nine-month period ended September 30, 2025, from approximately $57.3 million for the nine-month period ended September 30, 2024. This decrease was primarily correlated with the decrease in revenue from EPC services, as project activity was significantly lower during the period. Amounts payable to certain vendors were accrued based on vendor contract amount as of December 31, 2024. During the invoice reconciliation process with those vendors in 2025, we revised our estimates for certain accrued amounts, resulting in approximately $3.7 million decrease from the amounts previously accrued. This change was attributable to improved vendor efficiency and did not result from any changes in project scope or contractual terms. The change in estimate was recorded as a reduction in cost of revenues for the nine months ended September 30, 2025.

[**Table of Contents**](#TOC001)

#### Gross profit
Our gross profit margin decreased from approximately 24% in the year ended December 31, 2023 to approximately 13% in the year ended December 31, 2024. The decrease was primarily due to the following factors: (i) a significant portion of our 2024 revenue was generated from a large new client project in Arizona, for which we adopted a relatively lower bidding margin strategy in order to secure the contract; (ii) larger-scale projects generally have lower profit margins compared to smaller projects due to the competitive bidding environment and pricing structures; and (iii) the Arizona project, being our first project of this scale, incurred substantial consulting and advisory fees, which were necessary during the initial execution phase but are not expected to recur at similar levels in future projects of comparable size.

Our gross profit margin increased from approximately 12% for the three-month period ended September 30, 2024, to approximately 21% for the three-month period ended September 30, 2025. The increase was primarily driven by a favorable change order on one of our EPC projects, which provided additional compensation at a higher margin relative to our other project activities during the period. As overall project volume declined during the three-month ended September 30, 2025, this high-margin change order contributed a proportionally larger share of total gross profit.

Our gross profit margin increased from approximately 13% for the nine-month period ended September 30, 2024 to approximately 54% for the nine-month period ended September 30, 2025. The increase was primarily driven by a favorable change order on one of our EPC projects, which provided additional compensation at a higher margin relative to our other project activities during the period. In addition, amounts payable to certain vendors were accrued based on vendor contract amount as of December 31, 2024. During the invoice reconciliation process with those vendors in 2025, we revised our estimates for certain accrued amounts, resulting in approximately $3.7 million decrease from the amounts previously accrued. This change was attributable to improved vendor efficiency and did not result from any changes in project scope or contractual terms. This change in estimate was recorded as a reduction in cost of revenues for the nine months ended September 30, 2025. As overall project volume declined in 2025, this high-margin change order and deduction of cost of revenues contributed a proportionally larger share of total gross profit, which may not be indicative of our gross profit margins or operating results in future periods.

#### Selling, general and administrative expenses
The following table sets forth the breakdown of our selling, general and administrative expenses for the financial years ended December 31, 2023 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  Payroll and welfare expenses | 1098944 | 58% | 1570663 | 46% |
|  Office expenses | 489574 | 26% | 1003594 | 30% |
|  Operating lease expenses | 14866 | 1% | 65765 | 2% |
|  Professional service expenses | 163925 | 8% | 645265 | 19% |
|  Depreciation and amortization |  | —% | 32747 | 1% |
|  Share-based compensation expenses | 128696 | 7% |  | —% |
|  Selling expenses | 3248 | 0% | 78746 | 2% |
|  **Total** | 1899253 | 100% | 3396780 | 100% |

---

General and administrative expenses increased by approximately $1.5 million or 79% to approximately $3.4 million for the year ended December 31, 2024, from approximately $1.9 million for the year ended December 31, 2023. Such increase was mainly attributable to the increase in revenue generated from EPC services of approximately $73.9 million. In 2024, the Company expanded its workforce by hiring additional project management, engineering, and administrative personnel, as well as the strengthening its bidding and client development teams. The Company also participated in marketing activities and industry events designed to enhance visibility and support future contract acquisition. In turn, these initiatives contributed to the rise in selling, general, and administrative expenses to support increased business volume.

The Company expects that certain general and administrative expenses, including those related to legal and financial advisory services, will continue to increase in 2026 as it engages with consultants to support future growth and capital market activities.

[**Table of Contents**](#TOC001)

The following table sets forth the breakdown of our selling, general and administrative expenses for the three-month and nine-month periods ended September 30, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  Payroll and welfare expenses | 330730 | 62% | 471815 | 50% |
|  Office expenses | 112404 | 21% | 147679 | 15% |
|  Operating lease expenses | 21018 | 4% | 1711 | 0% |
|  Professional service expenses | 43212 | 8% | 322514 | 34% |
|  Depreciation and amortization | 8848 | 2% | 8848 | 1% |
|  Selling expenses | 16143 | 3% | 3372 | 0% |
|  **Total** | 532355 | 100% | 955939 | 100% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  Payroll and welfare expenses | 1018523 | 52% | 1656962 | 41% |
|  Office expenses | 611392 | 31% | 622366 | 15% |
|  Operating lease expenses | 55371 | 3% | 2687 | 0% |
|  Professional service expenses | 199961 | 10% | 456773 | 11% |
|  Depreciation and amortization | 23899 | 1% | 26544 | 1% |
|  Share-based compensation expenses |  | —% | 1296619 | 32% |
|  Selling expenses | 59655 | 3% | 12261 | 0% |
|  **Total** | 1968801 | 100% | 4074212 | 100% |

---

Selling, general, and administrative expenses increased by approximately $0.5 million or 80% to approximately $1.0 million for the three-month period ended September 30, 2025, from approximately $0.5 million for the three-month period ended September 30, 2024. Selling, general, and administrative expenses increased by approximately $2.1 million or 107% to approximately $4.1 million for the nine-month period ended September 30, 2025, from approximately $2.0 million for the nine-month period ended September 30, 2024.

The increase was primarily driven by the Company's continued business expansion efforts, including the hiring of additional project management, engineering and administrative personnel to support ongoing operations. In addition, professional service expenses increased due to higher audit fees in connection with our proposed initial public offering and legal fees for a closed litigation proceeding. The increase in selling, general and administrative expenses for the nine-month period also reflected the recognition of share-based compensation expenses of approximately $1.3 million in 2025, to decline following the completion of this Offering. In addition, the share-based compensation arising from a one-time grant of equity awards that were fully vested upon grant, resulting in immediate expense recognition. A portion of these increases, particularly professional service fees related to audit, legal and capital market preparation activities, is non-recurring and is expected expenses recognized in 2025 resulted from a one-time equity incentive grant and are not expected to recur in future periods.

Payroll and welfare expenses were mainly represented by the salaries, allowances to our employees and share-based compensation expense, primarily for our corporate, executive, finance and other administrative functions.

Office expenses were mainly represented by insurance, travel expenses and software expenses.

Professional service expenses were mainly represented by the financial, legal advisory service and other services rendered by the professionals outside the Company.

[**Table of Contents**](#TOC001)

#### Other Income
Our interest income increased from bank deposit increases by $104,844 for the year ended December 31, 2024. This is mainly due to more placement of deposits attributable to increase in funds from operation during the year ended December 31, 2024.

Our interest income increased from bank deposit increases by $8,263 and $4,464 for the three-month and nine-month period ended September 30, 2025, respectively, from the three-month and nine-month period ended September 30, 2024. This is mainly due to more placement of deposits attributable to increase in funds from operation during the three-month and nine-month period ended September 30, 2025.

#### Income Tax Expenses
During the financial years ended December 31, 2023 and 2024, our income tax expense comprised of our current tax expense and deferred tax for the financial year.

For the year ended December 31, 2024, our income tax increased to approximately $2.1 million and our effective tax rate, calculated as income tax divided by profit before income tax, was approximately 21% due to the increase on the growth of revenue. Such income tax increase was generally in line with the increase in our profit for the financial year.

For the three-month period ended September 30, 2025, our income tax benefit was approximately $0.1 million, compared to our income tax expense was approximately $1.0 million for the three-month period ended September 30, 2024. The decrease was primarily due to the decline in our profit before income tax for the period, and the change in income tax expense was generally in line with the change in our profitability.

There were no significant changes on our income tax expense from the nine-month period ended September 30, 2024, to the nine-month period ended September 30, 2025.

#### Net Income
As a result of the foregoing, our net income amounted to approximately $4.1 million and approximately $7.8 million for the financial years ended December 31, 2023 and 2024, respectively.

As a result of the foregoing, our net income amounted to approximately $3.6 million and our net loss amounted to approximately $0.4 million for the three-month periods ended September 30, 2024 and 2025, respectively.

As a result of the foregoing, our net income amounted to approximately $5.6 million and approximately $5.4 million for the nine-month periods ended September 30, 2024 and 2025, respectively.

#### Liquidity and Capital Resources
As of December 31, 2024, we had approximately $9.4 million in cash, compared to approximately $9.6 million as of December 31, 2023. The slight decrease was primarily due to cash outflows from investing activities on purchasing the vehicle, partially offset by positive cash flow from operating activities.

As of September 30, 2025, we had approximately $4.6 million in cash, compared to approximately $9.4 million as of December 31, 2024. The decrease was primarily attributable to cash outflows from operating activities, driven by lower revenues during the period, and financing activities related to the dividend payment made to stockholders in July 2025.

Our liquidity and working capital requirements have primarily related to our operating expenses. Historically, we have met our working capital and other liquidity requirements primarily through a combination of cash generated from our operations. Going forward, we expect to fund our working capital and other liquidity requirements from various sources, including but not limited to cash generated from our operations, the net proceeds from this Offering and other equity or debt financings as and when appropriate.

[**Table of Contents**](#TOC001)

We believe that our operations are self-sustaining and that our current cash position is sufficient to meet our working capital needs and planned capital expenditures for at least the next 12 months from the date of this prospectus.

#### Material Cash Requirements

#### Working Capital
As of December 31, 2024, we had approximately $9.4 million in cash and net current assets of approximately $10.4 million. Subsequent to December 31, 2024, and up to the date of this prospectus, we have not received additional paid-in capital and our cash position has not materially changed.

In April 2025, our largest client terminated for convenience the Solar Agreement with a total contract value of approximately $88 million. We recognized approximately $79.6 million from the Solar Agreement, which represented approximately 78% of our total revenue for the year ended December 31, 2024. We substantially completed our scope of work under the Solar Agreement prior to termination and we believe we are entitled to receive payments under the termination provisions, covering completed work and demobilization costs. As of the date of this prospectus, we have recognized $93.4 million in revenue from the Solar Agreement in accordance with applicable accounting principles. As of the date of this prospectus, approximately $4.0 million of contract assets which are not billed yet and $0.3 million of the recognized amount remains outstanding and has not yet been collected in cash.

In addition, a $30 million EPC contract awarded in February 2025 was placed on hold in June 2025, which we believe was due to significant increases in the U.S. tariffs on imported machinery and equipment. While this hold delays revenue recognition, it also defers the related cost outlays. While higher tariffs may increase costs on certain inputs such as steel and aluminum, we believe they may also encourage additional domestic manufacturing investment, which could support demand for our EPC services over the longer term.

Our historical operating cash requirements primarily consist of selling, general and administrative expenses ("SG&A"), which were approximately $3.4 million in the year ended December 31, 2024. By comparison, our $9.4 million cash balance as of December 31, 2024, was nearly three times our annual SG&A expenses. Our cost of revenues, by contrast, fluctuates with the size of projects under execution and are generally matched by project-related cash inflows. Taking these factors together, we believe our current cash position, combined with expected payments under existing contracts and costs for the commercialization of our modular water treatment systems products, provides sufficient liquidity to support our operations and meet our obligations for at least the next 12 months from the date of this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Total current assets | 14518964 | 24041132 |
|  Total current liabilities | (9443072) | (13594971) |
|  Net current assets | 5075892 | 10446161 |

---

As of September 30, 2025, we had approximately $4.6 million in cash and net current assets of approximately $15.1 million. The increase in net current assets compared to December 31, 2024, was mainly due to a decrease in current liabilities as certain project-related payables were settled during the period. Subsequent to September 30, 2025, and up to the date of this prospectus, we have not received additional paid-in capital and our cash position has not materially changed.

Our historical operating cash requirements primarily consist of selling, general and administrative expenses ("SG&A"), which were approximately $4.1 million for the nine-month period ended September 30, 2025. SG&A for the period included payroll and welfare expenses due to the hiring of additional project management, engineering and administrative personnel to support ongoing operations, professional service fees related to audit and legal, as well as a one-time share-based compensation expense of approximately $1.3 million. By contrast, our cost of revenues fluctuates with project execution levels and is generally matched by project-related cash inflows.

[**Table of Contents**](#TOC001)

Taking these factors together, we believe our current cash position, combined with expected payments under existing contracts, provides sufficient liquidity to support our operations and meet our obligations for at least the next 12 months from the date of this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  | | **(Unaudited)** |
|  Total current assets | 24041132 | 22256266 |
|  Total current liabilities | (13594971) | (7115580) |
|  Net current assets | 10446161 | 15140686 |

---

#### Cash flows
The following table summarizes our cash flows for the financial years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **Cash as of beginning of the year** | 217813 | 9573299 |
|  Net cash provided by operating activities | 11569163 | 58907 |
|  Net cash used in investing activities |  | (99018) |
|  Net cash used in financing activities | (2213677) | (89389) |
|  Net change in cash | 9355486 | (129500) |
|  **Cash as of the end of the year** | 9573299 | 9443799 |

---

#### Cash flows from operating activities
Our cash inflow from operating activities was principally receipt of payments from clients. Our cash outflows from operating activities were principally due to payments to subcontractors, and for salaries, raw materials, rental, and other administrative and operating expenses. Net cash provided by operating activities reflects our net income adjusted for depreciation of equipment, amortization of right-of-use assets, share-based compensation expense and change in operating assets and liabilities items including accounts receivable, contract assets, amount due from related parties, prepayments and other current assets, accounts payables, contract liabilities, income tax payables, accrued expense and other current liabilities and other non-current liabilities.

For the year ended December 31, 2024, our net cash provided by operating activities was approximately $0.1 million, which primarily reflected our net income of approximately $7.8 million, as negatively adjusted by (i) increase of accounts receivable of approximately $0.9 million, and (ii) increase of contract assets of approximately $10.2 million and positively adjusted by (iii) increase of accounts payable of approximately $3.6 million.

For the year ended December 31, 2023, our net cash provided by operating activities was approximately $11.6 million, which primarily reflected our net income of approximately $4.1 million, as negatively adjusted by (i) increase of contract assets of approximately $2.2 million and positively adjusted by (ii) increase of accounts payable of approximately $7.0 million, and (iii) increase of income tax payable of approximately $1.3 million.

#### Cash flows from investing activities
Our cash flows used in investing activities primarily consisted of purchase of vehicles for business uses.

For the year ended December 31, 2024, our net cash used in investing activities was approximately $0.1 million, primarily due to purchase of vehicles.

[**Table of Contents**](#TOC001)

#### Cash flows from financing activities
Our cash flows used in financing activities primarily consists of amounts borrowed to, and repayments made by the director.

For the year ended December 31, 2024, our net cash used in financing activities was approximately $0.1 million, which mainly consisted of amounts borrowed to and repayment made by the related party.

For the year ended December 31, 2023, our net cash used in financing activities was approximately $2.2 million, which mainly consisted of amounts borrowed to and repayment made by the related party.

The following table summarizes our cash flows for the nine-month periods ended September 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the nine-month periods ended <br>September 30,** | **For the nine-month periods ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  **Cash at the beginning of the period** | 9573299 | 9443799 |
|  Net cash used in operating activities | (2054880) | (2325987) |
|  Net cash used in investing activities | (99018) |  |
|  Net cash provided by (used in) financing activities | 211611 | (2469700) |
|  Net change in cash | (1942287) | (4795687) |
|  **Cash as of the end of the year** | 7631012 | 4648112 |

---

#### Cash flows from operating activities
Our cash inflows from operating activities primarily consist of payments received from clients, while our cash outflows primarily relate to payments to subcontractors, salaries, materials, rental expenses and other administrative and operating costs. Net cash provided by operating activities reflects our net income adjusted for non-cash items, including depreciation of equipment, amortization of right-of-use assets and share-based compensation expenses, as well as changes in operating assets and liabilities.

For the nine-month period ended September 30, 2025, our net cash used in operating activities was approximately $2.3 million. This amount primarily reflected our net income of approximately $5.4 million, adjusted for non-cash items and significant changes in working capital. Operating cash flow was negatively affected by (i) an increase in accounts receivable of approximately $0.8 million, (ii) an increase in prepayments and other current assets of approximately $1.0 million and (iii) a decrease in accounts payable of approximately $4.1 million as outstanding payables from prior project activities were settled. These impacts were partially offset by (iv) an increase in contract liabilities of approximately $1.4 million. The combination of these working capital movements resulted in net cash used in operating activities for the period.

For the nine-month period ended September 30, 2024, our net cash used in operating activities was approximately $2.1 million. Although we generated net income of approximately $5.6 million during the period, operating cash flow was negatively impacted by (i) an increase in contract assets of approximately $5.2 million, reflecting timing differences in revenue recognition and billings, and (ii) a decrease in accounts payable of approximately $3.9 million. These impacts were partially offset by (iii) an increase in contract liabilities of approximately $1.2 million and (iv) an increase in income tax payable of approximately $1.3 million. As a result, we recorded net cash used in operating activities for the period.

#### Cash flows from investing activities
Our cash flows used in investing activities primarily consisted of purchase of vehicles for business uses.

For the nine-month period ended September 30, 2024, our net cash used in investing activities was approximately $0.1 million, primarily due to purchase of vehicles to support project execution and administrative functions. For the nine-month period ended September 30, 2025, we did not have any material investing activities, and cash flows from investing activities were not significant for the period.

[**Table of Contents**](#TOC001)

#### Cash flows from financing activities
Our cash flows from financing activities primarily consist of advances from and repayments to related parties, dividend distributions and payments of deferred offering costs.

For the nine-month period ended September 30, 2025, our net cash used in financing activities was approximately $2.5 million, which was primarily due to the payment of dividends of approximately $2.0 million to our stockholders and the payment of approximately $0.5 million in deferred initial public offering costs. These financing outflows were non-recurring in nature and were related to capital market activities and the Company's pre-offering capital structure.

For the nine-month period ended September 30, 2024, our net cash provided by financing activities was approximately $0.2 million, primarily reflecting short-term advances from and repayments to a related party.

#### Accounts receivable
Our net accounts receivable increased from approximately $0.1 million as of December 31, 2023 to approximately $1.0 million as of December 31, 2024. The increase was primarily attributable to our revenue from EPC services.

The following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Within 30 days |  | 970500 |
|  Between 31 and 60 days |  |  |
|  Between 61 and 90 days |  |  |
|  Over 91 days | 83287 |  |
|  Accounts receivables, net | 83287 | 970500 |

---

We have a policy for determining the allowance for credit loss based on the evaluation of collectability and aging analysis of accounts receivable and on management's judgement, including the change in credit quality, the past collection history of each client and the current market condition.

The loss allowance for accounts receivable related to a general provision for accounts receivable applying the simplified approach to providing for expected credit loss(es) (the "ECL(s)"). Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. An ECL rate is calculated based on historical loss rates of the industry in which our clients operate and aging of the accounts receivable.

During the years ended December 31, 2023 and 2024, there was no allowance.

Our net accounts receivable increased from approximately $1.0 million as of December 31, 2024, to approximately $1.8 million as of September 30, 2025. The increase was primarily attributable to the timing of billings and collections under ongoing EPC contracts rather than an increase in revenue volume. Certain milestone billings were issued but not yet collected as of period end, resulting in a higher accounts receivable balance.

The following table sets forth the ageing analysis of our accounts receivable, net, based on the invoiced date as of the dates mentioned below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Within 30 days | 970500 | 484123 |
|  Between 31 and 60 days |  | 15821 |
|  Between 61 and 90 days |  |  |
|  Over 91 days |  | 1291437 |
|  Accounts receivables, net | 970500 | 1791381 |

---

[**Table of Contents**](#TOC001)

The increase in amounts aged over 91 days as of September 30, 2025 was mainly due to delays in client payment processing and the timing of certification and approval cycles under our EPC contracts. Our EPC agreements generally include progress-certification-and-billing provisions ("PCABO"), under which billings are tied to verified milestones and obligate clients to remit payment upon certification. These contractual mechanisms support the collectability of our accounts receivable, and the ageing profile reflects timing differences rather than deterioration in credit quality.

Based on management's assessment of client credit quality, payment history, project status, and contractual billing protections, no allowance for credit losses was recorded for the nine-month periods ended September 30, 2024 and 2025.

#### Contract assets
Our contract assets increased from approximately $2.5 million as of December 31, 2023 to approximately $12.7 million as of December 31, 2024. The increase was primarily attributable to our EPC service projects with two clients. We believe the increase resulted from both clients' heightened caution in certifying project milestones given what we believe to be the significance of the projects, which led to delays in the expected timeline. In 2025, we issued the invoices totaling approximately $5.6 million, which was recorded as contract assets as of December 31, 2024 and was fully settled with cash as of the date of this prospectus. We expect the clients to complete the remaining certifying process by the end of 2025. We believe this delay attributable to the certification process presents no significant impact on our liquidity.

Our contract assets further increased from approximately $12.7 million as of December 31, 2024 to approximately $13.2 million as of September 30, 2025, primarily due to continued EPC work performed for the same two major clients for which certification and billing had not yet occurred as of the reporting date. During the nine-month period ended September 30, 2025, additional contract assets of approximately $6.6 million were recognized from these projects as work progressed ahead of agreed project milestones. As noted above, the invoices totaling approximately $5.6 million that were recorded as contract assets as of December 31, 2024 were fully settled in cash by September 30, 2025. We expect the outstanding milestones to be certified by the end of 2025. Management believes that the delays in certification are procedural in nature, and reflect project scale, but as of the date of this prospectus, no firm timeline exists, and prolonged delays could impair collectability or liquidity.

#### Accounts payable
Our accounts payable increased from approximately $7.0 million as of December 31, 2023 to approximately $10.6 million as of December 31, 2024. The increase was mainly attributable to more procurement and subcontracting activities in line with our expanded project volume.

Our accounts payable decreased from approximately $10.6 million as of December 31, 2024 to approximately $2.8 million as of September 30, 2025. The decrease was mainly due to the settlement of subcontractor payables associated with EPC projects that were completed during the period. The reduction reflects the normal timing of project completion and supplier payment cycles rather than any change in our procurement practices or payment terms. Amounts payable to certain vendors were accrued based on vendor contract amount as of December 31, 2024. During the invoice reconciliation process with those vendors in 2025, we revised our estimates for certain accrued amounts, resulting in approximately $3.7 million decrease from the amounts previously accrued. This change was attributable to improved vendor efficiency and did not result from any changes in project scope or contractual terms. The change in estimate was recorded as a reduction in cost of revenues for the nine months ended September 30, 2025.

#### Capital Commitments
As of December 31, 2023 and 2024, and September 30, 2025, we did not have any capital commitments.

#### Contractual Obligations
The following table summarized our contractual obligations, which include principal in the cases of contract liabilities as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | **Less than <br>1 year** | **1 to 3 years** | **3 to 5 years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** |
|  Contractual Obligations: |  |  |  |  |
|  Contract liabilities | 743012 |  |  | 743012 |
|  Operating lease obligations | 17718 | 1477 |  | 19195 |

---

[**Table of Contents**](#TOC001)

The following table summarized our contractual obligations, which include principal in the cases of contract liabilities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | **Less than <br>1 year** | **1 to 3 years** | **3 to 5 years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** |
|  Contractual Obligations: |  |  |  |  |
|  Contract liabilities | 2131875 |  |  | 2131875 |
|  Operating lease obligations | 5844 |  |  | 5844 |

---

#### Contingencies
In the ordinary course of business, the Company may be subject to legal proceedings and claims arising from contractual obligations, employment matters, or other business-related issues. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable.

As of December 31, 2024, and September 30, 2025, and through the date of this prospectus, in the opinion of management, appropriate and adequate accruals for legal matters have been made, and management believes that the probability of a material loss beyond the amounts accrued is remote. Nevertheless, the Company cannot predict the impact of future developments affecting our pending or future claims and lawsuits. The Company expenses legal costs as incurred, and recorded legal liabilities are adjusted as additional information becomes available.

#### Quantitative and Qualitative Disclosure About Market Risk
*Concentration of Credit Risk*

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. The Company places its cash with financial institutions with high credit ratings. As of December 31, 2023 and 2024, the Company held $9,573,299 and $9,443,799 in cash, respectively. As of September 30, 2025, the Company held $4,648,112 in cash.

Accounts receivable primarily consist of amounts receivable from the service clients. To reduce credit risk, the Company performs ongoing credit evaluations of the financial condition of these clients. The Company establishes a provision for doubtful accounts based on estimates, factors surrounding the credit risk of specific service clients and other information.

*Concentration of demand*

The following table sets forth a summary of single clients who represent 10% or more of the Company's total accounts receivable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client A | 46460 | 56% |  | —% |
| &nbsp;&nbsp;&nbsp; Client B | 36827 | 44% |  | —% |
| &nbsp;&nbsp;&nbsp; Client C |  | —% | 970500 | 100% |
|  **Total** | 83287 | 100% | 970500 | 100% |

---

[**Table of Contents**](#TOC001)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client C | 970500 | 100% | 570473 | 32% |
| &nbsp;&nbsp;&nbsp; Client E |  | —% | 319685 | 18% |
| &nbsp;&nbsp;&nbsp; Client F |  | —% | 392649 | 22% |
| &nbsp;&nbsp;&nbsp; Client G |  | —% | 366574 | 20% |
|  **Total** | 970500 | 100% | 1649381 | 92% |

---

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 27816530 | 96% | 19673476 | 19% |
| &nbsp;&nbsp;&nbsp; Client E |  | —% | 79569682 | 78% |
|  **Total** | 27816530 | 96% | 99243158 | 97% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 5813180 | 14% | 718820 | 38% |
| &nbsp;&nbsp;&nbsp; Client E | 35131111 | 84% |  | —% |
| &nbsp;&nbsp;&nbsp; Client F |  | —% | 847379 | 45% |
|  **Total** | 40944291 | 98% | 1566199 | 83% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 15584846 | 24% | 2559994 | 13% |
| &nbsp;&nbsp;&nbsp; Client E | 49557783 | 75% | 13876017 | 70% |
|  **Total** | 65142629 | 99% | 16436011 | 83% |

---

The following table sets forth a summary of single clients who represent 10% or more of the Company's total contract assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 2466530 | 100% | 8282006 | 65% |
| &nbsp;&nbsp;&nbsp; Client E |  | —% | 3812738 | 30% |
|  **Total** | 2466530 | 100% | 12094744 | 95% |

---

[**Table of Contents**](#TOC001)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 8282006 | 65% | 9100000 | 69% |
| &nbsp;&nbsp;&nbsp; Client E | 3812738 | 30% | 4000000 | 30% |
|  **Total** | 12094744 | 95% | 13100000 | 99% |

---

The projects associated with these clients were completed in April and in June 2025, respectively. In February 2025, we signed a $30 million contract with a new client in the battery manufacturing industry for the construction of a production facility. However, in June 2025, the project was placed on hold. We believe this hold was in part due to significantly increased U.S. tariffs on imports from China, particularly machinery and production equipment, which have been subject to tariffs of up to 145%, as well as additional duties on steel and aluminum. These policy shifts significantly raised projected capital expenditures and delayed critical equipment installation. While the contract has not been terminated and we remain in active communication with the client, as of the date of this prospectus, there is currently no definitive timeline for resumption.

Since January 1, 2025, we have signed contracts with eight new clients across industries including semiconductor foundry, photovoltaic manufacturing, energy storage batteries, cross-border e-commerce, and furniture manufacturing. In addition, we are actively bidding for projects from five prospective clients, across sectors such as photovoltaic and battery production, automotive glass, and furniture manufacturing.

Although we expect a continued degree of revenue concentration in the near term, as of the date of this prospectus, we aim to expand our client base, build repeat-client momentum, and further diversify project pipelines which we believe will position us to reduce client concentration over time. Nevertheless, the timing of new contract execution and the resumption of paused projects may lead to fluctuations in revenue recognition and cash flow in the short term.

*Concentration of supply*

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total accounts payable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier A | 2600000 | 37% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier B | 2248780 | 32% | 2757791 | 26% |
| &nbsp;&nbsp;&nbsp; Supplier C | 890504 | 13% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier D |  | —% | 3402390 | 32% |
|  **Total** | 5739284 | 82% | 6160181 | 58% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier B | 2757791 | 26% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier D | 3402390 | 32% | 2491936 | 90% |
|  **Total** | 6160181 | 58% | 2491936 | 90% |

---

[**Table of Contents**](#TOC001)

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total cost:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier A | 2600000 | 12% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier B | 5180280 | 24% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier D |  | —% | 17188618 | 19% |
| &nbsp;&nbsp;&nbsp; Supplier E | 3081377 | 14% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier F |  | —% | 16287868 | 18% |
| &nbsp;&nbsp;&nbsp; Supplier G |  | —% | 12687903 | 14% |
| &nbsp;&nbsp;&nbsp; Supplier H |  | —% | 11144609 | 13% |
|  **Total** | 10861657 | 50% | 57308998 | 64% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier F | 8269790 | 22% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier G | 9272899 | 25% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier H | 6622284 | 18% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier I |  | —% | 310957 | 21% |
| &nbsp;&nbsp;&nbsp; Supplier J |  | —% | 277228 | 19% |
| &nbsp;&nbsp;&nbsp; Supplier K |  | —% | 254280 | 17% |
| &nbsp;&nbsp;&nbsp; Supplier L |  | —% | 156906 | 11% |
|  **Total** | 24164973 | 65% | 999371 | 68% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier D | 6293411 | 11% | 3080492 | 34% |
| &nbsp;&nbsp;&nbsp; Supplier F | 10850738 | 19% | 1488681 | 16% |
| &nbsp;&nbsp;&nbsp; Supplier G | 10572602 | 18% | 1225608 | 14% |
| &nbsp;&nbsp;&nbsp; Supplier H | 7134110 | 12% |  | —% |
|  **Total** | 34850861 | 60% | 5794781 | 64% |

---

This concentration is not the result of strategic reliance on specific subcontractors, but rather reflects project-specific factors, such as the technical complexity or volume of work in certain trades (e.g., electrical or mechanical), that cause certain vendors to assume a larger role in specific projects. All subcontractors and suppliers are selected through competitive bidding based on each project's scope, location, and schedule. While we maintain an expanding vendor pool, changes in pricing, availability, or performance of these key vendors could adversely impact our cost structure and operating margins. We continue to manage this risk by evaluating alternative vendors and negotiating favorable terms where appropriate.

*Liquidity Risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

[**Table of Contents**](#TOC001)

Typically, the Company aims to maintain access to sufficient cash on hand to meet expected operational expenses, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The management concluded that the Company's available cash and working capital will be sufficient to support its continuous operations and to meet its payment obligations when liabilities fall due within the next twelve months from the date of issuance of these financial statements. Accordingly, management continues to prepare the Company's financial statements on a going concern basis.

#### Critical Accounting Policies and Estimates
Our financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial conditions and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. While our significant accounting policies are more fully described in Note 2 to the consolidated financial statements included elsewhere in this prospectus, we believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements.

#### Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimate in the period is revenue recognition. Actual results could vary from the estimates and assumptions that were used.

#### Revenue recognition
The Company engages in providing EPC services for critical process systems across multiple industrial sectors. The Company serves clients in energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

The Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective as of April 1, 2020. Accordingly, the consolidated financial statements for the year ended December 31, 2024 and 2023 are presented under ASC 606. The Company recognizes revenue to depict the transfer of promised goods or services (that is, an asset) to customers in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. An asset is transferred when the customer obtains control of that asset. It also requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. For the accounting period, the Company has determined two revenue streams for the accounting period, which includes: (1) Revenue from EPC services and (2) Sales of equipment and others.

Revenue from contracts with clients is recognized using the five-step model defined by ASC Topic 606 which requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

[**Table of Contents**](#TOC001)

(1) EPC services

The Company typically got the EPC projects through project bidding or purchase orders from its clients which will set the terms and conditions including the transaction price, services to be performed, performance obligations, and terms of payments. The terms and conditions serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The performance obligation is to provide engineering, procurement, and construction services to the clients. There are no implied or implicit performance obligations related to the typical EPC contract and/or purchase order. The scope of work to be executed by the Company shall include all materials and equipment required by the a given contract and all temporary or permanent sub-contractor's personnel, materials and other items and services required for the engineering, procurement, construction, facility equipment commissioning, training, defect remedy and acceptance.

A typical EPC contract of the Company is fixed priced with certain exemptions, which have a variable consideration within a range of the contract price based on changing the scope of work, which is reflected in the milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual obligation. The Company's revenue is derived from contracts where scope is adequately defined, and therefore the Company can reasonably estimate total contract value. Revenue and gross profit or loss for contracts can be significantly affected by variable consideration, which can be in the form of unapproved change orders and liquidated damages that may not be resolved until the later stages of such contract or after such contract has been completed. The Company estimates variable consideration based on the amount the Company expects to be entitled, and includes estimated amounts in transaction price to the extent it is probable that a significant future reversal of cumulative revenue recognized will not occur or when the Company concludes that any significant uncertainty associated with the variable consideration is resolved. For 2024 and 2023, we had no material amounts in revenue related to unapproved change orders or liquidated damages. For the three-month and nine-month periods ended September 30, 2024 and 2025, we had no material amounts in revenue related to unapproved change orders or liquidated damages.

Customer contracts are generally represented by a contract with durations typically ranging from three months to two years. The Company uses the percentage of completion ("POC") method, the ratio of contract costs incurred to date compared to total estimated contract costs, to recognize revenue (an input method). For these contracts, revenue is recognized over time since the customer controls the projects being constructed and renovated throughout the process, and there is a continuous transfer of control from the Company to the customer. There is typically no warranty obligation except for certain projects, of which contracts may include retentions or holdbacks, in accordance with the local requirements, to be paid one-year after the quality assurance warranty period expires to ensure that Company meets the contract obligations and to provide guarantees that the product will function as intended and meet the agreed-upon specifications. This assurance-type warranty is not accounted for as a separate performance obligation, and thus no transaction price is being allocated. According to past experience, the Company never occurred quality problems after the project was completed. The amount of warranty is nil for the years ended December 31, 2023 and 2024, and for the nine-month periods ended September 30, 2024 and 2025. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the clients and the transfer of promised services to the clients will be less than one year.

The Company uses the ratio of actual costs incurred to total estimated costs since costs incurred represent a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. The Company uses the input method to recognize revenue due to the outputs are difficult to measure. Input methods recognize revenue on the basis of the entity's efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. The contract price is fully allocated to one performance obligation. Milestone billing payments are approved once the service is certified by the client at each milestone. Remaining performance obligation represents all future revenue under contract that has not yet been recognized as revenue and includes unearned revenue. The value of the transaction price allocated to remaining performance obligations under EPC service contracts as of December 31, 2024 was approximately $12.7 million. As of September 30, 2025, the Company recognized 100% of remaining performance obligations as revenue. The value of the transaction price allocated to remaining performance obligations under EPC service contracts as of September 30, 2025 was approximately $2.2 million. The Company expects to recognize 100% of remaining performance obligations as revenue in the next six months.

[**Table of Contents**](#TOC001)

Contract costs typically include direct labor, subcontractor and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress than original expectations. When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered. This means that profit is not recognized until the outcome can be reliably measured. The stage of completion is determined through the proportion of costs incurred to total costs.

The Company's contract with the client has payment terms specified based upon certain obligations completed. The Company will submit progress billing to the client when the stage of the project is completed, and after the Company receives the certificate from client, the Company will issue a tax invoice to the client. As the clients are required to pay the Company at different billing stages over the contract period, as such, the Company believes the progress payments limit the Company's exposure to credit risk and that the Company would be able to collect substantially all of the consideration gradually at different stages. The timing of the satisfaction of the Company's performance obligations is based upon the cost-to-cost measure of progress method, which is generally different than the timing of unconditional right of payment, and is based upon certain conditions completed as specified in the contract. The timing between the satisfaction of the Company's performance obligations and the unconditional right of payment would contribute to contract assets and contract liabilities.

(2) Sales of equipment and others

Revenue from sales of equipment and others comprised of revenue mainly from equipment sales with minor installation and transportation, and other design service, which is recognized when the performance obligation is satisfied at a point in time generally as the equipment is sold or services are provided for a duration of typically less than three months. The Company typically receives purchase orders from its clients which will set for the terms and conditions including the transaction price, equipment or services to be provided or performed, performance obligations, and terms of payment. The terms and conditions serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The key performance obligation is the delivery or completion of the equipment or the services to the client according to the contract. The Company recognizes revenue when the following events have occurred: (a) the Company has performed the contract obligation; (b) the Company has a present right to payment; (c) the client has legal rights to the equipment or services, and (d) the client bears significant risks and rewards of ownership of the services. The completion of this revenue process is evidenced by the client acceptance on the equipment and services and the Company recognized the revenue at a point in time.

The Company is the principal for its transactions and recognizes revenue on a gross basis. The Company is the principal when it has control of the service before it is transferred to clients, which generally is established when the Company is primarily responsible for merchandising decisions, maintains the relationship with client, and has pricing discretion.

#### Recent accounting pronouncements
See the discussion of the recent accounting pronouncements contained in Note 2 "Summary of significant accounting policies — Recently issued accounting pronouncements" to the financial statements of the Company as of December 31, 2024 and 2023.

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#### BUSINESS

#### Business Overview
We are a U.S.-based EPC company that provides design, construction, and integration services for critical process systems across multiple industrial sectors. We serve companies in automotive parts manufacturing, energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

Our business has been built on serving international companies, seeking to establish and expand their manufacturing operations in the United States. We believe this foundation has given us deep expertise in navigating complex regulatory frameworks, international business practices, and the technical requirements of sophisticated manufacturing processes. We are now leveraging these capabilities to expand our client base to include domestic companies with similar technical and project execution needs, and to explore opportunities in public sector projects. This strategy aims to diversify our client base and reduce concentration risk.

As of the date of this prospectus, we meet the eligibility requirements to bid on government projects in Texas and actively participate in government bids in Texas, and have dedicated personnel responsible for bidding on a regular basis. These efforts include monitoring and submitting bids for city-led municipal water and wastewater infrastructure projects.

We believe our Houston headquarters positions us strategically to serve clients throughout North America, with proximity to major industrial corridors, suppliers, and skilled labor markets. Our experience bridging international standards with U.S. regulatory requirements, combined with our track record in complex industrial projects, enables us to deliver efficient, compliant solutions for any client seeking comprehensive EPC services.

For the years ended December 31, 2023 and 2024, our revenue was approximately $29.1 million and approximately $102.0 million, respectively. The revenue from EPC services accounted for approximately $28.0 million, representing 96% of the total revenue for the year ended December 31, 2023, and approximately $102.0 million, representing 100% of the total revenue for the year ended December 31, 2024, respectively. Our net income was approximately $4.1 million and approximately $7.8 million for the years ended December 31, 2023 and 2024, respectively.

For the nine months ended September 30, 2024 and 2025, our revenue was approximately $66.3 million and approximately $19.9 million, respectively. The revenue from EPC services accounted for approximately $66.2 million, representing approximately 100% of total revenue for the nine months ended September 30, 2024, and approximately $19.7 million, representing 99% of total revenue for the nine months ended September 30, 2025. Our net income was approximately $5.6 million and approximately $5.4 million for the nine months ended September 30, 2024 and 2025, respectively.

We are dependent on large construction projects for which we recognize revenue over time. These projects can take up to several months or more than one year. Such projects represent a significant portion of our total revenue. As a result, our financial performance in any given reporting period or fiscal year may fluctuate due to the timing and completion of such projects, as well as the number and size of such projects in any given year.

In addition, our customers typically have the unilateral right to terminate existing contracts without cause. Upon any such termination for convenience, we are entitled to receive compensation for the work we have already performed and for the costs incurred by us as a result of such termination, but we would not be able to receive the full amount of revenues that would have been generated had the project continued through completion. This termination structure provides our customers with flexibility but also introduces the risk that a significant project could be terminated prior to completion, which could impact our revenues and results of operations.

#### Our Material Projects

#### Ongoing Project
*Semiconductor Manufacturing Facility Project — Arizona*

On August 1, 2025, Bestwater entered into a certain service agreement with Propersys Corporation to act as a subcontractor for the construction of a large semiconductor manufacturing facility located in Phoenix, Arizona. Bestwater is subcontracting for the project's general contractor and has received three separate purchase orders ("PO" or "Purchase Order") for an aggregate contract value of $5.5 million as of the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Scope of work*: The first Purchase Order covers cable tray installation. The project preparation began in mid-September 2025 with completion expected by January 2026. Upon completion of the first Purchase Order, we are scheduled to commence work under the second and third Purchase Orders for electrical wiring for another two months on-site.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Contract type*: This contract is structured as labor-only, without significant procurement obligations. We agreed to provide labor, rental equipment, such as forklifts, and auxiliary materials, while the general contractor or owner supplies the major cable tray and wiring materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Materiality and outlook*: Although relative to the Solar Agreement, the size of the first three purchase orders is not significant, we believe this project represents our entry into a strategic client relationship in the semiconductor sector. We believe its successful execution may position us to compete for larger-scale contracts at this facility annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risks and considerations*: As with most labor-only subcontracts, the principal risks relate to labor availability, productivity, and scheduling coordination on site. To that end, we believe that we do not bear risks associated with the procurement of major materials, design and construction management or site safety management.

#### Recently Completed and Terminated Projects
*Photovoltaic Manufacturing Facility Project — Florida*

In 2018, Bestwater was awarded the phase I construction contract for this photovoltaic manufacturing facility project, and completed the work in 2019 to the client's satisfaction. In 2023, Bestwater was awarded phase II and phase III construction contracts for the expansion of a solar panel module manufacture in Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scope of work*: The project primarily involved EPC services for design and construction of process utilities, electrical and mechanical installation, and supporting infrastructure. The objective was to adapt and upgrade the existing facility the client leased to meet the client's new production requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contracts terms and size*: Together, phase II and phase III had an aggregate contract value of approximately $45.5 million. Payments were milestone-based, linked to defined stages of completion such as utility hookups, production line installation, and building systems commissioning. The contracts also included customary provisions on performance standards, warranties, and termination rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Project Completion and Revenue Contribution*: Both projects were completed in July 2025, with revenue recognized in accordance with the cost-to-cost method under ASC 606. These contracts contributed approximately $27.8 million, or 96% of our total revenue in 2023, and approximately $19.7 million, or 19% of our total revenue in 2024. These contracts contributed approximately $2.6 million, or 13% of our total revenue as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risks and considerations*: Although the projects were completed without material delays or cost overruns, they were performed under fixed-price terms, reflecting that we believe to be the competitive pricing environment in the renewable energy sector. Such contract structures can exert pressure on our profit margins and may continue to influence our approach to future large-scale projects.

*Photovoltaic Manufacturing Facility Project — Arizona*

In March 2024, Bestwater entered into a construction contract with a solar panel module manufacturer for tenancy improvements and related infrastructure works at its new facility in Arizona. The total contract value was approximately $88 million. In April 2025, this Solar Agreement was terminated for convenience by the client. As of the date of this prospectus, we have recognized $93.4 million in revenue from the Solar Agreement in accordance with applicable accounting principles. As of the date of this prospectus, approximately $4.0 million of contract assets which are not billed yet and $0.3 million of the recognized amount remains outstanding and has not yet been collected in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Scope of work*: Our responsibilities included construction of multiple critical systems, such mechanical, HVAC, electrical, plumbing, and fire protection systems. The objective was to adapt and upgrade the existing facility the client leased to meet the client's production requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Progress and termination*: By April 2025, we had substantially completed our scope of work, when the client underwent a change of ownership. The new owner then exercised its contractual right to terminate the Solar Agreement for convenience in April 2025. At the time of termination, we recognized approximately $88 million in revenue from this project, of which, $79,569,682 was recognized in 2024, representing approximately 78% of our total revenue for the year ended December 31, 2024. As of September 30, 2025,

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we recognized approximately $93.4 million in revenue from this project, of which, $13.9 million was recognized for the nine months ended September 30, 2025, representing approximately 70% of our total revenue for the nine months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Payment provisions*: Under the termination terms, the new owner is obligated to pay a termination fee, which includes (a) payment for all work performed up to the termination date that has not yet been paid, (b) reasonable expenses incurred for demobilizing equipment and personnel from the project site, (c) reasonable costs associated with terminating subcontractor agreements and satisfying related obligations entered into in good faith, and (d) other actual and reasonable out-of-pocket costs directly resulting from the termination. We believe we are entitled to a termination fee, covering completed work and related costs. As of the date of this prospectus we are still in discussions with the new owner regarding the amount of such fee; however, there can be no assurance that we will ultimately receive any portion of this termination fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risks and considerations*: While the project was substantially completed in accordance with schedule and performance standards, its termination highlights the risk that large clients may discontinue or alter projects for reasons unrelated to our performance, such as changes in ownership or business strategy. Because the vast majority of our work has already been performed prior to termination, we do not expect material financial losses from this contract. However, given the size of this project and its contribution to our 2024 revenue, this instance also illustrates the risks associated with revenue concentration and the potential impact on our operating results should similar terminations occur in the future. See "Risk Factor — Risks Related to Our Business and Operation — Our dependence on large construction contracts may result in uneven financial results."

#### History and Corporate Structure
BW Holdings was incorporated in Delaware on April 28, 2025, and is headquartered in Houston, Texas. The Company operates through its wholly owned operating subsidiary, Bestwater, doing business as BW Industrial Construction, a corporation organized under the laws of Texas on November 21, 2016.

On June 5, 2025, the Company entered into a share exchange agreement with Bestwater and its stockholders, pursuant to which the Company acquired 100% of the issued and outstanding shares of Bestwater's common stock, and in exchange, issued an aggregate of 19,400,000 shares of the Company's Common Stock (the "Share Exchange") to stockholders of Bestwater. As a result of the Share Exchange, Bestwater became a wholly owned subsidiary of the Company. The Share Exchange is recognized as a combination of entities under common control as both Bestwater and the Company have been controlled before and after the transaction by the same stockholders. As such, the financial statements and financial information contained in this filing for prior years have been retrospectively adjusted as if the Share Exchange had occurred at the beginning of the earliest period presented.

On December 19, 2025, the Company effectuated a 1-for-2 Forward Split. As a result of the Forward Split, the issued and outstanding shares of Common Stock of Company increased from 9,700,000 shares to 19,400,000 shares. Unless otherwise noted, the number of shares is presented on a post-Forward Split basis.

Below is the chart showing the Company's corporate structure as of the date of this prospectus and as of the closing of the Offering (assuming the over-allotment option is not exercised in full):

![](tflowchart_001.jpg)

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#### Our Competitive Strengths
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Comprehensive Pre*-Construction *Advisory Services*. Unlike many regional EPC firms that focus primarily on construction execution, we differentiate ourselves by offering a full suite of pre-construction advisory services beginning at the initial stages of project development. Our support includes industrial site selection, regulatory and permitting feasibility assessments, and analysis of local policies and development incentives. This service is especially valuable to foreign manufacturers and other clients unfamiliar with the U.S. regulatory landscape, enabling them to navigate complex requirements with confidence. By engaging early in the project lifecycle, we aim to help clients make faster, better-informed strategic decisions before committing significant capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cross*-Border *Technical and Regulatory Navigation*. Many of our clients operate mature production facilities in China and other international markets and seek to replicate proven processes in their U.S. operations. Our team specializes in working with foreign design documents, technical specifications, and manufacturing layouts. We collaborate with U.S.-licensed architects and engineers to translate these foreign design documents into U.S.-compliant construction drawings while preserving the operational logic and efficiency of the original designs. This cross-border technical expertise enables us to leverage clients' existing investments in proven manufacturing processes, significantly reducing design time and costs compared to approaches that require complete facility redesign from the ground up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Effective Change Order Management Through Cultural Insight and Technical Expertise*. International clients often face costly change orders when working with contractors due to communication gaps, cultural misunderstandings, inconsistent documentation practices, and differing interpretations of regulatory requirements. We have observed projects where change orders have reached 100% of original contract values, doubling the project costs. Our approach focuses on minimizing such cost overruns through better upfront coordination and communication. Our team's deep understanding of the U.S. business norms and technical design standards enables us to proactively identify and resolve potential issues during the planning phase. Through our translation of the original design documents into locally compliant construction drawings, we aim to reduce ambiguity and increase project alignment from the outset. This collaborative, detail-oriented approach tends to minimize the likelihood of scope changes and contributes to more predictable project outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Strategic Procurement Optimization*. We engage clients early in the design process to optimize material and equipment sourcing strategies, determining which components can be procured internationally for cost advantages and which must be sourced domestically for compliance or logistical reasons. Our experience with international supply chains and long-lead procurement enables proactive planning during design phases, reducing project delays and cost overruns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Specialized Technical Expertise in Advanced Manufacturing*. We have successfully delivered complex industrial facilities across lithium battery manufacturing, solar panel production, and precision glass manufacturing. Our technical capabilities include cleanroom construction, hazardous material handling systems, ultra-pure process systems, and advanced mechanical, electrical, and plumbing ("MEP") integration required for high-technology manufacturing environments.

#### Our Growth Strategies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Expansion*. We are pursuing a market expansion strategy to serve domestic industrial clients and more foreign industrial clients across Asia and the Americas. This strategy aims to diversify our client base and reduce concentration risk. As of the date of this prospectus, we meet the eligibility requirements to bid on government projects in Texas and actively participate in government bids in Texas, and have dedicated personnel responsible for bidding on a regular basis. These efforts include monitoring and submitting bids for city-led municipal water and wastewater infrastructure projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Technology and Systems Enhancement*. To support scalable project delivery and stay current with industry best practices as we grow, we plan to invest more in our technology infrastructure. As of the date of this prospectus we are considering exploring the use of AI-powered design tools, because we believe such tools could help generate 3D models during the design process more efficiently and may support additional interactive functionalities in the future. These proposed technology investments are designed to enhance cross-team collaboration, reduce construction-phase issues, and ultimately deliver better outcomes for our clients while increasing our operational efficiency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Leveraging Policy Incentives for Market Expansion.* We plan to capitalize on the growing availability of U.S. policy incentives designed to attract foreign manufacturing investment to expand our client base and accelerate project pipelines. If more states and localities offer tax abatements, infrastructure support, and streamlined permitting to attract international manufacturers, we are positioned to serve as a critical bridge helping these companies navigate and maximize these benefits. Our expertise in guiding clients through incentive application processes, including industrial site selection, regulatory and permitting feasibility assessments, analysis of local policies and development incentives, and government communications creates opportunities to engage with prospects earlier in their decision-making process, potentially leading to larger project scopes and stronger client relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Potential Vertical Integration*. As part of our long-term strategic planning, as of the date of this prospectus, we are considering potential vertical integration opportunities, including the possible acquisition of local design institutes or steel fabrication facilities. These potential acquisitions could enhance our in-house capabilities and provide greater control over project timelines and quality. However, no formal discussions have taken place, and no specific acquisition targets have been identified.

#### Our EPC Services
Our service offerings are structured to meet diverse client needs and project phases, providing flexibility in engagement scope and timing. Most of our revenue is derived from full-scope EPC projects or multi-phase service arrangements that span significant portions of the project lifecycle. These projects typically have an average duration of approximately 12 months, which we believe is faster than many competitors in our sector. While we generally act as the general contractor, we also provide specialized EPC services as a subcontractor for one project in Arizona. We believe this service structure enables us to build relationships progressively while providing project owners the flexibility to engage us at the appropriate project phase and scope level for their specific needs.

We have successfully executed complex, large-scale industrial projects across various sectors, including the renewable energy, automotive, and advanced manufacturing sectors. Our past work includes providing full EPC services for both the construction and renovation of renewable energy production facilities, and an automotive glass manufacturing plant, covering mechanical, electrical, and plumbing (MEP), compressed air systems (CAS), and HVAC installations. We also led the design and installation of dust collection, insulation, and vacuum piping systems at battery manufacturing facilities.

#### Operation Workflow
Our operations follow a structured project lifecycle which we believe enable us to deliver complex industrial facilities with consistency, cost-efficiency, and high technical performance. The key phases of our project execution are as follows:

*Client Engagement and Bidding*

We typically engage with clients through a competitive bidding process. In response to requests for proposals ("RFPs") issued by prospective clients, we submit detailed bids that include technical solutions, cost estimates, project schedules, and execution plans. Successful bids are awarded based on a combination of price competitiveness, technical qualifications, safety record, and past performance.

*Design and Pre-Construction Planning*

Once awarded a contract, we will work closely with the client to finalize our engagement scope and design requirements. Depending on the project's stage and the client's needs, we may provide pre-construction advisory services such as industrial site selection, preliminary due diligence, permitting feasibility assessments, and local policy comparisons. Once a site is selected, our team of architects and engineers will review the client's design documents and convert them into local-compliant construction drawings while preserving the operational logic and efficiency of the original designs.

We also assess the project's material and equipment requirements based on contract specifications. We determine procurement channels for each component, to balance the lead time and cost efficiency. Early identification and procurement of long-lead items help minimize supply chain risks and facilitate timely project delivery.

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*Construction and Project Execution*

We usually form a project management team to oversee on-site execution, which usually consists of project manager, superintendent, and safety supervisor. Our project management team is generally responsible for managing project schedules, controlling costs, and coordinating procurement. In general, we determine the manpower required based on the timeline, scale, and complexity of the projects as well as the existing workload of our staff. During the construction phase, we generally oversee all aspects of construction including civil, structural, architectural, mechanical, electrical, and plumbing.

*Testing, Commission and Completion*

We design and implement comprehensive testing on all our construction, as well as fully assist commissioning programs provided by process equipment vendors to verify that their installed systems perform according to our clients' specifications. Our services include preparation and coordination with clients and equipment vendors, execution of performance testing protocols, and support during facility startup. Our goal is to deliver each project in accordance with the clients' specifications upon completion.

#### Our Products
In addition to our core EPC service offerings, in the second quarter of 2025, we have expanded into product development and plan to launch our first proprietary product line: modular water treatment systems. These containerized systems are designed to provide clean drinking and domestic-use water and can be rapidly deployed with minimal on-site setup with the connection to a water source and power supply.

The systems are self-contained and highly portable, making them suitable for a range of use cases. They integrate multi-stage filtration, sterilization, and intelligent control functions to produce potable water that meets drinking water standards. The system features automatic operation, remote monitoring, and a plug-and-play structure, reducing installation costs and labor intensity for end users. We believe this product is suitable for a range of use cases. In North America, we expect the primary customer base to include commercial users such as camping grounds, remote worksites, and private ranches where access to municipal water is limited. In Central and South America, we anticipate demand from government agencies or NGOs for installations in rural or underserved residential areas where access to drinkable water is a critical need.

As of the date of this prospectus, we have completed the product development and market analysis phase. We expect to initiate pilot deployments and small-scale production runs in the first quarter of 2026 and are targeting initial commercial sales in the first half of 2026. We believe material challenges to commercialization include obtaining required certifications to comply with regional water quality standards, establishing reliable manufacturing and distribution arrangements, demonstrating cost competitiveness to the target customers, and gaining market acceptance for a new product line without an established sales track record. We intend to fund these activities with our existing resources. In the event that we use a portion of the net proceeds from this Offering to fund our commercialization upstart, we do not expect we will require additional financing beyond the expected proceeds of this Offering. However, there can be no assurance that we will overcome these challenges on the anticipated timeframe or that we will not require additional capital to fund our anticipated commercialization beyond the anticipated net proceeds of this proposed offering.

#### Pricing Strategy
We use a fixed price model when pricing our services. Pricing of our services is determined on a case-by-case basis and is dependent on various factors, which generally include (i) the scope of services; (ii) the price trend for the types of subcontracting services as well as the materials required; (iii) the complexity and the location of the project; (iv) the estimated quantity and type of equipment required; (v) the completion time requested by our customers; and (vi) the availability of human and financial resources.

In consideration of the percentage of mark-up for each project, we generally consider (i) the size, complexity, and duration of the project; (ii) our business relationship with the customer; (iii) the customer's payment history and financial background; (iv) the prospect of obtaining future projects from the customer; (v) the possibility of establishing our reputation in the industry; and (vi) the prevailing market conditions.

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#### Our Clients
Our client relationships are typically project-based, though we often engage with the same companies for multiple facilities or expansion phases. We served 6 clients in the nine months ended September 30, 2024, and 13 clients in the nine months ended September 30, 2025. Our largest client accounted for approximately 75% of our total revenue for the nine months ended September 30, 2024, and our largest client accounted for approximately 70% of our total revenue for the nine months ended September 30, 2025, reflecting a continued level of client concentration that creates dependency risk for our business operations. We served seven clients in the year ended December 31, 2024, and eight clients in the year ended December 31, 2023. The largest client in the year ended December 31, 2024, accounted for 78% of the total revenue in the year ended December 31, 2024, and the largest client in the year ended December 31, 2023, accounted for 96% of the total revenue, representing significant client concentration that creates dependency risk for our business operations. See "Risk Factor — Risks Related to Our Business and Operation — We derive a substantial portion of our revenue from a limited number of clients, and the loss of one or more of these clients could materially and adversely affect our business and results of operations." for more details.

The current trade policies and strategic national initiatives in the U.S. have significantly influenced our target client sectors, which we believe creates substantial opportunities for our specialized EPC services. For example, tariffs on Chinese-manufactured goods, combined with federal incentives for domestic clean energy and advanced manufacturing, have prompted many Chinese companies to relocate or establish production facilities in the United States. Additionally, we believe the trend to localize critical supply chains in the semiconductor and energy storage sections has accelerated the timeline for other foreign companies to establish U.S. manufacturing capabilities. We believe our technical expertise and cross-border experience position us well to serve clients navigating these market transitions.

As part of our growth strategy, we are actively working to serve a broader range of industrial companies in the domestic and international markets, as well as participating in the public sectors projects. This diversification approach is intended to reduce client concentration risk while leveraging our proven capabilities across a broader market base.

#### Our Subcontractors
We conduct most project management and construction oversight in-house, and outsource the design and construction works to qualified third-party firms. When engaging subcontractors, we follow a structured selection process that prioritizes a pre-approved list of partners with a demonstrated history of successful collaboration with us, cross-cultural industrial project experience, and possession of valid state-level licenses and appropriate insurance coverage.

All subcontractor relationships are governed by separate service agreements (each a "Site Services Agreement") that clearly define the scope of work, payment terms, performance standards, and legal obligations. Despite the involvement of third-party subcontractors, we remain the client's primary point of contact and retain full responsibility for overall project integration and delivery.

#### Material Terms of the Form of Site Services Agreement with Subcontractors
The scopes of subcontractor vary by project but generally cover specific design and/or construction services aligned with our project schedules and milestones. Site Services Agreements are typically fixed-price, with payments based on submitted invoices and subject to a holdback of up to 10%, released upon completion and acceptance. We may withhold payments for defective work, site damage, third-party claims, or other legally permissible reasons.

Each Site Services Agreement generally prohibits change orders unless they are explicitly requested by our client and approved by us in writing. In addition, each Site Services Agreement does not permit subcontractors to impose delay-based fees or costs not authorized through a formal change order process.

We usually require the subcontractors to provide a two-year warranty on all work performed by the subcontractor. Product warranties typically extend until the earlier of one year from first use or 18 months from delivery. Subcontractors must, at their own expense, correct or reperform any work that fails to meet agreed performance standards.

Each Site Services Agreement may be terminated by us, at our discretion, at any time without cause upon written notice to the subcontractor. Upon such termination, the subcontractor is entitled only to payment for work completed through the termination date and any reasonable costs related to finishing their engagement in a compliant method. Termination upon subcontractors' default is permitted if the subcontractors materially breach a Site Services

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Agreement or becomes financially insolvent. Upon such termination, we may, at our option, complete the terminated work by whatever method we may deem expedient and, to the extent the costs of completing such work exceed those amounts that would have been payable to subcontractor hereunder to complete such work but for its default, subcontractor shall pay the difference to us.

Each Site Services Agreement requires that the subcontractor indemnify and defend us and our clients against any losses, damages, or claims arising from personal injury, property damage, environmental violations, infringement, or failure to pay their own subcontractors, to the extent caused by the subcontractor's negligence or willful misconduct.

Subcontractors are generally required to carry insurance coverage, including commercial general liability, workers' compensation, automobile liability, excess/umbrella, and property damage, prior to starting work. Except for workers' compensation, we must be named as an additional insured, with waivers of subrogation to protect against insurer claims. Subcontractors must also insure their own equipment and maintain performance bonds from authorized surety providers in the project's jurisdiction.

Each Site Services Agreement allows for the subcontractor to subcontract selected work and services if they obtain our prior written consent. If we choose to grant consent, the subcontractor remains fully responsible for the performance of its subcontractors.

Each Site Services Agreement is governed by the laws of the state in which the project is located and all legal proceedings under each Site Services Agreement must be brought in the state or federal courts having jurisdiction in the state in which the project is located. Pursuant to each Site Services Agreement, any subcontractor has also agreed to participate in and be bound by any dispute resolution proceedings to which we are subject under the agreements with the owners of the project, and waive their right to a jury trial. Additionally, if the owner of a project imposes liquidated damages on the Company for delays, and those delays are attributable to the subcontractor, the subcontractor may be held liable.

#### Regulatory Approvals
Our operations in the United States are subject to contractor licensing requirements that vary by state. In general, we must obtain a contractor license in each state in which we perform construction-related services. These licenses may be required at the state, county, or municipal level, depending on the jurisdiction. We obtain contractor licenses as needed on a project-by-project basis, and we intend to continue securing additional licenses in other states as our operations expand geographically. Failure to maintain or timely obtain the required licenses could impact our ability to bid on or perform certain projects.

Below is a list of our current licenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Licensee** | **License** | **Issuing Authority** | **States/Cities** | **Expiration Date** |
|  Jean Reyes/<br>Bestwater | General Contractor (License No. CGC1535043) | Construction Industry Licensing Board of the Department of Business and Professional Regulation (DBPR) | Florida | August 31, 2026 |
|  Bestwater | B-1 General Commercial Contractor (License No. ROC 350195) | Registrar of Contractor | Arizona | February 8, 2026 |
|  Bestwater | C-11 Electrical (License No. ROC 358830) | Registrar of Contractor | Arizona | May 31, 2027 |
|  Bestwater | General Contractor (License No. GC-02650-2025) | City of Mesquite | Mesquite, Texas | March 6, 2026 |

---

#### Quality Control
Our quality control system is overseen by a quality control manager ("Quality Control Manager"), who is in charge of implementing, monitoring, and enforcing all quality assurance and quality control procedures. The project managers for each project reports to the Quality Control Manager on their respective projects. While the project managers may delegate qualified individuals to perform certain quality control activities, they retain full responsibilities for completing their assigned projects in strict accordance with both the Company's quality control policy and the client's specifications.

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In addition, we maintain a pre-approved list of qualified subcontractors that meet our established standards. Awarding a subcontract to an entity not on this list requires prior written approval from the Quality Control Manager.

Quality inspections and review are conducted at all key stages of a project. The Quality Control Manager oversees calibration of all measuring and testing equipment with any sub-standard equipment being identified, documented, and withheld from further usage until fixed. The quality control system also includes document control protocols to ensure that only current and management approved quality documents are being used on projects. We also conduct periodic management review and testing to verify that the quality control system remains effective.

#### Financing
We primarily fund our operations using internally generated cash flows and retained earnings.<br>Our EPC projects require advance spending on procurement and subcontracting. To support these working capital needs, we implement detailed project-level cash flow planning and budgeting processes. Currently, we do not have any external financing arrangement.

As we execute our growth strategy and expand our client base, we may evaluate additional financing options to support larger project commitments and increased working capital requirements.

#### Marketing and Sales Strategy
Our business development efforts have relied primarily on the industry relationships and reputation of our Chairman. Many of our client engagements have been initiated through his professional network, as well as referrals from other professionals in the EPC and industrial construction industries. We believe that our track record of successful project execution, technical capabilities, and client service has contributed to a strong word-of-mouth reputation, which continues to serve as our primary source of new business opportunities.

Our client acquisition approach often starts with smaller-scale projects that allow us to demonstrate our technical and execution capabilities. We believe these pilot engagements not only help establish client trust but also frequently lead to larger, more complex contracts because in our experience, this phased engagement model has proven effective in building long-term client relationships and generating repeat business opportunities.

Looking ahead, we plan to expand our sales and marketing efforts as part of our growth strategy. This includes hiring dedicated business development personnel, enhancing our digital marketing capabilities, and increasing participation in relevant industry events to strengthen our brand awareness and reach a broader client base.

#### Seasonality
Our business is not subject to material seasonal fluctuations, and we do not experience significant variations in revenue or operations due to seasonal factors.

#### Employees
As of the date of this prospectus, we have 18 full-time employees. As of September 30, 2024 and 2025, we had 12 and 19 full-time employees, respectively. As of the year ended December 31, 2024 and 2023, we had 17 and 5 full-time employees, respectively. We believe that we maintain a good working relationship with our employees and to date, we have not experienced any labor disputes.

The following table provides a breakdown of our employees by function as of the date of this prospectus:

---

| | |
|:---|:---|
|  **Function** | **Number of <br>Employees** |
|  Engineering & Technical | 4 |
|  Project Execution | 5 |
|  Procurement & Estimating | 2 |
|  Corporate & Administrative | 7 |
|  **Total** | **18** |

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#### Properties
Our corporate headquarters are located at 2825 Wilcrest Dr. Ste 421, Houston, TX 77042 pursuant to a lease agreement dated February 1, 2025, for a 12-month term ending on January 31, 2026. The monthly rent is $1,476.54 for approximately 1068 square feet of office space. The property is in good condition, and we believe it is sufficient for our business needs.

#### Insurance
We maintain insurance coverage that we believe is customary for a company of our size and industry and adequate to address the risks associated with our operations. Our current insurance policies include commercial general liability, umbrella liability, excess liability, workers' compensation, and pollution liability coverage. Certain of our liability policies are written on an occurrence basis. In addition to our standard coverage, we may obtain additional insurance or increase coverage limits on a project-specific basis, as required by our clients or the nature of the project. All policies are subject to certain deductibles, limits or sub-limits and policy terms and conditions. The Company intends to utilize directors' and officers' insurance upon a becoming listed on Nasdaq.

In construction and development projects that involve subcontractors, we require all subcontractors to meet specific insurance requirements as stipulated by our insurance provider. These requirements include obtaining coverage that aligns with our own risk management standards and documented in our agreements with the subcontractors. Importantly, all coverages provided by the subcontractor must list Bestwater as a certificated holder. This designation must be confirmed and documented before the subcontractor commences work on behalf of the Company. The process aims to provide adequate protection and compliance with our insurance standards by the subcontractors.

#### Government Regulation
Our operations are subject to stringent federal, state, and local laws and regulations governing occupational safety and health aspects of our operations. Any failure to comply with these laws and regulations may result in the assessment of administrative, civil, and criminal penalties, the imposition of corrective or remedial obligations, the occurrence of delays or restrictions in permitting or performance of projects, and the issuance of orders enjoining performance of some or all of our operations.

#### Licensing Requirements
Our operations in the United States are subject to various licensing requirements that vary by jurisdiction. As of the date of this prospectus, we hold general contractor licenses in key states (or cities) where we operate, including the City of Mesquite in Texas, Arizona, and Florida and a C-11 Electrical license in Arizona. Below is a summary of the principal regulatory frameworks applicable in these jurisdictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Texas:** The State of Texas does not have a single, uniform licensing system for all contractors. Instead, licensing requirements vary between general contractors and specialized trades, with a heavy emphasis on local municipal regulations and licensing. For general contracting work, licensing is typically managed at the city or county level. For example, we currently hold a general contractor license issued by the City of Mesquite. To obtain this license, we provided proof of general liability insurance and workers' compensation coverage, demonstrated financial responsibility. As a licensee, we are required to comply with local building codes, ordinances, and permitting requirements. While Mesquite does not require a licensing examination for general contractors, ongoing adherence to local regulations is mandatory to maintain licensure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Arizona:** The Arizona Registrar of Contractors ("ROC") administers licensing for contractors in the state. General contractors must obtain a ROC license to perform commercial and residential construction. Licenses are categorized by trade type and require applicants to meet experience, financial, and testing requirements. Contractors must maintain appropriate liability and workers' compensation insurance coverage as part of licensing conditions. The licenses issued by the Arizona ROC require biennial renewal, insurance maintenance, compliance with state building codes, and periodic continuing education.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Florida:** In Florida, the Department of Business and Professional Regulation ("DBPR") licenses general contractors through its construction industry licensing board to qualifying agents. These agents hold the contractor license and are responsible for the construction activities performed by their affiliated companies. Licensing requires passing examinations, demonstrating financial stability, and meeting insurance requirements. Florida contractors are subject to comprehensive state building codes, local permitting processes, and safety regulations. The state requires biennial renewal, continuing education, insurance maintenance, and disclosure of any disciplinary actions.

We obtain contractor licenses as needed on a project-by-project basis, and we intend to continue securing additional licenses in other states as our operations expand geographically. Failure to obtain, maintain, or renew required licenses in these or other jurisdictions could result in penalties, restrictions on bidding or performing work, or other adverse consequences that may impact our business operations and growth prospects.

#### Occupational Health and Safety
We are subject to rules regarding worker safety and similar matters promulgated by the U.S. Occupational Safety and Health Administration ("OSHA") and other governmental authorities. OSHA has established workplace safety standards that provide guidelines for maintaining a safe workplace in light of potential hazards, such as employee exposure to hazardous substances. We have implemented safety programs and training procedures designed to promote compliance with applicable health and safety regulations, minimize the risk of workplace incidents, and foster a culture of safety across our project sites. To date, we have not experienced any material violations or incurred any material fines or penalties related to OSHA or other workplace safety regulations.

#### Environmental Regulations
We are not currently subject to any material compliance obligations under U.S. federal, state, or local environmental laws and regulations, as our construction activities do not involve the generation or discharge of hazardous substances, wastewater, or other regulated waste. However, the facilities we construct or install may be subject to environmental regulation once operational, and our clients are responsible for obtaining and maintaining any required environmental permits. While we do not take ownership or operational responsibility for these facilities, we remain contractually obligated to comply with applicable environmental requirements during the construction phase. We also maintain pollution liability insurance as a precautionary measure. As of the date of this prospectus, we have not incurred any material costs related to environmental compliance or remediation.

#### Legal Proceedings
From time to time, the Company may be involved in various legal actions incidental to its business, including construction defect claims, and miscellaneous third-party tort actions. As of the date of this prospectus, we are not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse effect on our business, financial condition, or operating results.

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#### INDUSTRY

#### INDUSTRY OVERVIEW
*All the information and data presented in this section have been derived from Frost & Sullivan Limited ("Frost & Sullivan")'s industry report commissioned by us entitled "Market Study of Industrial Construction in the U.S." (the "Frost & Sullivan Report") unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

#### Overview of Macroeconomic Environment

#### Workforce Size of Construction Industry in the U.S.
The workforce size of construction industry in the U.S. has increased from 7,255.5 thousand in 2020 to 8,211.0 thousand in 2024 at a moderate CAGR of 3.1%, mainly attributed to a post-pandemic rebound in industrial, residential and infrastructure spending, bolstered by federal stimulus packages such as the Infrastructure Investment and Jobs Act. The workforce size directly affects the U.S. industrial construction industry's ability to deliver projects on time and within budget while limiting scalability. An expanding workforce mirrors the growth of the U.S. construction industry, enabling industrial construction contractors to mitigate delays, control costs, and scale operations to meet rising demand in the near future.

![](tbarchart_001.jpg)

*Source: The Frost & Sullivan Report*

#### Materials and Components for Construction Producer Price Index in the U.S.
The Construction Producer Price Index (PPI) is an economic indicator published by the U.S. Bureau of Labor Statistics that measures the average change over time in the selling prices received by domestic producers for construction-related goods and services. It reflects price trends in the construction industry, capturing the costs of labor, materials, equipment, and other inputs used in construction projects.

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The materials and components for construction producer price index in the U.S. has increased from 109.9 in 2020 to 139.8 in 2024, mainly due to persistent supply-chain disruptions, elevated energy and raw-material costs, and strong domestic demand fueled by large-scale infrastructure and housing projects.

![](tlinechart_001.jpg)

*Source: The Frost & Sullivan Report*

#### Overview of Industrial Construction in the U.S.

#### Definition and Classification
Industrial construction refers to the design, development, and building of facilities for industrial purposes, namely manufacturing plants, warehouses, distribution centers, power plants, refineries, and other large-scale production or processing facilities. It involves specialized planning, engineering, and construction techniques to meet the unique demands of heavy industry, including durability, safety, and compliance with strict regulations.

Industrial construction involves a structured process: planning and design includes feasibility studies, site selection, and engineering collaboration to meet operational needs. Permitting entails navigating complex zoning, environmental, and safety regulations. Construction uses heavy materials like steel and concrete with specialized equipment for large-scale projects. Commissioning involves testing systems to ensure they function properly before operations start.

Key features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structural Durability: Buildings must withstand heavy machinery, vibrations, and extreme conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specialized Systems: HVAC, electrical, plumbing, and fire suppression systems tailored to industrial needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safety and Compliance: Adherence to Occupational Safety and Health Administration, Environmental Protection Agency, and local regulations for worker safety and environmental impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scalability: Designs often account for future expansion or technological upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainability: Increasing focus on energy-efficient designs, renewable energy integration, and waste reduction.

Industrial construction projects include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manufacturing Facilities: Factories for goods like automobiles, electronics, or chemicals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warehouses and Distribution Centers: Large hubs for e-commerce and supply chain logistics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy Facilities: Power plants (solar, wind, nuclear, fossil fuel), refineries, and substations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data Centers: Server facilities with advanced cooling and power systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Heavy Industrial: Steel mills, mining, and chemical processing plants.

#### Value Chain
The value chain of industrial construction market generally consists of three major parties: clients, contractors, and suppliers.

Owners of manufacturing facilities, warehouses and distribution centers, energy facilities, data centers and heavy industrial are the major clients for construction projects in both public and private sectors. As a common practice in the construction market, contract owners initiate projects and issue work orders to main contractors in the form of tendering bids.

EPC companies primarily serve as main contractor, the central point of coordination and responsibility for the successful delivery of the project. The primary role of main contractor involves overseeing and managing all aspects of the project, including planning, scheduling, resource allocation, and ensuring compliance with safety, quality, and regulatory standards. The main contractor is responsible for hiring and supervising subcontractors, such as specialized E&M contractors for HVAC, plumbing, or fire safety systems, and ensuring their work is properly integrated with the overall construction or facility development. Additionally, they act as a liaison between the client, consultants, architects, and subcontractors, ensuring that all parties are aligned with the project's goals, specifications, and timelines. The main contractor also manages procurement, ensuring that materials and equipment meet the technical specifications and are delivered on time. They play a critical role in risk management, addressing challenges such as delays, cost overruns, or on-site safety issues.

In general, depending on client's request, project nature, agreement, main contractors and/or subcontractors will be responsible for procurement of materials and equipment required for the projects from suppliers.

![](tflowchart_002.jpg)

*Source: The Frost & Sullivan Report*

#### Market Size of Industrial Construction in the U.S.
The U.S. industrial construction market increased from USD75.4 billion in 2020 to USD233.2 billion in 2024, at a CAGR of 32.6% from 2020 to 2024. This market is vital for supporting the nation's manufacturing, logistics, and infrastructure sectors. Industrial construction, encompassing large-scale warehouses, advanced data centers, and specialized manufacturing facilities, underpins the U.S.'s supply chain and economic growth. Growth is driven by increasing e-commerce demands, the need for modern manufacturing spaces, and sustainable, energy-efficient buildings with automation and cold chain capabilities for pharmaceuticals and food storage. Government initiatives promoting infrastructure expansion and domestic manufacturing further boost the demand for industrial construction in the U.S. The U.S. industrial construction market is expected to reach USD460.8 billion in 2029, representing a CAGR of 14.5% from 2025 to 2029.

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As estimated, the market size of industrial construction works initiated by Chinese firms is USD2.3 billion in 2024, and it is expected to reach USD5.1 billion in 2029 at a CAGR of 17.2% from 2025 to 2029, driven by the industrial construction works in the U.S. initiated or funded by Chinese companies in 2025 including the Gotion battery plant in Illinois and Bitmain's planned factory in Texas or Florida.

*Source: The Frost & Sullivan Report*

#### Market Drivers and Trends Analysis
***Reshoring and Supply Chain Security:*** U.S. policies like the Biden administration's "Made in America" initiatives, the CHIPS and Science Act, and the Inflation Reduction Act incentivize domestic manufacturing in semiconductors, automotive, and clean energy sectors. These policies provide financial incentives, tax credits, and tariffs to encourage companies to build or expand factories, warehouses, and logistics centers in the U.S., reducing reliance on foreign supply chains vulnerable to disruptions like the COVID-19 pandemic or geopolitical tensions. For instance, the CHIPS Act's $52 billion investment has driven multi-billion-dollar semiconductor plants in Arizona and Ohio, while EV battery and solar manufacturing growth has spurred construction in Texas and Georgia, increasing demand for industrial facilities and supporting infrastructure.

***Investment in Electric Vehicle and Battery Manufacturing:*** The electric vehicle sector is a major driver of industrial construction, with significant investments in large-scale manufacturing facilities. Projects like Hyundai's 17-million-square-foot plant in Georgia, Ford's 10-million-square-foot Blue Oval City in Tennessee, and Panasonic's 4.7-million-square-foot battery plant in Kansas require extensive construction of factories and complex infrastructure, such as high-capacity power and water systems. These facilities, designed for high EV output and often incorporating carbon-neutral goals, also drive ancillary developments like logistics centers and community facilities, boosting regional economies and sustaining demand for industrial construction.

***Regulatory Environment and Environmental Compliance:*** The U.S. regulatory landscape shapes industrial construction through a balance of streamlined permitting and stringent environmental requirements. Policies like the Fixing America's Surface Transportation Act, Title 41 (FAST-41) and state-level zoning reforms in Texas and Arizona accelerate project timelines by simplifying approvals, enabling rapid construction of factories and logistics centers. However, regulations like the National Environmental Policy Act (NEPA) can delay projects due to lengthy environmental reviews. These regulations also drive demand for sustainable, high-tech facilities, such as energy-efficient or carbon-compliant factories, spurred by incentives from the Inflation Reduction Act. This dual dynamic attracts investment to business-friendly regions while increasing the need for green infrastructure, despite challenges like compliance costs.

***Technological Advancements in Construction:*** The industrial construction sector is adopting advanced technologies to enhance efficiency and sustainability. Building Information Modeling and digital twins improve project planning and execution accuracy. Robotics, automation, and modular prefabrication methods streamline operations, reduce labor costs, and accelerate timelines. Advances in materials enable the creation of resilient, energy-efficient structures, while green building practices, including renewable energy integration and Leadership in Energy and Environmental Design (LEED) certifications, align with regulatory and client demands. These innovations are transforming the industry, supporting faster and more sustainable project delivery.

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***Energy Conservation and Sustainability:*** Growing awareness of energy conservation is reshaping industrial construction toward sustainability, driven by environmental concerns, rising energy costs, and government incentives. The adoption of sustainable materials like recycled steel, energy-efficient designs with passive heating/cooling, and renewable energy systems like solar or geothermal is increasing. Smart technologies, such as IoT for real-time energy monitoring, optimize resource use, while retrofitting older facilities with efficient lighting and insulation reduces consumption. Compliance with green building standards like LEED and workforce training further support these efforts, aligning with corporate sustainability goals and regulatory requirements.

#### End-market Analysis

#### Photovoltaic Industry
The U.S. photovoltaic (PV) industry is poised for significant growth, with annual installations projected at 43 GWdc through 2030 and cumulative capacity surpassing 730 GWdc by 2035. Domestic manufacturing has reached 51 GW in module capacity, but upstream supply chain limitations and new tariffs on imports from Southeast Asia, Canada, Mexico, and China may disrupt supply chains and delay projects. Technological advancements, including crystalline silicon modules, perovskite cells, and hybrid PV-battery systems, are improving efficiency. Growth is driven by federal policies like the Investment Tax Credit, Production Tax Credit, and manufacturing incentives, alongside state-level Renewable Portfolio Standards, net metering, and rebates, boosting demand across residential, commercial, and utility-scale segments. Major utility-scale projects, such as the 875 MW Edwards & Sanborn Solar Project in California and the 1.2 GW Sunstone Solar Project in Oregon, contribute to over 239 GW of installed PV capacity as of 2025, primarily in California, Texas, and Nevada. Foreign investments, particularly from Chinese firms like Jinko Solar and Trina Solar, are reshaping the market through U.S.-based manufacturing and third-country facilities, navigating tariffs, and leveraging IRA and USMCA benefits.

#### Car Parts and EV Battery Industry
The U.S. car parts industry is thriving due to digital innovation, high internet penetration, and 254.8 million e-commerce users, boosting online sales of replacement parts. Consumer preferences for customization, safety, and connectivity, alongside a shift to eco-friendly materials, drive growth. The industry aligns with sustainability goals, supported by the EPA's 2023 proposal for two-thirds of new vehicle sales to be electric by 2032. The EV battery market is expanding rapidly due to demand for electric, plug-in hybrid, and hybrid vehicles, with advancements improving battery lifespan and reducing costs. Major investments in 2025, such as Ford's USD5.6 billion Blue Oval City, GM's USD7 Billion Orion Assembly, Hyundai's USD7.4 billion Metaplant, and others, focus on EV components and battery production. Cross-border investments, particularly from foreign and Chinese firms, leverage U.S. incentives like the Inflation Reduction Act to meet rising EV demand and navigate trade barriers, positioning the U.S. as a hub for sustainable mobility.

#### Copper Tubing and Fiber Glass Industry
The U.S. copper tubing market is growing due to demand in construction, HVAC, plumbing, and industrial applications, driven by urbanization, infrastructure development, and energy-efficient building practices. The 2021 Bipartisan Infrastructure Law supports a USD25 – 55 billion Lead Service Line Replacement program, replacing lead pipes with copper tubing. Projects like Hudson Yards of USD25 billion investment and facilities like the Golden Dragon Copper Plant in Alabama boost domestic supply. Challenges include price volatility and competition from alternative materials. The U.S. dominates the North American market with strong growth expected.

The U.S. fiberglass market is expanding in construction, automotive, aerospace, and marine sectors due to its lightweight, durable, and corrosion-resistant properties. Applications include insulation, composites, and consumer goods. Notable projects include Architectural Fiberglass, Inc.'s restoration of iconic structures and LF Manufacturing's production of wind turbine blades and FRP tanks. Fiberglass Solutions LLC focuses on custom industrial applications.

Cross-border investments from Chinese and European firms, such as Golden Dragon's USD100 million Alabama plant, CNBM's USD40 million North Carolina facility, and Saint-Gobain's USD100 million Georgia fiberglass plant, support both markets. These align with U.S. infrastructure and sustainability goals, enhancing production for HVAC, plumbing, automotive, and renewable energy applications.

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#### Semiconductor Industry
The U.S. is bolstering its role in the global semiconductor sector through targeted government policies and substantial private investments. The 2022 CHIPS and Science Act, with its USD50 billion allocation, has driven nearly USD450 billion in private funding across 28 states, leading to over 90 new manufacturing projects by August 2024. This positions the U.S. to triple its chip production capacity by 2032, surpassing global rivals. Major projects include TSMC's USD165 billion investment in three Arizona factories, generating 6,000 high-tech jobs, and Micron's advanced memory chip facilities in New York.

The U.S. maintains a global lead in semiconductor design and R&D, with over USD50 billion invested in 2023. Key efforts include the National Semiconductor Technology Center in Albany, New York, and USD300 million for advanced packaging research in Georgia, California, and Arizona, focusing on AI and next-generation technologies. Global semiconductor sales reached USD630.5 billion in 2024 and are expected to exceed $600 billion in 2025, driven by AI and data center demand, despite softer PC and mobile markets. The industry supports 338,000 direct and nearly 2 million indirect U.S. jobs, significantly impacting the economy. Innovations in materials like germanium and graphene, along with 3D packaging and AI-optimized chips, are advancing.

#### Water Processing Facilities Industry
The growth of U.S. water processing facilities market is attributed to regulatory pressures, technological advancements, and rising water demand from industrial and municipal sectors. Stricter EPA standards and public-private partnership laws drive investments in advanced technologies like membrane filtration, reverse osmosis, and ultraviolet disinfection. Water reuse, energy efficiency, and smart systems are key trends, fueled by rapid industrialization and population growth. Major projects include California's Pure Water San Diego with USD1.5 billion investment and Pure Water Southern California with USD3.4 billion investment, New York City's Newtown Creek upgrade with USD2 billion investment, and Texas' Carrizo-Wilcox aquifer developments, addressing water scarcity and aging infrastructure. Industrial recycling is prominent in sectors like oil, gas, and semiconductors such as TSMC's Arizona plant. Chinese firms, such as Beijing Origin Water and Vontron Technology, indirectly support the market by supplying cost-competitive reverse osmosis membranes through partnerships and OEM agreements, influenced by the Belt and Road Initiative.

#### Competitive Landscape
The U.S. construction market in 2024 is moderately fragmented, largely due to the dominance of the private sector and the entry of new competitors. In the industrial EPC sector, the market features two primary categories of major players:

1) Traditional large-scale integrated contractors like Bechtel, Turner, Kiewit, and Fluor possess extensive project experience across continents, robust supply chain networks, and strong capabilities for cross-border resource deployment. They offer sufficient capital and comprehensive financing solutions, enabling them to deliver full-cycle integration services for large-scale projects across various sectors, including industrial, manufacturing, energy, aerospace, and infrastructure.

2) Specialized EPC contractors, like MasTec in power/telecom, Whiting-Turner in manufacturing facilities, and Granite in transportation, as well as the Group in the new energy sector, create barriers in specific industries or regions. Their expertise in proprietary construction methods, prefabrication, and extensive subcontracting networks can significantly reduce construction timelines. They can leverage local policy networks to enhance efficiency in permitting, environmental assessment, labor union, and community coordination. However, shifts in local policy may quickly alter the scale of regional players, such as adjusted environmental standards, altered subsidy programs, or revised approval processes. For example, tightening emissions rules could raise compliance costs for regional EPC firms in new energy, eroding their cost edge. Similarly, localities reducing infrastructure subsidies might drastically reduce project volumes for small contractors reliant on such funds, shrinking their market scale.

The U.S. industrial construction market currently exhibits a blend of fragmentation and specialization. For leading players, strong partnerships with supply chains and clients, strategic financial management, and systematic execution are considered core competitive edges. While new entrants will inevitably face barriers related to capital, regulation, compliance, experience, and expertise.

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#### Business Profile of Major Players
![](ttable_001.jpg)

*Source: The Frost & Sullivan Report*

#### Entry Barriers
***Capital Investment:*** Initial startup and ongoing operations in the industrial general contracting sector necessitate substantial capital investment, primarily for recruiting specialized engineering talent, licensing expensive design software, and covering significant upfront project costs. Furthermore, performance bonding capacity and working capital are critical for new entrants, which sometimes represent the qualification for bidding on large-scale industrial projects. Concurrently, long payment cycles from clients create immense pressure on a service provider's working capital, as payments to subcontractors and suppliers must be made upfront. Companies without sufficient financial strength cannot secure the necessary bonding or sustain the cash flow required for large-scale projects, effectively cutting them off from a crucial source of revenue.

***Regulation and Compliance:*** Construction approvals in the U.S. involve federal, state, county, and municipal agencies, each with distinct and possibly overlapping requirements for permits, environmental standards, fire safety, and labor regulations for industrial projects. As regulatory interpretation and approval timelines differ, failure to establish a stable communication channel with regulatory advisors and hearing representatives in each region may lead to extended construction periods due to procedural repetition or document supplementation, resulting in unpredictable cost and time risks.

***Experience and Expertise:*** When serving multinational clients, industrial buildings must integrate overseas engineering languages, process standards, and safety culture with North American construction practices effectively. This capability includes process package interpretation, supply chain adaptation, on-site safety culture transfer, and digital delivery requirements. New entrants without a clear understanding of the owner's internal regulations, site management logic, and established partner network will struggle to deliver a convincing technically integrated solution during the bidding process.

#### Factors of Competition
***Solid partnership with supply chain and clients:*** Solid partnerships with key supply chain participants are crucial for achieving market leadership in a resource-constrained environment. Leading contractors utilize their significant purchasing power and established relationships to secure competitive pricing, prioritized scheduling, enhanced technical support, and reliable labor from premier subcontractors and material suppliers. Meanwhile, leading contractors are strengthening their partnerships with clients through early engagement, which allows contractors to

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provide clients with risk and return data during the schematic design stage, optimizing functional layouts and lifecycle costs. Clients benefit from transparent budgets, reduced construction timelines, and decreased operating costs. Meanwhile, leading players secure long-term service contracts, boost follow-up order volumes, and utilize the client's brand to attract high-end projects, thereby enhancing their competitive edge.

***Strategic Financial Management:*** Sustained success in industrial construction sector is contingent upon sophisticated financial management, which extends beyond mere capital adequacy to encompass strategic cash flow control and robust risk mitigation. Market leaders leverage a strong balance sheet to negotiate favorable terms with suppliers, secure comprehensive insurance, and offer clients flexible commercial structures. The ability to absorb long payment cycles from clients while ensuring prompt payment to subcontractors is a critical differentiator that builds trust throughout the supply chain.

***Systematized Execution Excellence:*** Achieving consistent, high-quality project outcomes necessitates the implementation of a systematized and data-driven execution framework. This involves integrating rigorous, non-negotiable protocols for safety, quality assurance (QA/QC), and advanced project controls across all operations. Furthermore, leading firms convert historical project data into predictive analytics, allowing them to proactively identify and mitigate potential risks before they impact schedule or budget. Thereby, systematized execution contributes to one of the key success factors to market players.

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#### MANAGEMENT

#### Directors and Executive Officers
The table below lists our officers and directors, as well as director nominees, as of the date hereof.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Yunlong Zhang | 56 | Chief Executive Officer and Director |
|  Zhimin Chen | 37 | Chief Financial Officer |
|  Robert Sliva | 59 | Chief Operating Officer and Director Nominee |
|  Yuan Shi\* | 62 | Independent Director Nominee |
|  Damon Wright\* | 54 | Independent Director Nominee |
|  Marc Distefano\* | 53 | Independent Director Nominee |

---

____________

\* This individual has indicated his/her consent to the appointment of such position upon listing of our Common Stock on a national exchange.

**Yunlong Zhang, *Chief Executive Officer and Director.*** Yunlong Zhang founded Bestwater in November 2016 and serves as the Company's Chief Executive Officer and director. Mr. Zhang has over three decades of experiences in the EPC industry, with a background in both domestic and international markets. In 2014, Mr. Zhang began undertaking industrial EPC projects in the United States. He founded Bestwater USA Inc. in 2016 and has since overseen the Company's day-to-day operations and strategic direction. Under his leadership, the Company has completed EPC projects in various states, including South Carolina, Florida, Texas, Arizona, Illinois, Ohio, Michigan, and Tennessee. Mr. Zhang holds a Bachelor of Engineering in Industrial Electrical Automation from Jilin University of Technology in Changchun, China. We believe Mr. Zhang's extensive industry knowledge, project experience, and leadership capabilities qualify him to serve as our Chief Executive Officer and director.

**Zhimin Chen*, Chief Financial Officer.*** Zhimin Chen joined Bestwater in January 2019 as a Financial Analysis Manager, working on EPC project execution and financial operations including financial reporting, budgeting, internal controls, and compliance. In May 2025, Ms. Chen was promoted to Chief Financial Officer of Bestwater. Prior to joining the Company, Ms. Chen held diverse roles in the financial services and investment sectors. Ms. Chen began her career as an assurance staff in 2011 at Shine Wing Certified Public Accountants Co., Ltd., where she focused on industrial clients' projects. Between 2013 and 2016 Ms. Chen worked at China Minsheng Bank, focusing on credit analysis, risk management, real estate investments through years. Ms. Chen received a Bachelor of Science in Accounting from the University of Arizona in 2010. In 2011, Ms. Chen received a Master of Accounting from the University of Arizona's Eller College of Management. Ms. Chen attended full-time MBA program at Rice University and received a Master of Business Administration in 2018.

***Robert A. Sliva, P.E., Chief Operating Officer and Director Nominee.*** Robert Sliva serves as our Chief Operating Officer and will serve as a director upon the effectiveness of this registration statement of which this prospectus forms a part. Mr. Sliva has over 30 years of experience in industrial operations and engineering project management, with a focus on infrastructure, energy, and water-related sectors. Prior to joining our Company, Mr. Sliva held senior leadership roles at several industrial and energy-focused companies. From 2007 to 2011, Mr. Sliva served as President and Chief Operating Officer of TSC Group Holdings Ltd, a Hong Kong listed company formerly known as TSC Offshore Group Ltd. From December 2012 to April 2017, Mr. Sliva was a Vice President at Consolidated Pressure Control, a division of HP Piping Solutions, LLC. From February 2020 to April 2021 Mr. Sliva served as a Manager of Control Systems at Worldwide Oilfield Machine Inc. Between April 2021 and July 2023, Mr. Sliva served as a Regional Vice President at Industrial Service Solutions. In these roles, he was responsible for global operations, revenue growth, business development, and operational improvements across multiple sites and product lines. Mr. Sliva holds a Bachelor of Science degree in Mechanical Engineering and completed graduate level coursework in Accounting and Quantitative Management at the University of Houston. Mr. Sliva also completed the Advanced Management Program for Senior Executives at Rice University. We believe Mr. Sliva's extensive industry knowledge, project experience, and leadership capabilities qualify him to serve as our Chief Operating Officer and director upon the trading of our securities on Nasdaq.

***Yuan Shi, Independent Director Nominee.*** Yuan Shi will serve as one of our independent directors upon effectiveness of this registration statement of which this prospectus forms a part. Mr. Shi has over twenty years of experience in industrial technology and manufacturing management. Since July 2006, Mr. Shi has served as Managing

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Director of Shanghai NorthGlass Coating Technology Industrial Co., Ltd., where he is responsible for overseeing the company's overall operations, strategic direction, and business development. He has also served as a director of Shanghai NorthGlass Coating Technology Industrial Co., Ltd. Mr. Shi received a Master's degree in Mechanical Engineering from Tongji University in Shanghai, China. We believe Mr. Shi's extensive industry knowledge, project experience, and leadership capabilities qualify him to serve as an independent director upon the trading of our securities on Nasdaq.

***Damon Wright, Independent Director Nominee.*** Damon Wright will serve as one of our independent directors upon effectiveness of this registration statement of which this prospectus forms a part. Mr. Wright has over two decades of experience in accounting, finance, and corporate financial management. Since May 2025, Mr. Wright has served as Chief Financial Officer of Aurelia Technologies, where he is responsible for overseeing the company's accounting, finance, and financial reporting functions. From March 2024 to May 2025, Mr. Wright served as Chief Financial Officer of Signal Power Group, where he led financial operations, budgeting, and accounting oversight. Mr. Wright serves as a director and a member of the audit committee for both Signal Power Group and Aurelia Technologies. From August 2023 to March 2024, Mr. Wright served as Corporate Controller of Beusa, where his responsibilities included financial reporting, accounting operations, and internal controls. From March 2020 to August 2023, Mr. Wright served as Corporate Controller at Equipment Depot, Inc., with primary responsibility for accounting and finance functions. Mr. Wright received a Bachelor of Science in Accounting from the University of Kansas in 2001. We believe Mr. Wright's extensive industry knowledge, project experience, and leadership capabilities qualify him to serve as an independent director upon the trading of our securities on Nasdaq.

***Marc Distefano, Independent Director Nominee.*** Marc Distefano will serve as an independent director upon effectiveness of this registration statement of which this prospectus forms a part. Marc J. Distefano has over ten years of experience in executive leadership, operations management, and industrial services, with a particular focus on strategy, M&A integration, and operations. Since July 2025, Mr. Distefano has served as General Manager of Houston Placement Area, LLC, where he is responsible for executive leadership, strategic planning, and day-to-day operational oversight. From February 2020 through May 2025, Mr. Distefano served as Executive Vice President of Racca Solutions Group, LLC, where he acted as an operations consultant providing M&A diligence support, post-transaction integrations, and enterprise systems improvements. Prior to that, from April 2017 to February 2020, Mr. Distefano served as Executive Vice President of Arena Industrial, LLC, where he led company operations, developed corporate strategy, and oversaw post-acquisition integration. Earlier in his career, from October 2015 to April 2017, Mr. Distefano served as General Manager of Danos, Inc.'s fabrication division. In that role, he managed multiple large offshore fabrication projects and was responsible for establishing and scaling a new fabrication division for the company. Mr. Distefano received a Bachelor of Science in Civil Engineering from the United States Military Academy. He also holds a Master of Science in Construction Engineering and Project Management from the University of Texas and a Master of Science in Finance from the University of Houston. We believe Mr. Distefano's extensive industry knowledge, project experience, and leadership capabilities qualify him to serve as an independent director upon the trading of our securities on Nasdaq.

#### Family Relationships
There are no family relationships among our director, director nominees or executive officers.

#### Code of Ethics
Our board of directors has not adopted a code of ethics due to the fact that we presently only have one director, and we are in the development stage of our operations. We anticipate that we will adopt a code of ethics upon the effectiveness of the registration statement, of which this prospectus forms a part.

#### Director Independence
We have applied to list our Common Stock on the Nasdaq in connection with this Offering. Under the rules of Nasdaq, a director will only qualify as an "independent director" if, in the opinion of that company's Board of Directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In order to be considered independent for purposes of Rule 10A-3 of the Exchange Act, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the Board of Directors, or any other Board committee, accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries or otherwise be an affiliated person of the listed company or any of its subsidiaries.

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Our Board has determined that Yuan Shi, Damon Wright, and Marc Distefano are "independent directors" as defined in the Nasdaq listing rules and applicable SEC rules.

#### Board Committees
Upon the effectiveness of the registration statement, of which this prospectus forms a part, we will establish three standing committees: an audit committee, a compensation committee, and a nominating and corporate governance committee, each of which will have the composition and responsibilities described below. From time to time, our board of directors may establish other committees to facilitate the management of our business.

*Audit Committee.* Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish an audit committee of the Board. Under the national exchange listing standards and applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent, subject to certain phase-in provisions. Yuan Shi, Damon Wright, and Marc Distefano meet the independent director standard under national exchange listing standards and under Rule 10-A-3(b)(1) of the Exchange Act. Damon Wright will serve as chairperson of our audit committee. Each member of the audit committee is financially literate, and our Board has determined that Damon Wright qualifies as an "audit committee financial expert" as defined in applicable SEC rules.

We will adopt an audit committee charter, which will detail the purpose and principal functions of the audit committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoint, compensate, and oversee the work of any registered public accounting firm employed by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• resolve any disagreements between management and the auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approve all auditing and non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retain independent counsel, accountants, or others to advise the audit committee or assist in the conduct of an investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek any information it requires from employees-all of whom are directed to cooperate with the audit committee's requests-or external parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet with our officers, external auditors, or outside counsel, as necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee that management has established and maintained processes to assure our compliance with all applicable laws, regulations, and corporate policy.

*Compensation Committee.* Upon the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee of the Board. Yuan Shi (chairperson of the committee), Damon Wright and Marc Distefano will serve as members of our compensation committee. Under the national exchange listing standards and applicable SEC rules, we are required to have at least two members of the compensation committee, all of whom must be independent, subject to certain phase-in provisions. Yuan Shi, Damon Wright, and Marc Distefano meet the independent director standard under national exchange listing standards applicable to members of the compensation committee.

We will adopt a compensation committee charter, which will detail the purpose and responsibility of the compensation committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discharge the responsibilities of the Board relating to compensation of our directors, executive officers, and key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist the Board in establishing appropriate incentive compensation and equity-based plans and to administer such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oversee the annual process of evaluation of the performance of our management; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• perform such other duties and responsibilities as enumerated in and consistent with compensation committee's charter.

*Nominating and Governance Committee.* Upon completion of this Offering, the nominating and corporate governance committee will consist of three directors: Yunlong Zhang (chair of the committee), Yuan Shi and Marc Distefano. Yuan Shi and Marc Distefano meet the independent director standard under national exchange listing standards applicable to members of the nominating committee.

We will adopt a nominating and governance committee charter, which will detail the purpose and responsibility of the compensation committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying individuals qualified to become new board of directors members, consistent with criteria approved by our board of directors, subject to our Certificate of Incorporation and Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the qualifications of incumbent directors to determine whether to recommend them for reelection and selecting, or recommending that our board of directors select, the director nominees for the next annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying board of directors members qualified to fill vacancies on our board of directors or any board of directors committee and recommending that our board of directors appoint the identified member or members to our board of directors or the applicable committee, subject to our Certificate of Incorporation and Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to our board of directors corporate governance principles applicable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation of our board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing our strategy on corporate social responsibility and sustainability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• handling such other matters that are specifically delegated to the committee by our board of directors from time to time.

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#### EXECUTIVE COMPENSATION
As an "emerging growth company" as defined in the JOBS Act and a smaller reporting company we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies and smaller reporting companies.

#### Summary Compensation Table
The following summary compensation table sets forth all compensation awarded to, earned by, or paid to the named executive officer during the years ended December 31, 2024 and 2023 in all capacities for the accounts of our executive, including the Chief Executive Officer (CEO), and Chief Financial Officer (CFO):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name and principal <br>position** | **Year** | **Salary <br>($)** | **Bonus <br>($)** | **Stock <br>Awards <br>($)** | **Option <br>Awards <br>($)** | **Non-Equity <br>Incentive Plan <br>Compensation <br>($)** | **Nonqualified <br>Deferred <br>Compensation <br>Earnings <br>($)** | **All Other <br>Compensation <br>($)** | **Total <br>($)** |
|  *Yunlong Zhang* | 2024 | $120577 |  |  |  |  |  |  | $120577 |
| &nbsp;&nbsp;&nbsp; *CEO* | 2023 | $114000 |  |  |  |  |  |  | $114000 |
|  *Zhimin Chen* | 2024 | $193141 |  |  |  |  |  |  | $193141 |
| &nbsp;&nbsp;&nbsp; *CFO* | 2023 | $105000 | 675000 | 128696 |  |  |  |  | $908696 |

---

#### Compliance with Internal Revenue Code Section 162(m)
Section 162(m) of the Internal Revenue Code generally disallows a tax deduction to a public company for compensation over $1 million paid to its chief executive officer and its four other most highly compensated executive officers. However, if certain performance-based requirements are met, qualifying compensation will not be subject to this deduction limit. Although the limitations of Section 162(m) were not much concern to us prior to the Share Exchange, as we were a holding company, we intend to consider the requirements of Section 162(m) in developing our compensation policies now that we are an operating company.

#### Role of Executive Officers in Executive Compensation
During our most recently completed year, we did not have a compensation committee or another committee of our board of directors performing equivalent functions. Instead, the board of directors performed the function of a compensation committee, and our board of directors will continue to serve in such role.

#### Named Executive Officer Offer Letters
Our operating subsidiary, Bestwater, has entered into an offer letter setting forth terms and conditions of employment with each of our named executive officers. Each of these agreements provide for at-will employment and include the named executive officer's right to base salary and standard employment benefit plan participation, and standard confidential obligations.

*Yunlong Zhang, Chief Executive Officer.* Yunlong Zhang is our founder and has served as the Chief Executive Officer since November 28, 2016. Mr. Zhang's is employed on an at-will basis and receives an annual base salary of $120,000.

*Zhimin Chen, Chief Financial Officer.* Zhimin Chen has served as our Chief Financial Officer since May 2025. She initially joined the Company as the Financial Analysis Manager pursuant to an offer letter with Bestwater, dated December 28, 2018, and was subsequently promoted to Chief Financial Officer. Ms. Chen is employed on an at-will basis and receives a base salary of $210,020.

*Robert Sliva, Chief Operating Officer.* Robert Sliva has served as our Chief Operating Officer since May 2025 pursuant to an offer letter with Bestwater, dated April 25, 2025. Mr. Sliva is employed on an at-will basis and receives an annual base salary of $153,000 and a monthly car allowance of $600.

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#### Potential Payments upon Termination
We do not have any other policies, agreements, or arrangements regarding potential payments upon termination of other employment.

#### 2025 Stock Option Plan
Our Board of Directors plan to approve and adopt the 2025 Equity Incentive Plan (the "Plan"). Below is a summary of the principal provisions of the Plan which does not purport to be complete.

The Plan provides for the grant of stock options to our employees, officers, directors, and consultants, and is administered by the Board of Directors, provided that the Board may delegate such administration to a committee consisting of no fewer than two independent members of the Board of Directors. The Plan provides for a total of [•] shares of Common Stock to be reserved for issuance. Proportionate adjustments will be made to the number of shares of Common Stock subject to the Plan in the event of any change in our capitalization affecting our Common Stock, such as a stock split, reverse stock split, recapitalization, or combination of the authorized, issued, and outstanding shares of Common Stock. Shares of Common Stock subject to option grants that are terminated or forfeited will again be available for issuance under the Plan. As of the date of this prospectus, there are [•] options or other grants outstanding under the Plan.

#### Outstanding Equity Awards at Fiscal Year End
There are no outstanding unexercised option, unvested stock, or other equity incentive plan award held by any of our named executive officers as of December 31, 2024.

#### Compensation of Directors
As of the day of this prospectus, Mr. Yunlong Zhang is our sole director. As of the date of this prospectus, we do not have a policy to pay our director for serving on our board or fees for attending scheduled and special meetings of our board of directors. Following consummation of the Offering, independent directors will be compensated $[•] per year, payable in equal quarterly payments. Independent directors will also be compensated $[•] per year for each committee on which they participate and an additional $[•] per year for serving as chair of a committee. Independent Directors shall also receive [•] options to purchase our Common Stock at the price to be paid by investors in the Offering; however, none of these options will vest until the closing of this Offering, at the earliest. The options will have a ten-year exercise period and will be subject to adjustments for stock splits, reorganizations, and similar corporate actions.

Since at this time we do not have a compensation committee, the function of considering and deciding compensation of directors are currently being performed by our board of directors. Following the completion of the Offering, the compensation committee shall be responsible for setting executive compensation, for making recommendations to the full Board concerning director compensation and for general oversight of the compensation and benefit programs for other employees.

#### Limitation on Liability and Indemnification Matters
No director or officer of the corporation past, present or future, shall be personally liable to the corporation or any of its stockholders for damages for breach of fiduciary duty as a director or officer; provided, however, that the liability of a director for acts or omissions which involve intentional misconduct, fraud or knowing violation of law and for the payment of dividends in violation of Section 78.300 of the Delaware Revised Statutes is not so eliminated. The corporation shall advance or reimburse reasonable expenses incurred by this individual without regard to the limitations in Delaware Revised Statute 78.7502, or any other limitation which may hereafter be enacted to the extent such limitation may be disregarded if authorized by the Articles of Incorporation.

Our Bylaws provide for the indemnification of our directors and officers, as to those liabilities and on those terms and conditions as appropriate.

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#### Security Ownership of Certain Beneficial Owners and Management
The following table sets forth certain information regarding the beneficial ownership of our Common Stock. The information below indicates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person who is known by us to be the beneficial owner of more than five percent (5%) of our issued and outstanding shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors, executive officers, and nominees to become directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all directors and executive officers as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and the percentage of beneficial ownership of each listed person prior to this Offering is calculated based on 19,400,000 shares of Common Stock outstanding as of the date of this prospectus. Percentage of beneficial ownership of each listed person after this Offering is based on 22,025,000 shares of Common Stock outstanding immediately after the completion of this Offering, assuming the underwriters do not exercise their over-allotment option.

Except as otherwise indicated, each person and each group shown in the table has sole voting and investment power with respect to the shares of Common Stock. For purposes of the table below, in accordance with Rule 13d-3 under the Exchange Act, a person is deemed to be the beneficial owner, for purposes of any shares of Common Stock, over which he or she has or shares of Common Stock, directly or indirectly, voting or investment power, or of which he or she has the right to acquire beneficial ownership at any time within 60 days after the date of this prospectus. As used herein, "voting power" is the power to vote or direct the voting of shares of Common Stock and "investment power" includes the power to dispose or direct the disposition of shares of Common Stock.

Except as otherwise noted below, the address for persons listed in the table is 2825 Wilcrest Drive, Suite 421, Houston, Texas, 77042.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares of Common Stock <br>beneficially owned prior to the <br>Offering** | **Shares of Common Stock <br>beneficially owned prior to the <br>Offering** | **Shares of Common Stock <br>beneficially owned after the <br>Offering** | **Shares of Common Stock <br>beneficially owned after the <br>Offering** |
|  **Name of Beneficial Owner** | **Number** | **%** | **Number** | **%** |
|  Yunlong Zhang | 12600000 | 64.95% | 12600000 | 57.21% |
|  Zhimin Chen | 4800000 | 24.74% | 4800000 | 21.79% |
|  Robert Sliva<sup>(3)</sup> |  |  |  |  |
|  Yuan Shi<sup>(3)</sup> |  |  |  |  |
|  Damon Wright<sup>(3)</sup> |  |  |  |  |
|  Marc Distefano<sup>(3)</sup> |  |  |  |  |
|  ***All executive officers and directors as a group (six persons)*** | **17400000** | **89.69%** | **17400000** | **79.00%** |
|  Yuchen Zhang<sup>(1)</sup> | 1000000 | 5.15% | 1000000 | 4.54% |
|  Zhou Ye<sup>(2)</sup> | 1000000 | 5.15% | 1000000 | 4.54% |

---

____________

(1) Yuchen Zhang is the daughter of Yunlong Zhang. Yunlong Zhang disclaims beneficial ownership to the shares of Common Stock owned by Yuchen Zhang.

(2) Zhou Ye is the spouse of Zhimin Chen. Zhimin Chen disclaims beneficial ownership to the shares of Common Stock owned by Zhou Ye.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this Offering, there has been no public market for our Common Stock. Future sales of substantial amounts of our Common Stock, including shares of Common Stock issued upon the exercise of outstanding options, in the public market after this Offering, or the possibility of these sales or issuances occurring, could adversely affect the prevailing market price for our Common Stock or impair our ability to raise equity capital. Upon completion of this Offering, we will have outstanding shares of Common Stock held by public stockholders representing approximately 11.92% of our Common Stock in issue if the underwriters do not exercise their over-allotment option, and approximately 13.47% of our Common Stock in issue if the underwriters exercise their over-allotment option in full. All of the Common Stock sold in this Offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

We cannot assure you that a liquid trading market for our Common Stock will develop on Nasdaq or be sustained after this Offering. Once approved for listing on Nasdaq, sales of substantial amounts of our shares of Common Stock following this Offering, or the perception that these sales could occur, could adversely affect prevailing market prices of our shares of Common Stock, and could impair our future ability to obtain capital, especially through an offering of equity securities.

We will have an aggregate of 22,025,000 shares of Common Stock outstanding immediately upon the closing of this Offering, if the underwriters do not exercise their over-allotment option in full, or 22,418,750 shares of Common Stock, if the over-allotment option is exercised in full.

Of these shares, the 2,625,000 shares of Common Stock sold in this Offering by us, will be freely tradable without restriction or further registration under the Securities Act, unless purchased by "affiliates" as that term is defined under Rule 144 of the Securities Act, who may sell only the volume of shares of Common Stock described below and whose sales would be subject to additional restrictions described below. The remaining 19,400,000 shares of Common Stock, representing approximately 57.21% of our outstanding shares, following the Offering, respectively, will be held by our existing stockholders. These shares will be "restricted securities" as that phrase is defined in Rule 144 under the Securities Act. Subject to certain contractual restrictions, including the lock-up agreements described below for our officers, directors and greater than 5% stockholders, holders of restricted shares of Common Stock will be entitled to sell those shares of Common Stock in the public market pursuant to an effective registration statement under the Securities Act or if they qualify for an exemption from registration under Rule 144. Sales of these shares in the public market after the restrictions under the lock-up agreements lapse, or the perception that those sales may occur, could cause the prevailing market price to decrease or to be lower than it might be in the absence of those sales or perceptions. As a result of lock-up agreements described below, and the provisions of Rules 144 under the Securities Act, the restricted securities will be available for sale in the public market.

Upon expiration of the respective lock-up periods after the date of this prospectus, outstanding shares will become eligible for sale, subject in most cases to the limitations of Rule 144.

#### Lock-up Arrangements
See "Plan of Distribution" and "Underwriting — Lock-up Agreements."

#### Rule 144
As of the date of this prospectus, we have 19,400,000 shares of Common Stock issued and outstanding. All of the shares of our Common Stock outstanding prior to the closing of this Offering are "restricted securities," as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement, such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those securities, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares of Common Stock were acquired from us or from our affiliate would be entitled to freely sell those shares of Common Stock.

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A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares of Common Stock that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of Common Stock then outstanding, which will equal approximately 2,202,500 shares immediately after this Offering, assuming the underwriters do not exercise their over-allotment option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Common Stock on Nasdaq or other relevant national securities exchange during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases shares of our Common Stock from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this Offering is eligible to resell those shares of Common Stock in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares of Common Stock would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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#### UNDERWRITING
In connection with this Offering, we will enter into an underwriting agreement with Eddid Securities USA Inc. ("Eddid") as representative for the underwriters in this Offering with respect to the shares of Common Stock. The representative may retain other brokers or dealers to act as sub-agents on its behalf in connection with this Offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it. Under the terms and subject to the conditions contained in the underwriting agreement, we have agreed to issue and sell to the underwriters and each of the underwriters, severally and not jointly, has agreed to purchase from us, on a firm commitment basis, the number of shares of Common Stock set forth opposite its name below, at the initial public offering price less the underwriting discounts set forth on the cover page of this prospectus:

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| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Shares** |
|  Eddid Securities USA Inc. | 2625000 |
|  **Total** | **2625000** |

---

Upon the declaration of effectiveness of the registration statement of which this prospectus forms a part, we will enter into an underwriting agreement with the representative. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares of Common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to other conditions. The underwriters are committed to purchase all of the shares of Common Stock offered by this prospectus and subject to prior sale other than those covered by the over-allotment option to purchase additional securities described below, if they purchase any such securities.

The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, pursuant to the underwriting agreement, the underwriters' obligations are subject to the absence of any material adverse change in our business or in the financial markets, customary conditions, representations, and warranties contained in the underwriting agreement, such as receipt by the underwriters of officers' certificates and legal opinions, and comfort letters from us, our legal counsels, and our independent auditors. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act of 1933, as amended, and to contribute to payments the underwriters may be required to make in respect thereof.

The underwriters will offer the shares of Common Stock to the public at the initial public offering price set forth on the cover of this prospectus and to selected dealers at the initial public offering price less a selling concession not in excess of $[•] per share of Common Stock. After this Offering, the initial public offering price, concession, and reallowance to dealers may be reduced by the representative. No such reduction will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

#### Over-allotment Option
We have granted the underwriters an option, exercisable in whole or in part, from time to time, for up to 45 days after the closing date of this Offering, permits the underwriters to purchase a maximum of 393,750 additional shares of Common Stock (equal to 15% of the shares of Common Stock sold in this initial public offering) from us at a price per share equal to the public offering price per share less the underwriting discounts set forth on the cover of this prospectus to cover over-allotments, if any. We will be obligated, pursuant to the option, to sell these additional shares of Common Stock to the underwriters to the extent the Over-Allotment Option is exercised.

#### Discounts and Expenses
We have agreed to pay the underwriters a cash fee discount for the Common Stock to be sold in this Offering equal to six percent (6.00%) of the aggregate gross proceeds received by the Company in the Offering.

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The underwriters have advised us that they propose to offer shares of Common Stock to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession. After this Offering, the initial public offering price, concession, and reallowance to dealers may be reduced by the underwriters. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The securities are offered by the underwriter as stated herein, subject to its receipt and acceptance and subject to its right to reject any order in whole or in part.

The following table shows the assumed public offering price per share and total assumed public offering price, underwriting discount, and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the underwriters of their Over-Allotment Option. Because the actual amount to be raised in this Offering is uncertain, the actual total underwriting discounts are not presently determinable and may be substantially less than the maximum amount set forth below.

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| | | | |
|:---|:---|:---|:---|
|  | **Per share**  | **Total Without <br>Exercise of <br>Over-Allotment <br>Option** | **Total With <br>Exercise of <br>Over Allotment <br>Option** |
|  Assumed Initial public offering price | $8.0 | $21000000 | $24150000 |
|  Underwriting discounts to be paid by us (6.0%)<sup>(1)</sup> | $0.48 | $1260000 | $1449000 |
|  Proceeds to the Company, before expenses | $7.52 | $19740000 | $22701000 |

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____________

(1) We have agreed to pay the underwriting discounts equal to six percent (6%) of the gross proceeds of this Offering, at the closing of this Offering, and each closing of the over-allotment option, if any. The fees do not include (i) a non-accountable expense allowance equal to one percent (1%) of the gross proceeds (excluding any proceeds from the exercise of the over-allotment option from this Offering, and (ii) the reimbursement of certain expenses of the underwriters.

We have also agreed to pay the underwriters by deduction from the gross proceeds of the Offering contemplated herein a non-accountable expense allowance equal to one percent (1%) of the aggregate gross proceeds received by us from the sale of the shares of Common Stock from this Offering, including the proceeds from any over-allotment option exercised by the representative, if any.

In addition, we have agreed to pay all reasonable, necessary, accountable and documented out-of-pocket expenses relating to the underwriters performance pursuant to the Offering and including, without limitation: expenses for travel, due diligence expenses, reasonable fees and expenses of underwriters' legal counsel, expenses for any roadshow and background checks on the Company's principals. We estimate such expenses payable by us in connection with this Offering, excluding the underwriting discounts and non-accountable expenses referred to above, will be no greater than $250,000, the maximum aggregate reimbursement amount of the underwriters' accountable expenses.

We estimate that the total expenses of the Offering payable by us, excluding underwriting discounts and non-accountable expense allowance, will be approximately $1.15 million.

#### Listing
We intend to apply to have our Common Stock listed on Nasdaq under the symbol "BWGC." No assurance can be given that our listing will be approved by Nasdaq or that a trading market will develop for our Common Stock. We will not proceed with this Offering in the event the Common Stock is not approved for listing on Nasdaq.

#### Lock-Up Agreements
Pursuant to certain "lock-up" agreements, our executive officers, directors and existing stockholders owning 5% or more of our Common Stock and or holders of securities exercisable for or convertible into our Common Stock outstanding immediately upon the closing of this Offering equal to 5% or more of our capital stock upon closing, have agreed, subject to certain exceptions, not to offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of or announce the intention to otherwise dispose of, or enter into any swap, hedge or similar agreement or arrangement that transfers, in whole or in part, the economic risk of ownership of, directly or indirectly, engage in any short selling of any Common Stock or securities convertible into or exchangeable or exercisable for any Common Stock, whether currently owned or subsequently acquired, without the prior written consent of the underwriters, for a period of six (6) months following the closing of this Offering.

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In addition, we have agreed, subject to certain exceptions, not to offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of or announce the intention to otherwise dispose of, or enter into any swap, hedge or similar agreement or arrangement that transfers, in whole or in part, the economic risk of ownership of, directly or indirectly, engage in any short selling of any Common Stock or securities convertible into or exchangeable or exercisable for any Common Stock, whether currently owned or subsequently acquired, without the prior written consent of the underwriters, for a period of six (6) months following the closing of this Offering.

#### Right of First Refusal
We have agreed to grant the representative, for the period commencing to the closing of this Offering and concluding twelve (12) months thereafter, a right of first refusal exercisable at the representative's sole discretion to act as lead or managing underwriter, exclusive placement agent, exclusive financial advisor or in any other similar capacity, for any and all future registered, underwritten public offering of securities, and private placement of securities, for which the Company or any of the subsidiaries retains the service of an investment bank or similar financial advisor in connection with such offering during such twelve (12) month period of the Company. We have agreed not to offer to retain any entity or person in connection with any such offering on terms more favorable than terms on which we offer to retain the Representative. Such offer shall be made in writing in order to be effective. The Representative shall notify us within five (5) business days of its receipt of the written offer contemplated above as to whether or not it agrees to accept such retention. If the Representative should decline such retention, we shall have no further obligations to the Representative with respect to the offering of securities.

#### Fee Tail Period
For a period of twelve (12) months from the earlier to occur of the expiration or termination of our engagement with the representative or the closing of the Offering, if we receive any proceeds from the sale of our securities to certain investors with whom were introduced to us by the representative during the Offering, we have agreed to pay to the representative a cash fee equal to six percent (6%) of such gross proceeds.

#### Electronic Offer, Sale, and Distribution of Shares
A prospectus in electronic format may be made available on the websites maintained by the underwriters, if any, participating in this Offering and the underwriters participating in this Offering may distribute prospectuses electronically. The underwriters may agree to allocate a number of shares of Common Stock for sale to its online brokerage account holders. Internet distributions will be allocated by the underwriters that will make internet distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters in their capacity as underwriters, and should not be relied upon by investors.

#### Other Relationships
The underwriter and its affiliates may, in the future provide various investment banking, commercial banking and other financial services for our company and its affiliates for which they have received, and may in the future receive, customary fees. However, except as disclosed in this prospectus, our Company has no present arrangements with the underwriter for any further services.

#### Offering Price Determination
There is no established market for our Common Stock. The public offering price of the securities we are offering will be negotiated between us and Eddid. Factors considered in determining the public offering price of the shares of Common Stock include the history and prospects of our company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, general conditions of the securities markets at the time of the Offering and such other factors as are deemed relevant.

Using the above valuation factors and the number of shares of Common Stock outstanding, we set a price range between $7.0 and $9.0 per share of our Common Stock.

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An active trading market for our Common Stock may not develop. It is possible that after this Offering our Common Stock will not trade in the public market at or above the initial offering price.

#### Price Stabilization, Short Positions, and Penalty Bids

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions permit bids to purchase Common Stock so long as the stabilizing bids do not exceed a specified maximum and are engaged in for the purpose of preventing or retarding a decline in the market price of the Common Stock while the Offering is in progress.

The underwriters may also sell shares of Common Stock in excess of the option to purchase additional shares of Common Stock, creating a naked short position. The underwriters must close out any naked short position by purchasing shares of Common Stock in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Common Stock in the open market after pricing that could adversely affect investors who purchase in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specifically, the underwriters may sell more shares of Common Stock than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares of Common Stock available for purchase by the underwriters under option to purchase additional shares of Common Stock. The underwriters can close out a covered short sale by exercising the option to purchase additional shares of Common Stock or purchasing shares of Common Stock in the open market. In determining the source of the shares of Common Stock to close out a covered short sale, the underwriters will consider, among other things, the open market price of the shares of Common Stock compared to the price available under the option to purchase additional shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalty bids permits the underwriters to reclaim a selling concession from a syndicate member when the shares of Common Stock originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of the shares of Common Stock or preventing or retarding a decline in the market price of its shares of Common Stock. As a result, the price of the Common Stock in the open market may be higher than it would otherwise be in the absence of these transactions. Neither our Company nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our company's Common Stock. These transactions may be effected on Nasdaq, or otherwise and, if commenced, may be discontinued at any time.

#### Passive Market Making
In connection with this Offering, the underwriters may engage in passive market making transactions in our company's Common Stock on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares of Common Stock and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such

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investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Other Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions, and expenses.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long, and/or short positions in such securities and instruments.

#### Stamp Taxes
If you purchase our shares of Common Stock offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

#### Selling Restrictions
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our Common Stock, or the possession, circulation or distribution of this prospectus or any other material relating to us or our Common Stock, where action for that purpose is required. Accordingly, our Common Stock may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with our Common Stock may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

In addition to the Offering of the shares of Common Stock in the United States, the underwriters may, subject to applicable foreign laws, also offer the shares of Common Stock in certain countries.

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#### CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
We have not entered into any transaction during the last three fiscal years with any director, executive officer, director nominee, 5% or more stockholder, nor have we entered into transaction with any member of the immediate families of the foregoing person (including spouse, parents, children, siblings, and in-laws) or is any such transaction proposed, except as follows:

These related parties of the Company with whom transactions are reported in these financial statements are as follows:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to Us** |
|  Mr. Yunlong Zhang | Director of the Company |
|  Shenzhen Best-Water S&T Co. Ltd. ("SZBW") | CEO of SZBW is the same as the Company's CEO and SZBW is wholly owned by the Company's CEO |

---

In the ordinary course of business, during the years ended December 31, 2022, 2023 and 2024, the Company was involved in certain transactions, either at cost or current market prices, and on normal commercial terms with related parties. The following table provides the transactions with these parties for the years as presented (for the portion of such period that they were considered related):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of<br> December 31,<br> 2022** | **As of<br> December 31,<br> 2023** | **As of<br> December 31,<br> 2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  **Amount due from a related party** |  |  |  |  |
|  ***<u>Name of related party</u>*** |  |  |  |  |
|  Mr. Yunlong Zhang |  | 2213677 |  |  |
|  |  | 2213677 |  |  |

---

In 2023, the Company entered into a loan agreement in a principal amount not to exceed $3,000,000 with a related party, the director of the Company, which carries no interest with a maturity date of December 31, 2025. During 2023, the Company lent $3,544,021 to Mr. Yunlong Zhang and received repayments of $1,330,344, resulting in a net loan of $2,213,677 outstanding. During 2024, the Company lent $2,355,506 and received repayments of $2,266,117, resulting in a net loan of $89,389. The outstanding loan balance of $2,303,066 was settled by the special dividend on December 31, 2024.

The Company lent $334,000 to Mr. Yunlong Zhang and received repayments of $312,000, resulting in a net loan of $22,000 during the first half of the year 2025. The outstanding loan balance of $22,000 was settled by the dividend on June 1, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of<br> December 31,<br> 2022** | **As of<br> December 31,<br> 2023** | **As of<br> December 31,<br> 2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  **Amount due to a related party** |  |  |  |  |
|  ***<u>Name of related party</u>*** |  |  |  |  |
|  Mr. Yunlong Zhang |  | 15027 |  |  |
|  |  | 15027 |  |  |

---

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Mr. Yunlong Zhang made payment on behalf of the Company when temporary payment was required. The Company paid back to Mr. Yunlong Zhang for reimbursement expenses when receiving the payment from clients. As of December 31, 2022, 2023, 2024, and September 30, 2025 the outstanding balance due to related party was $15,027, nil, nil and nil, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of<br> December 31,<br> 2022** | **As of<br> December 31,<br> 2023** | **As of<br> December 31,<br> 2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  **Prepayment to a related party** |  |  |  |  |
|  ***<u>Name of related party</u>*** |  |  |  |  |
|  SZBW |  | 90000 | 525000 | 625000 |
|  |  | 90000 | 525000 | 625000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2022** | **For the <br>year ended <br>December 31, <br>2023** | **For the <br>year ended <br>December 31, <br>2024** | **For the <br>nine-month <br>ended <br>September 30, <br>2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  **Construction consultancy service fee and equipment fee** |  |  |  |  |
|  ***<u>Name of related party</u>*** |  |  |  |  |
|  SZBW | 111220 | 283753 | 108500 |  |
|  | 111220 | 283753 | 108500 |  |

---

#### Stock Compensation of An Immediate Family Member of An Executive Officer
Zhou Ye serves as the Investor Relations Officer of Bestwater and is the spouse of Zhimin Chen, our Chief Financial Officer. Mr. Zhou received 500 shares of common stock of Bestwater on March 21, 2025, in consideration for services rendered. Pursuant to the Share Exchange Agreement, he received 500,000 shares of Common Stock on June 5, 2025.

#### Review, Approval, and Ratification of Related Party Transactions
Prior to completion of this Offering, we intend to adopt formal written procedures for the review, approval, or ratification of transactions with related persons, or the Related Persons Transaction Policy. The Related Persons Transaction Policy will provide that the audit committee of our board of directors will be charged with reviewing for approval or ratification all transactions with "related persons" (as defined in paragraph (a) of Item 404 of Regulation S-K) that are brought to the audit committee's attention. We also maintain certain compensation agreements and other arrangements with certain of our executive officers, which are described under "Executive Compensation" elsewhere in this prospectus.

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#### DESCRIPTION OF SECURITIES

#### General
Our Certificate of Incorporation authorizes the issuance of shares of capital stock, each with a par value of $0.0001, consisting of (a) 200,000,000 shares of Common Stock and (b) 1,000,000 shares of preferred stock. As of the date of this prospectus, there are 19,400,000 shares of Common Stock issued and outstanding. We have not issued any shares of preferred stock.

#### Common Stock
Each outstanding share of Common Stock entitles the holder thereof to one vote per share on matters submitted to a vote of stockholders. Stockholders do not have preemptive rights to purchase shares of Common Stock in any future issuance of our Common Stock.

The holders of shares of our Common Stock are entitled to dividends out of funds legally available when and as declared by our board of directors. Our board of directors has never declared a dividend. Should we decide in the future to pay dividends, it will be at the discretion of the Board of Directors and will be dependent upon then existing conditions, including our financial condition and results of operations, capital requirements, contractual restrictions, business prospects, and other factors that the Board of Directors considers relevant. Each share shall be entitled to the same dividend. In the event of our liquidation, dissolution or winding up, holders of our Common Stock are entitled to receive, ratably, the net assets available to stockholders after payment of all creditors.

All of the issued and outstanding shares of our Common Stock are duly authorized, validly issued, fully paid and non-assessable. To the extent that additional shares of our Common Stock are issued, the relative interests of existing stockholders will be diluted.

#### Voting Rights
Each share of our Common Stock entitles its holder to one vote per share on all matters to be voted upon by the stockholders. There is no cumulative voting, which means that a holder or group of holders of more than 50% of the shares of our Common Stock can elect all of our directors.

#### Dividend Rights
The holders of our Common Stock are entitled to receive, and will share ratably in, dividends when and as declared by our board of directors from legally available sources, subject to the prior rights of the holders of our preferred stock, if any. See "Dividend Policy."

#### Preemptive or Similar Rights
Our Common Stock is not entitled to preemptive rights.

#### Liquidation Rights
Upon our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our Common Stock and any participating preferred stock outstanding at that time after payment of liquidation preferences, if any, on any outstanding shares of preferred stock and payment of claims of creditors.

#### Conversion or Redemption Rights
Our Common Stock will be neither convertible nor redeemable.

#### Preferred Stock
Our Certificate of Incorporation authorizes 10,000,000 shares of preferred stock. Under our Certificate of Incorporation, our Board is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences and rights of the shares of each series and any associated qualifications, limitations or

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restrictions. The Board is also able to increase or decrease the number of shares of any series, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. The Board has the power to authorize the issuance of shares of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of shares of Common Stock. The issuance of shares of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the market price of our Common Stock and the voting and other rights of the holders of shares of Common Stock. Although there is currently no intention to issue any shares of preferred stock, there cannot be any assurance that preferred stock will not be issued in the future.

#### Anti-Takeover Provisions
The provisions of the DGCL, our Certificate of Incorporation, and our Bylaws could have the effect of delaying, deferring, or discouraging another person from acquiring control of our Company. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids, and encourage persons seeking to acquire control of our Company to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

#### Stockholder Meetings
Our Certificate of Incorporation provides that a special meeting of the stockholders may be called only by the majority of the total number of authorized directors whether or not there exists any vacancies in previously authorized directorships, the chair of the Board, the president, or our Chief Executive Officer.

Subject to the terms of any series of Preferred Stock, any action required or permitted to be taken at any annual or special meeting of stockholders of the Company may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the then-outstanding shares of stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Company in the manner provided by applicable law.

#### Stockholder Action by Written Consent
Our Certificate of Incorporation provides that any action to be taken at any annual or special meeting of stockholders of a corporation may be taken by written consent of the holders of outstanding stock having not less than the minimum number of votes that would be necessary to take that action at a meeting at which all stockholders entitled to vote were present and voted.

#### Removal of Directors
Our Certificate of Incorporation provides that, members of the Board may be removed from office only for cause, and requires the approval by the affirmative vote of holders of at least a majority in voting power of the outstanding shares of capital stock of the Company entitled to vote in the election of directors to remove directors from the Company.

#### Director Vacancies
Our Certificate of Incorporation and Bylaws authorize the Board to fill vacant directorships, including newly created seats. In addition, the number of directors constituting the Board will be set only by resolution adopted by a majority vote of the Board. These provisions will prevent a stockholder from increasing the Board and gaining control of the Board by filling the resulting vacancies with its own nominees.

#### Section 203 of the DGCL
As per our Certificate of Incorporation, we are not subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. As per our Certificate of Incorporation, the Company shall not engage in any business combination (as defined in the amended and restated certificate of incorporation), at any point in time at which the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, with any interested stockholder (as defined Certificate of

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Incorporation) for a period of three (3) years following the time that such stockholder became an interested stockholder, except under certain circumstances, such as if the board of directors approved the transaction before the stockholder became an interested stockholder, if at least 66 and 2/3 of the Company's outstanding voting stock voted in favor (not by written consent) of the combination or if the stockholder, at the time it consummated the transaction pursuant to which it became an interested stockholder, owned at least 85% of the Company's voting stock (not including stock held by officers, directors or employee stock plans).

The Certificate of Incorporation includes the definition of the terms used in this section, including that an interested stockholder is any person (other than the Company and any direct or indirect majority-owned subsidiary of the Company) that (i) is the owner of 15% or more of the outstanding voting stock of the Company, or (ii) is an affiliate or associate of the Company and was the owner of 15% or more of the outstanding voting stock of the Company at any time within the 3-year period immediately prior to the date on which it is sought to be determined whether such person is an interested stockholder, and the affiliates and associates of such person; provided, however, that the term "interested stockholder" shall not include any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Company; provided that such person shall be an interested stockholder if thereafter such person acquires additional shares of voting stock of the Company, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an interested stockholder, the voting stock of the Company deemed to be outstanding shall include stock deemed to be owned by the person through application of the definition of "owner" included in the Certificate of Incorporation, but shall not include any other unissued stock of such Company which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

#### Limitations on Liability and Indemnification of Officers and Directors
The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties, subject to certain exceptions. Our By-Laws provide that we must indemnify and may advance expenses to directors and officers to the fullest extent authorized by the DGCL. We are also expressly authorized to carry directors' and officers' liability insurance providing indemnification for directors, officers, and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

The limitation of liability, indemnification and advancement provisions in the By-Laws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. We believe that these provisions, liability insurance and any indemnity agreements that may be entered into are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

There is currently no pending material litigation or proceeding involving our respective directors, officers or employees for which indemnification is sought.

#### Transfer Agent
The transfer agent for our Common Stock is [name], [address], phone: [•]; facsimile [•].

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#### LEGAL MATTERS
Certain legal matters with respect to the shares of Common Stock offered hereby will be passed upon for us by Hunter Taubman Fischer & Li, 950 Third Avenue, 19<sup>th</sup> Floor, New York, NY 10022. Ortoli Rosenstadt LLP is acting as counsel to the underwriter in connection with this Offering.

#### EXPERTS
The audited consolidated financial statements of the Company as of December 31, 2024 and 2023 and the related consolidated statements of operations, changes in stockholders' deficit and cash flows for the years then ended, and the related notes appearing in this registration statement, have been audited by Marcum Asia CPAs LLP, an independent registered public accounting firm, as set forth in their report thereon.

#### DISCLOSURE OF COMMISSION POSITION ON<br>INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by one of our directors, officers or controlling persons in the successful defense of any action, suit or proceeding) is asserted by that director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether that indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of that issue.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We will file with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of Common Stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our Common Stock, we refer you to the registration statement to be filed, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document is not necessarily complete. If a contract or document will be filed as an exhibit to the registration statement, please see the copy of the contract or document that will be filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains a website that contains reports and other information regarding registrants that file electronically with the SEC. The address of the SEC's website is *http://www.sec.gov*.

Upon the completion of this Offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements, and other information will be available on the website of the SEC referred to above. We also maintain a website at *http*://*www.bw*-industrial*.com*, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Information contained on, or that can be accessed through, our website is not incorporated by reference in this prospectus, and you should not consider information on our website to be part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

#### [remainder of page intentionally left blank]

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#### INDEX TO FINANCIAL INFORMATION STATEMENTS

#### BW Industrial Holdings Inc. <br> UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2025](#T881) | F-2 |
|  [Unaudited Interim Condensed Consolidated Statements of Operations for the Three-month and Nine-month Periods Ended September 30, 2024 and 2025](#T882) | F-3 |
|  [Unaudited Interim Condensed Consolidated Statements of Change in Stockholders' Equity for the <br>Nine-month Periods Ended September 30, 2024 and 2025](#T883) | F-4 |
|  [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Nine-month Periods Ended September 30, 2024 and 2025](#T884) | F-5 |
|  [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#T885) | F-6 |

---

#### BESTWATER USA INC. <br> FINANCIAL INFORMATION STATEMENTS

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#T886) | F-26 |
|  [Balance Sheets as of December 31, 2023 and 2024](#T887) | F-27 |
|  [Statements of Operations and Comprehensive Income for the Years Ended December 31, 2023 and <br>2024](#T888) | F-28 |
|  [Statements of Change in Stockholders' Equity for the Years Ended December 31, 2023 and 2024](#T889) | F-29 |
|  [Statements of Cash Flows for the Years Ended December 31, 2023 and 2024](#T890) | F-30 |
|  [Notes to Financial Statements](#T891) | F-31 |

---

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#### BW Industrial Holdings Inc.<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS<br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 9443799 | 4648112 |
| &nbsp;&nbsp;&nbsp; Accounts receivables, net | 970500 | 1791381 |
| &nbsp;&nbsp;&nbsp; Contract assets | 12665217 | 13223481 |
| &nbsp;&nbsp;&nbsp; Amount due from related parties | 525000 | 625000 |
| &nbsp;&nbsp;&nbsp; Deferred initial public offering ("IPO") costs |  | 526500 |
| &nbsp;&nbsp;&nbsp; Prepayment and other current assets | 436616 | 1441792 |
|  **Total current assets** | 24041132 | 22256266 |
|  **Non-current assets** |  |  |
|  Equipment, net | 81860 | 67008 |
|  Operating lease right-of-use assets | 16888 | 5196 |
|  Other non-current assets | 1500 | 1500 |
|  **Total non-current assets** | 100248 | 73704 |
|  **Total assets** | **24141380** | **22329970** |
|  **Liabilities and stockholders' equity** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payables | 10605026 | 2758760 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 743012 | 2131875 |
| &nbsp;&nbsp;&nbsp; Income tax payable | 2024259 | 1952003 |
| &nbsp;&nbsp;&nbsp; Accrued expense and other current liabilities | 222674 | 272942 |
|  **Total current liabilities** | 13594971 | 7115580 |
|  **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities | 1477 |  |
|  **Total non-current liabilities** | 1477 |  |
|  **Total liabilities** | **13596448** | **7115580** |
|  **Commitments and contingencies** |  |  |
|  **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, par value US$0.0001, 200,000,000 shares authorized; 18,400,000 shares and 19,400,000 shares issued and outstanding as of December 31, 2024, and September 30, 2025, respectively\* | 1840 | 1940 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital\* | 439896 | 1736415 |
| &nbsp;&nbsp;&nbsp; Retained Earnings | 10103196 | 13476035 |
|  **Total stockholders' equity** | **10544932** | **15214390** |
|  **Total liabilities and stockholders' equity** | **24141380** | **22329970** |

---

____________

\* Giving retroactive effect to the 1 for 1,000 share exchange effected on June 5, 2025 and 1 for 2 forward split effected on December 19, 2025.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### BW Industrial Holdings Inc.<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS <br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month <br>periods ended <br>September 30,** | **For the three-month <br>periods ended <br>September 30,** | **For the nine-month <br>periods ended <br>September 30,** | **For the nine-month <br>periods ended <br>September 30,** |
|  | **2024** | **2025**  | **2024** | **2025** |
|  | **US$** | **US$**  | **US$** | **US$** |
|  **Revenue** | 41941712 | 1872377 | 66266834 | 19867626 |
|  Cost of revenues | (36848681) | (1487849) | (57338720) | (9075285) |
|  **Gross profit** | **5093031** | **384528** | **8928114** | **10792341** |
|  **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | (532355) | (955939) | (1968801) | (4074212) |
|  **Total operating expenses** | (532355) | (955939) | (1968801) | (4074212) |
|  **Income (Loss) from operations** | **4560676** | **(571411)** | **6959313** | **6718129** |
|  **Other income** |  |  |  |  |
|  Interest income | 21199 | 29462 | 76190 | 80654 |
|  **Total other income** | **21199** | **29462** | **76190** | **80654** |
|  **Income before income tax expense** | 4581875 | (541949) | 7035503 | 6798783 |
|  Income tax (expense) benefit | (962368) | 113810 | (1477456) | (1427744) |
|  **Net income (loss)** | 3619507 | (428139) | 5558047 | 5371039 |
|  **Earnings (Loss) per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted\* | 0.20 | (0.02) | 0.30 | 0.28 |
|  **Weighted average shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted\* | 18400000 | 19400000 | 18400000 | 19110623 |

---

____________

\* Giving retroactive effect to the 1 for 1,000 share exchange effected on June 5, 2025 and 1 for 2 forward split effected on December 19, 2025.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### BW Industrial Holdings Inc.<br> UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS <br>OF CHANGES IN STOCKHOLDERS' EQUITY<br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Common stock** | **<br>Common stock** | **Additional <br>Paid-in <br>Capital\*** | **Retained <br>Earnings** | **Total <br>Stockholders' <br>Equity** |
|  | **Share\*** | **Amount\*** | **Additional <br>Paid-in <br>Capital\*** | **Retained <br>Earnings** | **Total <br>Stockholders' <br>Equity** |
|  |  | **US$** | **US$** | **US$** | **US$** |
|  **Balance, December 31, 2023** | **18400000** | **1840** | **439896** | **4635656** | **5077392** |
|  Net income |  |  |  | 5558047 | 5558047 |
|  **Balance, September 30, 2024** | **18400000** | **1840** | **439896** | **10193703** | **10635439** |
|  **Balance, December 31, 2024** | **18400000** | **1840** | **439896** | **10103196** | **10544932** |
|  Issuance of common stock under share-based compensation plan | 1000000 | 100 | 1296519 |  | 1296619 |
|  Dividends declared to the stockholder |  |  |  | (1998200) | (1998200) |
|  Net income |  |  |  | 5371039 | 5371039 |
|  **Balance, September 30, 2025** | **19400000** | **1940** | **1736415** | **13476035** | **15214390** |

---

____________

\* Giving retroactive effect to the 1 for 1,000 share exchange effected on June 5, 2025 and 1 for 2 forward split effected on December 19, 2025.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<br> (Expressed in U.S. dollars ("US$"))

---

| | | |
|:---|:---|:---|
|  | **For the <br>nine-month <br>periods ended <br>September 30, <br>2024** | **For the <br>nine-month <br>periods ended <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  **Cash flows from operating activities** |  |  |
|  Net income | 5558047 | 5371039 |
| &nbsp;&nbsp;&nbsp; Adjustment to reconcile net income to net cash generated from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of equipment | 12207 | 14852 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use assets | 11692 | 11692 |
| &nbsp;&nbsp;&nbsp; Share-based compensation expense |  | 1296619 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of accounts payable |  | (3743713) |
|  Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivables, net | 83287 | (820881) |
| &nbsp;&nbsp;&nbsp; Contract assets | (5175720) | (558264) |
| &nbsp;&nbsp;&nbsp; Amount due from related party | (435000) | (100000) |
| &nbsp;&nbsp;&nbsp; Prepayment and other current assets | (179481) | (1005176) |
| &nbsp;&nbsp;&nbsp; Accounts payables | (3937715) | (4102553) |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 1204477 | 1388863 |
| &nbsp;&nbsp;&nbsp; Income tax payables | 1287455 | (72256) |
| &nbsp;&nbsp;&nbsp; Accrued expense and other current liabilities | (489973) | (4732) |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities | 5844 | (1477) |
|  **Net cash used in operating activities** | (2054880) | (2325987) |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of equipment | (99018) |  |
|  **Net cash used in investing activities** | (99018) |  |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Payment of deferred initial public offering costs |  | (471500) |
| &nbsp;&nbsp;&nbsp; Paid for dividend |  | (1976200) |
| &nbsp;&nbsp;&nbsp; Borrowings to related party | (2054506) | (334000) |
| &nbsp;&nbsp;&nbsp; Repayment made by related party | 2266117 | 312000 |
|  **Net cash provided by (used in) financing activities** | 211611 | (2469700) |
|  **Net change in cash** | (1942287) | (4795687) |
|  **Cash at the beginning of the period** | 9573299 | 9443799 |
|  **Cash at the end of the period** | 7631012 | 4648112 |
|  **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
|  Cash paid for: |  |  |
|  Income taxes | 190000 | 1500000 |
|  **NON-CASH OPERATING AND FINANCING ACTIVITIES:** |  |  |
|  Operating lease right-of-use assets | 32477 |  |
|  Non-cash dividend settlement |  | 22000 |
|  Unpaid deferred initial public offering costs |  | 55000 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — NATURE OF BUSINESS AND ORGANIZATION
BESTWATER USA INC. (the "Company") was incorporated in the state of Texas, U.S.A on November 21, 2016. The Company authorized 10,000 shares of common stock and initially issued 6,800 shares of common stock, par value US$0.01 each.

BW Industrial Holdings Inc. (the "Holding Company") was incorporated in Delaware on April 28, 2025, and is headquartered in Houston. The Holding Company authorized 100,000,000 shares of common stock, par value US$0.0001 each. Subsequently on June 5, 2025, the Holding Company issued an aggregate of 9,700,000 shares of common stock and the Company completed a share exchange for that the stockholders of the Company became stockholders of Holding Company with the same shareholding percentage and the Holding Company became the sole stockholder of the Company. On December 19, 2025, the Holding Company effected a one-for-two forward split of all issued and outstanding shares of 9,700,000 shares of common stock. As a result of the forward split, the Holding Company now have 19,400,000 shares of common stock issued and outstanding as of the date hereof.

The Company engages in providing engineering, procurement, and construction ("EPC") services for critical process systems across multiple industrial sectors. The Company serves clients in energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

#### Reorganization
The reorganization was accounted for as a transaction between entities under common control in accordance with ASC 805-50 and therefore treated as a recapitalization for accounting purposes. As a result, no new goodwill or intangible assets were recognized, and the assets, liabilities and results of operations of the Company continue to be reflected at their historical carrying amounts. The Holding Company has been presented as the reporting entity for all periods following the reorganization.

Consistent with the applicable accounting guidance and the requirements of the SEC Financial Reporting Manual, all share and per-share information presented in this prospectus has been retrospectively adjusted to reflect the capital structure of the Holding Company as if the share exchange had occurred at the beginning of the earliest period presented. The reorganization did not have any impact on our historical total shareholders' equity, net loss or income, cash flows, or historical operations, but it did result in a reclassification within equity accounts due to the change in par value and number of shares outstanding.

As a result of the reorganization, the Holding Company became the parent company of the Company, which continues to conduct the historical operations of the business.

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES
*(a) Basis of presentation*

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the Company's unaudited interim condensed consolidated financial statement. The unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's financial statements and the notes thereto for the year ended December 31, 2023 and 2024.

*(b) Use of estimates*

The preparation of unaudited interim condensed consolidated financial statements in conformity with accounting principles generally accepted in U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimate in the period is revenue recognition. Actual results could vary from the estimates and assumptions that were used.

*(c) Risks and uncertainties*

The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company's operations.

#### Credit Risk
Credit risk is the potential financial loss to the Company resulting from the failure of a client or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of other receivables (excluding prepayments) and cash and bank deposits presented on the balance sheets. The Company has no other financial assets which carry significant exposure to credit risk.

#### Concentration of Credit Risk
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. The Company places its cash with financial institutions with high-credit ratings and quality. As of December 31, 2024 and September 30, 2025, the Company's cash was US$9,443,799 and US$4,648,112, respectively.

Accounts receivable primarily comprise of amounts receivable from the revenue from EPC services and sales of equipment. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these service clients. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

#### Concentration of demand
The following table sets forth a summary of single clients who represent 10% or more of the Company's total accounts receivable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client C | 970500 | 100% | 570473 | 32% |
| &nbsp;&nbsp;&nbsp; Client E |  | —% | 319685 | 18% |
| &nbsp;&nbsp;&nbsp; Client F |  | —% | 392649 | 22% |
| &nbsp;&nbsp;&nbsp; Client G |  | —% | 366574 | 20% |
|  **Total** | 970500 | 100% | 1649381 | 92% |

---

The following table sets forth a summary of single clients who represent 10% or more of the Company's total revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 5813180 | 14% | 718820 | 38% |
| &nbsp;&nbsp;&nbsp; Client E | 35131111 | 84% |  | —% |
| &nbsp;&nbsp;&nbsp; Client F |  | —% | 847379 | 45% |
|  **Total** | 40944291 | 98% | 1566199 | 83% |

---

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 15584846 | 24% | 2559994 | 13% |
| &nbsp;&nbsp;&nbsp; Client E | 49557783 | 75% | 13876017 | 70% |
|  **Total** | 65142629 | 99% | 16436011 | 83% |

---

The following table sets forth a summary of single clients who represent 10% or more of the Company's total contract assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 8282006 | 65% | 9100000 | 69% |
| &nbsp;&nbsp;&nbsp; Client E | 3812738 | 30% | 4000000 | 30% |
|  **Total** | 12094744 | 95% | 13100000 | 99% |

---

#### Concentration of supply
The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total accounts payable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier B | 2757791 | 26% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier D | 3402390 | 32% | 2491936 | 90% |
|  **Total** | 6160181 | 58% | 2491936 | 90% |

---

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total cost:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** | **For the three-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier F | 8269790 | 22% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier G | 9272899 | 25% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier H | 6622284 | 18% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier I |  | —% | 310957 | 21% |
| &nbsp;&nbsp;&nbsp; Supplier J |  | —% | 277228 | 19% |
| &nbsp;&nbsp;&nbsp; Supplier K |  | —% | 254280 | 17% |
| &nbsp;&nbsp;&nbsp; Supplier L |  | —% | 156906 | 11% |
|  **Total** | 24164973 | 65% | 999371 | 68% |

---

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** | **For the nine-month periods ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier D | 6293411 | 11% | 3080492 | 34% |
| &nbsp;&nbsp;&nbsp; Supplier F | 10850738 | 19% | 1488681 | 16% |
| &nbsp;&nbsp;&nbsp; Supplier G | 10572602 | 18% | 1225608 | 14% |
| &nbsp;&nbsp;&nbsp; Supplier H | 7134110 | 12% |  | —% |
|  **Total** | 34850861 | 60% | 5794781 | 64% |

---

#### Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The management concluded that the Company's available cash and working capital will be sufficient to support its continuous operations and to meet its payment obligations when liabilities fall due within the next twelve months from the date of issuance of these financial statements. Accordingly, management continues to prepare the Company's financial statements on a going concern basis.

*(d) Fair value measurement*

The Company applies ASC 820, *Fair Value Measurements and Disclosures*, ("ASC 820''). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of input that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
Financial assets and liabilities of the Company primarily consist of cash, accounts receivable, contract assets, amount due from related parties, prepayment and other current assets, accounts payable, contract liabilities, income tax payable and accrued expense and other current liabilities which are subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate their fair value as of December 31, 2024 and September 30, 2025.

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

*(e) Related parties*

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company December deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. The Company discloses all significant related party transactions in Note 10.

*(f) Cash*

Cash consists of cash in banks and certificate of deposit, the Company's demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted as to withdrawal and use. Deposits are held at highly liquid and well capitalized financial institutions. Risk of loss is not expected by management.

*(g) Accounts receivables, net*

Accounts receivables are recognized in the period when the Company has delivered service to its clients and when its right to consideration is unconditional. Accounts receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. Management reviews its accounts receivable on a regular basis to determine if the provision for credit loss is adequate, and makes provision when necessary. Accounts receivable are considered past due based on contractual terms. In establishing the allowance, management uses probability of default method to estimate the amount of the allowance for credit losses. The allowance for expected credit loss is estimated based upon the Company's assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions, future expectations and client specific quantitative

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
and qualitative factors that may affect the Company's clients' ability to pay. An allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss. Account balances are charged off against the provision after all means of collection have been exhausted and the likelihood of collection is remote. As of December 31, 2024 and September 30, 2025, the Company made nil allowance for expected credit loss for accounts receivable.

*(h) Contract assets*

Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets as "Contract assets". Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined. As of December 31, 2024 and September 30, 2025, the Company made nil allowance for expected credit loss for contract assets.

*(i) Expected credit loss*

ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. The Company adopted the ASU on January 1, 2022 and applied to accounts receivable, contract assets and other financial instruments. The adoption of this guidance did not materially impact the net earning and financial position and has no impact on the cash flows. As of December 31, 2024 and September 30, 2025, the Company made nil allowance for expected credit loss for accounts receivable, contract assets and other financial instruments.

*(j) Prepayment and other current assets*

Prepayments are mainly payments made to vendors or services providers for future services that have not been provided. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2024 and September 30, 2025, no allowance was deemed necessary.

*(k) Deferred Initial Public Offering ("IPO") costs*

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Initial public offering expense directly attributable to offering of securities are deferred and would be charged against the gross proceeds of the offering, as a reduction in capital stock. These deferred expenses mainly consist of underwriting, legal and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Should the IPO prove to be unsuccessful, these deferred initial public offering costs, as well as additional expenses to be incurred, will be charged to operations. As of December 31, 2024 and September 30, 2025, the Company capitalized nil and US$526,500 of deferred initial public offering costs.

*(l) Equipment, net*

Equipment, net are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:

---

| | |
|:---|:---|
|  **Category** | **Estimated <br>useful life** |
|  vehicle | 5 years |

---

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
Expenditure for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditure for major renewals and betterment that substantially extends the useful lives of equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the statements of operations and comprehensive loss.

*(m) Contract liabilities*

Contract liabilities are recorded when consideration is received from a client prior to transferring the services to the client or other conditions under the terms of a sales contract. As of December 31, 2024 and September 30, 2025, the Company recorded contract liabilities of US$743,012 and US$2,131,875, respectively. For the three-month periods ended September 30, 2024 and 2025, the Company recognized revenue from contract liabilities is nil. For the nine-month periods ended September 30, 2024 and 2025, the Company recognized revenue from contract liabilities is nil and US$72,012, respectively.

*(n) Commitments and contingencies*

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

*(o) Revenue recognition*

The Company engages in providing engineering, procurement, and construction ("EPC") services for critical process systems across multiple industrial sectors. The Company serves clients in energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

The Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective as of April 1, 2020. Accordingly, the consolidated financial statements for the three-month and nine-month periods ended September 30, 2024 and 2025 are presented under ASC 606. The Company recognizes revenue to depict the transfer of promised goods or services (that is, an asset) to customers in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. An asset is transferred when the customer obtains control of that asset. It also requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. For the accounting period, the Company has determined two revenue streams for the accounting period, which includes: (1) Revenue from EPC services and (2) Sales of equipment and others.

Revenue from contracts with clients is recognized using the five-step model defined by ASC Topic 606 which requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
(1) EPC services

The Company typically got the project through project bidding or purchase orders from its clients which will set the terms and conditions including the transaction price, services to be performed, performance obligations, and terms of payments. The terms and conditions serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The performance obligation is to provide engineering, procurement, and construction services to the clients. There is no implied or implicit performance obligations related to the contract and/or purchase order. The scope of work to be executed by the Company shall include all materials and equipment required by the Contract and all temporary or permanent sub-contractor's personnel, materials and other items and services required for the engineering, procurement, construction, facility equipment commissioning, training, defect remedy and acceptance.

The contract is typically fixed priced with certain exemptions, which have a variable consideration within a range of the contract price based on changing the scope of work, which is reflected in the milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual obligation. The Company's revenue is derived from contracts where scope is adequately defined, and therefore the Company can reasonably estimate total contract value. Revenue and gross profit or loss for contracts can be significantly affected by variable consideration, which can be in the form of unapproved change orders and liquidated damages that may not be resolved until the later stages of the contract or after the contract has been completed. The Company estimates variable consideration based on the amount the Company expects to be entitled, and includes estimated amounts in transaction price to the extent it is probable that a significant future reversal of cumulative revenue recognized will not occur or when the Company concludes that any significant uncertainty associated with the variable consideration is resolved. For the three-month and nine-month periods ended September 30, 2024 and 2025, we had no material amounts in revenue related to unapproved change orders or liquidated damages.

Customer contracts are generally represented by a contract with durations typically ranging from three months to two years. The Company uses the Percentage of Completion("POC") method, the ratio of contract costs incurred to date compared to total estimated contract costs, to recognize revenue (an input method). For these contracts, revenue is recognized over time since the customer controls the projects being constructed and renovated throughout the process, and there is a continuous transfer of control from the Company to the customer. There is typically no warranty obligation except for certain projects, of which contracts may include retentions or holdbacks, in accordance with the local requirements, to be paid one-year after the quality assurance warranty period expires to ensure that Company meets the contract obligations and to provide guarantees that the product will function as intended and meet the agreed-upon specifications. This assurance-type warranty is not accounted for as a separate performance obligation, and thus no transaction price is being allocated. According to past experience, the Company never occurred quality problems after the project was completed. The amount of warranty is nil for the nine-month periods ended September 30, 2024 and 2025. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the clients and the transfer of promised services to the clients will be less than one year.

The Company uses the ratio of actual costs incurred to total estimated costs since costs incurred represent a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. The Company uses the input method to recognize revenue due to the outputs are difficult to measure. Input methods recognize revenue on the basis of the entity's efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. The contract price is fully allocated to one performance obligation. Milestone billing payments are approved once the service is certified by the client at each milestone. Remaining performance obligation represents all future revenue under contract that has not yet been recognized as revenue and includes unearned revenue. The value of the transaction price allocated to remaining performance obligations under EPC service contracts as of December 31, 2024 was approximately $12.7 million. As of September 30, 2025, the Company recognized 100% of remaining performance obligations as revenue. The value of the transaction price allocated to remaining performance obligations under EPC service contracts as of September 30, 2025 was approximately $2.2 million. The Company expects to recognize 100% of remaining performance obligations as revenue in the next six months.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
Contract costs typically include direct labor, subcontractor and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress than original expectations. When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered. This means that profit is not recognized until the outcome can be reliably measured. The stage of completion is determined through the proportion of costs incurred to total costs.

The Company's contract with the client has payment terms specified based upon certain obligations completed. The Company will submit progress billing to the client when the stage of the project is completed, and after the Company receives the certificate from client, the Company will issue a tax invoice to the client. As the clients are required to pay the Company at different billing stages over the contract period, as such, the Company believes the progress payments limit the Company's exposure to credit risk and that the Company would be able to collect substantially all of the consideration gradually at different stages. The timing of the satisfaction of the Company's performance obligations is based upon the cost-to-cost measure of progress method, which is generally different than the timing of unconditional right of payment, and is based upon certain conditions completed as specified in the contract. The timing between the satisfaction of the Company's performance obligations and the unconditional right of payment would contribute to contract assets and contract liabilities.

(2) Sales of equipment and others

Revenue from sales of equipment and others comprised of revenue mainly from equipment sales with minor installation and transportation, and other design service, which is recognized when the performance obligation is satisfied at a point in time generally as the equipment is sold or services are provided for a duration of typically less than three months. The Company typically receives purchase orders from its clients which will set for the terms and conditions including the transaction price, equipment or services to be provided or performed, performance obligations, and terms of payment. The terms and conditions serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The key performance obligation is the delivery or completion of the equipment or the services to the client according to the contract. The Company recognizes revenue when the following events have occurred: (a) the Company has performed the contract obligation; (b) the Company has a present right to payment; (c) the client has legal rights to the equipment or services, and (d) the client bears significant risks and rewards of ownership of the services. The completion of this revenue process is evidenced by the client acceptance on the equipment and services and the Company recognized the revenue at a point in time.

The Company is the principal for its transactions and recognizes revenue on a gross basis. The Company is the principal when it has control of the service before it is transferred to clients, which generally is established when the Company is primarily responsible for merchandising decisions, maintains the relationship with client, and has pricing discretion.

*(p) Operating leases*

The Company adopted ASC Topic 842, *Leases* ("ASC 842") on January 1, 2022, using the modified retrospective method. The Company determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company's leases do not contain any material residual value guarantees or material restrictive covenants.

The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease term of 12 months or less.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use ("ROU") asset and lease liability for operating lease. ROU assets acquired through lease represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. If the rate implicit in the Company's leases is not readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancellable term of the lease.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term.

*(q) Selling expenses*

Selling expenses include related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, seminars, and other programs.

*(r) General and administrative expenses*

General and administrative expenses mainly consist of staff cost, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and related expenses, other miscellaneous administrative expenses.

*(s) Income taxes*

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

Under ASC 740-10-25, "Accounting for Uncertainty in Income Taxes", a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefits recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer satisfied. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. There were no uncertain tax positions as of December 31, 2024 and September 30, 2025. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. The Company may also be subject to the examination of the tax filings in other jurisdictions, which are not material to the financial statements.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
For the three-month and nine-month periods ended September 30, 2024 and 2025, the Company did not have any interest and penalties associated with tax positions. As of December 31, 2024 and September 30, 2025, the Company did not have any significant unrecognized uncertain tax positions.

*(t) Earnings per share*

Basic earnings per share is computed by dividing net income attributable to the holders of common stock by the weighted average number of common stock outstanding during the period presented. Diluted income per share is calculated by dividing net income attributable to the holders of common stock as adjusted for the effect of dilutive common stock equivalents, if any, by the weighted average number of common stock and dilutive common stock equivalents outstanding during the period. However, common stock equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded. For the nine-month periods ended September 30, 2024 and 2025, the Company did not have any dilutive shares.

*(u) Share-based compensation*

The Company applies ASC 718, Compensation — Stock Compensation ("ASC 718"), to account for its employee share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company's share-based awards to employees were classified as equity awards and are recognized in the financial statements based on their grant date fair values. In accordance with ASC 718, the Company recognizes share-based compensation cost for equity awards to employees with a performance condition based on the probable outcome of that performance condition. Compensation cost is recognized using the accelerated method if it is probable that the performance condition will be achieved. The Company accounts for forfeitures as they occur in accordance with ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting.

*(v) Segment Reporting*

FASB ASC 280, "*Segment Reporting"*, establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments.

The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's CODM has been identified as the CEO, who reviews results when making decisions about allocating resources and assessing the performance of the Company.

The Company's assets are substantially all located in the U.S. and substantially all of the Company's revenues and expenses are derived in the U.S. Therefore, no geographical segments are presented.

For the three-month and nine-month periods ended September 30, 2024 and 2025, the CODM reviewed the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole, and the Company has only one reportable segment.

*(w) Recent accounting pronouncements*

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." This amendment incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its financial statements.

In December 2023, the FASB issued ASU No.2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional quantitative and qualitative income tax disclosure to enable financial statements users better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted the new disclosures for the annual periods beginning on January 1, 2025. The Company will include the applicable and relevant required disclosures in the Income Taxes footnote in the registration statement for the year ending December 31, 2025.

In March 2024, the FASB issued ASU 2024-02, "Codification Improvements — Amendments to Remove References to the Concepts Statements". This update contains amendments to the Codification that remove references to various FASB Concepts Statements. These issues to remove references to various Concepts Statements and the amendments apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. Early application of the amendments in this Update is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance). The Company adopted the standard on the required effective date beginning on January 1, 2025 using a prospective transition method for all new transactions recognized on or after the effective date. The adoption of this guidance did not have a material impact on the Company's unaudited condensed financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. ASU 2024-03, as clarified by ASU 2025-01 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. The Company is currently evaluating the impact of adoption on the Company's related disclosures.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets". The ASU provides a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This guidance is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within those annual reporting periods, with early adoption permitted. The amendments in ASU 2025-05 should be applied prospectively. The Company is currently evaluating the impact of adoption on the Company's related disclosures.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

#### Note 3 — DISAGGREGATION OF REVENUE
The following tables present the Company's revenue disaggregated by service lines for the three-month and nine-month periods ended September 30, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods <br>ended September 30,** | **For the three-month periods <br>ended September 30,** | **For the nine-month periods <br>ended September 30,** | **For the nine-month periods <br>ended September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  EPC services | 41941712 | 1751457 | 66195790 | 19707106 |
|  Sales of equipment and others |  | 120920 | 71044 | 160520 |
|  | **41941712** | **1872377** | **66266834** | **19867626** |
|  – Over time | 41941712 | 1751457 | 66195790 | 19707106 |
|  – At a point in time |  | 120920 | 71044 | 160520 |
|  | **41941712** | **1872377** | **66266834** | **19867626** |

---

The Company recognizes revenue from EPC services based on the Company's effort or inputs to the satisfaction of a performance obligation over time as work progresses because of the continuous transfer of control to the client and the Company's right to bill the client as costs are incurred.

The following table present the Company's revenue disaggregated by the countries which the client is located for the three-month and nine-month periods ended September 30, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended <br>September 30,** | **For the three-month periods ended <br>September 30,** | **For the nine-month periods ended <br>September 30,** | **For the nine-month periods ended <br>September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  United States | 41941712 | 1872377 | 66266834 | 19867626 |

---

#### Note 4 — ACCOUNTS RECEIVABLES, NET
Accounts receivables, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Accounts receivables | 970500 | 1791381 |
|  Less: Allowance for expected credit loss |  |  |
|  Accounts receivables, net | 970500 | 1791381 |

---

For the three-month and nine-month periods ended September 30, 2024 and 2025, there is no credit loss recorded.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 4 — ACCOUNTS RECEIVABLES, NET (cont.)
The following table sets forth the aging analysis of accounts receivables, net, based on the invoice date as of the dates mentioned below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Within 30 days | 970500 | 484123 |
|  Between 31 and 60 days |  | 15821 |
|  Between 61 and 90 days |  |  |
|  Over 91 days |  | 1291437 |
|  Accounts receivables, net | 970500 | 1791381 |

---

#### Note 5 — CONTRACT ASSETS AND CONTRACT LIABILITIES
Net contract assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Contract assets | 12665217 | 13223481 |
|  Contract liabilities | (743012) | (2131875) |
|  Contract assets, net | 11922205 | 11091606 |

---

The Company believes that none of the clients above were experiencing financial difficulties that would materially impact the collectability of the Company's total contract assets as of December 31, 2024 and September 30, 2025.

#### Note 6 — EQUIPMENT, NET

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  At cost: |  |  |
|  Vehicles | 99018 | 99018 |
|  | 99018 | 99018 |
|  Less: accumulated depreciation | (17158) | (32010) |
|  Equipment, net | 81860 | 67008 |

---

Depreciation expense for the three-month periods ended September 30, 2024 and 2025 was US$4,951 and US$4,951, respectively.

Depreciation expense for the nine-month periods ended September 30, 2024 and 2025 was US$12,207 and US$14,852, respectively.

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 7 — ACCOUNTS PAYABLES, ACCRUED EXPENSE AND OTHER CURRENT LIABILITIES
Accounts payables, accrued expense and other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Accounts payables | 10605026 | 2758760 |
|  Accrued expense and other current liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Other payables | 46847 | 108198 |
| &nbsp;&nbsp;&nbsp; SBA Loan | 158900 | 158900 |
| &nbsp;&nbsp;&nbsp; Lease liabilities, current portion | 16927 | 5844 |
|  Accrued expense and other current liabilities | 222674 | 272942 |

---

#### Note 8 — INCOME TAXES
Income tax expense for the three-month and nine-month periods ended September 30, 2024 and 2025 consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended <br>September 30,** | **For the three-month periods ended <br>September 30,** | **For the nine-month periods ended <br>September 30,** | **For the nine-month periods ended <br>September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  Current income tax benefit (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Federal | (962368) | 113809 | (1477456) | (1427744) |
| &nbsp;&nbsp;&nbsp; State |  |  |  |  |
|  Deferred income tax benefit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Federal |  |  |  |  |
| &nbsp;&nbsp;&nbsp; State |  |  |  |  |
|  Total | (962368) | 113809 | (1477456) | (1427744) |

---

The following table presents a reconciliation of the Company's income tax at statutory tax rate and income tax at effective tax rate for the nine-month periods ended September 30, 2024 and 2025.

---

| | | |
|:---|:---|:---|
|  | **For the nine-month periods ended,** | **For the nine-month periods ended,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  Income before income taxes | 7035503 | 6798783 |
|  Statutory income tax rate | 21% | 21% |
|  Income tax expense at statutory rate | 1477456 | 1427744 |
|  Tax effect of non-taxable income |  |  |
|  Tax effect of non-deductible items |  |  |
|  Others |  |  |
|  Tax expenses at effective tax rate | 1477456 | 1427744 |
|  Effective tax rate | 21% | 21% |

---

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#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 8 — INCOME TAXES (cont.)
The Company is subject to state income tax and federal income tax at different tax rates, depending upon taxable income levels. The U.S. federal statutory tax rate is 21%. For the federal income tax, the federal net operating losses incurred after 2017 are limited to 80% of taxable income and do not have an expiring date. For the state income tax, there is no net operating loss as of December 31, 2024 and September 30, 2025. There is no deferred tax assets or liabilities as of December 31, 2024 and September 30, 2025.

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and September 30, 2025, the Company did not have any unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the nine-month periods ended September 30, 2024 and 2025, the Company did not incur any interest and penalties related to potential underpaid income tax expenses. The Company is subject to taxation and files income tax returns in the United States federal jurisdiction. As of December 31, 2024, tax years for 2021, 2022 and 2023 are subject to examination by tax authorities.

#### Note 9 — EQUITY
The Company initially authorized 100 shares of common stock, par value $1 per share. In April 2025, the Company amended its Article of the Certificate of Formation to increase the number of authorized shares of common stock to 10,000 shares and change the par value to $0.01 per share.

On March 21, 2025, the Company approved the 2025 Grant Notice to issue 500,000 shares of Common Stock to the employee. The Award has no blackout period and any restricted, which is an immediate vesting. Please see the detail in Note 12.

On June 1, 2025, the Company declared cash dividend of $0.206 per share of common stock to all stockholders of common stock of record as of June 1, 2025. In July 2025, the Company paid an aggregate cash dividend of $1,998,200 to all stockholders.

The Holding Company has performed a series of issuances of common stock resulting in 9,200,000 and 9,700,000 shares of common stock issued and outstanding as of December 31, 2024 and September 30, 2025.The Holding Company only has one single class of common stock that is accounted for as permanent equity.

#### Note 10 — RELATED PARTY TRANSACTIONS
These related parties of the Company with whom transactions are reported in these financial statements are as follows:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to Us** |
|  Mr. Yunlong Zhang | Director of the Company |
|  Shenzhen Best-Water S&T Co. Ltd. ("SZBW") | CEO of SZBW is the same as the Company's CEO and SZBW is wholly owned by the Company's CEO |

---

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**BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 10 — RELATED PARTY TRANSACTIONS (cont.)
In the ordinary course of business, the Company was involved in certain transactions, either at cost or current market prices, and on normal commercial terms with related parties. The following table provides the transactions with these parties for the years as presented (for the portion of such period that they were considered related):

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  **Prepayment to a related party** |  |  |
|  ***<u>Name of related party</u>*** |  |  |
|  SZBW | 525000 | 625000 |
|  | 525000 | 625000 |

---

#### Note 11 — OPERATING LEASES — RIGHT-OF -USE ASSETS AND LEASE LIABILITIES
<u><u>Lease commitment</u></u>

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The recognized operating lease ROU assets and lease liabilities as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Operating lease ROU asset | 16888 | 5196 |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2024** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  Operating lease liabilities |  |  |
|  Current portion | 16927 | 5844 |
|  Non-current portion | 1477 |  |
|  Total | 18404 | 5844 |

---

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — OPERATING LEASES — RIGHT-OF -USE ASSETS AND LEASE LIABILITIES (cont.)
As of September 30, 2025, future minimum lease payments under the non-cancellable operating leases are as follows:

---

| | |
|:---|:---|
|  **Future payment** | **US$** |
| 2025 | 4430 |
| 2026 | 1477 |
|  Thereafter |  |
|  Total future lease payment | 5906 |
|  Less: imputed interest | (62) |
|  Present value of operating lease liabilities | 5844 |
|  Operating lease liabilities, current portion | 5844 |
|  Operating lease liabilities, non-current portion |  |

---

The following summarizes other supplemental information about the Company's operating lease as of September 30, 2025:

---

| | | |
|:---|:---|:---|
|  Weighted average discount rate | 8.500 | % |
|  Weighted average remaining lease term (years) | 0.333 |  |

---

#### Note 12 — SHARE-BASED COMPENSATION EXPENSE
The stockholders and Board of Directors of the Company approved the 2025 Grant Notice to issue 500,000 shares of Common Stock to the employee. The purpose of the 2025 Grant Notice is to award exceptionally talented and qualified individuals who provided excellent performance in the past period. The Award has no blackout period and any restricted, which is an immediate vesting.

Share-based compensation expense recognized in the statements of operations and comprehensive income was as follows:

---

| | | |
|:---|:---|:---|
|  | **For The Nine-month <br>Periods Ended <br>September 30,** | **For The Nine-month <br>Periods Ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  General and administrative expenses |  | 1296619 |
|  Income tax effect |  | (272290) |
|  Share-based compensation expense, net of tax |  | 1024329 |

---

The fair value per share is approximately US$2.593. The valuation was estimated on the grant date by the discounted cash flow method ("DCF") which considers that the present value of an investment is determined by the expected future economic benefits, such as the income that generated regularly, cost savings and sales revenue. In discounted cash flow method, a discount rate that can reflect the current market yield and the inherent risk of investment is used to discount the future net cash flow and evaluate the Company.

Discount rate is used to convert the annual net cash flow into present value, and it is based on an estimated weighted average cost of capital ("WACC"). WACC consists of cost of equity and cost of debt, and it is calculated by the proportion of capital structure.

The cost of equity, or required return on equity, is estimated using the capital asset pricing model ("CAPM") which is based on the premise that an industry's capitalization rate is equal to the risk-free rate of return plus an equity risk premium adjusted by an industry risk factor based on beta. The beta is developed by analyzing the historical relationship between the return required by investors in a particular industry and the average return required by investors in the market as a whole. A small size premium is applied in estimating an appropriate cost of equity, due to the relative size of the Company. Additional adjustments may be made for company-specific factors.

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 12 — SHARE-BASED COMPENSATION EXPENSE (cont.)
The following tables summarized the small size risk premium ("SRP"), additional risk premium ("ARP"), cost of equity ("Ke"), after-tax cost of debt ("Kd"), debt-to-equity ratio and WACC as of the Valuation Date:

---

| | |
|:---|:---|
|  | **For The <br>Nine-month <br>Periods Ended <br>September 30, <br>2025** |
|  Valuation Date | March 21, 2025 |
|  SRP | 4.47% |
|  ARP | 4.00% |
|  Kd\*(1-t)\* | 4.02% |
|  Ke | 16.94% |
|  %Debt | 9.70% |
|  %Equity | 90.30% |
|  WACC | 16.00% |

---

____________

\* t = Effective tax rate

For the three-month periods ended September 30, 2024 and 2025, the Company recognized share-based compensation expense is nil.

For the nine-month periods ended September 30, 2024 and 2025, the Company recognized share-based compensation expense is nil and US$1,296,619, respectively.

#### Note 13 — SEGMENT INFORMATION
The Company operates and manages its business as a single reportable segment, which is consistent with how the Chief Operating Decision Maker ("CODM"), the Chief Executive Officer, makes operating decisions and allocates resources. The CODM assesses performance and results of operations at the Company level. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, management has determined that the Company has one reportable segment under ASC Topic 280, Segment Reporting.

Measure of Segment Profit or Loss

The CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the consolidated net income from the statement of operations, after taking into account the Company's strategic priorities, its cash balance, and its expected use of cash. The following table presents the significant revenue and expense categories in the Company's single operating segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods <br>ended September 30,** | **For the three-month periods <br>ended September 30,** | **For the nine-month periods <br>ended September 30,** | **For the nine-month periods <br>ended September 30,** |
|  | **2024** | **2025**  | **2024** | **2025** |
|  | **US$** | **US$**  | **US$** | **US$** |
|  **Revenue** | 41941712 | 1872377 | 66266834 | 19867626 |
|  Cost of revenues | (36848681) | (1487849) | (57338720) | (9075285) |
|  Selling, general and administrative expenses | (532355) | (955939) | (1968801) | (4074212) |
|  Other income | 21199 | 29462 | 76190 | 80654 |
|  Income tax (expense) benefit | (962368) | 113810 | (1477456) | (1427744) |
|  **Net income (loss)** | 3619507 | (428139) | 5558047 | 5371039 |

---

[**Table of Contents**](#TOC001)

#### BW Industrial Holdings Inc.<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 14 — COMMITMENTS AND CONTINGENCIES
<u><u>Contingencies</u></u>

As of December 31, 2024 and September 30, 2025, the Company had neither significant financial nor capital commitment.

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, appropriate and adequate accruals for legal matters have been made, and management believes that the probability of a material loss beyond the amounts accrued is remote. Nevertheless, the Company cannot predict the impact of future developments affecting our pending or future claims and lawsuits. The Company expense legal costs as incurred, and all recorded legal liabilities are adjusted as required as better information becomes available to us.

#### Note 15 — SUBSEQUENT EVENTS
On December 19, 2025, the Holding Company effected a one-for-two forward split of all issued and outstanding shares of 9,700,000 shares of common stock. As a result of the forward split, the Holding Company now have 19,400,000 shares of common stock issued and outstanding as of the date hereof.

Except for the above, the Company has assessed all events from September 30, 2025, up through date which is the date that these financial statements are available to be issued, there are not any material subsequent events that require disclosure in these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of<br>BestWater USA Inc.

#### Opinion on the Financial Statements
We have audited the balance sheets of BestWater USA Inc. (the "Company") as of December 31, 2023 and 2024, the related statements of operations and comprehensive income, changes in stockholders' equity and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for each of the years for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum Asia CPAs llp

Marcum Asia CPAs llp

We have served as the Company's auditor since 2025

New York, New York

August 14, 2025

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>BALANCE SHEETS<br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31,<br> 2023** | **As of <br>December 31,<br> 2024** |
|  | **US$** | **US$** |
|  **Assets** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 9573299 | 9443799 |
| &nbsp;&nbsp;&nbsp; Accounts receivables, net | 83287 | 970500 |
| &nbsp;&nbsp;&nbsp; Contract assets | 2466530 | 12665217 |
| &nbsp;&nbsp;&nbsp; Amount due from related parties | 2303677 | 525000 |
| &nbsp;&nbsp;&nbsp; Prepayment and other current assets | 92171 | 436616 |
|  **Total current assets** | 14518964 | 24041132 |
|  **Non-current assets** |  |  |
|  Equipment, net |  | 81860 |
|  Operating lease right-of-use assets |  | 16888 |
|  Other non-current assets | 1500 | 1500 |
|  **Total non-current assets** | 1500 | 100248 |
|  **Total assets** | **14520464** | **24141380** |
|  **Liabilities and stockholders' equity** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payables | 7016247 | 10605026 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 315000 | 743012 |
| &nbsp;&nbsp;&nbsp; Income tax payable | 1253857 | 2024259 |
| &nbsp;&nbsp;&nbsp; Accrued expense and other current liabilities | 857968 | 222674 |
|  **Total current liabilities** | 9443072 | 13594971 |
|  **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 1477 |
|  **Total non-current liabilities** |  | 1477 |
|  **Total liabilities** | **9443072** | **13596448** |
|  **Commitments and contingencies** |  |  |
|  **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, par value US$0.01, 10,000 shares authorized; 9,200 shares issued and outstanding as of December 31, 2023 and 2024 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 441644 | 441644 |
| &nbsp;&nbsp;&nbsp; Retained Earnings | 4635656 | 10103196 |
|  **Total stockholders' equity** | **5077392** | **10544932** |
|  **Total liabilities and stockholders' equity** | **14520464** | **24141380** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | |
|:---|:---|:---|
|  | **For the<br> year ended<br> December 31,<br> 2023** | **For the<br> year ended<br> December 31,<br> 2024** |
|  | **US$** | **US$** |
|  **Revenue** | 29075604 | 102048355 |
|  Cost of revenues | (21962790) | (88920480) |
|  **Gross profit** | **7112814** | **13127875** |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | (1899253) | (3396780) |
|  **Total operating expenses** | (1899253) | (3396780) |
|  **Income from operations** | **5213561** | **9731095** |
|  **Other income** |  |  |
|  Interest income | 271 | 105115 |
|  **Total other income** | **271** | **105115** |
|  **Income before income tax expense** | **5213832** | **9836210** |
|  Income tax expense | (1094905) | (2065604) |
|  **Net income** | **4118927** | **7770606** |
|  **Earnings per share** |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | 451 | 845 |
|  **Weighted average shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | 9132 | 9200 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY<br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Common stock** | **<br>Common stock** | **Additional<br>Paid-in<br>Capital** | **<br>Retained<br>Earnings** | **Total<br>Stockholders'<br>Equity** |
|  | **Share** | **Amount** | **Additional<br>Paid-in<br>Capital** | **<br>Retained<br>Earnings** | **Total<br>Stockholders'<br>Equity** |
|  |  | **US$** | **US$** | **US$** | **US$** |
|  **Balance, December 31, 2022** | **8400** | **84** | **312956** | **516729** | **829769** |
|  Issuance of common stock under share-based compensation plan | 800 | 8 | 128688 |  | 128696 |
|  Net income |  |  |  | 4118927 | 4118927 |
|  **Balance, December 31, 2023** | **9200** | **92** | **441644** | **4635656** | **5077392** |
|  Dividends declared to the stockholder |  |  |  | (2303066) | (2303066) |
|  Net income |  |  |  | 7770606 | 7770606 |
|  **Balance, December 31, 2024** | **9200** | **92** | **441644** | **10103196** | **10544932** |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC. <br>STATEMENTS OF CASH FLOWS<br> (Expressed in U.S. dollars ("US$"), except for the number of shares)

---

| | | |
|:---|:---|:---|
|  | **For the<br> year ended<br> December 31,<br> 2023** | **For the<br> year ended<br> December 31,<br> 2024** |
|  | **US$** | **US$** |
|  **Cash flows from operating activities** |  |  |
|  Net income | 4118927 | 7770606 |
| &nbsp;&nbsp;&nbsp; Adjustment to reconcile net income to net cash generated from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of equipment |  | 17158 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use assets |  | 15589 |
| &nbsp;&nbsp;&nbsp; Share-based compensation expense | 128696 |  |
|  Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivables, net | 702160 | (887213) |
| &nbsp;&nbsp;&nbsp; Contract assets | (2209530) | (10198687) |
| &nbsp;&nbsp;&nbsp; Amount due from related party | (90000) | (435000) |
| &nbsp;&nbsp;&nbsp; Prepayment and other current assets | (48449) | (344445) |
| &nbsp;&nbsp;&nbsp; Accounts payables | 6959842 | 3588779 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 315000 | 428012 |
| &nbsp;&nbsp;&nbsp; Amount due to related party | (15027) |  |
| &nbsp;&nbsp;&nbsp; Income tax payables | 1253857 | 770402 |
| &nbsp;&nbsp;&nbsp; Accrued expense and other current liabilities | 453687 | (667771) |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 1477 |
|  **Net cash provided by operating activities** | 11569163 | 58907 |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of equipment |  | (99018) |
|  **Net cash used in investing activities** |  | (99018) |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Borrowings to related party | (3544021) | (2355506) |
| &nbsp;&nbsp;&nbsp; Repayment made by related party | 1330344 | 2266117 |
|  **Net cash used in financing activities** | (2213677) | (89389) |
|  **Net change in cash** | 9355486 | (129500) |
|  **Cash as of beginning of the year** | 217813 | 9573299 |
|  **Cash as of the end of the year** | 9573299 | 9443799 |
|  **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
|  Cash paid for: |  |  |
|  Income taxes | 10000 | 1295202 |
|  **NON-CASH OPERATING AND FINANCING ACTIVITIES:** |  |  |
|  Operating lease right-of-use assets |  | 32477 |
|  Non-cash dividend settlement |  | 2303066 |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 1 — NATURE OF BUSINESS AND ORGANIZATION
BESTWATER USA INC. (the "Company") was incorporated in the state of Texas, U.S.A on November 21, 2016. The Company authorized 10,000 shares of common stock and initially issued 6,800 shares of common stock, par value US$0.01 each.

BW Industrial Holdings Inc. (the "Holding Company") was incorporated in Delaware on April 28, 2025, and is headquartered in Houston. Subsequently on June 5, 2025, the Company completed a share exchange for that the stockholders of the Company became stockholders of Holding Company with the same shareholding percentage and the Holding Company became the sole stockholder of the Company.

The Company engages in providing engineering, procurement, and construction ("EPC") services for critical process systems across multiple industrial sectors. The Company serves clients in energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES
*(a) Basis of presentation*

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for information pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

*(b) Use of estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimate in the period is revenue recognition. Actual results could vary from the estimates and assumptions that were used.

*(c) Risks and uncertainties*

The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company's operations.

*Credit Risk*

Credit risk is the potential financial loss to the Company resulting from the failure of a client or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of other receivables (excluding prepayments) and cash and bank deposits presented on the balance sheets. The Company has no other financial assets which carry significant exposure to credit risk.

*Concentration of Credit Risk*

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. The Company places its cash with financial institutions with high-credit ratings and quality. As of December 31, 2023 and 2024, the Company's cash was US$9,573,299 and US$9,443,799, respectively.

Accounts receivable primarily comprise of amounts receivable from the revenue from EPC services and sales of equipment. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these service clients. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service clients and other information.

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
*Concentration of demand*

The following table sets forth a summary of single clients who represent 10% or more of the Company's total accounts receivable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client A | 46460 | 56% |  | —% |
| &nbsp;&nbsp;&nbsp; Client B | 36827 | 44% |  | —% |
| &nbsp;&nbsp;&nbsp; Client C |  | —% | 970500 | 100% |
|  **Total** | 83287 | 100% | 970500 | 100% |

---

The following table sets forth a summary of single clients who represent 10% or more of the Company's total revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 27816530 | 96% | 19673476 | 19% |
| &nbsp;&nbsp;&nbsp; Client E |  | —% | 79569682 | 78% |
|  **Total** | 27816530 | 96% | 99243158 | 97% |

---

The following table sets forth a summary of single clients who represent 10% or more of the Company's total contract assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Client** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Client D | 2466530 | 100% | 8282006 | 65% |
| &nbsp;&nbsp;&nbsp; Client E |  | —% | 3812738 | 30% |
|  **Total** | 2466530 | 100% | 12094744 | 95% |

---

*Concentration of supply*

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total accounts payable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier A | 2600000 | 37% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier B | 2248780 | 32% | 2757791 | 26% |
| &nbsp;&nbsp;&nbsp; Supplier C | 890504 | 13% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier D |  | —% | 3402390 | 32% |
|  **Total** | 5739284 | 82% | 6160181 | 58% |

---

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total cost:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
|  **Supplier** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier A | 2600000 | 12% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier B | 5180280 | 24% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier D |  | —% | 17188618 | 19% |
| &nbsp;&nbsp;&nbsp; Supplier E | 3081377 | 14% |  | —% |
| &nbsp;&nbsp;&nbsp; Supplier F |  | —% | 16287868 | 18% |
| &nbsp;&nbsp;&nbsp; Supplier G |  | —% | 12687903 | 14% |
| &nbsp;&nbsp;&nbsp; Supplier H |  | —% | 11144609 | 13% |
|  **Total** | 10861657 | 50% | 57308998 | 64% |

---

*Liquidity Risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The management concluded that the Company's available cash and working capital will be sufficient to support its continuous operations and to meet its payment obligations when liabilities fall due within the next twelve months from the date of issuance of these financial statements. Accordingly, management continues to prepare the Company's financial statements on a going concern basis.

*(d) Fair value measurement*

The Company applies ASC 820, *Fair Value Measurements and Disclosures*, ("ASC 820''). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of input that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Financial assets and liabilities of the Company primarily consist of cash, accounts receivable, contract assets, amount due from related parties, prepayment and other current assets, accounts payable, contract liabilities, income tax payable and accrued expense and other current liabilities which are subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate their fair value as of December 31, 2024 and 2023.

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

*(e) Related parties*

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company December deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. The Company discloses all significant related party transactions in Note 10.

*(f) Cash*

Cash consists of cash in banks and certificate of deposit, the Company's demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted as to withdrawal and use. Deposits are held at highly liquid and well capitalized financial institutions. Risk of loss is not expected by management.

*(g) Accounts receivable*

Accounts receivables are recognized in the period when the Company has delivered service to its clients and when its right to consideration is unconditional. Accounts receivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. Management reviews its accounts receivable on a regular basis to determine if the provision for credit loss is adequate, and makes provision when necessary. Accounts receivable

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
are considered past due based on contractual terms. In establishing the allowance, management uses probability of default method to estimate the amount of the allowance for credit losses. The allowance for expected credit loss is estimated based upon the Company's assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions, future expectations and client specific quantitative and qualitative factors that may affect the Company's clients' ability to pay. An allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss. Account balances are charged off against the provision after all means of collection have been exhausted and the likelihood of collection is remote. As of December 31, 2023 and 2024, the Company made nil allowance for expected credit loss for accounts receivable.

*(h) Contract assets*

Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets as "Contract assets". Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined. As of December 31, 2023 and 2024, the Company made nil allowance for expected credit loss for contract assets.

*(i) Expected credit loss*

ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. The Company adopted the ASU on January 1, 2022 and applied to accounts receivable, contract assets and other financial instruments. The adoption of this guidance did not materially impact the net earning and financial position and has no impact on the cash flows. As of December 31, 2023 and 2024, the Company made nil allowance for expected credit loss for accounts receivable, contract assets and other financial instruments.

*(j) Prepayment and other current assets*

Prepayments are mainly payments made to vendors or services providers for future services that have not been provided. These amounts are refundable and bear no interest. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2024 and 2023, no allowance was deemed necessary.

*(k) Equipment, net*

Equipment, net are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:

---

| | |
|:---|:---|
|  **Category** | **Estimated <br>useful life** |
|  vehicle | 5 years |

---

Expenditure for repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditure for major renewals and betterment that substantially extends the useful lives of equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the statements of operations and comprehensive loss.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
*(l) Contract liabilities*

Contract liabilities are recorded when consideration is received from a client prior to transferring the services to the client or other conditions under the terms of a sales contract. As of December 31, 2023 and 2024, the Company recorded contract liabilities of US$315,000 and US$743,012, respectively, which was presented as contract liabilities on the accompanying balance sheets. For the years ended of December 31, 2023 and 2024, the Company recognized revenue from contract liabilities is nil.

*(m) Commitments and contingencies*

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

*(n) Revenue recognition*

The Company engages in providing engineering, procurement, and construction ("EPC") services for critical process systems across multiple industrial sectors. The Company serves clients in energy storage and battery manufacturing, renewable energy infrastructure, electronics production, advanced manufacturing, and semiconductor fabrication industries.

The Company elected to adopt Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), effective as of April 1, 2020. Accordingly, the consolidated financial statements for the year ended December 31, 2024 and 2023 are presented under ASC 606. The Company recognizes revenue to depict the transfer of promised goods or services (that is, an asset) to customers in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. An asset is transferred when the customer obtains control of that asset. It also requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. For the accounting period, the Company has determined two revenue streams for the accounting period, which includes: (1) Revenue from EPC services and (2) Sales of equipment and others.

Revenue from contracts with clients is recognized using the five-step model defined by ASC Topic 606 which requires the Company to (1) identify its contracts with clients, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

(1) EPC services

The Company typically got the project through project bidding or purchase orders from its clients which will set the terms and conditions including the transaction price, services to be performed, performance obligations, and terms of payments. The terms and conditions serve as the basis of the performance obligations that the Company must fulfill in order to recognize revenue. The performance obligation is to provide engineering, procurement, and construction services to the clients. There is no implied or implicit performance obligations related to the contract and/or purchase order. The scope of work to be executed by the Company shall include all materials and equipment required by the Contract and all temporary or permanent sub-contractor's personnel, materials and other items and services required for the engineering, procurement, construction, facility equipment commissioning, training, defect remedy and acceptance.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
The contract is typically fixed priced with certain exemptions, which have a variable consideration within a range of the contract price based on changing the scope of work, which is reflected in the milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual obligation. The Company's revenue is derived from contracts where scope is adequately defined, and therefore the Company can reasonably estimate total contract value. Revenue and gross profit or loss for contracts can be significantly affected by variable consideration, which can be in the form of unapproved change orders and liquidated damages that may not be resolved until the later stages of the contract or after the contract has been completed. The Company estimates variable consideration based on the amount the Company expects to be entitled, and includes estimated amounts in transaction price to the extent it is probable that a significant future reversal of cumulative revenue recognized will not occur or when the Company concludes that any significant uncertainty associated with the variable consideration is resolved. For 2024 and 2023, we had no material amounts in revenue related to unapproved change orders or liquidated damages.

Customer contracts are generally represented by a contract with durations typically ranging from three months to two years. The Company uses the Percentage of Completion("POC") method, the ratio of contract costs incurred to date compared to total estimated contract costs, to recognize revenue (an input method). For these contracts, revenue is recognized overtime since the customer controls the projects being constructed and renovated throughout the process, and there is a continuous transfer of control from the Company to the customer. There is typically no warranty obligation except for certain projects, of which contracts may include retentions or holdbacks, in accordance with the local requirements, to be paid one-year after the quality assurance warranty period expires to ensure that Company meets the contract obligations and to provide guarantees that the product will function as intended and meet the agreed-upon specifications. This assurance-type warranty is not accounted for as a separate performance obligation, and thus no transaction price is being allocated. According to past experience, the Company never occurred quality problems after the project was completed. The amount of warranty is nil for the years ended December 31, 2023 and 2024. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the clients and the transfer of promised services to the clients will be less than one year.

The Company uses the ratio of actual costs incurred to total estimated costs since costs incurred represent a reasonable measure of progress towards the satisfaction of a performance obligation in order to estimate the portion of revenue earned. The Company uses the input method to recognize revenue due to the outputs are difficult to measure. Input methods recognize revenue on the basis of the entity's efforts or inputs to the satisfaction of a performance obligation relative to the total expected inputs to the satisfaction of that performance obligation. The contract price is fully allocated to one performance obligation. Milestone billing payments are approved once the service is certified by the client at each milestone. Remaining performance obligation represents all future revenue under contract that has not yet been recognized as revenue and includes unearned revenue. The value of the transaction price allocated to remaining performance obligations under EPC service contracts as of December 31, 2023 was approximately $22.2 million. The Company recognized 89% of remaining performance as revenue in 2024. The value of the transaction price allocated to remaining performance obligations under EPC service contracts as of December 31, 2024 was approximately $12.7 million. The Company expects to recognize 100% of remaining performance obligations as revenue in the next twelve months.

Contract costs typically include direct labor, subcontractor and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress than original expectations. When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered. This means that profit is not recognized until the outcome can be reliably measured. The stage of completion is determined through the proportion of costs incurred to total costs.

The Company's contract with the client has payment terms specified based upon certain obligations completed. The Company will submit progress billing to the client when the stage of the project is completed, and after the Company receives the certificate from client, the Company will issue a tax invoice to the client. As the clients are required to pay

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
the Company at different billing stages over the contract period, as such, the Company believes the progress payments limit the Company's exposure to credit risk and that the Company would be able to collect substantially all of the consideration gradually at different stages. The timing of the satisfaction of the Company's performance obligations is based upon the cost-to-cost measure of progress method, which is generally different than the timing of unconditional right of payment, and is based upon certain conditions completed as specified in the contract. The timing between the satisfaction of the Company's performance obligations and the unconditional right of payment would contribute to contract assets and contract liabilities.

(2) Sales of equipment and others

Revenue from sales of equipment and others comprised of revenue mainly from equipment sales with minor installation and transportation, and other design service, which is recognized when the performance obligation is satisfied at a point in time generally as the equipment is sold or services are provided for a duration of typically less than three months. The Company typically receives purchase orders from its clients which will set for the terms and conditions including the transaction price, equipment or services to be provided or performed, performance obligations, and terms of payment. The terms and conditions serve as the basis of the performance obligations that the Company must fulfil in order to recognize revenue. The key performance obligation is the delivery or completion of the equipment or the services to the client according to the contract. The Company recognizes revenue when the following events have occurred: (a) the Company has performed the contract obligation; (b) the Company has a present right to payment; (c) the client has legal rights to the equipment or services, and (d) the client bears significant risks and rewards of ownership of the services. The completion of this revenue process is evidenced by the client acceptance on the equipment and services and the Company recognized the revenue at a point in time.

The Company is the principal for its transactions and recognizes revenue on a gross basis. The Company is the principal when it has control of the service before it is transferred to clients, which generally is established when the Company is primarily responsible for merchandising decisions, maintains the relationship with client, and has pricing discretion.

*(o) Operating leases*

The Company adopted ASC Topic 842, *Leases* ("ASC 842") on January 1, 2022, using the modified retrospective method. The Company determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company's leases do not contain any material residual value guarantees or material restrictive covenants.

The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease term of 12 months or less.

At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use ("ROU") asset and lease liability for operating lease. ROU assets acquired through lease represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. If the rate implicit in the Company's leases is not readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancellable term of the lease.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
*(p) Selling expenses*

Selling expenses include related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, seminars, and other programs.

*(q) General and administrative expenses*

General and administrative expenses mainly consist of staff cost, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and related expenses, other miscellaneous administrative expenses.

*(r) Income taxes*

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

Under ASC 740-10-25, "Accounting for Uncertainty in Income Taxes", a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefits recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer satisfied. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. There were no uncertain tax positions as of December 31, 2024 and 2023. GAAP also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. The Company may also be subject to the examination of the tax filings in other jurisdictions, which are not material to the financial statements.

For the years ended December 31, 2023 and 2024, the Company did not have any interest and penalties associated with tax positions. As of December 31, 2023 and 2024, the Company did not have any significant unrecognized uncertain tax positions.

*(s) Earnings per share*

Basic earnings per share is computed by dividing net income attributable to the holders of common stock by the weighted average number of common stock outstanding during the period presented. Diluted income per share is calculated by dividing net income attributable to the holders of common stock as adjusted for the effect of dilutive common stock equivalents, if any, by the weighted average number of common stock and dilutive common stock equivalents outstanding during the period. However, common stock equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded. For the years ended December 31, 2023 and 2024, the Company did not have any dilutive shares.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
*(t) Share-based compensation*

The Company applies ASC 718, Compensation — Stock Compensation ("ASC 718"), to account for its employee share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company's share-based awards to employees were classified as equity awards and are recognized in the financial statements based on their grant date fair values. In accordance with ASC 718, the Company recognizes share-based compensation cost for equity awards to employees with a performance condition based on the probable outcome of that performance condition. Compensation cost is recognized using the accelerated method if it is probable that the performance condition will be achieved. The Company accounts for forfeitures as they occur in accordance with ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting.

*(u) Segment Reporting*

FASB ASC 280, "*Segment Reporting"*, establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments.

The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company's CODM has been identified as the CEO, who reviews results when making decisions about allocating resources and assessing the performance of the Company.

The Company's assets are substantially all located in the U.S. and substantially all of the Company's revenues and expenses are derived in the U.S. Therefore, no geographical segments are presented.

For the years ended December 31, 2023 and 2024, the CODM reviewed the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole, and the Company has only one reportable segment.

*(v) Recent accounting pronouncements*

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." This amendment incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its financial statements.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF ACCOUNTING POLICIES (cont.)
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The amendment requires entities to report a measure of segment profit or loss that the chief operating decision maker uses to assess segment performance and make decisions about allocating resources. The amendment also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosure under certain circumstances. The amendment does not change or remove those disclosure requirements and also does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. For the years ended December 31, 2023 and 2024, the Company has one reporting business segment. The adoption of ASU 2023-07 does not have a material impact on the Company's financial statements.

In December 2023, the FASB issued ASU No.2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional quantitative and qualitative income tax disclosure to enable financial statements users better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company believes the future adoption of this ASU is not expected to have a material impact on its financial statements.

In March 2024, the FASB issued ASU 2024-02, "Codification Improvements — Amendments to Remove References to the Concepts Statements". This update contains amendments to the Codification that remove references to various FASB Concepts Statements. These issues to remove references to various Concepts Statements and the amendments apply to all reporting entities within the scope of the affected accounting guidance. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. Early application of the amendments in this Update is permitted for any fiscal year or interim period for which financial statements have not yet been issued (or made available for issuance). The Company believes the future adoption of this ASU is not expected to have a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. ASU 2024-03, as clarified by ASU 2025-01 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. The Company is currently evaluating the impact of adoption on the Company's related disclosures.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

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**BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### Note 3 — DISAGGREGATION OF REVENUE
The following tables present the Company's revenue disaggregated by service lines for the years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended <br>December 31,** | **For The Years Ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  EPC services | 28009454 | 101951758 |
|  Sales of equipment and others | 1066150 | 96597 |
|  | **29075604** | **102048355** |
|  – Over time | 28009454 | 101951758 |
|  – At a point in time | 1066150 | 96597 |
|  | **29075604** | **102048355** |

---

The Company recognizes revenue from EPC services based on the Company's effort or inputs to the satisfaction of a performance obligation over time as work progresses because of the continuous transfer of control to the client and the Company's right to bill the client as costs are incurred.

The following table present the Company's revenue disaggregated by the countries which the client is located for the years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended <br>December 31,** | **For The Years Ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  United States | 28192005 | 102048355 |
|  Hungary | 883599 |  |

---

#### Note 4 — ACCOUNTS RECEIVABLES, NET
Accounts receivables, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Accounts receivables | 83287 | 970500 |
|  Less: Allowance for expected credit loss |  |  |
|  Accounts receivables, net | 83287 | 970500 |

---

For the years ended December 31, 2023 and 2024, there is no credit loss recorded.

The following table sets forth the aging analysis of accounts receivables, net, based on the invoice date as of the dates mentioned below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Within 30 days |  | 970500 |
|  Between 31 and 60 days |  |  |
|  Between 61 and 90 days |  |  |
|  Over 91 days | 83287 |  |
|  Accounts receivables, net | 83287 | 970500 |

---

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**BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### Note 5 — CONTRACT ASSETS AND CONTRACT LIABILITIES
Net contract assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Contract assets | 2466530 | 12665217 |
|  Contract liabilities | (315000) | (743012) |
|  Contract assets, net | 2151530 | 11922205 |

---

The Company believes that none of the clients above were experiencing financial difficulties that would materially impact the collectability of the Company's total contract assets as of December 31, 2023 and 2024.

#### Note 6 — EQUIPMENT, NET

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  At cost: |  |  |
|  Vehicles |  | 99018 |
|  |  | 99018 |
|  Less: accumulated depreciation |  | (17158) |
|  Equipment, net |  | 81860 |

---

Depreciation expense for the years ended December 31, 2023 and 2024 was nil and US$17,158, respectively.

#### Note 7 — ACCOUNTS PAYABLES, ACCRUED EXPENSE AND OTHER CURRENT LIABILITIES
Accounts payables, accrued expense and other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Accounts payables | 7016247 | 10605026 |
|  Accrued expense and other current liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Other payables | 699068 | 46847 |
| &nbsp;&nbsp;&nbsp; SBA Loan | 158900 | 158900 |
| &nbsp;&nbsp;&nbsp; Lease liabilities |  | 16927 |
|  Accrued expense and other current liabilities | 857968 | 222674 |

---

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 8 — INCOME TAXES
Income tax expense for the years ended December 31, 2023 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended <br>December 31,** | **For The Years Ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Current income tax expense: |  |  |
| &nbsp;&nbsp;&nbsp; Federal | 1273857 | 2065604 |
| &nbsp;&nbsp;&nbsp; State |  |  |
|  | 1273857 | 2065604 |
|  Deferred income tax benefit: |  |  |
| &nbsp;&nbsp;&nbsp; Federal | (178952) |  |
| &nbsp;&nbsp;&nbsp; State |  |  |
|  | (178952) |  |
|  Total | **1094905** | **2065604** |

---

The following table presents a reconciliation of the Company's income tax at statutory tax rate and income tax at effective tax rate for the years ended December 31, 2023 and 2024.

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended <br>December 31,** | **For The Years Ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  Income before income taxes | 5213832 | 9836210 |
|  Statutory income tax rate | 21% | 21% |
|  Income tax expense at statutory rate | 1094905 | 2065604 |
|  Tax effect of non-taxable income |  |  |
|  Tax effect of non-deductible items |  |  |
|  Others |  |  |
|  Tax expenses at effective tax rate | 1094905 | 2065604 |
|  Effective tax rate | 21% | 21% |

---

The Company is subject to state income tax and federal income tax at different tax rates, depending upon taxable income levels. The U.S. federal statutory tax rate is 21%. For the federal income tax, the federal net operating losses incurred after 2017 are limited to 80% of taxable income and do not have an expiring date. For the state income tax, there is no net operating loss as of December 31, 2023 and 2024. There is no deferred tax assets or liabilities as of December 31, 2023 and 2024.

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of December 31, 2023 and 2024, the Company did not have any unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended December 31, 2023 and 2024, the Company did not incur any interest and penalties related to potential underpaid income tax expenses. The Company is subject to taxation and files income tax returns in the United States federal jurisdiction. As of December 31, 2024, tax years for 2021, 2022 and 2023 are subject to examination by tax authorities.

#### Note 9 — EQUITY
The Company initially authorized 100 shares of common stock, par value $1 per share. In April 2025, the Company amended its Article of the Certificate of Formation to increase the number of authorized shares of common stock to 10,000 shares and change the par value to $0.01 per share.

The Company has performed a series of issuances of common stock resulting in 9,200 shares of common stock issued and outstanding as of December 31, 2023 and 2024. The Company only has one single class of common stock that is accounted for as permanent equity.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 10 — RELATED PARTY TRANSACTIONS
These related parties of the Company with whom transactions are reported in these financial statements are as follows:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to Us** |
|  Mr. Zhang Yunlong | Director of the Company |
|  Shenzhen Best-Water S&T Co. Ltd. ("SZBW") | CEO of SZBW is the same as the Company's CEO and SZBW is wholly owned by the Company's CEO |

---

In the ordinary course of business, during the years ended December 31, 2023 and 2024, the Company was involved in certain transactions, either at cost or current market prices, and on normal commercial terms with related parties. The following table provides the transactions with these parties for the years as presented (for the portion of such period that they were considered related):

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  **Amount due from a related party** |  |  |
|  ***<u>Name of related party</u>*** |  |  |
|  Mr. Zhang Yunlong | 2213677 |  |
|  | 2213677 |  |

---

In 2023, the Company entered into a loan agreement in a principal amount not to exceed $3,000,000 with a related party, the director of the Company, which carries no interest with a maturity date of December 31, 2025. During 2023, the Company lent $3,544,021 to Mr. Zhang Yunlong and received repayments of $1,330,344, resulting in a net loan of $2,213,677 outstanding. During 2024, the Company lent $2,355,506 and received repayments of $2,266,117, resulting in a net loan of $89,389. The outstanding loan balance of $2,303,066 was settled by the special dividend on December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  **Prepayment to a related party** |  |  |
|  ***<u>Name of related party</u>*** |  |  |
|  SZBW | 90000 | 525000 |
|  | 90000 | 525000 |

---

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2023** | **For the <br>year ended <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  **Construction consultancy service fee and equipment fee** |  |  |
|  ***<u>Name of related party</u>*** |  |  |
|  SZBW | 283753 | 108500 |
|  | 283753 | 108500 |

---

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 11 — OPERATING LEASES — RIGHT-OF -USE ASSETS AND LEASE LIABILITIES
<u><u>Lease commitment</u></u>

The Company determines if a contract contains a lease at inception. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty.

The recognized operating lease ROU assets and lease liabilities as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Operating lease ROU asset |  | 16888 |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2023** | **As of <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Operating lease liabilities |  |  |
|  Current portion |  | 16927 |
|  Non-current portion |  | 1477 |
|  Total |  | 18404 |

---

As of December 31, 2024, future minimum lease payments under the non-cancellable operating leases are as follows:

---

| | |
|:---|:---|
|  **Future payment** | **US$** |
| 2025 | 17718 |
| 2026 | 1477 |
|  Thereafter |  |
|  Total future lease payment | 19195 |
|  Less: imputed interest | (791) |
|  Present value of operating lease liabilities | 18404 |
|  Operating lease liabilities, current portion | 16927 |
|  Operating lease liabilities, non-current portion | 1477 |

---

The following summarizes other supplemental information about the Company's operating lease as of December 31, 2024:

---

| | |
|:---|:---|
|  Weighted average discount rate | 8.500% |
|  Weighted average remaining lease term (years) | 1.083 |

---

[**Table of Contents**](#TOC001)

#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 12 — SHARE-BASED COMPENSATION EXPENSE
The stockholders and Board of Directors of the Company approved the 2023 Grant Notice to issue 800 shares of Common Stock to the employee. The purpose of the 2023 Grant Notice is to award exceptionally talented and qualified individuals who provided excellent performance in the past period. The Award has no blackout period and any restricted, which is an immediate vesting.

Share-based compensation expense recognized in the statements of operations and comprehensive income was as follows:

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended <br>December 31,** | **For The Years Ended <br>December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  General and administrative expenses | 128696 |  |
|  Income tax effect | (27026) |  |
|  Share-based compensation expense, net of tax | **101670** |  |

---

The fair value per shares is approximately US$161. The valuation was estimated on the grant date by the discounted cash flow method ("DCF") which considers that the present value of an investment is determined by the expected future economic benefits, such as the income that generated regularly, cost savings and sales revenue. In discounted cash flow method, a discount rate that can reflect the current market yield and the inherent risk of investment is used to discount the future net cash flow and evaluate the Company.

Discount rate is used to convert the annual net cash flow into present value, and it is based on an estimated weighted average cost of capital ("WACC"). WACC consists of cost of equity and cost of debt, and it is calculated by the proportion of capital structure.

The cost of equity, or required return on equity, is estimated using the capital asset pricing model ("CAPM") which is based on the premise that an industry's capitalization rate is equal to the risk-free rate of return plus an equity risk premium adjusted by an industry risk factor based on beta. The beta is developed by analyzing the historical relationship between the return required by investors in a particular industry and the average return required by investors in the market as a whole. A small size premium is applied in estimating an appropriate cost of equity, due to the relative size of the Company. Additional adjustments may be made for company-specific factors.

The following tables summarized the small size risk premium ("SRP"), additional risk premium ("ARP"), cost of equity ("Ke"), after-tax cost of debt ("Kd"), debt-to-equity ratio and WACC as of the Valuation Date:

---

| | |
|:---|:---|
|  | **For The <br>Years Ended <br>December 31, <br>2023** |
|  Valuation Date | 2023/2/1 |
|  SRP | 4.70% |
|  ARP | 2.50% |
|  Kd\*(1-t)\* | 3.81% |
|  Ke | 18.07% |
|  %Debt | 12.8% |
|  %Equity | 87.20% |
|  WACC | 16.00% |

---

____________

\* t = Effective tax rate

For the year ended December 31, 2023 and 2024, the Company recognized share-based compensation expense is $128,696 and nil.

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#### BESTWATER USA INC.<br>NOTES TO FINANCIAL STATEMENTS

#### Note 13 — SEGMENT INFORMATION
The Company operates and manages its business as a single reportable segment, which is consistent with how the Chief Operating Decision Maker ("CODM"), the Chief Executive Officer, makes operating decisions and allocates resources. The CODM assesses performance and results of operations at the Company level. The Company's operations are centralized and integrated, with financial results reviewed and managed on a consolidated basis. Accordingly, management has determined that the Company has one reportable segment under ASC Topic 280, Segment Reporting.

Measure of Segment Profit or Loss

The CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the consolidated net income from the statement of operations, after taking into account the Company's strategic priorities, its cash balance, and its expected use of cash. The following table presents the significant revenue and expense categories in the Company's single operating segment:

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2023** | **For the <br>year ended <br>December 31, <br>2024** |
|  | **US$** | **US$** |
|  Revenue | 29075604 | 102048355 |
|  Cost of revenues | (21962790) | (88920480) |
|  Selling, general and administrative expenses | (1899253) | (3396780) |
|  Interest income | 271 | 105115 |
|  Income tax expense | (1094905) | (2065604) |
|  **Net Income** | **4118927** | **7770606** |

---

#### Note 14 — COMMITMENTS AND CONTINGENCIES
<u><u>Contingencies</u></u>

As of December 31, 2023 and 2024, the Company had neither significant financial nor capital commitment.

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and up through August 14, 2025, the issuance date of these financial statements were available to be issued.

#### Note 15 — SUBSEQUENT EVENTS
On April 28, 2025, BW Industrial Holdings Inc. was incorporated in Delaware and is headquartered in Houston. On June 5, 2025, the Company completed a share exchange for that the stockholders of the Company became stockholders of Holding Company with the same shareholding percentage and the Holding Company became the sole stockholder of the Company.

On June 1, 2025, the Company declared cash dividend of $206 per share of common stock to all stockholders of common stock of record as of June 1, 2025. In July 2025, the Company paid an aggregate cash dividend of $1,998,200 to all stockholders.

Except for the above, the Company has assessed all events from December 31, 2024, up through date which is the date that these financial statements are available to be issued, there are not any material subsequent events that require disclosure in these financial statements.

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#### 2,625,000 Shares of Common Stock

#### BW INDUSTRIAL HOLDINGS INC.
**__________________________________________________**

Prospectus dated [•]

**__________________________________________________**

#### Eddid Securities USA Inc.

------

[**Table of Contents**](#TOC001)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other Expenses of Issuance and Distribution.
The following table sets forth estimated expenses we expect to incur in connection with the sale of the shares of Common Stock being registered. All such expenses are estimated except for the SEC and FINRA registration fees.

---

| | |
|:---|:---|
|  SEC registration fee | $3752 |
|  FINRA registration fee | $4575<br><sup>(1)</sup> |
|  Nasdaq entry fee | $295000 |
|  Printing expenses | $30000 |
|  Fees and expenses of counsel for the Company | $400000 |
|  Fees and expenses of accountants for Company | $140000 |
|  Underwriter Expenses | $250000<br><sup>(2)</sup> |
|  Miscellaneous | $27500 |
| &nbsp;&nbsp;&nbsp; Total Expenses | $1150827 |

---

____________

These expenses will be borne by us. Underwriting discounts and the non-accountable expense allowance will be borne by us in proportion to the numbers of shares of Common Stock sold in the Offering.

(1) This amount represents the filing fee required in connection with the proposed initial public offering.

(2) This amount represents $250,000 to Eddid acting as representative of the underwriters for its out-of-pocket expenses pursuant to the underwriting agreement which is filed as Exhibit 1.1.

#### Item 14. Indemnification of Directors and Officers.
Section 145 of the DGCL authorizes a court to award, or a corporation's board of directors to grant, indemnity to officers, directors and other corporate agents in terms sufficiently broad to permit such indemnification under certain circumstances and subject to certain limitations.

Our Certificate of Incorporation and Bylaws provide that we will indemnify our directors and officers, and may indemnify our employees and agents, to the fullest extent permitted by Delaware law, including in circumstances in which indemnification is otherwise discretionary under Delaware law.

We expect to enter into agreements to indemnify our directors and executive officers as determined by the Board. Under the terms of such indemnification agreements, we will be required to indemnify each of our directors and officers, to the fullest extent permitted by the laws of the state of Delaware, if the basis of the indemnitee's involvement was by reason of the fact that the indemnitee is or was our director or officer or was serving at our request in an official capacity for another entity. We must indemnify our officers and directors against all reasonable fees, expenses, charges and other costs of any type or nature whatsoever, including any and all expenses and obligations paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing to defend, be a witness or participate in any completed, actual, pending or threatened action, suit, claim or proceeding, whether civil, criminal, administrative or investigative, or establishing or enforcing a right to indemnification under the indemnification agreement. The indemnification agreements also require us, if so requested, to advance all reasonable fees, expenses, charges and other costs that such director or officer incurred, provided that such person will return any such advance if it is ultimately determined that such person is not entitled to indemnification by us. Any claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.

**Item 15. Recent Sales of Unregistered Securities.**

During the past three years, we effected the following transactions in reliance upon exemptions from registration under the Securities Act as amended. Unless stated otherwise; (i) each of the persons who received these unregistered securities had knowledge and experience in financial and business matters which allowed them to evaluate the merits and risk of the receipt of these securities, and that they were knowledgeable about our operations and financial

[**Table of Contents**](#TOC001)

condition; (ii) no underwriter participated in, nor did we pay any commissions or fees to any underwriter in connection with the transactions; (iii) the transactions did not involve a public offering; and (iv) each certificate issued for these unregistered securities contained a legend stating that the securities have not been registered under the Act and setting forth the restrictions on the transferability and the sale of the securities.

On June 5, 2025, the Company completed the Share Exchange transaction and issued 19,400,000 shares of Common Stock to four stockholders of Bestwater. See "*Business — History and Corporate Structure*." The issuance and sale were made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

---

| | | | |
|:---|:---|:---|:---|
|  **Stockholders** | **Date of Issuance** | **Shares of <br>Common Stock** | **Consideration** |
|  Yunlong Zhang | June 5, 2025 | 12,600,000 | \* |
|  Zhimin Chen | June 5, 2025 | 4,800,000 | \* |
|  Yuchen Zhang | June 5, 2025 | 1,000,000 | \* |
|  Zhou Ye | June 5, 2025 | 1,000,000 | \* |

---

____________

\* The shares of Common Stock were issued in exchange for such stockholders' equity interests of Bestwater in a share exchange transaction. No cash consideration was paid.

#### [remainder of page intentionally left blank]
**Item 16. Exhibits**

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  1.1\*\* | Form of the Underwriting Agreement |
|  2.1\* | [Share Exchange Agreement, dated June 5, 2025.](ea025237804ex2-1_bwindus.htm) |
|  3.1\* | [Certificate of Incorporation of the Company, effective on June 5, 2025.](ea025237804ex3-1_bwindus.htm) |
|  3.2\* | [Amended and Restated Certificate of Incorporation of the Company, effective on December 19, 2025](ea025237804ex3-2_bwindus.htm) |
|  3.3\* | [By-laws of the Company, adopted on December 19, 2025.](ea025237804ex3-3_bwindus.htm) |
|  5.1\* | [Form of the Opinion of Hunter Taubman Fischer & Li LLC](ea025237804ex5-1_bwindus.htm) |
|  10.1\* | [The Service Agreement by and between Bestwater and Propersys Corporation, dated August 1, 2025](ea025237804ex10-1_bwindus.htm) |
|  10.2\* | [The Form of Agreement with Subcontractors](ea025237804ex10-2_bwindus.htm) |
|  10.3\* | [The Form of Director Offer Letter](ea025237804ex10-3_bwindus.htm) |
|  10.4\*\* | 2025 Equity Incentive Plan, adopted on [•] |
|  21.1\* | [List of Subsidiaries](ea025237804ex21-1_bwindus.htm) |
|  23.1\* | [Consent of Marcum Asia CPAs LLP, Independent Registered Public Accounting Firm](ea025237804ex23-1_bwindus.htm) |
|  23.2\* | [Consent of Hunter Taubman Fischer & Li LLC (included in exhibit 5.1)](ea025237804ex5-1_bwindus.htm) |
|  99.1\* | [Consent of Director Nominee (Yuan Shi)](ea025237804ex99-1_bwindus.htm) |
|  99.2\* | [Consent of Director Nominee (Damon Wright)](ea025237804ex99-2_bwindus.htm) |
|  99.3\* | [Consent of Director Nominee (Marc Distefano)](ea025237804ex99-3_bwindus.htm) |
|  99.4\* | [Consent of Director Nominee (Robert Sliva)](ea025237804ex99-4_bwindus.htm) |
|  99.5\* | [Form of Audit Committee Charter](ea025237804ex99-5_bwindus.htm) |
|  99.6\* | [Form of Compensation Committee Charter](ea025237804ex99-6_bwindus.htm) |
|  99.7\* | [Form of Nominating and Governance Committee Charter](ea025237804ex99-7_bwindus.htm) |
|  99.8\* | [Consent Letter of Frost & Sullivan](ea025237804ex99-8_bwindus.htm) |
|  107\* | [Filing Fees Exhibit](ea025237804ex-fee_bwindus.htm) |

---

____________

\* Filed herewith.

\*\* To be filed by amendment.

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**Item 17. Undertakings.**

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

The undersigned registrant hereby undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reflect in the prospectus any facts or events which, individually or together, represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of the 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 a prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Include any additional or changed material information on the plan of distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For determining liability under the Securities Act, treat each post-effective amendment as a new registration statement of the securities offered, and the offering of the securities at that time to be the initial bona fide offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) File a post-effective amendment to remove from registration any of the securities that remain unsold at the end of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For determining liability of the undersigned registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the Offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the Offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the Offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the Offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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 U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

[**Table of Contents**](#TOC001)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For determining any liability under the Securities Act, treat the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act as part of this registration statement as of the time it was declared effective.

For determining any liability under the Securities Act, treat each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the Offering of such securities at that time as the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Houston, State of Texas, on December 30, 2025.

---

| | |
|:---|:---|
|  By: | */s/ Yunlong Zhang* |
|  | Yunlong Zhang |
|  | Chief Executive Officer |

---

---

| | |
|:---|:---|
|  By: | */s/ Zhimin Chen* |
|  | Zhimin Chen |
|  | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates stated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  */s/ Yunlong Zhang* | Chief Executive Officer and Director | December 30, 2025 |
|  Yunlong Zhang | (principal executive officer) |  |
|  */s/ Zhimin Chen* | Chief Financial Officer | December 30, 2025 |
|  Zhimin Chen | (principal accounting officer) |  |

---

## Exhibit 2.1

**Exhibit 2.1**

**<u>SHARE EXCHANGE AGREEMENT</u>**

This Share Exchange Agreement (this "**Agreement**") is made and entered into as of June 5, 2025, by and among (i) BW Industrial Holdings Inc., a Delaware corporation (the "**Acquiror**") (ii) Bestwater USA Inc., a Texas corporation (the "**Acquiree**") and (iii) the stockholders of the Acquiree as set forth in <u>Schedule A</u> attached hereto (each, a "**Stockholder**", collectively, the "**Stockholders**"). The Stockholders, the Acquiror and the Acquiree are sometimes referred to hereinafter individually as a "**Party**" and, collectively, as the "**Parties**."

**<u>RECITALS</u>**

**WHEREAS**, the Stockholders, collectively, hold 100% of the equity interests in the Acquiree;

**WHEREAS**, each of the Stockholders desires to transfer to the Acquiror, and the Acquiror desires to acquire from each of the Stockholders, all of the equity interests of the Acquiree in exchange for 9,700,000 shares of common stock of the Acquiror, subject to the terms and conditions set forth herein.

**WHEREAS**, for the United States federal income tax purposes, it is intended that the Exchange (as defined below) will qualify as an exchange under the provisions of Section 351(a) of the Internal Revenue Code of 1986, as amended.

**WHEREAS**, following the Exchange (as defined below), the Acquiree will become a wholly owned subsidiary of the Acquiror and the Stockholders will become stockholders of the Acquiror.

**NOW, THEREFORE**, for and in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

**SECTION I**

**SHARE EXCHANGE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On the terms and subject to the conditions set forth in this Agreement, at the Closing (as defined below) (i) the Stockholders will transfer to the Acquiror, free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description, and the Acquiror will acquire from the Stockholders, 100% of the equity interests of the Acquiree (the "**Acquiree Shares**") as set forth on <u>Schedule A</u>, and (ii) in exchange for the transfer of such equity interests by the Stockholders, the Stockholders will purchase and accept from the Acquiror 9,700,000 shares of newly-issued shares of Acquiror's common stock, par value $0.0001 (the "**Acquiror Shares**"), as set forth on <u>Schedule A</u>, which shall represent 100% of the outstanding shares of Acquiror's common stock (such exchange referred to herein as the "**Exchange**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Acquiree Shares and the Acquiror Shares to be exchanged pursuant to Section 1.1 shall be appropriately adjusted to consider any other stock split, stock dividend, reverse stock split, recapitalization, or similar change in the equity interests of the Acquiree and the Acquiror, as the case may be, which may occur between the date of execution of this Agreement and the Closing, as to the Acquiree Shares or Acquiror Shares, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 For U.S. federal income tax purposes, the parties hereto intend that the Share Exchange will qualify as a reorganization within the meaning of Section 368(a) of the Code and the Acquiror's Board of Directors and the Boards of Director of Acquiree have approved this Agreement and intend that it constitute a plan of reorganization within the meaning of Treasury Regulation Section 1.368-2(g).

**SECTION II<br> CLOSING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The closing of the Exchange shall occur on or before June 5, 2025 (the "**Closing**"). The Closing will take place at 10:00 a.m. Eastern Standard Time at the office of Hunter Taubman Fischer & Li LLC, 950 3rd Avenue, 19th Floor, New York, NY 10022, or at such other date, time, and place or manner as may be agreed upon by the Parties. At the Closing, (x) the Stockholders shall deliver to the Acquiror: (i) a stock certificate representing the Acquiree Shares and (ii) a duly executed stock power assigning and transferring the Acquiree Shares to the Acquiror; and (y) the Acquiror shall deliver to the Stockholders a stock certificate representing the Acquiror Shares, or an updated shareholder list of the Acquiror evidencing the number of shares of common stock held by the Stockholders within three business days following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Upon completion of the Exchange, the Acquiror shall hold 100% of the equity interests of the Acquiree, which shall become a wholly owned subsidiary of the Acquiror, and the Stockholders shall become stockholders of the Acquiror.

**SECTION III**

**THE STOCKHOLDER'S REPRESENTATIONS AND WARRANTIES.**

Each of the Stockholders hereby severally but not jointly represents and warrants to the Acquiror, all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Each Stockholder has the right, power, legal capacity, and authority to enter into and perform such obligations under this Agreement; and no approvals or consents are necessary in connection with it. All equity interests of the Acquiree owned by each Stockholder are owned free and clear of all liens, pledges, encumbrances, changes, restrictions, or known claims of any kind, nature, or description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The equity interests of the Acquiree owned by each Stockholder will, at the Closing, be validly transferred to the Acquiror free and clear of any encumbrances and from all taxes, liens, and charges with respect to the transfer thereof and such equity interests of the Acquiree shall be fully paid and non-assessable with the holder being entitled to all rights accorded to a holder of the Acquiree's equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Each Stockholder understands that the Acquiror Shares have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**") or any other applicable securities laws. Each Stockholder also understands that the Acquiror Shares are being offered pursuant to an exemption from the registration requirements of the Securities Act, under Section 4(a)(2) of the Securities Act. Each Stockholder acknowledges that the Acquiror will rely on such Stockholder's representations, warranties, and certifications set forth below for purposes of determining the Acquiror's suitability as an investor in the Acquiree Shares and for purposes of confirming the availability of the Section 4(a)(2) exemption from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Each Stockholder understands that the Acquiror Shares may not be offered, sold, or otherwise transferred except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption therefrom, and in each case in compliance with the conditions set forth in this Agreement. Each Stockholder acknowledges and is aware that the Acquiror Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the Stockholder has held the Acquiror Shares for the applicable holding period under Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Each Stockholder acknowledges and agrees that each certificate representing the Acquiror Shares (where required) may bear a legend substantially in the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT, IN THE CASE OF (C) OR (D), THE HOLDER HAS DELIVERED TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Each Stockholder has not relied on and is not relying on any representations, warranties, or other assurances regarding the Acquiror other than the representations and warranties expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Each Stockholder is acquiring the Acquiror Shares solely for his own account and not with a view to or for resale in connection with any distribution or public offering thereof, within the meaning of any applicable securities laws and regulations, unless such distribution or offering is registered under the Securities Act, or an exemption from such registration is available.

**SECTION IV THE ACQUIREE REPRESENTATIONS AND**

**WARRANTIES**

The Acquiree hereby represents and warrants to the Acquiror and the Stockholders all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Acquiree is a duly organized and validly existing corporation and currently is in good standing under the laws of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Acquiree has the right, power, legal capacity, and authority to enter into and perform such obligations under this Agreement and no approvals or consents are necessary in connection with it. This Agreement has been duly executed by the Acquiree and constitutes the legal, valid, binding, and enforceable obligation of the Acquiree, enforceable against the Acquiree in accordance with its terms. The execution and delivery of this Agreement and the consummation by the Acquiree of the transactions contemplated herein do not and will not on the Closing (A) conflict with or violate any of the terms of the articles of incorporation or bylaws of the Acquiree or any applicable law relating to the Acquiree, (B) conflict with, or result in a breach of any of the terms of, or result in the acceleration of any indebtedness or obligations under, any material agreement, obligation, or instrument by which the Acquiree is bound or to which any property of the Acquiree is subject, or constitute a default thereunder, other than those material agreements, obligations, or instruments for which the Acquiree has obtained consent for the transactions contemplated under this Agreement, (C) result in the creation or imposition of any lien on any of the assets of the Acquiree, (D) constitute an event permitting termination of any material agreement or instrument to which the Acquiree is a party or by which any property or asset of the Acquiree is bound or affected, pursuant to the terms of such agreement or instrument, other than those material agreements or instruments for which the Acquiree has obtained consent for the transactions contemplated under this Agreement, or (E) conflict with, or result in or constitute a default under or breach or violation of or grounds for termination of, any license, permit or other governmental authorization to which the Acquiree is a party or by which the Acquiree may be bound, or result in the violation by the Acquiree of any laws to which the Acquiree may be subject, which would materially adversely affect the transactions contemplated herein. No authorization, consent, or approval of, notice to, or filing with, any public body or governmental authority or any other person is necessary or required in connection with the execution and delivery by the Acquiree of this Agreement or the performance by the Acquiree of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Acquiree Shares shall constitute all of the equity interests of the Acquiree. No securities of the Acquiree are entitled to pre-emptive or similar rights, and no person has any right of first refusal, pre-emptive right, right of participation, or any similar right to participate in the transactions contemplated by this Agreement. There are no outstanding options, warrants, rights to subscribe to, calls, or commitments of any character whatsoever relating to, or securities, rights, or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire, equity interests of the Acquiree. The transfer of the Acquiree Shares contemplated by this Agreement will not, immediately or with the passage of time: (A) obligate the Acquiree to issue equity interests of the Acquiree or other securities to any person, or (B) result in a right of any holder of the Acquiree equity interests to adjust the exercise, conversion, exchange, or reset price of such securities.

**SECTION V**

**ACQUIROR'S REPRESENTATIONS AND WARRANTIES.**

The Acquiror hereby acknowledges, represents, and warrants to, and agrees with the Stockholders and the Acquiree (which representations and warranties will be true and correct as of the date of the Closing as if they were made on the date of the Closing) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Acquiror has full power and capacity to enter into this Agreement and this Agreement, has been duly and validly authorized, executed, and delivered by the Acquiror and is a valid and binding obligation of Acquiror, enforceable against the Acquiror in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Subject to the performance by the Acquiror, the Stockholders and the Acquiree of their respective obligations under this Agreement and the accuracy of the representations and warranties of the Acquiror, the Stockholders, and the Acquiree, the issuance of the Acquiror Shares will be exempt from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Acquiror Shares have been duly authorized and, when issued and delivered as provided by this Agreement, will be validly issued and fully paid and non-assessable, and the Acquiror Shares shall not be subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Acquiror is not in material default in the performance of any bond, debenture, note, or any other evidence of indebtedness or any indenture, mortgage, deed of trust, license, contract, lease, or other instrument to which Acquiror is a party or by which it is bound, or to which any of the property or assets of Acquiror is subject, except such as have been waived or which would not, singly or in the aggregate, prevent the Acquiror from discharging its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The Acquiror Shares will, at the Closing, be validly issued to the Stockholders free and clear of any encumbrances and from all taxes, liens, and charges with respect to the issuance thereof and such shares shall be fully paid and non-assessable with the holder being entitled to all rights accorded to a holder of the Acquiror's equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 The Acquiror has received all the information that it considers necessary or appropriate for deciding whether to acquire the Acquiree Shares. The Acquiror understands the risks involved in an investment in the Acquiree Shares. The Acquiror further represents that it has had an opportunity to ask questions and receive answers from the Acquiree and the Acquiror regarding the terms and conditions of the offering of the Acquiree Shares and to obtain such additional information (to the extent the Acquiror possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to the Acquiror or to which the Acquiror had access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 The Acquiror has not relied on and is not relying on any representations, warranties, or other assurances regarding the Acquiree other than the representations and warranties expressly set forth in this Agreement. Acquiror acknowledges that it has actual knowledge of the business, operations, and financial affairs of the Acquiree.

**SECTION VI**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Each Stockholder on his or her own behalf hereby acknowledges and agrees that the Acquiree Shares set forth on <u>Schedule A</u> represents the entire Acquiree Shares held by each Stockholder as of the date of this Agreement and as of the Closing. Each Stockholder hereby releases the Acquiror from all obligations, liabilities, and causes of action arising before, on or after the date of this Agreement, out of or in relation to any entitlement which the Acquiror may have with respect to any Acquiree Shares in excess of the number of Acquiree Shares set forth on <u>Schedule A</u>. The Acquiror hereby generally, irrevocably, unconditionally, and completely waives any and all rights to receive any anti-dilution protection to which it may be entitled under the articles of incorporation, bylaws, or other organizational documents of the Acquiree or under any other agreement or instrument in connection with the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 All representations, warranties, covenants, and obligations in this Agreement shall survive until the expiration of the applicable statute of limitation with respect to the underlying claim to which such representation, warranty, covenant, or obligation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Neither this Agreement nor any provision hereof may be changed, waived, discharged, or terminated orally, except by a statement in writing signed by the Party against which enforcement of the change, waiver, discharge, or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party under this Agreement shall impair any such right, power, or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence thereto, or of a similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of any kind or character on the part of any party hereto of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings, inducements, or conditions, express or implied, written, or oral, between the Parties with respect hereto. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Should any one or more of the provisions of this Agreement or of any agreement entered into pursuant to this Agreement be determined to be illegal or unenforceable, all other provisions of this Agreement and of each other agreement entered into pursuant to this Agreement, shall be given effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be affected thereby. The Parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision which will achieve, to the extent possible, the economic, business, and other purposes of the void or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 The terms and conditions of this Agreement shall inure to the benefit of and be binding upon and be enforceable by the successors and assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 The validity, terms, performance, and enforcement of this Agreement shall be governed and construed by the provisions hereof and in accordance with the laws of Delaware applicable to agreements that are negotiated, executed, delivered, and performed in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 This Agreement may be executed (including by facsimile or other electronic transmission) concurrently in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each Party and delivered to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments, and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Parties any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

**[SIGNATURE PAGES TO FOLLOW]**

IN WITNESS WHEREOF, the parties have executed and delivered this Share Exchange Agreement as of the date first written above.

---

| | |
|:---|:---|
| **The Acquiree:** | **The Acquiree:** |
| **BESTWATER USA INC.** | **BESTWATER USA INC.** |
| By: | /s/ Yunlong Zhang |
| Name: | Yunlong Zhang |
| Title: | President |

---

**The Stockholders:** 

---

| | |
|:---|:---|
| /s/ Yunlong Zhang | /s/ Yunlong Zhang |
| Name: | Yunlong Zhang |
| /s/ Yunchen Zhang | /s/ Yunchen Zhang |
| Name: | Yuchen Zhang |
| /s/ Zhimin Chen | /s/ Zhimin Chen |
| Name: | Zhimin Chen |
| /s/ Zhou Ye | /s/ Zhou Ye |
| Name: | Zhou Ye |

---

---

| | |
|:---|:---|
| **The Acquiror:** | **The Acquiror:** |
| **BW INDUSTRIAL HOLDING INC.** | **BW INDUSTRIAL HOLDING INC.** |
| By: | /s/ Yunlong Zhang |
| Name: | Yunlong Zhang |
| Title: | Sole Director |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| | |
|:---|:---|
|  | **State of Delaware** |
|  | **Secretary of State** |
|  | **Division of Corporations** |
| **CERTIFICATE OF INCORPORATION** | **Delivered 11:49 AM 04/28/2025** |
|  | **FILED 11:49 AM 04/28/2025** |
| **OF** | **SR 20251822582 - File Number 10176511** |

---

**BW Industrial Holdings Inc.**

(Pursuant to Section 102 of the Delaware General Corporation Law)

---

| | |
|:---|:---|
| **FIRST:** | The name of this Corporation: BW Industrial Holdings Inc. |
| **SECOND:** | The address of its registered office in the State of Delaware is 108 W. 13<sup>th</sup> Street, Suite 100, Wilmington, DE 19801 in the County of New Castle. The name of its registered agent at such address is Vcorp Agent Services, Inc. |
| **THIRD:** | The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware. |
| **FOURTH:** | The total number of shares of capital stock which the Corporation shall have authority to issue is: 100,000,000 shares Common Stock with $0.0001 par value. |
| **FIFTH:** | The name and mailing address of the incorporator is Lu Gao, 950 Third Avenue, 19th Floor, New York, New York 10022. |

---

**I, THE UNDERSIGNED,** for the purpose of forming a corporation under the laws of the State of Delaware, do make, file and record this Certificate, and do certify that the facts herein stated are true, and I have accordingly hereunto set my hand this April 25, 2025.

---

| |
|:---|
| /s/ Lu Gao |
| Lu Gao, |
| Incorporator |

---

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED**

**CERTIFICATE OF INCORPORATION OF**

**BW INDUSTRIAL HOLDINGS INC.**

BW Industrial Holdings Inc., a corporation organized and existing under the laws of the State of Delaware (the "<u>Company</u>"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The name of the Company is BW Industrial Holdings Inc. The Company was originally incorporated pursuant to the General Corporation
Law of the State of Delaware (" <u>DGCL</u> ") on April 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This Amended and Restated Certificate of Incorporation (this " <u>Certificate of Incorporation</u> ")
was duly adopted by the Board of Directors of the Company (the " <u>Board of Directors</u> ") in accordance with Sections 242
and 245 of the DGCL, and has been duly approved by the written consent of the stockholders of the Company in accordance with Section 228
of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The text of the Certificate of Incorporation is to read as follows:

**ARTICLE I.**

The name of the Company is BW Industrial Holdings Inc.

**ARTICLE II.**

The address of the Company's registered office in the State of Delaware is 108 W. 13th Street, Suite 100, Wilmington, DE 19801, in the County of New Castle. The name of its registered agent at such address is Vcorp Agent Services, Inc.

**ARTICLE III**

The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which corporations may be organized under the DGCL.

**ARTICLE IV**

Section 1. The Corporation is authorized to issue two hundred million (200,000,000) shares of common stock, par value $0.0001 each (the "<u>Common Stock</u>"), and ten million (10,000,000) shares of preferred stock, par value $0.0001 each (the "<u>Preferred Stock</u>")

Section 2. Each share of Common Stock outstanding as of the applicable record date shall entitle the holder thereof to one (1) vote on any matter submitted to a vote at a meeting of stockholders.

Section 3. Preferred Stock may be issued from time to time in one or more series pursuant to a resolution or resolutions providing for such issue duly adopted by the Board of Directors (authority to do so being hereby expressly vested in the Board of Directors). The Board of Directors is further authorized, subject to limitations prescribed by law, to fix by resolution or resolutions the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, of any series of Preferred Stock, including, without limitation, authority to fix by resolution or resolutions the dividend rights, dividend rate, conversion rights, voting rights, rights, and terms of redemption (including sinking fund provisions), redemption price or prices, and liquidation preferences of any such series, and the number of shares constituting any such series and the designation thereof, or any of the foregoing. The Board of Directors is further authorized to increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any series, subject to the powers, preferences and rights, and the qualifications, limitations and restrictions thereof stated in this Certificate of Incorporation or the resolution of the Board of Directors originally fixing the number of shares of such series. Except as may be otherwise specified by the terms of any series of Preferred Stock, if the number of shares of any series of Preferred Stock is so decreased, then the Company shall take all such steps as are necessary to cause the shares constituting such decrease to resume the status which they had prior to the adoption of the resolution originally fixing the number of shares of such series.

Section 4. Except as otherwise required by law or provided in this Certificate of Incorporation, holders of Common Stock shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any certificate of designation filed with respect to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series, to vote thereon by law or pursuant to this Certificate of Incorporation (including any certificate of designation filed with respect to any series of Preferred Stock).

Section 5. The number of authorized shares of Preferred Stock or Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all the then-outstanding shares of capital stock of the Company entitled to vote thereon, without a separate vote of the holders of the class or classes the number of authorized shares of which are being increased or decreased, unless a vote of any holders of one or more series of Preferred Stock is required pursuant to the terms of any certificate of designation relating to any series of Preferred Stock, irrespective of the provisions of Section 242(b)(2) of the DGCL.

**ARTICLE V**

Section 1. Subject to the rights of holders of Preferred Stock, the number of directors that constitutes the entire Board of Directors of the Company shall be fixed only by resolution of the Board of Directors. At each annual meeting of stockholders, directors of the Company shall be elected to hold office until the expiration of the term for which they are elected and until their successors have been duly elected and qualified or until their earlier resignation or removal; except that if any such meeting shall not be so held, such election shall take place at a stockholders' meeting called and held in accordance with the DGCL.

Section 2. From and after the effectiveness of this Certificate of Incorporation, the directors of the Company (other than any who may be elected by holders of Preferred Stock under specified circumstances) shall be a single class. At the first annual meeting of stockholders following the date hereof, the term of office of the directors shall expire. At each succeeding annual meeting of stockholders, directors shall be elected for a full term of one year to succeed the directors whose terms expire at such annual meeting. If the number of directors is changed, no decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director.

**ARTICLE VI**

Section 1. From and after the effectiveness of this Certificate of Incorporation, any director or the entire Board of Directors may be removed from office at any time, but only for cause, and only by the affirmative vote of the holders of at least a majority of the voting power of the issued and outstanding capital stock of the Company entitled to vote in the election of directors.

Section 2. Except as otherwise provided for or fixed by or pursuant to the provisions of Article IV hereof in relation to the rights of the holders of Preferred Stock to elect directors under specified circumstances or except as otherwise provided by resolution of the Board of Directors, newly created directorships resulting from any increase in the number of directors, created in accordance with the Bylaws of the Company (as amended and/or restated, the "<u>Bylaws</u>"), and any vacancies on the Board of Directors resulting from death, resignation, disqualification, removal or other cause shall be filled only by the affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the Board of Directors, or by a sole remaining director, and not by the stockholders. A person so elected by the Board of Directors to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen until his or her successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director.

**ARTICLE VII**

Section 1. The Company is to have perpetual existence.

Section 2. The business and affairs of the Company shall be managed by or under the direction of the Board of Directors. In addition to the powers and authority expressly conferred upon them by statute or by this Certificate of Incorporation or the Bylaws of the Company, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Company.

Section 3. In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, alter, amend, or repeal the Bylaws of the Company. The affirmative vote of at least a majority of the Board of Directors then in office shall be required in order for the Board of Directors to adopt, amend, alter or repeal the Company's Bylaws. The Company's Bylaws may also be adopted, amended, altered or repealed by the stockholders of the Company; provided, however, that, in addition to any vote of the holders of any class or series of stock of the Company required by law or by this Certificate of Incorporation, the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the total voting power of the outstanding shares of all classes of capital stock entitled to vote thereon, voting as a single class, shall be required to amend, repeal or adopt any provision of the Bylaws of the Company. No Bylaw hereafter legally adopted, amended, altered, or repealed shall invalidate any prior act of the directors or officers of the Company that would have been valid if such Bylaw had not been adopted, amended, altered, or repealed.

Section 4. The election of directors need not be by written ballot unless the Bylaws of the Company shall so provide.

Section 5. No stockholder will be permitted to cumulate votes at any election of directors.

**ARTICLE VIII**

Section 1. Subject to the terms of any series of Preferred Stock, any action required or permitted to be taken at any annual or special meeting of stockholders of the Company may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the then-outstanding shares of stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Company in the manner provided by applicable law.

Section 2. Subject to the terms of any series of Preferred Stock, special meetings of stockholders of the Company may be called only by the Chairperson of the Board of Directors, the Chief Executive Officer, the President, or the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors, and any power of stockholders to call a special meeting of stockholders is specifically denied. Only such business shall be considered at a special meeting of stockholders as shall have been stated in the notice for such meeting.

Section 3. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Company shall be given in the manner and to the extent provided in the Bylaws of the Company.

**ARTICLE IX**

Section 1. To the fullest extent permitted by the DGCL as the same exists or as may hereafter be amended from time to time, a director or an officer of the Company shall not be personally liable to the Company or its stockholders for monetary damages for breach of fiduciary duty as a director or an officer. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or an officer of the Company shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.

Section 2. Subject to any provisions in the Bylaws of the Company related to indemnification of directors of the Company, the Company shall indemnify, to the fullest extent permitted by applicable law, any director of the Company who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "<u>Proceeding</u>") by reason of the fact that he or she is or was a director of the Company or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such Proceeding. The Company shall be required to indemnify a person in connection with a Proceeding (or part thereof) initiated by such person only if the Proceeding (or part thereof) was authorized by the Board of Directors.

Section 3. The Company shall have the power to indemnify, to the extent permitted by applicable law, any officer, employee or agent of the Company who was or is a party or is threatened to be made a party to any Proceeding by reason of the fact that he or she is or was a director, officer, employee or agent of the Company or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such Proceeding.

Section 4. Neither any amendment nor repeal of any Section of this Article IX, nor the adoption of any provision of this Certificate of Incorporation or the Bylaws of the Company inconsistent with this Article IX, shall eliminate or reduce the effect of this Article IX in respect of any matter occurring, or any Proceeding accruing or arising or that, but for this Article IX, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision.

**ARTICLE X**

Meetings of stockholders may be held within or outside of the State of Delaware, as the Bylaws may provide. The books of the Company may be kept (subject to any provision of applicable law) outside of the State of Delaware at such place or places or in such manner or manners as may be designated from time to time by the Board of Directors or in the Bylaws of the Company.

**ARTICLE XI**

Section 1. In recognition and anticipation that members of the Board of Directors who are not employees of the Company ("<u>Non-Employee Directors</u>") and their respective Affiliates (as defined below) may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Company, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage, the provisions of this Article XI are set forth to regulate and define the conduct of certain affairs of the Company with respect to certain classes or categories of business opportunities as they may involve any of the Non-Employee Directors or their respective Affiliates and the powers, rights, duties and liabilities of the Company and its directors, officers and stockholders in connection therewith.

Section 2. None of the Non-Employee Directors (including any Non-Employee Director who serves as an officer of the Company in both his or her director and officer capacities) or his or her Affiliates (the Persons (as defined below) identified above being referred to, collectively, as "<u>Identified Persons</u>" and, each individually, as an "<u>Identified Person</u>") shall, to the fullest extent permitted by law, have any duty to refrain from directly or indirectly (1) engaging in the same or similar business activities or lines of business in which the Company or any of its Affiliates now engages or proposes to engage in or (2) otherwise competing with the Company or any of its Affiliates, and, to the fullest extent permitted by law, no Identified Person shall be liable to the Company or its stockholders or to any Affiliate of the Company for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities. To the fullest extent permitted by law and in accordance with Section 122(17) of the DGCL, the Company hereby renounces any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be a corporate opportunity for an Identified Person and the Company or any of its Affiliates, except as provided in Section 3 of this Article XI. Subject to said Section 3 of this Article XI, in the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, herself or himself and the Company or any of its Affiliates, such Identified Person shall, to the fullest extent permitted by law, have no duty to communicate or offer such transaction or other business opportunity to the Company or any of its Affiliates and, to the fullest extent permitted by law, shall not be liable to the Company or its stockholders or to any Affiliate of the Company for breach of any fiduciary duty or other duty (contractual or otherwise) as a stockholder, director or officer of the Company solely by reason of the fact that such Identified Person pursues or acquires such corporate opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another Person, or does not present such corporate opportunity to the Company or any of its Affiliates.

Section 3. The Company does not renounce its interest in any corporate opportunity offered to any Non- Employee Director (including any Non-Employee Director who serves as an officer of this Company) if such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the Company, and the provisions of Section 2 of this Article XI shall not apply to any such corporate opportunity.

Section 4. In addition to and notwithstanding the foregoing provisions of this Article XI, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Company if it is a business opportunity that (i) the Company is neither financially or legally able, nor contractually permitted to undertake, (ii) from its nature, is not in the line of the Company's business or is of no practical advantage to the Company, or (iii) is one in which the Company has no interest or reasonable expectancy.

Section 5. For purposes of this Article XI and Article VIII above, (i) "<u>Affiliate</u>" shall mean any Person that, directly or indirectly, is controlled by such Non-Employee Director (other than the Company and any entity that is controlled by the Company) and (c) in respect of the Company, any Person that, directly or indirectly, is controlled by the Company; and (ii) "<u>Person</u>" shall mean any individual, corporation, general or limited partnership, limited liability company, joint venture, trust, association or any other entity.

Section 6. To the fullest extent permitted by law, any Person purchasing or otherwise acquiring any interest in any shares of capital stock of the Company shall be deemed to have notice of and to have consented to the provisions of this Article XI.

**ARTICLE XII**

Section 1. The Company hereby expressly elects not to be governed by Section 203 of the DGCL.

Section 2. Notwithstanding the foregoing, the Company shall not engage in any business combination (as defined below), at any point in time at which the Common Stock is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), with any interested stockholder (as defined below) for a period of three (3) years following the time that such stockholder became an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. prior to such time, the Board of Directors approved either the business combination or the transaction
which resulted in the stockholder becoming an interested stockholder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder,
the interested stockholder owned at least 85% of the voting stock (as defined below) of the Company outstanding at the time the transaction
commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested
stockholder) those shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which employee participants
do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. at or subsequent to such time, the business combination is approved by the Board of Directors and authorized
at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least sixty-six and two thirds
percent (66 2/3%) of the outstanding voting stock of the Company which is not owned by the interested stockholder.

Section 3. For purposes of this Article XII, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. " <u>affiliate</u> " means a person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. " <u>associate</u>," when used to indicate a relationship with any person, means: (i) any corporation,
partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly,
the owner of 20% or more of any class of voting stock; (ii) any trust or other estate in which such person has at least a 20% beneficial
interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person,
or any relative of such spouse, who has the same residence as such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. " <u>business combination</u>," when used in reference to the Company and any interested stockholder
of the Company, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. any merger or consolidation of the Company or any direct or indirect majority-owned subsidiary of the
Company (a) with the interested stockholder, or (b) with any other corporation, partnership, unincorporated association or other entity
if the merger or consolidation is caused by the interested stockholder and as a result of such merger or consolidation Section 2 of this
Article XII is not applicable to the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series
of transactions), except proportionately as a stockholder of the Company, to or with the interested stockholder, whether as part of a
dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company which assets
have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Company determined on
a consolidated basis or the aggregate market value of all the outstanding stock of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any transaction which results in the issuance or transfer by the Company or by any direct or indirect
majority-owned subsidiary of the Company of any stock of the Company or of such subsidiary to the interested stockholder, except: (a)
pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Company
or any such subsidiary which securities were outstanding prior to the time that the interested stockholder became such; (b) pursuant to
a merger under Section 251(g) of the DGCL; (c) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion
of securities exercisable for, exchangeable for or convertible into stock of the Company or any such subsidiary which security is distributed,
pro rata to all holders of a class or series of stock of the Company subsequent to the time the interested stockholder became such; (d)
pursuant to an exchange offer by the Company to purchase stock made on the same terms to all holders of said stock; or (e) any issuance
or transfer of stock by the Company; provided, however, that in no case under items (c)-(e) of this subsection (iii) shall there be an
increase in the interested stockholder's proportionate share of the stock of any class or series of the Company or of the voting
stock of the Company (except as a result of immaterial changes due to fractional share adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any transaction involving the Company or any direct or indirect majority-owned subsidiary of the Company
which has the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities
convertible into the stock of any class or series, of the Company or of any such subsidiary which is owned by the interested stockholder,
except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares
of stock not caused, directly or indirectly, by the interested stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. any receipt by the interested stockholder of the benefit, directly or indirectly (except proportionately
as a stockholder of the Company), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly
permitted in subsections (i)-(iv) above) provided by or through the Company or any direct or indirect majority- owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. " <u>control</u>," including the terms " <u>controlling</u>," " <u>controlled by</u> " and " <u>under common control with</u>," means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a person, whether through the ownership of voting stock, by contract, or otherwise.
A person who is the owner of 20% or more of the outstanding voting stock of any corporation, partnership, unincorporated association,
or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary.
Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting stock, in good faith and not for
the purpose of circumventing this Section, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not
individually or as a group have control of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. " <u>interested stockholder</u> " means any person (other than the Company and any direct or
indirect majority-owned subsidiary of the Company) that (i) is the owner of 15% or more of the outstanding voting stock of the Company,
or (ii) is an affiliate or associate of the Company and was the owner of 15% or more of the outstanding voting stock of the Company at
any time within the 3-year period immediately prior to the date on which it is sought to be determined whether such person is an interested
stockholder, and the affiliates and associates of such person; provided, however, that the term "interested stockholder" shall
not include any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely
by the Company; provided that such person shall be an interested stockholder if thereafter such person acquires additional shares of voting
stock of the Company, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose
of determining whether a person is an interested stockholder, the voting stock of the Company deemed to be outstanding shall include stock
deemed to be owned by the person through application of paragraph (8) of this subsection but shall not include any other unissued stock
of such Company which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights,
warrants or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. " <u>owner</u>," including the terms "own" and "owned," when used with
respect to any stock, means a person that individually or with or through any of its affiliates or associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. beneficially owns such stock, directly or indirectly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. has (a) the right to acquire such stock (whether such right
is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise
of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner
of stock tendered pursuant to a tender or exchange offer made by such person or any of such person's affiliates or associates until
such tendered stock is accepted for purchase or exchange; or (b) the right to vote such stock pursuant to any agreement, arrangement
or understanding; provided, however, that a person shall not be deemed the owner of any stock because of such person's right to
vote such stock if the agreement, arrangement or understanding to vote such stock arises solely from a revocable proxy or consent given
in response to a proxy or consent solicitation made to ten (10) or more persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. has any agreement, arrangement or understanding for the purpose
of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in item (b) of subsection (ii) above),
or disposing of such stock with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly,
or indirectly, such stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. " <u>person</u> " means any individual, corporation, partnership, unincorporated association, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. " <u>stock</u> " means, with respect to any corporation,
capital stock and, with respect to any other entity, any equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. " <u>voting stock</u> " means stock of any class or series entitled to vote generally in the election of directors.

**ARTICLE XIII**

The Company reserves the right to amend or repeal any provision contained in this Certificate of Incorporation in the manner prescribed by the laws of the State of Delaware and all rights conferred upon stockholders are granted subject to this reservation; *provided*, *however*, that notwithstanding any other provision of this Certificate of Incorporation or any provision of law that might otherwise permit a lesser vote, the Board of Directors acting pursuant to (i) a resolution adopted by a majority of the Board of Directors and (ii) the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the total voting power of the outstanding shares of all classes of capital stock of the Company entitled to vote thereon, voting together as a single class, shall be required for the amendment, repeal or modification of the provisions of Section 3 of Article IV (relating to preferred stock rights and preferences), Article VI (relating to the removal of directors and filling of board vacancies), Section 5 of Article VII (relating to the inability to cumulate votes), Article VIII (relating to stockholders written consent and special shareholder meetings), Article XI (relating to conflicts of interest), Article XII (relating to interested party transactions) or Article XIII (relating to amendments) of this Certificate of Incorporation.

IN WITNESS WHEREOF, BW Industrial Holdings Inc. has caused this Certificate of Incorporation to be signed by Yunlong Zhang, a duly authorized officer of the Company, on this 19<sup>th</sup> day of December, 2025.

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| |
|:---|
| /s/ Yunlong Zhang |
| Yunlong Zhang |
| Chief Executive Officer |

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## Exhibit 3.3

**Exhibit 3.3**

**BYLAWS OF**

**BW INDUSTRIAL HOLDINGS INC.**

(effective as of December 19, 2025)

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | ***Page*** |
| **ARTICLE I - CORPORATE OFFICES** | 1 |
| 1.1 REGISTERED OFFICE | 1 |
| 1.2 OTHER OFFICES | 1 |
| **ARTICLE II - MEETINGS OF STOCKHOLDERS** | 1 |
| 2.1 PLACE OF MEETINGS | 1 |
| 2.2 ANNUAL MEETING | 1 |
| 2.3 SPECIAL MEETING | 1 |
| 2.4 ADVANCE NOTICE PROCEDURES | 1 |
| 2.5 NOTICE OF STOCKHOLDERS' MEETINGS | 5 |
| 2.6 QUORUM | 5 |
| 2.7 ADJOURNED MEETING; NOTICE | 5 |
| 2.8 CONDUCT OF BUSINESS | 5 |
| 2.9 VOTING | 5 |
| 2.10 STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING | 6 |
| 2.11 RECORD DATES | 6 |
| 2.12 PROXIES | 6 |
| 2.13 LIST OF STOCKHOLDERS ENTITLED TO VOTE | 7 |
| 2.14 INSPECTORS OF ELECTION | 7 |
| **ARTICLE III - DIRECTORS** | 7 |
| 3.1 POWERS | 7 |
| 3.2 NUMBER OF DIRECTORS | 8 |
| 3.3 ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS | 8 |
| 3.4 RESIGNATION AND VACANCIES | 8 |
| 3.5 PLACE OF MEETINGS; MEETINGS BY TELEPHONE | 8 |
| 3.6 REGULAR MEETINGS | 8 |
| 3.7 SPECIAL MEETINGS; NOTICE | 8 |
| 3.8 QUORUM; VOTING | 9 |
| 3.9 BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING | 9 |
| 3.10 FEES AND COMPENSATION OF DIRECTORS | 10 |
| 3.11 REMOVAL OF DIRECTORS | 10 |
| **ARTICLE IV - COMMITTEES** | 10 |
| 4.1 COMMITTEES OF DIRECTORS | 10 |
| 4.2 COMMITTEE MINUTES | 10 |
| 4.3 MEETINGS AND ACTION OF COMMITTEES | 10 |
| 4.4 SUBCOMMITTEES | 11 |
| **ARTICLE V - OFFICERS** | 11 |
| 5.1 OFFICERS | 11 |
| 5.2 APPOINTMENT OF OFFICERS | 11 |
| 5.3 SUBORDINATE OFFICERS | 11 |
| 5.4 REMOVAL AND RESIGNATION OF OFFICERS | 11 |
| 5.5 VACANCIES IN OFFICES | 12 |
| 5.6 REPRESENTATION OF SECURITIES OF OTHER ENTITIES | 12 |
| 5.7 AUTHORITY AND DUTIES OF OFFICERS | 12 |

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i

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| | |
|:---|:---|
| **ARTICLE VI - STOCK** | 12.0 |
| 6.1 STOCK CERTIFICATES; PARTLY PAID SHARES | 12.0 |
| 6.2 SPECIAL DESIGNATION ON CERTIFICATES | 12.0 |
| 6.3 LOST CERTIFICATES | 13.0 |
| 6.4 DIVIDENDS | 13.0 |
| 6.5 TRANSFER OF STOCK | 13.0 |
| 6.6 STOCK TRANSFER AGREEMENTS | 13.0 |
| 6.7 REGISTERED STOCKHOLDERS | 13.0 |
| **ARTICLE VII - MANNER OF GIVING NOTICE AND WAIVER** | 14.0 |
| 7.1 NOTICE OF STOCKHOLDERS' MEETINGS | 14.0 |
| 7.2 NOTICE TO STOCKHOLDERS SHARING AN ADDRESS | 14.0 |
| 7.3 NOTICE TO PERSON WITH WHOM COMMUNICATION IS UNLAWFUL | 14.0 |
| 7.4 WAIVER OF NOTICE | 14.0 |
| **ARTICLE VIII – INDEMNIFICATION** | 14.0 |
| 8.1 INDEMNIFICATION OF DIRECTORS AND OFFICERS IN THIRD PARTY PROCEEDINGS | 14.0 |
| 8.2 INDEMNIFICATION OF DIRECTORS AND OFFICERS IN ACTION BY OR IN THE RIGHT OF THE COMPANY | 15.0 |
| 8.3 SUCCESSFUL DEFENSE | 15.0 |
| 8.4 INDEMNIFICATION OF OTHERS | 15.0 |
| 8.5 ADVANCED PAYMENT OF EXPENSES | 15.0 |
| 8.6 LIMITATION ON INDEMNIFICATION | 16.0 |
| 8.7 DETERMINATION; CLAIM | 16.0 |
| 8.8 NON-EXCLUSIVITY OF RIGHTS | 16.0 |
| 8.9 INSURANCE | 17.0 |
| 8.10 SURVIVAL | 17.0 |
| 8.11 EFFECT OF REPEAL OR MODIFICATION | 17.0 |
| 8.12 CERTAIN DEFINITIONS | 17.0 |
| **ARTICLE IX - GENERAL MATTERS** | 17.0 |
| 9.1 EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS | 17.0 |
| 9.2 FISCAL YEAR | 18.0 |
| 9.3 SEAL | 18.0 |
| 9.4 CONSTRUCTION; DEFINITIONS | 18.0 |
| 9.5 FORUM SELECTION | 18.0 |
| **ARTICLE X - AMENDMENTS** | 18.0 |

---

ii

**BYLAWS OF BW INDUSTRIAL HOLDINGS INC.**

**ARTICLE I - CORPORATE OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 REGISTERED OFFICE

The registered office of BW Industrial Holdings Inc. (the "**Company**") shall be fixed in the Company's certificate of incorporation, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 OTHER OFFICES

The Company's board of directors may at any time establish other offices at any place or places where the Company is qualified to do business.

**ARTICLE II - MEETINGS OF STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 PLACE OF MEETINGS

Meetings of stockholders shall be held at a place, if any, within or outside the State of Delaware, determined by the board of directors. The board of directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the Delaware General Corporation Law (the "**DGCL**"). In the absence of any such designation or determination, stockholders' meetings shall be held at the Company's principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ANNUAL MEETING

The annual meeting of stockholders shall be held each year. The board of directors shall designate the date and time of the annual meeting. At the annual meeting, directors shall be elected and any other proper business, brought in accordance with Section 2.4 of these bylaws, may be transacted. The board of directors acting pursuant to a resolution adopted by a majority of the directors may cancel, postpone or reschedule any previously scheduled annual meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 SPECIAL MEETING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A special meeting of the stockholders, other than those required by statute, may be called at any time by (A) the board of directors acting pursuant to a resolution adopted by a majority of the board of directors, (B) the chairperson of the board of directors, (C) the chief executive officer, or (D) the president (in the absence of a chief executive officer), but a special meeting may not be called by any other person or persons and any power of stockholders to call a special meeting of stockholders is specifically denied. The board of directors may cancel, postpone, or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The notice of a special meeting shall include the purpose for which the meeting is called. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting by or at the direction of the board of directors, chairperson of the board of directors, chief executive officer, or president (in the absence of a chief executive officer). Nothing contained in this Section 2.3(ii) shall be construed as limiting, fixing, or affecting the time when a meeting of stockholders called by action of the board of directors may be held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ADVANCE NOTICE PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Advance Notice of Stockholder Business.* At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be brought (A) pursuant to the Company's proxy materials with respect to such meeting, (B) by or at the direction of a majority of the board of directors, or (C) by a stockholder of the Company who (1) is a stockholder of record at the time of the giving of the notice required by this Section 2.4(i) and on the record date for the determination of stockholders entitled to vote at the annual meeting and (2) has timely complied in proper written form with the notice procedures set forth in this Section 2.4(i). In addition, for business to be properly brought before an annual meeting by a stockholder, such business must be a proper matter for stockholder action pursuant to these bylaws and applicable law. Except for proposals properly made in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "**1934 Act**") and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations), and included in the notice of meeting given by or at the direction of the board of directors, for the avoidance of doubt, clause (C) above shall be the exclusive means for a stockholder to bring business before an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To comply with clause (C) of Section 2.4(i) above, a stockholder's notice must set forth all information required under this Section 2.4(i) and must be timely received by the secretary of the Company. To be timely, a stockholder's notice must be received by the secretary at the principal executive offices of the Company not later than the 45th day nor earlier than the 75th day before the one-year anniversary of the date on which the Company first mailed its proxy materials or a notice of availability of proxy materials (whichever is earlier) for the preceding year's annual meeting; *provided*, *however*, that in the event that no annual meeting was held in the previous year or if the date of the annual meeting is advanced by more than 30 days prior to or delayed by more than 60 days after the one-year anniversary of the date of the previous year's annual meeting, then, for notice by the stockholder to be timely, it must be so received by the secretary not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of (i) the 90th day prior to such annual meeting, or (ii) the tenth day following the day on which Public Announcement (as defined below) of the date of such annual meeting is first made. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of a stockholder's notice as described in this Section 2.4(i)(a). "**Public Announcement**" shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Company with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To be in proper written form, a stockholder's notice to the secretary must set forth as to each matter of business the stockholder intends to bring before the annual meeting: (1) a brief description of the business intended to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (2) the name and address, as they appear on the Company's books, of the stockholder proposing such business and any Stockholder Associated Person (as defined below), (3) the class and number of shares of the Company that are held of record or are beneficially owned by the stockholder or any Stockholder Associated Person and any derivative positions held or beneficially held by the stockholder or any Stockholder Associated Person, (4) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of such stockholder or any Stockholder Associated Person with respect to any securities of the Company, and a description of any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares), the effect or intent of which is to mitigate loss to, or to manage the risk or benefit from share price changes for, or to increase or decrease the voting power of, such stockholder or any Stockholder Associated Person with respect to any securities of the Company, (5) any material interest of the stockholder or a Stockholder Associated Person in such business, and (6) a statement whether either such stockholder or any Stockholder Associated Person will deliver a proxy statement and form of proxy to holders of at least the percentage of the Company's voting shares required under applicable law to carry the proposal (such information provided and statements made as required by clauses (1) through (6), a "**Business Solicitation Statement**"). In addition, to be in proper written form, a stockholder's notice to the secretary must be supplemented not later than ten days following the record date for notice of the meeting to disclose the information contained in clauses (3) and (4) above as of the record date for notice of the meeting. For purposes of this Section 2.4, a "**Stockholder Associated Person**" of any stockholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such stockholder, (ii) any beneficial owner of shares of stock of the Company owned of record or beneficially by such stockholder and on whose behalf the proposal or nomination, as the case may be, is being made, or (iii) any person controlling, controlled by or under common control with such person referred to in the preceding clauses (i) and (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without exception, no business shall be conducted at any annual meeting except in accordance with the provisions set forth in this Section 2.4(i) and, if applicable, Section 2.4(ii). In addition, business proposed to be brought by a stockholder may not be brought before the annual meeting if such stockholder or a Stockholder Associated Person, as applicable, takes action contrary to the representations made in the Business Solicitation Statement applicable to such business or if the Business Solicitation Statement applicable to such business contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading. The chairperson of the annual meeting shall, if the facts warrant, determine and declare at the annual meeting that business was not properly brought before the annual meeting and in accordance with the provisions of this Section 2.4(i), and, if the chairperson should so determine, he or she shall so declare at the annual meeting that any such business not properly brought before the annual meeting shall not be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Advance Notice of Director Nominations at Annual Meetings.* Notwithstanding anything in these bylaws to the contrary, only persons who are nominated in accordance with the procedures set forth in this Section 2.4(ii) shall be eligible for election or re-election as directors at an annual meeting of stockholders. Nominations of persons for election to the board of directors of the Company shall be made at an annual meeting of stockholders only (A) by or at the direction of the board of directors or (B) by a stockholder of the Company who (1) was a stockholder of record at the time of the giving of the notice required by this Section 2.4(ii), on the record date for the determination of stockholders entitled to notice of the annual meeting and on the record date for the determination of stockholders entitled to vote at the annual meeting and (2) has complied with the notice procedures set forth in this Section 2.4(ii). In addition to any other applicable requirements, for a nomination to be made by a stockholder, the stockholder must have given timely notice thereof in proper written form to the secretary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To comply with clause (B) of Section 2.4(ii) above, a nomination to be made by a stockholder must set forth all information required under this Section 2.4(ii) and must be received by the secretary of the Company at the principal executive offices of the Company at the time set forth in, and in accordance with, the final three sentences of Section 2.4(i)(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To be in proper written form, such stockholder's notice to the secretary must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to each person (a "**nominee**") whom the stockholder proposes to nominate for election or re-election as a director: (A) the name, age, business address and residence address of the nominee, (B) the principal occupation or employment of the nominee, (C) the class and number of shares of the Company that are held of record or are beneficially owned by the nominee and any derivative positions held or beneficially held by the nominee, (D) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of the nominee with respect to any securities of the Company, and a description of any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares), the effect or intent of which is to mitigate loss to, or to manage the risk or benefit of share price changes for, or to increase or decrease the voting power of the nominee, (E) a description of all arrangements or understandings between the stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the stockholder, (F) a written statement executed by the nominee acknowledging that as a director of the Company, the nominee will owe a fiduciary duty under Delaware law with respect to the Company and its stockholders, and (G) any other information relating to the nominee that would be required to be disclosed about such nominee if proxies were being solicited for the election of the nominee as a director, or that is otherwise required, in each case pursuant to Regulation 14A under the 1934 Act (including without limitation the nominee's written consent to being named in the proxy statement, if any, as a nominee and to serving as a director if elected); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as to such stockholder giving notice, (A) the information required to be provided pursuant to clauses (2) through (5) of Section 2.4(i)(b) above, and the supplement referenced in the second sentence of Section 2.4(i)(b) above (except that the references to "business" in such clauses shall instead refer to nominations of directors for purposes of this paragraph), and (B) a statement whether either such stockholder or Stockholder Associated Person will deliver a proxy statement and form of proxy to holders of a number of the Company's voting shares reasonably believed by such stockholder or Stockholder Associated Person to be necessary to elect such nominee(s) (such information provided and statements made as required by clauses (A) and (B) above, a "**Nominee Solicitation Statement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the request of the board of directors, any person nominated by a stockholder for election as a director must furnish to the secretary of the Company (1) that information required to be set forth in the stockholder's notice of nomination of such person as a director as of a date subsequent to the date on which the notice of such person's nomination was given and (2) such other information as may reasonably be required by the Company to determine the eligibility of such proposed nominee to serve as an independent director of the Company or that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee; in the absence of the furnishing of such information if requested, such stockholder's nomination shall not be considered in proper form pursuant to this Section 2.4(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without exception, no person shall be eligible for election or re-election as a director of the Company at an annual meeting of stockholders unless nominated in accordance with the provisions set forth in this Section 2.4(ii). In addition, a nominee shall not be eligible for election or re-election if a stockholder or Stockholder Associated Person, as applicable, takes action contrary to the representations made in the Nominee Solicitation Statement applicable to such nominee or if the Nominee Solicitation Statement applicable to such nominee contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading. The chairperson of the annual meeting shall, if the facts warrant, determine, and declare at the annual meeting that a nomination was not made in accordance with the provisions prescribed by these bylaws, and if the chairperson should so determine, he or she shall so declare at the annual meeting, and the defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Advance Notice of Director Nominations for Special Meetings.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For a special meeting of stockholders at which directors are to be elected pursuant to Section 2.3, nominations of persons for election to the board of directors shall be made only (1) by or at the direction of the board of directors or (2) by any stockholder of the Company who (A) is a stockholder of record at the time of the giving of the notice required by this Section 2.4(iii), on the record date for the determination of stockholders entitled to notice of the special meeting and on the record date for the determination of stockholders entitled to vote at the special meeting, and (B) delivers a timely written notice of the nomination to the secretary of the Company that includes the information set forth in Sections 2.4(ii)(b) and (ii)(c) above. To be timely, such notice must be received by the secretary at the principal executive offices of the Company not later than the close of business on the later of the 90th day prior to such special meeting or the tenth day following the day on which Public Announcement is first made of the date of the special meeting and of the nominees proposed by the board of directors to be elected at such meeting. A person shall not be eligible for election or re-election as a director at a special meeting unless the person is nominated (i) by or at the direction of the board of directors or (ii) by a stockholder in accordance with the notice procedures set forth in this Section 2.4(iii). In addition, a nominee shall not be eligible for election or re-election if a stockholder or Stockholder Associated Person, as applicable, takes action contrary to the representations made in the Nominee Solicitation Statement applicable to such nominee or if the Nominee Solicitation Statement applicable to such nominee contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The chairperson of the special meeting shall, if the facts warrant, determine, and declare at the meeting that a nomination or business was not made in accordance with the procedures prescribed by these bylaws, and if the chairperson should so determine, he or she shall so declare at the meeting, and the defective nomination or business shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Other Requirements and Rights.* In addition to the foregoing provisions of this Section 2.4, a stockholder must also comply with all applicable requirements of state law and of the 1934 Act and the rules and regulations thereunder with respect to the matters set forth in this Section 2.4, including, with respect to business such stockholder intends to bring before the annual meeting that involves a proposal that such stockholder requests to be included in the Company's proxy statement, the requirements of Rule 14a-8 (or any successor provision) under the 1934 Act. Nothing in this Section 2.4 shall be deemed to affect any right of the Company to omit a proposal from the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 NOTICE OF STOCKHOLDERS' MEETINGS

Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Except as otherwise provided in the DGCL, the certificate of incorporation or these bylaws, the notice of any meeting of stockholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 QUORUM

The holders of no less than one third of the issued and outstanding shares of stock of the Company entitled to vote, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders. Where a separate vote by a class or series or classes or series is required, no less than one third of the outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter, except as otherwise provided by law, the certificate of incorporation or these bylaws.

If, however, such quorum is not present or represented at any meeting of the stockholders, then either (i) the chairperson of the meeting, or (ii) the stockholders entitled to vote at the meeting, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 ADJOURNED MEETING; NOTICE

When a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Company may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the board of directors shall fix a new record date for notice of such adjourned meeting in accordance with Section 213(a) of the DGCL and Section 2.11 of these bylaws, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 CONDUCT OF BUSINESS

The chairperson of any meeting of stockholders shall determine the order of business and the procedure at such meeting, including such regulation of the manner of voting and the conduct of business and discussion as seem to the chairperson in order. The chairperson of any meeting of stockholders shall be designated by the board of directors; in the absence of such designation, the chairperson of the board of directors, if any, the chief executive officer (in the absence of the chairperson) or the president (in the absence of the chairperson of the board of directors and the chief executive officer), or in their absence any other executive officer of the Company, shall serve as chairperson of the stockholder meeting. The chairperson of any meeting of stockholders shall have the power to adjourn the meeting to another place, date or time, whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 VOTING

The stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Section 2.11 of these bylaws, subject to Section 217 (relating to voting rights of fiduciaries, pledgors and joint owners of stock) and Section 218 (relating to voting trusts and other voting agreements) of the DGCL.

Except as may be otherwise provided in the certificate of incorporation or these bylaws, each stockholder shall be entitled to one vote for each share of common stock of the Company held by such stockholder.

Except as otherwise required by law, the certificate of incorporation, these bylaws, or the rules of any applicable stock exchange, in all matters other than the election of directors, the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Except as otherwise required by law, the certificate of incorporation or these bylaws, directors shall be elected by a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Where a separate vote by a class or series or classes or series is required, in all matters other than the election of directors, the affirmative vote of the majority of shares of such class or series or classes or series present in person or represented by proxy at the meeting shall be the act of such class or series or classes or series, except as otherwise provided by law, the certificate of incorporation, these bylaws or the rules of any applicable stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Unless otherwise provided in the certificate of incorporation, any action required to be taken at any annual or special meeting of stockholders of a corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation in the manner required by the certificate of incorporation or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 RECORD DATES

In order that the Company may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the board of directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the board of directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.

If no record date is fixed by the board of directors, the record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided, however*, that the board of directors may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the provisions of Section 213 of the DGCL and this Section 2.11 at the adjourned meeting.

In order that the Company may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 PROXIES

Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy authorized by a document or by a transmission permitted by law filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 LIST OF STOCKHOLDERS ENTITLED TO VOTE

The Company shall prepare, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; *provided, however,* if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Company shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least 10 days prior to the meeting: (i) on a reasonably accessible electronic network, *provided* that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Company's principal place of business. In the event that the Company determines to make the list available on an electronic network, the Company may take reasonable steps to ensure that such information is available only to stockholders of the Company. If the meeting is to be held at a place, then a list of stockholders entitled to vote at the meeting shall be produced and kept at the time and place of the meeting during the whole time thereof and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then such list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 INSPECTORS OF ELECTION

Before any meeting of stockholders, the Company shall appoint an inspector or inspectors of election to act at the meeting or its adjournment. The Company may designate one or more persons as alternate inspectors to replace any inspector who fails to act.

Such inspectors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ascertain the number of shares outstanding and the voting power of each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine the shares represented at the meeting and the validity of proxies and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) count all votes and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any
determination by the inspectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) certify their determination of the number of shares represented at the meeting, and their count of all
votes and ballots.

The inspectors of election shall perform their duties impartially, in good faith, to the best of their ability and as expeditiously as is practical. If there are multiple inspectors of election, the decision, act, or certificate of a majority is effective in all respects as the decision, act or certificate of all. Any report or certificate made by the inspectors of election is *prima facie* evidence of the facts stated therein.

**ARTICLE III – DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 POWERS

The business and affairs of the Company shall be managed by or under the direction of the board of directors, except as may be otherwise provided in the DGCL or the certificate of incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 NUMBER OF DIRECTORS

The board of directors shall consist of one or more members, each of whom shall be a natural person. Unless the certificate of incorporation fixes the number of directors, the number of directors shall be determined from time to time by resolution of the board of directors. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS

Except as provided in Section 3.4 of these bylaws, each director, including a director elected to fill a vacancy, shall hold office until the expiration of the term for which elected and until such director's successor is elected and qualified or until such director's earlier death, resignation, or removal. Directors need not be stockholders unless so required by the certificate of incorporation or these bylaws. The certificate of incorporation or these bylaws may prescribe other qualifications for directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 RESIGNATION AND VACANCIES

Any director may resign at any time upon notice given in writing or by electronic transmission to the Company. A resignation is effective when the resignation is delivered unless the resignation specifies a later effective date, or an effective date determined upon the happening of an event or events. A resignation which is conditioned upon the director failing to receive a specified vote for reelection as a director may provide that it is irrevocable. Unless otherwise provided in the certificate of incorporation or these bylaws, when one or more directors resign from the board of directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective.

Unless otherwise provided in the certificate of incorporation or these bylaws, or permitted in the specific case by resolution of the board of directors, and subject to the rights of holders of preferred stock, vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all of the stockholders having the right to vote as a single class may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director, and not by stockholders. If the directors are divided into classes, a person so chosen to fill a vacancy or newly created directorship shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor shall have been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 PLACE OF MEETINGS; MEETINGS BY TELEPHONE

The board of directors may hold meetings, both regular and special, either within or outside the State of Delaware.

Unless otherwise restricted by the certificate of incorporation or these bylaws, members of the board of directors, may participate in a meeting of the board of directors by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 REGULAR MEETINGS

Regular meetings of the board of directors may be held without notice at such time and at such place as shall from time to time be determined by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 SPECIAL MEETINGS; NOTICE

Special meetings of the board of directors for any purpose or purposes may be called at any time by the chairperson of the board of directors, the chief executive officer, the president, the secretary, or a majority of the Whole Board.

Notice of the time and place of special meetings shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) delivered personally by hand, by courier or by telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sent by United States first-class mail, postage prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sent by facsimile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sent by electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) otherwise given by electronic transmission (as defined in Section 232 of the DGCL), directed to each director
at such director's address, telephone number, facsimile number, electronic mail address or other contact for notice by electronic
transmission, as the case may be, as shown on the Company's records.

If such notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile, (iii) sent by electronic mail, or (iv) otherwise given by electronic transmission, it shall be delivered, sent or otherwise directed to each director, as applicable, at least 24 hours before the time of the holding of the meeting. If such notice is sent by United States mail, it shall be deposited in the United States mail at least four days before the time of the holding of the meeting. Any oral notice may be communicated to the director. The notice need not specify the place of the meeting (if the meeting is to be held at the Company's principal executive office) nor the purpose of the meeting, unless required by statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 QUORUM; VOTING

At all meetings of the board of directors, a majority of the board of directors shall constitute a quorum for the transaction of business. If a quorum is not present at any meeting of the board of directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.

The affirmative vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the board of directors, except as may be otherwise specifically provided by statute, the certificate of incorporation or these bylaws.

If the certificate of incorporation provides that one or more directors shall have more or less than one vote per director on any matter, except as may otherwise be expressly provided herein or therein and denoted with the phrase "notwithstanding the final paragraph of Section 3.8 of the bylaws" or language to similar effect, every reference in these bylaws to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Unless otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the board of directors, or of any committee thereof, may be taken without a meeting if all members of the board of directors or committee, as the case may be, consent thereto in writing or by electronic transmission. Any person (whether or not then a director) may provide, whether through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined upon the happening of an event), no later than 60 days after such instruction is given or such provision is made and such consent shall be deemed to have been given for purposes of this Section 3.9 at such effective time so long as such person is then a director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 FEES AND COMPENSATION OF DIRECTORS

Unless otherwise restricted by the certificate of incorporation or these bylaws, the board of directors shall have the authority to fix the compensation of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 REMOVAL OF DIRECTORS

Any director or the entire Board of Directors may be removed from office by stockholders of the Company in the manner specified in the certificate of incorporation and applicable law. No reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director's term of office.

**ARTICLE IV – COMMITTEES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 COMMITTEES OF DIRECTORS

The board of directors may, by resolution passed by a majority of the board of directors, designate one or more committees (each committee to consist of one or more of the directors of the Company). The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the board of directors or in these bylaws, shall have and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the Company, and may authorize the seal of the Company to be affixed to all papers that may require it; but no such committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 COMMITTEE MINUTES

Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 MEETINGS AND ACTION OF COMMITTEES

Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 3.5 (place of meetings and meetings by telephone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 3.6 (regular meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Section 3.7 (special meetings and notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Section 3.8 (quorum; voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Section 3.9 (action without a meeting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Section 7.4 (waiver of notice). with such changes in the context of those bylaws as are necessary
to substitute the committee and its members for the board of directors and its members. *However*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the time and place of regular meetings of committees may be determined either by resolution of the board
of directors or by resolution of the committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) special meetings of committees may also be called by resolution of the board of directors or the committee;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notice of special meetings of committees shall also be given to all alternate members who shall have the
right to attend all meetings of the committee. The board of directors, or, in the absence of any such action by the board of directors,
the committee, may adopt rules for the government of any committee not inconsistent with the provisions of these bylaws.

Any provision in the certificate of incorporation providing that one or more directors shall have more or less than one vote per director on any matter shall apply to voting in any committee, unless otherwise provided in the certificate of incorporation or these bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 SUBCOMMITTEES

Unless otherwise provided in the certificate of incorporation, these bylaws or the resolutions of the board of directors designating the committee, a committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.

**ARTICLE V – OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 NUMBER AND ELECTION

Subject to the authority of the chief executive officer to appoint officers as set forth in Section 5.3 of these bylaws, the officers of the Company shall be elected by the board of directors and may consist of a chief executive officer, a chief financial officer or treasurer, a president, one or more vice presidents, and any such other officers as may be deemed necessary or desirable by the Board.. Any number of offices may be held by the same person. In its discretion, the board of directors may choose not to fill any office for any period as it may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>TERM OF OFFICE</u>

Each officer shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation, or removal as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 SUBORDINATE OFFICERS

The board of directors may appoint, or empower the chief executive officer or, in the absence of a chief executive officer, the president, to appoint, such other officers as the business of the Company may require. Each of such officers shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the board of directors may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 REMOVAL AND RESIGNATION OF OFFICERS

Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the board of directors, or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof, or by any officer who has been conferred such power of removal.

Any officer may resign at any time by giving written notice to the Company. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the officer is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 VACANCIES IN OFFICES

Any vacancy occurring in any office of the Company shall be filled by the board of directors or as provided in Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 REPRESENTATION OF SECURITIES OF OTHER ENTITIES

The officers of this Company, or any other person authorized by the board of directors or the chief executive officer, the president or a vice president, is authorized to vote, represent, and exercise on behalf of this Company all rights incident to any and all shares or other securities of any other entity or entities, and all rights incident to any management authority conferred on the Company in accordance with the governing documents of any entity or entities, standing in the name of this Company, including the right to act by written consent. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 AUTHORITY AND DUTIES OF OFFICERS

All officers of the Company shall respectively have such authority and perform such duties in the management of the business of the Company as may be designated from time to time by the board of directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the board of directors.

**ARTICLE VI – STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 STOCK CERTIFICATES; PARTLY PAID SHARES

The shares of stock of the Company shall be represented by certificates, provided that the board of directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Company. Unless otherwise provided by resolution of the board of directors, every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of, the Company by any two authorized officers of the Company representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Company with the same effect as if such person were such officer, transfer agent or registrar at the date of issue.

The Company may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Company in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Company shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 SPECIAL DESIGNATION ON CERTIFICATES

If the Company is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences, and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate that the Company shall issue to represent such class or series of stock; *provided, however*, that, except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Company shall issue to represent such class or series of stock, a statement that the Company will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Within a reasonable time after the issuance or transfer of uncertificated stock, the registered owner thereof shall be given a notice, in writing or by electronic transmission, containing the information required to be set forth or stated on certificates pursuant to this Section 6.2 or Sections 156, 202(a), 218(a) or 364 of the DGCL or with respect to this Section 6.2 a statement that the Company will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Except as otherwise expressly provided by law, the rights and obligations of the holders of uncertificated stock and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 LOST CERTIFICATES

Except as provided in this Section 6.3, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Company and cancelled at the same time. The Company may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Company may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Company a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 DIVIDENDS

The board of directors, subject to any restrictions contained in the certificate of incorporation or applicable law, may declare and pay dividends upon the shares of the Company's capital stock. Dividends may be paid in cash, in property, or in shares of the Company's capital stock, subject to the provisions of the certificate of incorporation.

The board of directors may set apart out of any of the funds of the Company available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing, or maintaining any property of the Company, and meeting contingencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 TRANSFER OF STOCK

Transfers of record of shares of stock of the Company shall be made only upon its books by the holders thereof, in person or by an attorney duly authorized, and, if such stock is certificated, upon the surrender of a certificate or certificates for a like number of shares, properly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 STOCK TRANSFER AGREEMENTS

The Company shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock of the Company to restrict the transfer of shares of stock of the Company of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 REGISTERED STOCKHOLDERS

The Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be entitled to recognize the exclusive right of a person registered on its books as the owner of
shares to receive dividends and notices and to vote as such owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall not be bound to recognize any equitable or other claim to or interest in such share or shares on
the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of
Delaware.

**ARTICLE VII - MANNER OF GIVING NOTICE AND WAIVER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 NOTICE OF STOCKHOLDERS' MEETINGS

Notice of any meeting of stockholders shall be given in the manner set forth in the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 NOTICE TO STOCKHOLDERS SHARING AN ADDRESS

Except as otherwise prohibited under the DGCL, without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Company under the provisions of the DGCL, the certificate of incorporation, or these bylaws, shall be effective if given by a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice is given. Any such consent shall be revocable by the stockholder by written notice to the Company. Any stockholder who fails to object in writing to the Company, within 60 days of having been given written notice by the Company of its intention to send the single notice, shall be deemed to have consented to receiving such single written notice. This Section 7.2 shall not apply to Sections 164, 296, 311, 312 or 324 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 NOTICE TO PERSON WITH WHOM COMMUNICATION IS UNLAWFUL

Whenever notice is required to be given, under the DGCL, the certificate of incorporation, or these bylaws, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the Company is such as to require the filing of a certificate under the DGCL, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 WAIVER OF NOTICE

Whenever notice is required to be given under any provision of the DGCL, the certificate of incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the certificate of incorporation or these bylaws.

**ARTICLE VIII – INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 INDEMNIFICATION OF DIRECTORS AND OFFICERS IN THIRD PARTY PROCEEDSINGS

Subject to the other provisions of this Article VIII, the Company shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "**Proceeding**") (other than an action by or in the right of the Company) by reason of the fact that such person is or was a director or officer of the Company, or is or was a director or officer of the Company serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 INDEMNIFICATION OF DIRECTORS AND OFFICERS IN ACTIONS BY OR IN THE RIGHT OF THE COMPANY

Subject to the other provisions of this Article VIII, the Company shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed Proceeding, by or in the right of the Company to procure a judgment in its favor against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Company; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company unless and only to the extent that the Court of Chancery or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 SUCCESSFUL DEFENSE

To the extent that a present or former director or officer of the Company has been successful on the merits or otherwise in defense of any action, suit or proceeding described in Section 8.1 or Section 8.2, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 INDEMNIFICATION OF OTHERS

Subject to the other provisions of this Article VIII, the Company shall have power to indemnify its employees and agents to the extent not prohibited by the DGCL or other applicable law. The board of directors shall have the power to delegate to any person or persons identified in subsections (1) through (4) of Section 145(d) of the DGCL the determination of whether employees or agents shall be indemnified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 ADVANCED PAYMENT OF EXPENSES

Expenses (including attorneys' fees) actually and reasonably incurred by an officer or director of the Company in defending any Proceeding shall be paid by the Company in advance of the final disposition of such Proceeding upon receipt of a written request therefor (together with documentation reasonably evidencing such expenses) and an undertaking by or on behalf of the person to repay such amounts if it shall ultimately be determined that the person is not entitled to be indemnified under this Article VIII or the DGCL. Such expenses (including attorneys' fees) actually and reasonably incurred by former directors and officers or other employees and agents of the Company or by persons serving at the request of the Company as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the Company deems appropriate. The right to advancement of expenses shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is excluded pursuant to these bylaws, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 8.6(ii) or 8.6(iii) prior to a determination that the person is not entitled to be indemnified by the Company.

Notwithstanding the foregoing, unless otherwise determined pursuant to Section 8.8, no advance shall be made by the Company to an officer of the Company (except by reason of the fact that such officer is or was a director of the Company, in which event this paragraph shall not apply) in any Proceeding if a determination is reasonably and promptly made (a) by a vote of the directors who are not parties to such Proceeding, even though less than a quorum, or (b) by a committee of such directors designated by the vote of the majority of such directors, even though less than a quorum, or (c) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, that facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 LIMITATION OF INDEMNIFICATION

Subject to the requirements in Section 8.3 and the DGCL, the Company shall not be obligated to indemnify any person pursuant to this Article VIII in connection with any Proceeding (or any part of any Proceeding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which payment has actually been made to or on behalf of such person under any statute, insurance policy,
indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for an accounting or disgorgement of profits pursuant to Section 16(b) of the 1934 Act, or similar provisions
of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any reimbursement of the Company by such person of any bonus or other incentive-based or equity-based
compensation or of any profits realized by such person from the sale of securities of the Company, as required in each case under the
1934 Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the "**Sarbanes-Oxley Act** "), or the payment to the Company of profits arising from the purchase and sale
by such person of securities in violation of Section 306 of the Sarbanes-Oxley Act), if such person is held liable therefor (including
pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) initiated by such person, including any Proceeding (or any part of any Proceeding) initiated by such person
against the Company or its directors, officers, employees, agents or other indemnitees, unless (a) the board of directors authorized the
Proceeding (or the relevant part of the Proceeding) prior to its initiation, (b) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable law, (c) otherwise required to be made under Section 8.7, or
(d) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 DETERMINATION; CLAIM

If a claim for indemnification or advancement of expenses under this Article VIII is not paid in full within 90 days after receipt by the Company of the written request therefor, the claimant shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. The Company shall indemnify such person against any and all expenses that are actually and reasonably incurred by such person in connection with any action for indemnification or advancement of expenses from the Company under this Article VIII, to the extent such person is successful in such action, and to the extent not prohibited by law. In any such suit, the Company shall, to the fullest extent not prohibited by law, have the burden of proving that the claimant is not entitled to the requested indemnification or advancement of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 NON-EXCLUSIVITY OF RIGHTS

The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VIII shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the certificate of incorporation or any statute, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office. The Company is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advancement of expenses, to the fullest extent not prohibited by the DGCL or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 INSURANCE

The Company may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the Company would have the power to indemnify such person against such liability under the provisions of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 SURVIVAL

The rights to indemnification and advancement of expenses conferred by this Article VIII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 EFFECT OF REPEAL OR MODIFICATION

A right to indemnification or to advancement of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate of incorporation or these bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 CERTAIN DEFINITIONS

For purposes of this Article VIII, references to the "**Company**" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. For purposes of this Article VIII, references to "**other enterprises**" shall include employee benefit plans; references to "**fines**" shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "**serving at the request of the Company**" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "**not opposed to the best interests of the Company**" as referred to in this Article VIII.

**ARTICLE IX - GENERAL MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS

Except as otherwise provided by law, the certificate of incorporation or these bylaws, the board of directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute any document or instrument in the name of and on behalf of the Company; such authority may be general or confined to specific instances. Unless so authorized or ratified by the board of directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the Company by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 FISCAL YEAR

The fiscal year of the Company shall be fixed by resolution of the board of directors and may be changed by the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 SEAL

The Company may adopt a corporate seal, which shall be adopted and which may be altered by the board of directors. The Company may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 CONSTRUCTION; DEFINITIONS

Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term "**person**" includes a company (including, but not limited to, a limited liability company), corporation, partnership, joint venture, trust or other enterprise, and a natural person. Any reference in these bylaws to a section of the DGCL shall be deemed to refer to such section as amended from time to time and any successor provisions thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 FORUM SELECTION

To the fullest extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery
of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another State court in Delaware or the federal district
court for the District of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative
action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director,
stockholder, officer or other employee of the Company to the Company or the Company's stockholders, (iii) any action arising pursuant
to any provision of the DGCL or the Company's certificate of incorporation or these bylaws (as either may be amended from time to
time), or (iv) any action asserting a claim governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above,
any claim as to which such court determines that there is an indispensable party not subject to the jurisdiction of such court (and the
indispensable party does not consent to the personal jurisdiction of such court within ten (10) days following such determination), which
is vested in the exclusive jurisdiction of a court or forum other than such court, or for which such court does not have subject matter
jurisdiction. For the avoidance of doubt, this Section 9.5(A) shall not apply to any action brought to enforce a duty or liability created
by the Securities Act of 1933, as amended (the "1933 Act") or the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Unless the Company consents in writing to the selection of an alternative forum, the federal district
courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the 1933 Act.

Any person or entity purchasing or otherwise acquiring or holding any interest in any security of the Company shall be deemed to have notice of and consented to the provisions of this Section 9.5.

**ARTICLE X – AMENDMENTS**

These bylaws may be altered, amended, or repealed, in whole or in part, or new bylaws may be adopted by the board of directors or by the stockholders as expressly provided in the Company's certificate of incorporation.

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

[ ], 2025

**BW Industrial Holdings Inc.**

2825 Wilcrest Drive, Suite 421

Houston, TX 77042

Ladies and Gentlemen:

We are acting as counsel to BW Industrial Holdings Inc., a company incorporated in Delaware (the "**Company**"), in connection with the registration statement on Form S-1 initially filed by the Company with the U.S. Securities and Exchange Commission (the "**Commission**") on December [ ], 2025, as amended (the "**Registration Statement**"), under the Securities Act of 1933, as amended (the "**Securities Act**"), for the registration of certain shares of common stock, par value $0.0001 per share (the **"Common Stock"**), specifically (i) [ ] shares of Common Stock (the "**Shares**"), and (ii) up to [ ] shares of Common Stock issuable upon the exercise of an over-allotment option granted to the underwriter by the Company (the "**Option Shares**" together with the Shares, the "**Offered Shares**"), pursuant to the underwriting agreement to be entered into by and between the Company and the underwriter named therein (the "**Underwriting Agreement**").

In rendering the opinion set forth below, we have assumed that (i) all information contained in all documents reviewed by us is true and correct; (ii) all signatures on all documents examined by us are genuine; (iii) all documents submitted to us as originals are authentic and all documents submitted to us as copies conform to the authentic originals of such documents; and (iv) each natural person signing any document reviewed by us had the legal capacity to do so.

In connection with this matter, we have examined the Registration Statement, including the exhibits thereto; the certificate of incorporation and the bylaws of the Company, as each of the same has been amended through the date hereof; the originals, or copies certified or otherwise identified to our satisfaction, of corporate records, including minute books and resolutions; and such other documents, corporate records, and instruments and such laws and regulations as we have deemed necessary for purposes of rendering the opinion set forth herein.

In our examination, we have assumed the completeness and authenticity of any document submitted to us as an original, the completeness and conformity to the originals of any document submitted to us as a copy, the authenticity of the originals of such copies, the genuineness of all signatures, and the legal capacity and mental competence of natural persons. With respect to certain facts, we have considered it appropriate to rely upon certificates or other comparable documents of public officials and officers or other appropriate representatives of the Company, without investigation or analysis of any underlying data contained therein. This opinion is limited to our review of the federal laws of the United States of America and the General Corporation Law of the State of Delaware as currently in effect, and we express no opinion as to the effect of any other law of the State of Delaware or the laws of any other jurisdiction.

On the basis of and in reliance upon the foregoing, we are of the opinion that (i) the Offered Shares of Common Stock have been duly authorized by the Company and, when issued and paid for in accordance with the terms of the Registration Statement and Underwriting Agreement, will be validly issued, fully paid and non-assessable.

www.htflawyers.com \| info@htflawyers.com

950 Third Avenue, 19th Floor - New York, NY 10022 \| Office: (212) 530-2210 \| Fax: (212) 202-6380

![](ex5-1_001.jpg)

This opinion letter speaks only as of the date hereof, and we assume no obligation to update or supplement this opinion letter if any applicable laws change after the date of this opinion letter or if we become aware after the date of this opinion letter of any facts, whether existing before or arising after the date hereof, that might change the opinion expressed above.

This opinion letter is furnished in connection with the filing of the Registration Statement and may not be relied upon for any other purpose without our prior written consent in each instance. Further, no portion of this opinion letter may be quoted, circulated, or referred to in any other document for any other purpose without our prior written consent.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to this firm in the Registration Statement under the caption "Legal Matters." In giving our consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

Very truly yours, <br>HUNTER TAUBMAN FISCHER & LI LLC

www.htflawyers.com \| info@htflawyers.com

950 Third Avenue, 19th Floor - New York, NY 10022 \| Office: (212) 530-2210 \| Fax: (212) 202-6380

## Exhibit 10.1

**Exhibit 10.1**

**<u>SERVICE AGREEMENT</u>**

THIS SERVICE AGREEMENT made this 1<sup>st</sup> day of August, 2025, by and between Propersys Corporation, an Arizona corporation ("Contractor") and BW Industrial Construction ("Subcontractor"). Subcontractor begins any work or to signing this Agreement, they are agreeing to all the terms and conditions in this Agreement and all Attachments incorporated as part of this Agreement. Failure to return fully executed documents and compliant Insurance will result in a hold on the Subcontractor's payment.

1. INCORPORATION BY REFERENCE OF OTHER CONTRACT DOCUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Service Agreement shall consist of all terms and conditions
set forth hereto, any exhibits attached hereto and all subsequent modifications hereto (collectively, the "Agreement"), The
Contract Documents shall mean the documents made by Contractor and the General Contractor, Construction Manager or Owner; including,
but not limited to, all agreements (other than the Agreement) pertaining to the construction of the "Project'', including the invitation
to bid, if any, pre-contract bulletins, if any, general, special and supplementary conditions, if any, drawings and plans and specifications
referred to in such agreements and all addenda and modifications issued thereto. All contract documents mentioned above are incorporated
herein by reference, shall be referred to as "the Contract Documents", and are made a part hereof. The "Project"
is comprised of the Subcontractor's Work plus those activities to be performed by Contractor or Owner, including work and services performed
by any other contractors and consultants to Owner. "Owner" means TSMC Arizona Corporation. The term "Project"
as used in this Agreement shall have the same meaning as the term "Project" defined in the Design-Build Master Work Agreement
entered into between Contractor and Owner on April 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. Subcontractor shall be bound to Contractor by the terms of this Agreement and, to the extent that the
provisions of the Contract Documents apply to the Work of Subcontractor as set forth herein, the Subcontractor shall assume toward the
Contractor, by the Contract Documents and this Agreement, all the obligations and responsibilities which the Contractor, by the Contract
Documents, assumes toward the Owner, the General Contractor or the Construction Manager. Furthermore, the Subcontractor agrees that Contractor
shall have the same rights and remedies as against the Subcontractor as the Owner, General Contractor or Construction Manager under the
other Contract Documents have against Contractor related to Subcontractor's scope of work with the same force and effect as though every
such duty, obligation, responsibility, right or remedy were set forth herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. The terms and provisions of this Agreement with respect to the Work to be performed and furnished by
the Subcontractor hereunder are intended to be and shall be in addition to and not in substitution for any of the terms and provisions
of the Contract Documents governing the Work. If any provision of this Agreement materially conflicts with a provision of the Contract
Documents, the provision imposing the greater duty or obligation on the Subcontractor shall govern.

2. THE WORK

&nbsp;&nbsp;&nbsp;&nbsp;2.1. Subcontractor agrees to do all things necessary to perform and complete the work set forth in the Purchase
Order or Exhibit "A" if attached hereto and incorporated herein by reference (the "Work') and Subcontractor agrees to furnish
all materials, equipment, services and perform all labor necessary to complete the Work in a prompt manner, providing a sufficient number
of skilled workers to complete the Work on time, unconditionally, in a workmanlike manner, without hinderance or delay to Contractor or
any other subcontractor branch or class of work on the Project and to work in harmony with and to render assistance to Contractor, other
subcontractors and other branches of work in connection therewith and the progress of such Project may require according to the true intent
and meaning of the Contract Documents. Subcontractor shall obtain and pay for all permits, comply with all federal, local, and state rules
and ordinances, and shall furnish drawings or calculations as required by Contractor and the Contract Documents for the performance of
the Work on the Project. Subcontractor shall be solely responsible for protection of its Work until final acceptance thereof by the Contractor
and Owner.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. Said Work shall be performed to the satisfaction of the Contractor, and of the Owner
according to the terms of this Agreement and the Contract Documents. For avoidance of doubt, the acceptance criteria employed by Contractor
for the Work, are those dictated in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. The parties acknowledge and agree that the term "Purchase Order" as
referenced in this Agreement may refer to more than one purchase order issued in connection with the Project. All Purchase Orders and
the corresponding Exhibits executed by the parties
in relation to the Project shall be subject to and governed by the terms and conditions of this Agreement, unless expressly stated otherwise
in writing.

3. PERFORMANCE & PAYMENT BOND

&nbsp;&nbsp;&nbsp;&nbsp;3.1. At its own expense, if required by Contractor, Subcontractor
shall secure and maintain in effect until final acceptance of its Work, 100 percent Performance and Payment Bonds in the full amount
of the Contract Price with a corporate surety rated at least AM Best Rated A-. The surety shall be authorized to do business in every
state in which Work is to be performed. Said bond shall be on a form acceptable to Contractor. Contractor shall be presented sufficient
evidence prior to the commencement of Work herein that said bond has been secured.

4. SITE INSPECTION & MEASUREMENT

&nbsp;&nbsp;&nbsp;&nbsp;4.1. Subcontractor has examined the existing field conditions
as necessary for Subcontractor to determine the difficulty and cost to Subcontractor for it to properly and completely perform its Work
in accordance with the terms of this Agreement. Subcontractor agrees that such site examination-inspection has included, but has not
necessarily been limited to, the examination of the (1) the location, condition, layout of structures, and nature of the site and surrounding
areas, (2) generally prevailing weather conditions, (3) anticipated labor supply and costs (4) availability and cost of materials, tools,
and equipment, and Subcontractor has compared said conditions with the drawings and specifications relating to the Project. Subcontractor
agrees that it is satisfied as to the conditions of the site so as to completely and timely complete its Work. No allowance shall subsequently
be made to Subcontractor by any reason of any error or failure to examine as required on its part except to the extent where conditions
are different than when Subcontractor examined such conditions or where upon examination the information regarding the conditions were
not reasonably obtainable.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. Prior to commencing any Work, Subcontractor shall check and
verify all drawing measurements and levels in relation to existing and new elevations, grades and contours to ascertain their correctness
in connection with Subcontractor's Work. Any variance discovered shall be brought to the attention of Contractor in writing, within
a sufficient period of time for Contractor to notify Owner before Subcontractor proceeds with the Work. If Subcontractor proceeds with
the Work without so notifying Contractor, such action shall constitute a waiver of any rights and remedies against Contractor or any
party arising out of any said variance and in addition Subcontractor shall be liable to Contractor for any damage sustained by reason
of Subcontractor's so proceeding.

5. EXAMINATION OF CONTRACT DOCUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;5.1. Subcontractor agrees and represents that it has examined
and understands the terms of this Agreement and the terms and provisions of the Contract Documents. Subcontractor further represents
that it has examined and studied the work adjoining its Work or work which is contemplated to adjoin Subcontractor's Work and understands
the requirements in order to make its Work correspond thereto and agrees to perform said Work.

&nbsp;&nbsp;&nbsp;&nbsp;5.2. If Subcontractor discovers any ambiguities, discrepancies,
deficiencies or errors in the plans, specifications or other Contract Documents which affect its Work, then Subcontractor agrees to notify
Contractor in writing, within a sufficient period of time for Contractor to notify Owner prior to Subcontractor commencing any of its
Work. If Subcontractor proceeds without notifying Contractor, such action shall constitute a waiver of any rights and remedies against
the Contractor or any party arising out of said errors, deficiencies, discrepancies, or ambiguities; and, in addition, Subcontractor
shall be liable to Contractor for any damages Contractor sustains by Subcontractor's so proceeding.

6. THE CONTRACT PRICE

&nbsp;&nbsp;&nbsp;&nbsp;6.1. Contractor shall pay Subcontractor in current funds for the
performance of the Work on a monthly basis, unless otherwise stated in this Agreement, subject to additions and/or deductions, as provided
herein, the sum stated in the Purchase Order. If the Contract Price is based on unit prices, then such amounts shall be set forth on
the Purchase Order. The Contract Price shall include all federal, state, county, municipal and other taxes imposed by law and based upon
labor, services, materials, equipment or other items acquired, performed, furnished or used for and in connection with the Work, including,
but not limited to, sales, use and personal property taxes payable by or levied or assessed against the Owner, Contractor or the Subcontractor.
The Contract Price may only be changed by a Change Order pursuant to Section 26 and rules explicitly set forth in the Contract Documents.
If Subcontractor fails to sign and return this Agreement and its attachments and a compliant certificate of insurance and endorsements,
Contractor reserves the right to withhold progress payments or final payment for Subcontractor's failure to comply with any obligations
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 The total Contract Price under this Agreement shall be determined
in accordance with each applicable Purchase Order and its corresponding Exhibits.

7. PROGRESS PAYMENTS

&nbsp;&nbsp;&nbsp;&nbsp;7.1. In consideration for the Services to be performed by Subcontractor,
Contractor agrees to pay Subcontractor in accordance with the payment schedule described in Exhibit B, which is attached to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.2. Subcontractor shall submit its statement to Contractor for
Work it has performed after acceptance by Contractor of the Work in accordance with Exhibit A. Contractor may credit against any statement
by Subcontractor any outstanding back charges in Contractor's favor existing against Subcontractor.

&nbsp;&nbsp;&nbsp;&nbsp;7.3. As may be required by the Contract Documents, Subcontractor
shall prepare a schedule of values acceptable to Contractor prior to submitting the Subcontractor's first statement and in time
to allow Contractor to incorporate Subcontractor's approved schedule of values in with Contractor's schedule of values. Monthly
statements shall be approved by Contractor in accordance with the schedule of values.

&nbsp;&nbsp;&nbsp;&nbsp;7.4. Any statement by Subcontractor shall include sufficient information
as to fully substantiate for Contractor all requested payments which Subcontractor has made for Work and materials. Subcontractor shall
include reasonably detailed invoices-Application for Payment forms, affidavits of completion by Subcontractor and any subcontractors
it may have. As part of its payment application, Subcontractor shall also provide written waivers of mechanic's liens for itself
and from all of its subcontractors, materialmen, suppliers and from any others as required by contract or law. Subcontractor shall also
supply to Contractor, documentary proof of delivery and charges by those who have supplied any equipment, materials or labor to or on
behalf of Subcontractor for use on the Work or Project.

&nbsp;&nbsp;&nbsp;&nbsp;7.5. Retainage shall be in accordance with the next sentence hereof,
which retainage shall be deducted from each and every progress payment made pursuant to this paragraph and further subject to deductions
otherwise permitted by this Agreement and shall be as indicated on this paragraph for each of said payments. Subcontractor's approved
amounts shall be paid within thirty (30) days of receipt of Subcontractor's accurate invoice without errors. Five Percent (5%)
of the approved value of all progress payments shall be retained by Contractor until the Work is fully completed to the satisfaction
of the Contractor, and of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;7.6. ln addition to any other rights or remedies provided in this
Agreement or the Contract Documents, Contractor may decline to approve subcontractor's statement, may approve such statement in
a reduced amount, or may approve such statement in whole and retain from payment to Subcontractor such amounts which Contractor, in its
sole discretion shall deem reasonable and prudent on account of: (l) defective Work nor remedied; (2) third party claims asserted or
reasonable evidence indicating probable filing of such claims; (3) failure of Subcontractor to make payment to any Subcontractor, supplier,
or materialman for labor, materials, or equipment; (4) reasonable evidence that the Subcontractor's Work cannot be completed and
associated debts paid for with the unpaid balance of the Contract Price under paragraph 7 hereof as adjusted by change orders, back charges,
and the like; (5) damage to the Contractor, Owner, General Contractor, or Construction Manager, or to any other contractor on the Project
caused or alleged to have been caused by Subcontractor or any of its agents; (6) reasonable evidence that the Subcontractor's Work
will not be completed within the contract time; (7) persistent failure by Subcontractor or its agents to carry out Subcontractor's
Work in accordance with this Agreement or the Contract Documents; (8) evidence of a lien or claim or notice of lien that has been filed
or served against the property upon which the Project is situated or against monies to be paid by the Owner; or (9) a request by Subcontractor's
surety that such amount or payment not be approved or paid to Subcontractor or any other material, uncured default by Subcontractor under
this Agreement or any other agreement between Contractor and Subcontractor. When all such circumstances are remedied, approval and payment
of Subcontractor's statement may proceed as set forth in this paragraph 7.

8. FINAL PAYMENT

&nbsp;&nbsp;&nbsp;&nbsp;8.1. Final payment, constituting the entire unpaid balance of
the Contract Price which shall include retainage, may be invoiced by Subcontractor only when the Work described in this Agreement is
fully completed and performed in accordance with the terms of this Agreement and the Contract Documents to the satisfaction of Contractor,
and of the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;8.2. Final payment by Contractor to the Subcontractor shall not
become due and payable until the following other express conditions precedent have been met: (1) the completion and acceptance of the
Work; (2) provision by the Subcontractor of evidence satisfactory to Contractor that there are no claims, obligations or liens outstanding
or unsatisfied for labor, services, materials, equipment, taxes or other items in connection with the Work including, if requested, written
waivers of mechanic's liens from all its subcontractors, materialmen, and suppliers; (3) execution and delivery by the Subcontractor,
in a form satisfactory to Contractor, of a general release of claims and liens running to and in favor of Owner and contractor; and (4)
complete and full satisfaction of all claims, demands and disputes, and all obligations and responsibilities of Subcontractor, arising
out of or related to the Subcontract (including, if applicable, prevailing wages), including those as between Contractor and Subcontractor
as well as those between Subcontractor and any third party. Should there be any such claim, obligation or lien or unsatisfied obligation
or responsibility whether before or after final payment is made, the Subcontractor shall pay, refund or deliver to Contractor (1) all
monies that Owner and/or contractor shall pay in satisfying, discharging or defending against any such claim, obligation or lien or any
action brought or judgment recovered thereon and all costs and expenses, including legal fees and disbursements, incurred in connection
therewith; and (2) and such amounts as Owner and/or Contractor shall, in their sole discretion, determine to be an amount sufficient
to protect Owner and/or Contractor therefrom. In lieu of payment of such amounts, Subcontractor may, at Contractor's sole discretion,
deliver a bond satisfactory to Owner and Contractor. Such refund and payment shall be made within ten (10) days of request by Contractor
to Subcontractor for same. The final payment shall be due within thirty (30) days after all of these express conditions precedent have
been met.

&nbsp;&nbsp;&nbsp;&nbsp;8.3. ln addition, as a condition to payment, Subcontractor will
submit to Contractor (a) all maintenance and operating manuals, (b) a complete set of the as-built drawings, (c) copies of all warranties
and guarantees from Subcontractor, sub-subcontractors, suppliers and equipment manufacturers and (d) a complete list of the names, addresses
and phone numbers of all sub-subcontractors and any company providing a warranty or guarantee.

9. CONTRACT TIME

&nbsp;&nbsp;&nbsp;&nbsp;9.1. Time is of the essence of this Agreement. The Work performed
under this Agreement shall be commenced by Subcontractor upon notice from the Contractor. Subcontractor shall fully complete its Work
within the time period, and in accordance with the schedule, set forth on Exhibits or in compliance with the project schedule as set
forth in the Contract Documents. Within the time of commencement and the completion date, as set forth herein, Subcontractor's
Work shall be carried forward and completed at such times and in such a manner and quantities as the Contractor may direct and as the
progress of the adjoining work and the entire Project may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 The Subcontractor's commencement date, as well as all
milestone dates and completion dates for each phase of the Work, shall be as set forth in each applicable Purchase Order and its corresponding
Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;9.2. Subcontractor, upon request, shall furnish periodic progress
reports on its Work, including, but not limited to, information on the status of completed and non-completed Work, and the status of
material and equipment under this Agreement which may be in the course of preparation, manufacturing, or shipment. Subcontractor shall
cooperate with Contractor in scheduling and performing its Work to avoid conflict or interference with the work of others.

&nbsp;&nbsp;&nbsp;&nbsp;9.3. Should the Work be disrupted, obstructed, delayed or interfered
with due to any fault, neglect, or failure to act by the Subcontractor (including, but not limited to, any strike, boycott, picketing
or voluntary or involuntary cessation of Work by Subcontractor's employees), which in Contractor's sole judgment will cause
an unreasonable delay in the Work, Contractor, upon giving Subcontractor five (5) calendar days prior written notice, shall have the
right to declare Subcontractor in default of this Agreement. In this event, Contractor shall take such actions as it deems appropriate
to complete the unfinished portion of the Work including all rights described in this Agreement.

10. SUBCONTRACTOR – MATERIALS – SUPPLIES

&nbsp;&nbsp;&nbsp;&nbsp;10.1. Subcontractor warrants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. That all of its Work and workmanship, services, supplies, materials and equipment
furnished in connection with its Work shall be new and the best of their respective kind in accordance with the Contract Document requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. That Subcontractor, at its own expense, shall provide all tools, equipment, instruments, implements,
scaffolding,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. Subcontractor, at its own expense, shall provide storage space, office machinery, and trailers and other
incidentals necessary for the proper performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4. Subcontractor agrees that it is completely responsible for its materials, tools, equipment and other
property located or stored on the work site, in transit or in any warehouse or other storage area. This responsibility continues even
though Subcontractor has received payment for such material, equipment, tools and property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5. Subcontractor's proposal or quotation shall not be a part of this Agreement unless specifically mentioned
herein, and in case of any conflict between the provisions, terms and quantity of Work contained in any such mentioned proposals or quotations
and those contained in this Agreement and the Contract Documents, the provisions, terms and quantity of Work contained in this Agreement
and the Contract Documents shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6. Subcontractor shall provide and pay for all transportation required to deliver to and remove from the
Project site, all materials, equipment, and other items required for its Work. If it becomes necessary at any time during the completion
of Subcontractor's Work to move its materials, equipment, or other items which have been temporarily placed, Subcontractor shall move
the same when and where directed by Contractor without any additional charge.

11. INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;11.1. Prior to the start of any Work and for the longest of the warranty period for the Work or the statute
of repose for the state where the Work is performed, Subcontractor shall continuously maintain insurance coverage of the types and amounts
required. Subcontractor's insurance shall be endorsed to provide that such coverage is primary, and Contractor's and any required additional
insureds liability coverages are secondary for any claim. Subcontractor's insurance, excepting worker's compensation and employer's liability,
shall name Contractor, Owner, and General Contractor or Construction Manager, and if required in the construction documents any other
such required party, and their respective subsidiaries, agents, employees, officers, directors, successors and assigns as additional insureds
("Additional Insureds") using ISO endorsement forms CG 20 10 07 04 and CG 20 37 07 04 or their equivalent. Subcontractor's
insurance policies required above shall include a waiver of subrogation in favor of the "Additional Insureds". Prior to starting
any Work and thirty (30) days before renewals, Subcontractor shall deliver certificates of insurance acceptable to Contractor. Such certificates
shall state that policies include a thirty (30) day notice of reduction or cancellation of coverage. Subcontractor is responsible for
all deductibles all insurance procured by Subcontractor. Subcontractor policies shall be on an occurrence basis and issued by insurance
companies rated A- or higher by A.M. Best. When requested, Subcontractor shall provide copies of insurance policies. Contractor shall
not make payments to Subcontractor unless the required insurance coverages are in effect and certificates of insurance and endorsements
have been delivered to Contractor.

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| | |
|:---|:---|
| 11.1.1. | Commercial General Liability - for Personal and Bodily Injury and Property Damage Liability |
|  | $2,000,000 General Aggregate,<br> $2,000,000 Products and Completed Operations Aggregate<br> $1,000,000 Personal Injury and Advertising<br> $1,000,000 Each Occurrence |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. Business Automobile Liability for $1,000,000 per occurrence combined single limit written to cover
all owned, hired and non-owned automobiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. Workers Compensation and Employer's Liability Including an "all states endorsement" and where
exposure exists, Federal Employee Liability, U.S. Longshoremen and Harbor Workers, and Jones Act for Statutory Limits and minimum Employer's
Liability Limits of:

$1,000,000 per Accident/Employee/Disease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. Umbrella / Excess Insurance for minimum limits of $5,000,000 combined single limit, following form coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5. The Subcontractor shall obtain insurance coverage(s) in sufficient amounts and form to cover its own
exposure to loss for owned, rented, leased, or borrowed tools, equipment, or machinery of any type ("Property''). If a claim is made
by the Subcontractor on any builder's risk policy provided by others, the Subcontractor shall bear the deductible cost. Any insurance
policy covering Subcontractor or its sub- Subcontractor's "Property" against loss or damage shall include an endorsement waiving
the insurer's right of subrogation against the "Additional Insureds". If Subcontractor chooses to self-insure this risk, it
is agreed that the Subcontractor and/or its subcontractors waive any claim for damage or loss 10 "Property'' in favor of the "Additional
Insureds".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6. Subcontractor must enroll in, comply with, and be accepted into the TSMC Arizona Construction Project
OCIP Program and provide the CCIP/OCIP (or similar) credit required by the Program. Subcontractor is responsible to maintain its insurance
liability to match OCIP requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.7. To the fullest extent permitted by law, the insurance afforded so the additional insured(s) shall be
as broad as the insurance afforded to the first named insured. In the event any party provides insurance with limits greater than those
required in this Section, the insurance afforded to an additional insured shall be up to the full limits provided by such policy, and
this Agreement shall be deemed to require such full limits.

12. ASSIGNMENT

&nbsp;&nbsp;&nbsp;&nbsp;12.1. Subcontractor shall not (1) assign the whole or any part of this Agreement; (2) subcontract the whole
or any part of the Work under this Agreement; (3) assign any amounts due or to become due under this Agreement without the written consent
of Contractor. In the event Contractor consents to the assignment or the subcontracting/subletting of the whole or any part of this Agreement,
Subcontractor shall remain fully responsible and liable under this Agreement as if no assignment, subcontract, or sublet had occurred.

13. SUBCONTRACTOR'S OBLIGATIONS

&nbsp;&nbsp;&nbsp;&nbsp;13.1. Subcontractor shall keep at the jobsite during Subcontractor's entire performance of the Work
 described herein, a competent superintendent and any necessary assistants, all satisfactory to Contractor. Any superintendent
 unsatisfactory to Contractor shall promptly be replaced. The superintendent shall represent the Subcontractor and all directions
 given to him/her shall be as binding as if given to the Subcontractor.

&nbsp;&nbsp;&nbsp;&nbsp;13.2. Subcontractor will be considered for all purposes, an independent contractor. Subcontractor will not directly
or indirectly act or hold itself out as Contractor' agent, servant or employee or make any commitments or incur any liabilities on Contractor's
behalf. Nothing in this Agreement shall be deemed to create an agency, master/servant, employer/employee or other such relationship between
Contractor and Subcontractor. Subcontractor has been given an opportunity to review this Agreement with its attorneys and hereby agrees
that it has read the Agreement and that the undersigned has the power and authority to enter into this Agreement and to perform the transactions
contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;13.3. Subcontractor shall fully comply with all revenue laws pertaining to the Work described herein including,
but not limited to, filing all requisite tax returns with, and paying when due all taxes owing to, each governmental unit or subdivision
thereof. Said taxes shall include, but not be limited to, income, withholding, sales, use, gross receipts, excise taxes, Unemployment
Compensation taxes, Medicare and Social Security and other old age benefit taxes. Subcontractor agrees and authorizes Contractor to deduct
the amount of any taxes and contributions which may be due from Subcontractor or on account of Subcontractor' Work or materials furnished
and to pay the same directly or to take any such precautions as may be necessary to insure the payment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;13.4. Subcontractor shall direct all communications involving Owner, General Contractor, Construction Manager
or any other entities to Contractor only, unless otherwise approved in writing. This includes without limitation, all requests for information,
submittals, request for meetings, claims for extras or changes, requests for time extensions or damages.

14. PERMITS – FEES – LEGAL COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;14.1. Subcontractor shall comply, at its expense, with all laws, ordinances, rules, regulations and orders
of any public authority relating to the performance of its Work and shall hold Contractor harmless from any claim arising from the failure
of Subcontractor to comply with the requirements of said laws, ordinances, rules, regulations and orders. Subcontractor shall, at its
own expense, secure and maintain in effect during the performance of its Work described herein, all permits, and governmental fees, licenses
and inspection permits and certificates necessary for the proper execution and completion of its Work. At the completion of its Work,
Subcontractor shall deliver to Contractor all certificates of approval from all governing inspection agencies or authorities which are
required in connection with its Work. Subcontractor shall fully comply with all wage and hour acts including, but not limited to, prevailing
wage laws, which apply to Subcontractor's Work described herein. Subcontractor shall, in connection with each application for any progress
payment and final payment, certify that it has fully complied with all such laws. If Subcontractor fails to comply with such laws, Subcontractor
shall completely indemnify Contractor for any and all losses sustained by Contractor as a result thereof.

15. INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;15.1. TO THE FULLEST EXTENT PERMITTED BYLAW, SUBCONTRACTOR SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS CONTRACTOR
(AND IF REQUIRED BY OTHERS OF CONTRACTOR IN THE CONTRACT DOCUMENTS, SUCH NAMED INDEMNITEES), OWNER, SUBSIDIARIES, DIRECTORS, OFFICERS,
GENERAL CONTRACTOR, CONSTRUCTION MANAGER, SURETIES, ARCHITECTS, ARCHITECTS' CONSULTANTS, AND THEIR RESPECTIVE AGENTS AND EMPLOYEES FROM
AND AGAINST CLAIMS, DAMAGES, LOSSES AND EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE ATTORNEYS' FEES AND THE COSTS OF ENFORCING THIS
INDEMNITY, ARISING OUT OF OR RESULTING FROM PERFORMANCE OF THE WORK, PROVIDED THAT SUCH CLAIM, DAMAGE, LOSS OR EXPENSE IS ATTRIBUTABLE
TO PERSONAL INJURY, BODILY INJURY, SICKNESS, DISEASE OR DEATH, OR TO INJURY TO OR DESTRUCTION OF TANGIBLE PROPERTY (OTHER THAN THE WORK
ITSELF), BUT ONLY TO THE EXTENT CAUSED BY SUBCONTRACTOR'S INTENTIONAL, RECKLESS, WILLFUL, OR NEGLIGENT ACTS OR OMISSIONS, ANYONE DIRECTLY
OR INDIRECTLY EMPLOYED BY SUBCONTRACTOR OR ANYONE FOR WHOSE ACTS SUBCONTRACTOR MAY BE LIABLE, REGARDLESS OF WHETHER OR NOT SUCH CLAIM,
DAMAGE, LOSS OR EXPENSE IS CAUSED IN PART BY A PARTY INDEMNIFIED HEREUNDER. SUCH OBLIGATION SHALL NOT BE CONSTRUED TO NEGATE, ABRIDGE,
OR REDUCE OTHER RIGHTS OR OBLIGATIONS OF INDEMITY WHICH WOULD OTHERWISE EXIST AS TO A PARTY OR PERSON DESCRIBED IN THIS PARAGRAPH. IN
CLAIMS AGAINST ANY PERSON OR ENTITY INDENIFIED HEREIN BY AN EMPLOYEE OF SUBCONTRACTOR OR ANYONE DIRECTLY OR INDIRECTLY EMPLOYED BY SUBCONTRACTOR
OR ANYONE FOR WHOSE ACTS SUBCONTRACTOR MAY BE LIABLE, THE INDEMNIFICATION OBLIGATION ABOVE SHALL NOT BE LIMITED BY A LIMITATION ON AMOUNT
OR TYPE OF DAMAGES, COMPENSATION OR BENEFITS PAYABLE BY OR FOR SUBCONTRACTOR UNDER WORKERS' COMPENSATION ACTS, DISABILITY BENEFIT ACTS
OR OTHER EMPLOYEE BENEFIT ACTS. SUBCONTRACTOR SHALL INCLUDE THIS INDEMNITY PROVISION IN CONTRACTOR'S FAVOR IN ALL OF ITS SUBCONTRACTS
AND PURCHASE ORDERS RELATED TO THE WORK. THE PARTIES
ACKNOWLEDGE THAT THE AMOUNT OF INDEMNITY REQUIRED HEREUNDER BEARS A REASONABLE COMMERCIAL RELATIONSHIP TO THIS AGREEMENT. ANY PORTION
OF THIS INDEMNIFICATION AND DEFENSE EXCEEDING THE SCOPE OF INDEMNIFICATION AND DEFENSE PERMITTED UNDER LAW SHALL BE CONSIDERED TO BE REDACTED
FROM THIS AGREEMENT AND SUBCONTRACTOR'S INDEMNIFICATION AND DEFENSE OBLIGATIONS SHALL APPLY ONLY TO THE EXTENT PERMITTED BYLAW.

&nbsp;&nbsp;&nbsp;&nbsp;15.2. Subcontractor shall defend, indemnify and hold harmless Contractor and its affiliates and their directors,
officers, employees, agents, assigns, and customers from and against any and all claims and demands of infringement of any patent, trademark,
trade secret, copyright, mask work or application therefore, or other intellectual property right of any third party now or hereafter
existing, that are based upon or arise in connection with: (a) the process by which Subcontractor performs Services hereunder; or (b)
the use of any equipment or incorporation of any inputs by Subcontractor into the completed work(s).

&nbsp;&nbsp;&nbsp;&nbsp;15.3. Contractor reserves the right to defend any indemnification claim arising hereunder, in lieu of having
Subcontractor defend Contractor, in which case Subcontractor shall reimburse Contractor for the reasonable costs and expenses of same,
if and to the extent required by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;15.4. Subcontractor consents to joinder at Owner's demand in any dispute resolution or legal proceeding
to which Contractor and Owner are parties, involving Subcontractor's Services.

16. O.S.H.A. & EQUAL EMPLOYMENT OPPORTUNITY ACT

&nbsp;&nbsp;&nbsp;&nbsp;16.1. Without limiting the provisions of section 15 above, Subcontractor shall, at all times, comply strictly
with the Health Safety Standards and Rules and Regulations of the Federal Occupational Safety and Health Act of 1970, any other respective
state Occupational Safety and Health regulation and any amendment thereto. In the event of Subcontractor's failure to remedy any default
in such compliance within three (3) days of notice thereof, or immediately in the case of an emergency condition, either by Contractor
or governmental authority, Contractor shall have the right to remedy such default for and on the account of the Subcontractor. The cost
of such remedial action by Contractor shall be repaid by Subcontractor to Contractor. TO THE FULLEST EXTENT PERMITTED BY LAW, SUBCONTRACTOR
SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS CONTRACTOR (AND IF REQUIRED BY OTHERS OF CONTRACTOR IN THE CONTRACT DOCUMENTS, SUCH NAMED INDEMNITEES),
OWNER, SUBSIDIARIES, DIRECTORS, OFFICERS, GENERAL CONTRACTOR, CONSTRUCTION MANAGER, SURETIES, ARCHITECTS, ARCHITECTS' CONSULTANTS, AND
THEIR RESPECTIVE AGENTS AND EMPLOYEES FROM AND AGAINST CLAMS, DAMAGES, LOSSES AND EXPENSES, INCLUDING BUT NOT LIMITED TO REASONABLE ATTORNEYS'
FEES AND THE COSTS OF ENFORCING THIS INDEMNITY, ARISING OUT OF OR RESULTING FROM SUBCONTRACTOR'S FAILURE TO COMPLY WITH THIS REQUIREMENT.

&nbsp;&nbsp;&nbsp;&nbsp;16.2. Subcontractor, at all times, shall fully and completely comply with all Equal Employment Opportunity
Acts, Americans with Disabilities Acts, participation requirements or regulations pertaining to women business enterprises, minority business
enterprises and disadvantaged business enterprises and any other similar laws, ordinances rules regulations, standards and requirements
which relate to Subcontractor in the performance of this Agreement. If Subcontractor is a MBE, DBE, WBE, or other diversity-based Subcontractor,
the Subcontractor shall provide proof of such certification including the jurisdictional location to Contractor. If any changes occur
during this Work or Project, Subcontractor shall notify Contractor.

17. COMPLIANCE WITH STATE & FEDERAL IMMIGRATION LAW

&nbsp;&nbsp;&nbsp;&nbsp;17.1. The Immigration and Nationality Act as amended by the Immigration Reform and Control Act of 1986 (IRCA)
makes it illegal for employers to knowingly hire persons who are not authorized to work in the United States. For all employees, employers
are required to complete an Employment Eligibility Verification for I-9 which requires the prospective employee to produce documentation
that establishes identity and employment eligibility. For more information visit www.uscis.gov or speak to your attorney. Subcontractor
is solely responsible for completing Employment Eligibility Verifications for their own employees.

&nbsp;&nbsp;&nbsp;&nbsp;17.2. Subcontractor represents and warrants that it is aware of and understands IRCA, that Subcontractor is
in compliance with IRCA, and that it will not knowingly employ workers who are not authorized to work in the United States. Subcontractor
agrees that it will not employ any worker under this Agreement for whom Subcontractor has not completed and maintained 1-9 verification.
Subcontractor agrees that if it acquires knowledge (actual or constructive) that one of its employees on this project may not be authorized
to work in the United States, despite Subcontractor having conducted a facially valid T-9 verification, that Vendor will exercise due
diligence as required by law to confirm authorization status and take appropriate action, including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;17.3. Federal Contract Employment Eligibility Verification Flow down Provision

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.1. This section applies when the prime contract includes the E-Verify Clause (FAR 52.222-54); this Agreement
is for construction services; this Agreement has a value of more than $3,000; and this Agreement includes work performed in the United
States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.2. FAR 52.222-54, also known as the "E-Verify Clause," of the Federal Acquisition Regulation (FAR)
is incorporated herein by reference, with the same force and effect as if it were given in full text, and is applicable during the performance
of this Agreement. The full text of the clause may be accessed electronically at the following address: www.amet.com/far. When interpreting
this clause, or adding the language of FAR 52.222-54 to contractual documents with your lower tier subcontractors or suppliers as required
in subparagraph 19.3.6 below, substitute "Subcontractor" for "Contractor" as appropriate throughout FAR 52.222-54.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.3. Subcontractor shall provide the "Maintain Company" page, which can be printed directly from the
E-Verify website: www.uscis.gov/e-verify, to Contractor as proof of Subcontractor's enrollment in E-Verify prior to commencing Work on
the Project. Subcontractor shall not proceed with its Work until it has satisfied this obligation. Contractor maintains the right to use
appropriate means to ensure Subcontractor's use of E-Verify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.4. Contractor is not and will not become Subcontractor's designated agent for E-Verify, and Contractor
is not responsible for verifying Subcontractor's individual employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.5. In addition to its duties under Paragraph 16 of this Agreement, Subcontractor specifically indemnifies
Contractor against any and all damages suffered by Contractor arising from Subcontractor's failure to comply with E-Verify requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3.6. Subcontractor shall insert the FAR 52.222-54 clause (as modified above) in any subcontracts, purchase
orders or contractual documents between Subcontractor and third parties for work performed/materials provided under this Agreement as
required by FAR 52.222-54(e) if all of the following apply: 1) valued at over $3,000, 2) are for construction or construction related
services, and 3) for work performed in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;17.4. Contractor reserves the right to withhold monthly progress payments or final payment for Subcontractor's
failure to comply with its obligation under paragraph I7 of this Agreement.

18. WORK OF OTHERS

&nbsp;&nbsp;&nbsp;&nbsp;18.1. Subcontractor, in performing its Work required hereunder, shall take all reasonable and necessary precautions
to protect the finished work of other contractors, subcontractors or trades from damage caused by Subcontractor's operations. Subcontractor
shall cooperate with Contractor and other trades, contractors and other subcontractors whose work might interfere with Subcontractor's
Work, and shall participate in the preparation, if requested by Contractor, of coordination drawings. Subcontractor shall notify Contractor,
in writing within three (3) business days of any and all interference or potential interference of its Work with the work of other contractors,
subcontractors and trades. If Subcontractor proceeds with its Work without so notifying Contractor, such action shall constitute a waiver
by Subcontractor of any rights and remedies Subcontractor possesses against Contractor or any party on account of said interference; and,
in addition, Subcontractor shall be liable to Contractor for any damages Contractor sustains by Subcontractor's so proceeding.

19. INTERPRETATIONS OF DRAWINGS – PLANS – SPECIFICATIONS

&nbsp;&nbsp;&nbsp;&nbsp;19.1. Subcontractor shall, promptly submit shop drawings, coordination drawings, and samples required in
order to perform its Work effectively, efficiently and expeditiously and in a manner that will not cause delay in the progress of the
work of Contractor or other subcontractors.

&nbsp;&nbsp;&nbsp;&nbsp;19.2. If any dispute as to the meaning or interpretation of the drawings, plans, specifications, modifications
or addenda or any other provision or portion of the Contract Documents or as to the materials to be used or as to the manner in which
Subcontractor's Work is to be completed, the decision of the architect if one has been employed by the Owner, or if no architect has been
so employed, then the decision of the Owner or Owner's representative shall be conclusive, final and binding upon Subcontractor in accordance
with the Contract Documents, and Subcontractor waives any claim for damages or additional compensation arising from any purported misunderstanding
or interpretation with regard thereto.

20. ENVIRONMENTAL, HEALTH & SAFETY (EHS) and SUBSTANCE ABUSE REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;20.1. Environmental, Health & Safety (EHS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1. All subcontractors and tier subcontractors shall be required, at a minimum, to comply with the following,
as well as all provisions outlined in the EH&S Requirements commonly adopted by prestigious companies in the United States, at no
additional cost to Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2. Subcontractor shall provide to Contractor prior to starting Work, a copy of the Subcontractor's EHS plan,
which, at a minimum, shall conform with applicable laws and regulations. Subcontractor shall have at a minimum; weekly toolbox meetings
with all of the subcontractor's employees and submit proof of the same to the Contractor. Subcontractor shall
ensure that all of their employees are provided and utilize personal protection equipment, including hard hats, safety glasses, hearing
protection, and other devices required to perform the current operations. Subcontractor agrees that they will perform safety inspections
of all Work areas they may be involved in and report any unsafe conditions to the Contractor immediately. Contractor reserves the right
to stop any and all Work immediately upon observance of specific violations, with any lost time to be made up at the Subcontractor expense
without an extension of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3. Without limiting the provisions of paragraphs 15 and 18 hereof, Subcontractor shall take all reasonable
safety precautions with respect to its Work and shall fully comply with all safety measures initiated by the Contractor including all
applicable laws, ordinances, rules, regulations, or orders of any public authority for the safety of persons or property relating to the
Subcontractors Work or in connection with the Project. Subcontractor shall be solely responsible for the safety of all employees in regard
to the performance of its Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.4. With respect to any accident resulting in personal injury, including death, or property damage, which
is caused or claimed to be caused to or by Subcontractor or any of its employees, agents, or servants while in the performance of the
Work described herein, Subcontractor shall, within 1 hour verbally notify the Contractor. Within 24 hours after Subcontractor first acquired
knowledge thereof, Subcontractor shall deliver to Contractor, a report thereof, documenting satisfactory evidence of notification by Subcontractor
of all appropriate insurance carrier(s) of such accident, and any other documentation relating to said accident as requested by Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;20.2. Substance Abuse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1. The Contractor is committed to provide a drug or alcohol-free workplace. The Subcontractor shall
 provide, prior to starting the Work, a Substance Abuse Plan to Contractor that at a minimum shall provide for testing and
 disciplinary action of all of Subcontractors employees or agents on the job. The Substance Abuse Plan, at a minimum, will meet
 Contractor's substance abuse policy. In addition, the Subcontractor's Substance Abuse Plan shall be enforced just as the
 Contractor's plan shall be enforced. The cost of such plan, including any medical reviews or legal defense of Contractor due
 to Subcontractor's plan will be the responsibility of the Subcontractor.

21. DEFECTIVE WORK

&nbsp;&nbsp;&nbsp;&nbsp;21.1. If any portion of the Work, materials or equipment is found to be defective, improper for use or not in
accordance with the requirements of this Agreement and/or the Contract Documents, the Subcontractor, upon receipt of written notice from
the Contractor, shall promptly take action to correct the Work, materials or equipment. If the Subcontractor fails to do so within a reasonable
time after receipt of notice from the Contractor, the Contractor may correct it and deduct from the Contract Price the reasonable cost
of correcting such deficiencies. In addition, the Subcontractor shall bear the cost of correcting destroyed or damaged construction, whether
completed or partially completed, of the Contractor or separate contractors caused by the Subcontractor's correction or removal of Work,
materials or equipment considered by Contractor to be defective. Notwithstanding anything to the contrary herein, neither final acceptance
of the Work, materials or equipment, nor payment, therefore, shall relieve Subcontractor of responsibility for defective or deficient
materials or workmanship.

22. CLEAN – UP

&nbsp;&nbsp;&nbsp;&nbsp;22.1. Subcontractor shall at all times keep the Project site free from accumulation of waste materials and
rubbish caused by it or by any of its subcontractors, employees, agents, or servants and at the completion of Subcontractor's Work, Subcontractor
shall remove all of its tools, equipment and surplus material from the premises, and Subcontractor shall further leave its Work "broom
clean" or its equivalent. Should Subcontractor, at any time, fail or refuse to keep and leave the Project site clean and orderly,
Contractor may do so and charge the entire cost thereof to Subcontractor.

23. WARRANTY

&nbsp;&nbsp;&nbsp;&nbsp;23.1. During the performance of the Work and for three (3) years after acceptance of the Work, the Subcontractor
warrants to the Owner and Contractor that its Work, materials, equipment and labor furnished under this Agreement will be of good quality
and new unless otherwise required or permitted by the Agreement and/or the Contract Documents, that the Work of this Agreement will be
free from defects not inherent in the quality required or permitted, and that the Work, materials and equipment will conform with the
requirements of the Agreement and/or the Contract Documents. Work, material or equipment not conforming to these requirements may be considered
defective. Upon written notice from Owner or Contractor regarding any defective or nonconforming Work, materials or equipment, Subcontractor
will promptly correct, repair and/or replace any portion thereof at Subcontractor's sole expense. If Subcontractor fails to correct defective
material, equipment or workmanship promptly and completely, Contractor,
at its option and in addition to any other remedies it may have, may correct the same with its own forces or employing others, and Subcontractor
shall pay Contractor all costs, expenses and incidental damages connected therewith. The warranties/guarantees provided herein are in
addition to any warranties or guarantees required by the Contract Documents.

24. CHANGES IN WORK

&nbsp;&nbsp;&nbsp;&nbsp;24.1. Contractor shall have the right to make changes in the Work to be performed under this Agreement by alterations
of said Work, adding to said Work or deducting from said Work without invalidating this Agreement. Subcontractor shall, however, not make
any changes, alterations to, additions to, or deductions from said Work except on written order by Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;24.2. Should such alterations to, additions to, or deletions from the Work be required, the Subcontractor
shall promptly furnish to Contractor a detailed breakdown showing the difference in quantity of labor, materials and equipment affected
by such alterations, additions or deletions, and a fair and reasonable valuation of the Work altered, added or deleted in accordance with
the provisions of the Agreement and/or the Contract Documents, including the provision for acceptance of the submitted costs. All such
Work shall be executed under the conditions of this Agreement and the Contract Documents. All clauses of this Agreement and the Contract
Documents shall apply to any changes, additions, deletions, deviations or extra Work in like manner and to the same extent as the Work
contracted for herein.

&nbsp;&nbsp;&nbsp;&nbsp;24.3. If Contractor and Subcontractor are unable to agree as to the fair value of the altered, added, or deducted
Work, the Work as so changed shall continue and Subcontractor shall not delay in any manner, the performance of such Work.

25. CLAIMS FOR DAMAGES

&nbsp;&nbsp;&nbsp;&nbsp;25.1. Subcontractor hereby waives and releases Contractor for any claims which it has
or claims to have for damages or additional costs claimed to have been caused by an act or omission by Contractor unless Subcontractor
delivers to Contractor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.1. Notice with respect thereto not later than five (5) days after the commencement of the alleged cause of
such damage or additional costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.2. Within five (5) days after the cause thereof, a full accounting of the amount of such damage and additional
costs claimed by Subcontractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.3. Subcontractor shall file with Contractor similar notices with respect to any claim which it may have
for damages or additional costs claimed to have been caused by Contractor's other subcontractors, but Contractor shall not be liable with
respect thereto and Subcontractor shall settle same directly with the subcontractor claimed to be liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.4. Subcontractor shall file with the Contractor similar notices, and such additional notices and documentation
as are required by the Agreement and/or the Contract Documents, with respect to claims for damages and additional costs against the Owner,
Owner's representative, Owner's other contractors and/or their subcontractors.

26. EXTENSIONS OF TIME

&nbsp;&nbsp;&nbsp;&nbsp;26.1. If Subcontractor is delayed so that it will not be able to complete its Work within the time specified
herein by any act or omission that is not caused by or attributable to Subcontractor in any way, then Subcontractor, subject to the approval
of the Contractor and Owner, may be granted an equitable extension of time equivalent to the time lost by reason of the foregoing, for
the completion of the Work so delayed; provided, however, that as a condition precedent to being granted an extension of time (i) Subcontractor
shall have notified Contractor of any claim it has or claims to have for an extension of time in writing within five (5) days after the
commencement of such delay, or less if so required of Contractor by the Contract Documents and (ii) Subcontractor shall have demonstrated
that it could not have anticipated or avoided such event and has used all reasonably available means to minimize the consequences thereof.
In the event of such delay attributable to Contractor, Subcontractor shall be entitled to any increase in the Contract Price provided
herein but shall not be entitled to any damages as a result of such delay. Subcontractor expressly waives all rights with respect to any
such cause or causes for which timely notice hereunder was not provided to Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;26.2. No extension of time shall be granted for delays on account of or resulting from, weather conditions
except only for catastrophic weather conditions subject to provisions and requirements of Contract Documents.

&nbsp;&nbsp;&nbsp;&nbsp;26.3. Subcontractor hereby acknowledges that Contractor is not obligated or required to pursue any claim by
Subcontractor as against Owner if Contractor, in its sole discretion, after review of Subcontractor's claim, has deemed the claim to lack
merit in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;26.4. Subcontractor shall be liable for delay damages which may be assessed by Contractor to the extent attributable
to unexcused delay caused in whole or in part by the Subcontractor or any other person or entity for which Subcontractor is responsible.
Any delay which is only partly the fault of Subcontractor or those for whom Contractor is responsible, Contractor shall make a reasonable
allocation of liquidated damages or other delay damages among the parties responsible and such allocation shall be final unless Subcontractor
demonstrates that there is no reasonable basis for the allocation. The liquidated damages for the said delay will be calculated on the
sum of Two Thousand US Dollars ($2,000.00) per calendar day.

27. DISPUTES

&nbsp;&nbsp;&nbsp;&nbsp;27.1. All claims, disputes and other matters in question arising out of, or relating to, this Agreement,
or the breach thereof, shall be decided by binding arbitration in accordance with the following; unless such claim or dispute is required
to be decided in accordance with the Contract Documents. The Contract Documents, any disputes arising out of, related to or connected
with this Agreement, and any arbitration instituted by the parties pursuant to this Agreement shall be governed by the laws of the state
of Arizona without regard to its conflicts of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;27.2. Any controversy, dispute or claim arising out of or relating to this Agreement, any Work Orders or
Change Orders or any related agreement shall be decided by binding arbitration in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.1. <u>Disputes Covered</u> - Disputes include actions for breach of contract and any claim based upon tort
or any other causes of action, such as claims based upon an allegation of fraud or misrepresentation and claims based upon federal or
state statute. In addition, the arbitrator(s) selected according to procedure set forth below shall determine the arbitrability of any
dispute, and their decision shall be final and binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.2. <u>Administration</u> - There shall be a single arbitrator mutually selected by the Parties. The rules
of arbitration shall be the current Construction Arbitration Rules of the American Arbitration Association and the decision in writing
of the arbitrator shall be final and binding upon the Parties. Arbitration proceedings shall be conducted in Phoenix, Arizona as solely
decided by contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.3. <u>Substantive Law</u> - The arbitrators shall be bound by and shall strictly enforce the terms of this
Agreement and may not limit, expand or otherwise modify its terms. The arbitrators shall make a good faith effort to apply substantive
applicable law, but an arbitration decision shall not be subject to review because of errors of law. The arbitrators shall be bound to
honor claims of privilege or work-product doctrine recognized at law, but the arbitrators shall have the discretion to determine whether
any such claim of privilege or work product doctrine applies.

28. PATENTS

&nbsp;&nbsp;&nbsp;&nbsp;28.1. Subject to Section 15, Subcontractor shall indemnify Contractor against any losses, damages and expenses,
including but not limited to attorney's fees, incurred by Contractor as a result of any claim of infringement of any patent rights by
reason of the Work performed or the materials used by Subcontractor in performance of the Work under this Agreement. Subcontractor, at
its own expense, shall defend any such infringement suit filed wherein Contractor is named as a party and if Subcontractor fails to do
so, Contractor may defend the same but Subcontractor shall be obligated to pay all costs and expenses in connection therewith and shall
also be obligated to pay any judgment that may be entered against Contractor in connection therewith.

29. BACKCHARGES

&nbsp;&nbsp;&nbsp;&nbsp;29.1. It is recognized and agreed that under the terms of this Agreement, there may arise obligations for
amounts due to Contractor by Subcontractor and such obligations shall be recognized and referred to as back charges. Contractor shall
be entitled to deduct said back charge amount from Subcontractor's next progress payment or final payment.

30. MECHANICS' LIEN

&nbsp;&nbsp;&nbsp;&nbsp;30.1. Subcontractor for itself and for its subcontractors, employees, agents, servants, suppliers and material
men and all others directly or indirectly acting for it, covenants and agrees that no mechanic's liens or claims will be filed or maintained
against the Work, Project or premises upon which the Project is situated or any interest therein or on any improvements thereon, or against
any monies due or to become due from the Owner to Contractor for or on account of any work, labor materials, services, equipment or other
items performed or furnished by Subcontractor for or in connection with the Work described herein. Subcontractor for itself and for its
subcontractors, employees, servants agents, suppliers, materialmen, and all others directly or indirectly acting for Subcontractor, does
hereby expressly waive, relinquish and release all rights to file or maintain such liens and claims and agrees further that this waiver
shall apply to the Work described herein and shall also apply to any change order or other agreement for extra or additional Work in connection
with the Project. The Subcontractor agrees to indemnify, protect and save harmless Owner and Contractor from and against any and all such
liens and claims and actions brought or judgments rendered thereon, and from and against
any and all loss, damages, liability, costs and expenses, including legal fees and disbursements, which Owner and Contractor may sustain
or incur in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;30.2. If any Subcontractor or any tier, material supplier, laborer, or other person performing services or
providing labor or materials under the Subcontractor files a lien claim against the Project site, then the Subcontractor shall settle
or bond such lien claim within ten (10) days after Subcontractor acquires notice or knowledge of the lien. Subcontractor shall pay all
expenses incurred by the Subcontractor in bonding, defending against, paying, or settling any such lien claim. Any time there shall be
evidence of any lien or claim for which, if established, the Contractor might become liable, and which is chargeable to Subcontractor
either directly or indirectly, Contractor shall also have the right to retain out of any payment due or to become due to Subcontractor
an amount sufficient to completely indemnify Contractor against such lien or claim.

&nbsp;&nbsp;&nbsp;&nbsp;30.3. Should any lien or claim arise after Contractor has made payment to Subcontractor to the extent that
it no longer retains an amount sufficient to indemnify itself against said lien or claim, Subcontractor shall he obligated to make payment
to Contractor of all sums that Contractor may be compelled to pay in discharging such claim or lien. Subcontractor further agrees to pay,
and to hold Contractor harmless with respect thereto, all costs, expenses and attorney's fees incurred by Contractor in defending any
suit brought to enforce any lien or claim on account of the Work done or materials supplied by Subcontractor pursuant to the terms of
this Agreement and shall pay all judgments and decrees which may be rendered against Contractor whether such liens or claims arise before
or after final payment.

31. DEFAULT

&nbsp;&nbsp;&nbsp;&nbsp;31.1. If Subcontractor defaults in connection with any of the terms and provisions of this Agreement, or if
Subcontractor shall become bankrupt or insolvent or enter into any liquidation proceeding, either voluntarily or involuntarily, or make
a general assignment for the benefit of creditors or otherwise acknowledge insolvency; then the Contractor may, after three (3) days'
notice to Subcontractor, provide through itself, or through others, any such labor, tools, equipment and material appropriate to complete
the Work required by the terms of this subcontract and to deduct the cost thereof from any monies due or thereafter to become due Subcontractor
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;31.2. In addition to the above described recourse, Contractor shall also have the right to terminate this
Agreement with Subcontractor and to enter on the worksite and take possession, for the purpose of completing the Work to be performed
under this Agreement, of all tools, equipment and materials at the worksite belonging to Subcontractor; and Subcontractor, by the terms
of this Agreement, hereby assigns, transfers and sets over unto Contractor, all and every of said tools, equipment and materials.

&nbsp;&nbsp;&nbsp;&nbsp;31.3. Upon termination of this Agreement, Subcontractor shall not be entitled to receive any further payment
under the terms of this Agreement until the Work called for hereunder shall be wholly completed at which time if the unpaid balance of
the amount to be paid under this Agreement shall exceed the expenses incurred by Contractor in finishing the Work such excess shall be
paid by Contractor to Subcontractor, but if such expense shall exceed such unpaid balance then Subcontractor shall pay the difference
to Contractor on demand. Contractor shall have the right to withhold from any payment or reimbursement due or to become due any disputed
amounts under this or any other agreement. The expense incurred by Contractor shall include, but not be limited to, the cost of finishing
the Work, including customary overhead and profit and any other damage incurred through the default of Subcontractor.

32. RIGHT TO TERMINATE

&nbsp;&nbsp;&nbsp;&nbsp;32.1. (i) Upon termination of an agreement between Owner and Contractor for any reason permitted by the terms
thereof, or (ii) at any time upon five (5) business days' written notice to Subcontractor solely for Contractor's convenience
and without regard to any fault or failure to perform by Subcontractor or any other party, then Contractor may terminate all or any portion
of the Work of Subcontractor hereunder not then completed upon notice to Subcontractor. Subcontractor shall comply with all instruction
then or thereafter given by Contractor with respect to such termination and shall take all steps to minimize, to the greatest extent possible,
its cost resulting from such termination.

&nbsp;&nbsp;&nbsp;&nbsp;32.2. Upon request of Contractor, Subcontractor shall timely present to Contractor an itemized statement outlining
the Work, and costs incidental thereto, completed prior to the termination and any additional reasonable and unavoidable costs resulting
to Subcontractor by reason of such termination. Contractor shall, as the case may be, then present Subcontractor's claim, along with any
claim Contractor may possess on its behalf, to the Owner. Subcontractor shall be responsible for proving any alleged loss suffered by
it arising from termination. If and when Contractor actually receives any sum from the Owner on account of such termination, Contractor
shall make payment to Subcontractor of that portion thereof to which Subcontractor may be entitled subject to any right of offset which
Contractor may possess pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;32.3. Termination. If Subcontractor breaches or defaults upon any of its obligations under this Agreement,
Contractor has the right, in its sole discretion, to stop the Work or to terminate this Agreement after providing forty-eight (48) hour's
written notice and Subcontractor's failure to cure the default. Contractor also has the right to stop the Work or terminate this Agreement
if: (1) a petition in bankruptcy or for an arrangement in reorganization is filed by or against Subcontractor (Contractor being unwilling
to accept and hereby declines performance by a trustee in bankruptcy); or (2) Subcontractor becomes insolvent, goes into liquidation or
dissolution, makes a general assignment for the benefit or creditors or otherwise acknowledges insolvency. If Contractor's cost in completing
Subcontractor work, by using its or another subcontractor's resources, is greater than the amount payable to Subcontractor under this
Agreement, Subcontractor agrees to pay Contractor this difference upon demand. Notwithstanding the foregoing, Contractor shall have the
right to terminate this Agreement at any time for its convenience and Contractor shall pay Subcontractor for all Work properly performed
prior to the time of such termination plus reasonable demobilization costs and cancellation charges up to an amount no more than US$10,000.00;
however, contractor is not liable for any uncompleted Work under this Agreement or for any overhead or profit on uncompleted Work. Upon
determination by a court or arbitration panel that Contractor's termination of Subcontractor or its successor in interest was wrongful
for any reason, such termination shall automatically be deemed converted to a termination for convenience, and the Subcontractor's remedy
for wrongful termination is limited to the recovery of the payment permitted in this section.

33. NO WAIVER

&nbsp;&nbsp;&nbsp;&nbsp;33.1. No failure or delay on the part of the Contractor in exercising any right, power, or remedy under this
Agreement or the Contract Documents will operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right hereunder. The remedies in this Agreement are in addition to, not in limitation
of, any other right, power, privilege, or remedy, either in law, in equity, or otherwise, to which the Contractor may be entitled. All
Contractor's rights and remedies, whether evidenced by this Agreement or by any other agreement, instrument or document shall be cumulative
and may be exercised singularly or concurrently.

34. SUCCESSORS & ASSIGNS

&nbsp;&nbsp;&nbsp;&nbsp;34.1. All rights, liabilities and obligations herein extended to, or imposed upon, either of the parties hereto,
shall extend to the heirs, executors, administrators, successors and assigns of the Contractor, and to the heirs, executors and administrators
of the Subcontractor and, so far as the same may be assigned by Subcontractor hereunder, with the prior written consent of Contractor,
to Subcontractor's successors and assigns.

35. ENTIRE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;35.1. It is understood and agreed that all of the agreements, provisions, terms and understandings of any
character heretofore made by and between the parties are embodied in this Agreement and no changes shall be made to the terms of this
Agreement unless the same shall be in writing and duly signed by the parties hereto in the same manner and form as this Agreement has
been executed. The provisions of this Agreement shall be construed as a whole and should, for any reason, one or more of the provisions
of this Agreement be determined by a court of competent jurisdiction as void or unenforceable the remaining provisions of this Agreement
shall be continued in full force and effect. If Subcontractor shall fail to sign and return this Agreement to Contractor acceptance shall
be deemed to have been made by Subcontractor performing any Work under this Agreement. The headings appearing herein are provided for
convenience sake only and shall not, in any manner, be construed as limiting or otherwise affecting the terms of this Agreement.

36. CONTROLLING LAW

&nbsp;&nbsp;&nbsp;&nbsp;36.1. It is agreed that this Agreement, any disputes arising out of, related to or connected with this Agreement,
any arbitration instituted by the parties pursuant to this Agreement, and the Contract Documents shall be construed and governed under
the laws of the State of Arizona without regard to its conflicts of laws.

37. LIMITATION OF LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;37.1. CONTRACTOR WILL NOT BE LIABLE TO SUBCONTRACTOR FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL
DAMAGES ARISING OUT OF ANY PERFORMANCE OF THIS AGREEMENT OR IN FURTHERANCE OF THE PROVISIONS OR OBJECTIVES OF THIS AGREEMENT, REGARDLESS
OF WHETHER SUCH DAMAGES ARE BASED ON TORT, WARRANTY, CONTRACT OR ANY OTHER LEGAL THEORY, EVEN IF SUBCONTRACTOR IS ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;37.2. Specifically excepted from this disclaimer are any claims for (a) willful misconduct; (b) breach of
law; and (c) any third party claims for indemnification for physical damage to property or bodily injury.

&nbsp;&nbsp;&nbsp;&nbsp;37.3. Notwithstanding anything to the contrary in this Agreement, the parties agree that, with respect to any
matters related to the limitation of liability, the relevant provisions set forth in the Design-Build Master Work Agreement entered into
between Contractor and Owner on April 15, 2025, shall apply mutatis mutandis. In the event of any conflict or inconsistency between the
terms of this Agreement and those of the Design-Build Master Work Agreement, the provisions of the Design-Build Master Work Agreement
shall prevail. Such Design-Build Master Work Agreement shall be deemed incorporated within the definition of "Contract Documents."

38. NOTICES

&nbsp;&nbsp;&nbsp;&nbsp;38.1. Any notices or statements required or designed to be given under this Agreement, unless otherwise provided
herein, shall be personally served or sent by United States mail, email, facsimile, or other reputable courier service. Notices not personally
served or sent by email or facsimile shall be deemed to have been delivered one (1) day after deposit in the United States mail, properly
addressed and with postage prepaid. Each party's addressee shall be the person whose name appears below at the address and email
indicated.

&nbsp;&nbsp;&nbsp;&nbsp;38.2. In the event that any communications or correspondences among Contractor, Subcontractor, Owner, or any
other parties participating in the Project are sent out through emails, Subcontractor shall only employ the following format of email
address with its domain name for said purposes:

IN **WITNESS WHEREOF**, the Contractor and Subcontractor have hereunto set their hands on the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| Contractor: Propersys Corporation | Contractor: Propersys Corporation |  |  |
| Phone: [\*] | Phone: [\*] |  |  |
| Fax: N/A | Fax: N/A |  |  |
| Email: [\*] | Email: [\*] |  |  |
| By: | /s/ Tung-Ying Lin | Date: | 07/31/2025 |
| Printed Name: Tung-Ying Lin | Printed Name: Tung-Ying Lin | Title: | CEO |

---

---

| | | | |
|:---|:---|:---|:---|
| Subcontractor: BW Industrial Construction | Subcontractor: BW Industrial Construction |  |  |
| Phone: [\*] | Phone: [\*] |  |  |
| Fax: N/A | Fax: N/A |  |  |
| Email: [\*] | Email: [\*] |  |  |
|  |  | Date: | 08/05/2025 |
| By: | /s/ Yunlong Zhang | Title: | President |
| Printed Name: Yunlong Zhang | Printed Name: Yunlong Zhang |  |  |

---

## Exhibit 10.2

**Exhibit 10.2**

**SITE SERVICES AGREEMENT**

THIS SITE SERVICES AGREEMENT (this "**Agreement**"), dated effective as of **[**____**]** (the "**Effective Date**"), is by and between **BestWater USA Inc., D/B/A BW Industrial Construction**, a Texas corporation (the "**Company**") whose principal office is located at **[**_2825 Wilcrest Dr., Ste421, Houston, TX, 77042________**]** and **[__]**, a **[** **]** ("**Contractor**") whose principal office is located at **[**_**]**. Contractor and Company are sometimes referred to herein collectively as the "**Parties**" and individually as a "**Party**".

**<u>RECITALS</u>:**

**WHEREAS**, the Company has entered into a contract ("**Owner Project Contract**") with **[**___**]** (the "**Owner**") to perform certain engineering, procurement, and/or construction services for the **[**_______**]** Project (the "**Project**"), located at or near **[**__**]** (the "**Project Site**");

**WHEREAS**, the Contractor is engaged in the construction business and appropriately licensed in the State of Arizona (Contractor License No. **[**__________**]**), and has the experience, expertise, and capacity to perform the Work (as defined below) for the Project; and

**WHEREAS**, the Company and the Contractor desire to enter into this Agreement, pursuant to which the Company subcontracts its obligations to perform a portion of the services under the Owner Project Contract to Contractor and Contractor agrees to perform such services in strict compliance with the terms of this Agreement and requirements of the Owner Project Contract.

**NOW, THEREFORE**, in consideration of the mutual covenants, terms, and conditions set out herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**I.** **<u>Work; Pricing</u>**. As further described in this Agreement, Contractor agrees to perform the work and services as described in <u>Attachment 4</u> (the "**Work**") the Project Site in strict compliance with the terms of this Agreement and requirements of the Owner Project Contract. Company agrees to pay Contractor for the same

**[**at a fixed price of **[**US Dollars ($XXXX.00)**]** (the "**Contract Price**")

**II.** **<u>Schedule; Progress Reporting</u>**. Contractor will perform the Work in accordance with the schedule and terms set forth in <u>Attachment 2</u>, including any Milestone Dates therein or otherwise required by the Owner Project Contract, as the Company may adjust in its sole discretion from time to time. Contractor will, on a **[**monthly**]** basis (and at such other times as reasonably requested by Company) provide Company with written reports of the progress of the Work in form and substance acceptable to Company. In the event Owner assesses any liquidated damages against Company pursuant to the terms of the Owner Project Contract, or Company incurs any other damages, costs, or expenses as a result of delays caused or occasioned, in whole or in part, by the actions or inactions of Contractor, then Contractor shall be responsible to Company for such liquidated damages or damages, costs, or expenses. Company may deduct such amounts from any amounts otherwise due Contractor under this Agreement and recover from Contractor any excess sums not deducted.

**III.** **<u>Notices</u>**: All notices permitted or required to be given under this Agreement shall be in writing and shall be deemed duly given: (a) on the same day when transmitted by electronic mail to the recipient's e-mail address as set forth below; provided, that the recipient has confirmed its receipt of the email by response email, or (b) on the date when delivered, when sent by overnight courier (e.g., FedEx or UPS) or by personal delivery. All notices shall be delivered or sent to the Parties at their respective address(es)shown below or to such other address(es) as a Party may designate by prior written notice given in accordance with this provision to the other Party:

**IV.** **<u>Attachments; Order of Precedence; Owner Project Contract</u>**. The following documents are set forth as attachments to, and are hereby deemed incorporated and made a part of, this Agreement:

---

| | |
|:---|:---|
| Attachment 1: | Terms and Conditions |
| Attachment 2: | Work Schedule |
| Attachment 3: | Payment Terms |
| Attachment 4: | Scope of Work |
| Attachment 5: | Insurance Requirements |

---

In the event of a conflict among, or within, any provision within this Agreement, then the body of this Agreement shall control over the Attachments, and the Attachments shall be given precedence in the order stated above; provided that, any amendments this Agreement (including Change Orders) duly signed by both Parties after the execution of this Agreement, with those of a later date having precedence over those of an earlier date concerning the same matter. If such order of precedence does not resolve the conflict, then the more stringent or higher quality requirements of such provisions which are applicable to the obligations of Contractor shall take precedence over the less stringent or lesser quality requirements applicable thereto. The Parties shall attempt to resolve the differences equitably and if unable to do so shall pursue remedies under the dispute resolution provisions herein.

Contractor acknowledges that the Owner Project Contract has been or will be upon request made available and hereby agrees, to the extent of the Work being performed by Contractor, to be bound to Company by the terms of the Owner Project Contract, and to assume toward the Company all the obligations and responsibilities, including the responsibility for safety of the Contractor's Work that the Company, by the Owner Project Contract, has assumed toward the Owner. Contractor shall require each subcontractor it retains to enter into similar agreements obligating such subcontractors to the terms of the Owner Project Contract applicable to such subcontractor's work. In the event of a conflict between the terms of this Agreement and the Owner Project Contractor, the more stringent or higher quality requirement shall take precedence over the less stringent or lesser quality requirements applicable thereto.

**V.** **<u>Entire Agreement</u>**. This Agreement supersedes any prior agreements between Company and Contractor in regard to the Work and Project, whether written, oral or otherwise.

**VI.** **<u>Further Cooperation</u>**. Each of the Parties shall use commercially reasonable efforts to, from time to time at the request of the other Party, furnish the other Party such further information, execute and deliver such additional documents and instruments, and take such other actions and do such other things, as may be reasonably necessary to carry out the provisions of this Agreement and give effect to the transactions contemplated hereby.

**VII.** **<u>Counterparts; Facsimile Signatures</u>**. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Any signature page of any such counterpart, or any electronic or facsimile thereof, may be attached or appended to any other counterpart to complete a fully executed counterpart of this Agreement, and any .pdf-format or other electronic or facsimile transmission of any signature of a Party shall be deemed an original and shall bind such Party.

**[**This page intentionally left blank.<br> Signature page to follow.**]**

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Agreement as of the Effective Date.

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| | |
|:---|:---|
| **Company:** | **Contractor:** |
| **BestWater USA Inc.,** | **[_______________]** |
| **D/B/A BW Industrial Construction** |  |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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**ATTACHMENT 1**

**TERMS AND CONDITIONS**

1. **<u>WORK AND PRODUCTS; SUBCONTRACTING</u>**. The Work is as described in <u>Attachment 4</u> of this Agreement, and includes all Work expressly included therein or reasonably inferable therefrom. Contractor acknowledges and agrees it has had an opportunity to review the plans, specifications, drawings, and other materials describing the Work to be completed. Any materials, equipment and/or other goods supplied, provided, installed or constructed by Contractor as part of the Work (if any) shall be referred to herein as "**Products**." Contractor may not subcontract any Work without obtaining the prior written consent of Company approving (in the Company's sole discretion) Contractor's proposed subcontractor(s). Any such permitted subcontracting shall not relieve Contractor of its obligations under this Agreement. Contractor shall promptly notify Company in writing in the event it discovers any nonconformity, error, or omission in the documents describing and/or governing the Work to be performed.

2. **<u>PAYMENTS; LIEN WAIVERS; TAXES; RECORDS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Invoicing</u>**. Invoicing for Work shall be as set out in <u>Attachment 3</u>. Company shall pay all undisputed amounts under any such invoice within seven (7)days after its receipt of payment from the Owner for the work and materials set forth in Contractor's invoice. Notwithstanding anything in this Agreement to the contrary, Company may, without prejudice to any other rights Company may have, withhold such invoiced amounts from Company's invoices to Owner or withhold all or any portion of any payment due Contractor for: (a) defective, incomplete or non-conforming Work by Contractor or any of its subcontractors; (b) damage to Company's or Owner's property to the extent caused in whole or part by the negligence of Contractor, its employees, its subcontractors or its agents; (c) claims filed by third parties for which Contractor has an indemnification obligation toward a Company Indemnitee under this Agreement; or (d) any other reason permitted by law, including but not limited to the bases described in A.R.S. § 32-1183. If Company elects to withhold Contractor's invoice or payments due Contractor, Company shall provide a written statement to Contractor within fourteen (14) days after receipt of Contractor's invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **<u>Lien Waivers</u>**. For any invoice hereunder to be properly payable, and as a condition precedent to payment by Company, Contractor shall provide Company with conditional lien waivers covering the invoiced amounts, in form and substance acceptable to Company, from Contractor and any subcontractor or supplier who has or may claim lien rights in connection with such invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **<u>Taxes</u>**. Contractor shall administer and pay all sales, use, gross receipts, income, duties and withholding taxes and other similar taxes, duties and contributions imposed by any taxing authority in connection with the performance of the Work including, without limitation, taxes on or measured by Contractor's receipts hereunder and taxes on or measured by wages earned by employees of Contractor. Contractor shall furnish to the appropriate taxing authorities all required information and reports in connection with such taxes. However, to the extent the Company is legally obligated to pay any such taxes, Contractor shall reimburse Company for the full amount of such taxes paid by Company. Contractor shall defend and indemnify Company from any and all claims, charges, fines, investigations, and similar disputes which arise from or relate to Contractor's actual or alleged failure to comply with the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **<u>Records</u>**. Contractor shall maintain accurate records, in accordance with United States generally accepted accounting practices and in a format that will permit audit of expenses that are, pursuant to the terms of this Agreement, reimbursable or payable in connection with the Work. Contractor shall make such records available for audit by Company or its agents during Contractor's normal working hours. Contractor shall maintain such records for not less than three years after the completion of the Work.

3. **<u>SHIPMENT, DELIVERY AND TITLE</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Shipment and Delivery</u>**. If the Work includes the delivery of Products, Contractor will deliver all Products "Delivery Duty Paid" (DDP) (Incoterms 2020) to the Project Site. Title and risk of loss or damage to Products shall pass to Company upon completion of such delivery, except to the extent that any damage is caused by the negligence or willful misconduct of Contractor or its employees, subcontractors or agents. Unless otherwise directed by Company, Contractor shall have the right to make partial shipments of Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **<u>Title and Liens</u>**. Contractor warrants that title to all Products provided hereunder will be free and clear of all claims, liens, security interests and other encumbrances. Contractor shall promptly pay all costs incurred by Contractor in performing the Work and shall take all actions necessary to (a) avoid the attachment of any liens or charges on Company's property, or (b) remove any lien on Company's property arising from the Work. If Contractor fails to keep the Project or Company's property free from liens, Company may in its sole discretion take such steps as may be necessary to resolve and remove such liens and Contractor shall within five (5) days of demand therefore reimburse Company in full or any expenses, costs, payments, and professional and attorneys' fees Company incurs in connection with the same.

4. **<u>SIGNIFICANT OBLIGATIONS AND PROFESSIONAL RESPONSIBILITIES</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Standards of Performance</u>**. Contractor shall perform all Work (a) in a professional, prudent and workmanlike manner that is free from defects, errors and omissions and with the same degree of skill, care, diligence and competence that is utilized by nationally-recognized construction professionals in the same field under the same or similar circumstances; and (b) strictly in accordance with all applicable laws, codes, permits and safety precautions, the terms of this Agreement, and the Owner Project Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>Applicable Laws</u>**. Contractor shall comply with all international, national, federal, provincial, state and local laws, decrees, regulations and ordinances (including without limitation those of the Project's local jurisdiction) including, without limitation, those pertaining to the environment, health, safety, sanitary facilities, waste disposal and other matters applicable to or affecting the performance of the Work that are published and in effect at the time the Work is performed ("**Applicable Laws**"). Contractor shall ensure that its employees, agents and subcontractors comply with Applicable Laws and any applicable site rules and regulations while on the premises of Owner (or the Company), provided that Contractor has been notified of such site rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **<u>Safety</u>**. Contractor shall, and shall ensure that its employees, agents and subcontractors, comply with all OSHA regulations and other federal, state or local safety standards. Contractor shall take all necessary precautions in accordance with prudent industry standards for the safety of all persons and property at, on, or near the work site, including erecting and maintaining proper safeguards. Any safety incidents, injuries or hazards incurred by or encountered by a Party must be reported immediately to the other Party. Contractor shall comply with all safety requirements imposed by the Owner Project Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **<u>Hazardous Substances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 During the course of the Work, Contractor will take all industry standard measures necessary to prevent the release of any and all chemicals, constituents, contaminants, pollutants, materials, and wastes and any other carcinogenic, corrosive, ignitable, radioactive, reactive, toxic or otherwise hazardous substances or mixtures (whether solids, liquids, gases), or any similar substances now or at any time subject to regulation, control, remediation or otherwise addressed under Applicable Laws, including but not limited to those laws, regulations and policies relating to the discharge, emission, spill, release, or threatened release into the environment or relating to the disposal, distribution, manufacture, processing, storage, transport, treatment, transport, or other use of such substances ("**Hazardous Substances**") by Contractor, its employees, subcontractors and agents at the Project Site or adjacent areas. Contractor will immediately notify Company of, and will be responsible, at its own expense, for the clean up, removal and remediation of) any spills, emissions or other releases of Hazardous Substances caused by Contractor's personnel. If during the performance of the Work, Contractor encounters a pre-existing condition that may constitute Hazardous Substances on or under the Project Site, Contractor will immediately stop Work in that area and notify Company, who will determine what activities will thereafter occur in relation to such condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 Contractor shall provide to Company a "Material Safety Data Sheet" for each Hazardous Substance (including lubricants, solvents, paints, cleaners, inhibitors) prior to its use by Contractor or its subcontractors at any Company facility and for any Hazardous Substance that may be contained in any Product furnished to a Company facility as a part of the Work. Prior to shipment of any Hazardous Substances, Contractor shall, and shall require its subcontractors to label all containers as containing Hazardous Substances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **<u>Permits</u>**. Contractor will obtain and maintain in full force and effect any and all permits, licenses and consents required under Applicable Laws in order for Contractor to perform the Work ("**Applicable Permits**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **<u>Non-Interference; Company Property Damage</u>**. Contractor will not, and will ensure that its employees, subcontractors and agents do not, interfere with the ongoing operations of any facility or equipment, except as otherwise approved by Company or the Owner in writing in advance of such interference. Contractor will take all reasonable actions to protect each facility, equipment and all other property of Company and Owner from damage as a result of its performance of the Work. Contractor shall reimburse Company and Owner for actual costs and expenses (including property replacement and remediation costs) caused by damage to or loss of Company's or Owner's property to the extent caused by the negligent or willful actions of Contractor, its employees, agents or subcontractors. Contractor will insure all of Contractor's and its subcontractor's equipment, tools and devices, and at all times remain responsible for the risk of loss thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **<u>Items Supplied by Company</u>**. Any tools, supplies, equipment, facilities or other items supplied by Company to Contractor for performance of any Work ("**Company Supplies**") shall be given to Contractor on a temporary basis and returned to Company upon completion of use by Contractor of such Company Supplies or as otherwise agreed to by the Parties. Any Company Supplies are provided to Contractor "AS IS," and Company makes no representation as to the conditions, suitability for use, freedom from defects or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **<u>Inspection</u>**. Contractor shall permit Company and its designated employees to inspect any Products or Work at any time, including while at Contractor's facilities. If Contractor fails to correct defective Work or fails to diligently carry out the Work in accordance with the requirements of this Agreement and the Owner Project Contract or if Contractor's actions otherwise fail to conform to the requirements of this Agreement or the Owner Project Contract, then Company may order Contractor to stop performance of the portion of the Work affected thereby, until the cause of such order has been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 **<u>Removal of Personnel</u>**. If at any time during the performance of the Work, any of Contractor's or its subcontractor's personnel become, for any reason, unacceptable to Company, including as a result of such person's creating an undue risk of a safety hazard at the Project Site, then, upon notice from Company, Contractor will immediately remove and replace such individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 **<u>Clean-Up and Waste Disposal</u>**. During the performance of the Work, Contractor shall keep the Project Site and the surrounding area clean and free from accumulations of waste materials, rubbish and other debris resulting from the Work. Contractor shall dispose of such items in accordance with all Applicable Laws and Applicable Permits. If Contractor fails to clean the premises as required above, Company may at its discretion (and without relieving Contractor of its obligations) do such cleaning as it may deem necessary or appropriate and charge Contractor for the costs of performing such work either directly or by offset against any payment due Contractor. Upon completion of the Work, Contractor will (and the Work will not be considered complete until Contractor has) (a) complete clean the Project Site so as to remove and dispose of all remaining waste materials, rubbish, and other debris resulting from the Work (such disposal to be in accordance with all Applicable Laws and Applicable Permits), (b) remove from the Project Site all of Contractor's tools, construction equipment, machinery, and surplus materials, and (c) leave the Project Site in a clean, safe and useable condition.

5. **<u>WARRANTIES</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **<u>Products</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 If the Work includes the provision of any Products, then Contractor warrants that all Products provided by Contractor will be free from defects in materials, design and workmanship. With respect to each Product, this warranty shall apply to all defects existing prior to the earlier of (a) one (1) year from the date of first use of such Products or (b) eighteen (18) months from the date of delivery of such Product under <u>Section 3.</u>1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 In the event any Product fails to comply with the foregoing warranty, Contractor will at its own expense either repair the defective Products (such repair to be made so as to remove the root cause of the defect, not merely address a symptom of the defect) or will replace the defective Products with new non-defective Products, installed in place of the defective Product. Contractor and Company will in good faith discuss and use reasonable efforts to agree upon whether the aforesaid remedy will be to so repair or to so replace, depending upon the circumstances; *provided*, that the ultimate decision between these two options will be as directed by Company. Contractor will bear all costs of mobilization, removal and/or disassembly of structures to access the defective Product and install the replacement therefor or make the repair thereof, reassembly of such structures, and demobilization, and any other costs relating to undertaking its warranty obligations hereunder. Any new replacement Product(s) or repaired Products provided hereunder as a matter of fulfillment of the warranty will be re-warranted in accordance with the provisions above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **<u>Work</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Contractor warrants that the Work performed by Contractor, its employees, agents and subcontractors will be (a) performed in a professional, prudent and workmanlike manner that is free from defects, errors and omissions and with the degree of skill and care that is utilized by nationally-recognized professionals in the same field under the same or similar circumstances; and (b) strictly in accordance with all Applicable Laws and Applicable Permits, the terms of this Agreement, and the requirements of the Owner Project Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 The foregoing warranty will endure for a period of two (2) years from date of completion of all of the Work hereunder. If the Work fails to comply with this warranty during such period, then Contractor will, at the direction of Company, and at Contractor's sole expense, re-perform or otherwise correct the non-conforming Work and remedy any adverse consequences of such non-conformance. Any reperformance or correction of non-conforming Work provided hereunder as a matter of fulfillment of the Work warranty will be re-warranted in accordance with this <u>Section 5.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **<u>Implied Warranties</u>**. THE COMPANY'S REMEDIES UNDER THIS <u>SECTION 5</u> ARE IN ADDITION TO ANY AND ALL OTHER REMEDIES THAT COMPANY MAY HAVE IN ANY GIVEN EVENT UNDER LAW OR AT EQUITY.

6. **<u>CHANGE ORDERS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **<u>No Change Orders</u>**. Except to the extent that the Owner requests extra work in written and approved by Company in written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **<u>No Delayed Fees.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Any RFI for drawing details, explanation, or others is not accepted as Change Orders.

7. **<u>INDEMNIFICATION</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **<u>Indemnity</u>**. To the fullest extent permitted by law, Contractor hereby assumes liability for and will indemnify, defend and hold harmless Company and the Owner, and their respective affiliates, shareholders, members, partners, employees, representatives and agents (the "**Company Indemnitees**") from and against any and all liabilities (including any strict liability), claims, suits, damages, actions, costs (including attorneys' fees), expenses, losses or judgments (each of the foregoing, a "**Claim**") that may be imposed on, incurred by or asserted against any Company Indemnitee that relate to or arise out of (a) bodily injury (including death) or damage to or destruction of property to the extent caused by the negligent acts, errors, omissions or willful acts of Contractor, its employees, subcontractors, agents or other representatives; (b) the release of any Hazardous Substances on or from the Project Site or any areas adjacent thereto to the extent caused by the negligent or willful acts of Contractor, its employees, subcontractors or agents; (c) the violation of any applicable laws and/or Applicable Permits by any of Contractor, its employees, subcontractors, agents or other representatives; (d) any claim or allegation by any third party that any Product or Work provided by Contractor hereunder or any information provided by Contractor or any subcontractor in connection with its performance of the Work constitutes an infringement of any patent, trade secret, copyright or proprietary rights of such third party, or (e) any claims, liens, claims of lien, or causes of action for the actual or alleged failure of Contractor to pay for services, labor, materials, supplies or equipment furnished directly or indirectly by Contractor or any of its subcontractors or suppliers under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **<u>Notice and Legal Defense</u>**. Promptly after receipt of a Company Indemnitee of any Claim or notice of the commencement of any action, administrative or legal proceeding, or investigation in connection with an actual or potential Claim as to which any indemnity provided for in <u>Section 7.1</u> may apply, the Company Indemnitee will notify Contractor in writing of such fact. Without limiting the generality of Contractor's undertaking under <u>Section 7.1</u>, Contractor shall assume on behalf of the Company Indemnitee, and conduct with due diligence and in good faith, the defense thereof; *provided*, that the Company Indemnitee shall have the right to be represented therein by advisory counsel of its own selection and at its own expense; and *provided further*, that if the defendants in any such action include both Contractor and the Company Indemnitee, and if the Company Indemnitee shall have reasonably concluded that there may be legal defenses available to it which are different from, additional to or inconsistent with those available to Contractor, then the Company Indemnitee shall have the right to select separate counsel to participate in the defense of such action on its own behalf and at Contractor's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **<u>Failure to Defend Action</u>**. If any Claim arises as to which any indemnity provided for in Section 7.1 may apply and Contractor fails to assume the defense of such Claim, then the Company Indemnitee against which the Claim is instituted or commenced may, at Contractor's expense, contest or settle such Claim. All costs and expenses incurred by Company or the Company Indemnitee in connection with any such contest, settlement or payment shall be deducted from any amounts due to Contractor under this Agreement, with all such costs in excess of the amount deducted to be reimbursed by Contractor to Company promptly following Company's demand therefor.

8. **<u>LIMITATION OF LIABILITY</u>**. Notwithstanding anything in this Agreement or other contract documents to the contrary, neither Party shall, under any circumstances, be liable to the other Party for any consequential, indirect, incidental, punitive, exemplary or special damages.

9. **<u>TERMINATION AND SUSPENSION</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **<u>Cancellation by Company</u>**. This Agreement may be terminated by Company without cause or for convenience upon written notice to Contractor. Upon such a termination, Company's only liability will be to pay for Products provided and Work completed through the date such termination takes effect and any direct additional and reasonable charges incurred as a result of termination and demobilization from the Project Site. Such payment by Company shall constitute Contractor's sole and exclusive remedy and Company's sole and exclusive obligation in connection with such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **<u>Suspension by Company</u>**. Company may at any time and from time to time suspend and reinstate the Work without terminating this Agreement, by written notice to Contractor. Any such suspension by Company shall likewise extend any performance obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **<u>Termination upon Contractor's Default</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 If a Contractor Event of Default occurs, then Company may, without prejudice to any other right or remedy Company may have, at any time terminate this Agreement, such termination to become effective immediately upon delivery of notice thereof by Company to Contractor or at such other time Company may dictate in its sole discretion. For purposes hereof, a "**Contractor Event of Default**" will be deemed to have occurred if: (a) Contractor breaches any of the terms of this Agreement in any material respect; or (b) Contractor is adjudged bankrupt or insolvent, makes a general assignment for the benefit of its creditors, has a trustee or receiver appointed for its property, or files a petition to take advantage of any debtor's act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 In the event of any termination pursuant to <u>Section 9.3.1</u>, Company may, at its option, complete the terminated Work by whatever method Company may deem expedient and, to the extent the costs of completing such Work exceed those amounts that would have been payable to Contractor hereunder to complete such Work but for Contractor's default, Contractor shall pay the difference to Company within thirty (30) days after Contractor's receipt of an invoice for the same. Company's rights and Contractor's obligations under this <u>Section 9.3.2</u> shall be in addition to any other remedies that Company may have against Contractor under law or in equity and shall survive termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 **<u>Surviving Obligations</u>**. Termination of this Agreement (a) shall not relieve the Parties of any obligation hereunder which expressly or by implication survives such termination (including but not limited to under <u>Sections 4.6</u>, <u>5</u>, <u>7</u>, <u>8</u>, <u>10</u>, <u>12</u> and <u>14)</u> and (b) subject to any provision of this Agreement expressly limiting the liability of either Party, shall not relieve either Party of any obligations or liabilities for loss or damage to the other Party arising out of or caused by acts or omissions of such Party prior to the effectiveness of such termination.

10. **<u>NON-DISCLOSURE COVENANTS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **<u>Confidential Information</u>**. The "**Confidential Information**" of a Party means non-public, proprietary, confidential and competitively sensitive data, documents, materials, and other information relating to such Party or such Party's business, whether or not marked or designated as "confidential" relating to the disclosing Party or its affiliates, in each case, that are directly or indirectly disclosed by the disclosing Party or its representatives to the receiving Party or its representatives in connection with the transactions contemplated under this Agreement. Confidential Information shall not include such information: (a) has been or becomes generally available to the public other than as a result of a disclosure by the receiving Party in violation of this Article; (b) was already known by the receiving Party on a non-confidential basis prior to its disclosure hereunder; (c) has been or becomes available to the receiving Party on a non-confidential basis when the source of such availability is entitled, to the best of the receiving Party's knowledge, to make such disclosure to the receiving Party; or (d) is or was developed by or for the receiving Party independently of and without reference to information disclosed to the receiving Party hereunder. Without limiting the foregoing, Company's Confidential Information shall include without limitation this Agreement and all information that Contractor comes to learn about the Project, the Project Site and business during the course of performing the Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **<u>Non-Disclosure of Confidential Information</u>**. Each Party agrees that, except as provided in this <u>Section 10.2</u>, it will not, without the express prior written consent of the other Party, disclose to any other person or entity the Confidential Information of the other Party. A receiving Party may disclose the disclosing Party's Confidential Information to those of the receiving Party's affiliates, associates, vendors, subcontractors, employees, agents, advisors and consultants, but only to the extent that such personnel reasonably need to know such information in connection with such Party's performance of its obligations under this Agreement (or, in Company's case, as necessary in connection with the operation or maintenance of its facility). The receiving Party will be responsible for any disclosures by such parties that are in violation of the restrictions set forth in this <u>Section 10.2</u>. Further, either Party may disclose such information as must be disclosed pursuant to requirements of law or valid legal process; *provided* that the Party making such disclosure shall promptly notify the disclosing Party in advance of any such disclosure and reasonably cooperate (at the disclosing Party's expense) in attempt to maintain the confidentiality of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **<u>Term of Non-Disclosure Covenant</u>**. Notwithstanding any expiration or earlier termination of this Agreement, a receiving Party's obligations under this <u>Article 10</u> will survive the expiration or termination of this Agreement for two (2) years.

11. **<u>STATUS OF THE PARTIES AND CONTRACTOR'S PERSONNEL</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Contractor is an independent contractor, and neither Contractor nor anyone employed or retained by Contractor shall be deemed for any purpose to be the employee, agent, servant, or representative of Company in the performance of the Work hereunder. Company shall have no direction or control of Contractor or Contractor's employees and agents, except as to the results to be obtained with respect to the Work. Company has the right to issue instructions and directions on all matters concerning the results of the Work and Contractor shall comply and strictly adhere to such instructions and directions. Contractor shall promptly notify Company if Contractor believes such instructions and directions conflict with or violate the terms of this Agreement or requirements of the Owner Project Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Contractor shall provide sufficient Contractor personnel at all times to ensure performance and completion of the Work in accordance with the provisions of this Agreement. Contractor warrants and represents to Company that at all times all Contractor personnel employed on the Work shall, for the Work which they are required to perform, be competent, properly qualified, licensed, skilled and experienced in accordance with good industry practice and as required by law. Contractor shall verify all relevant qualifications of all such Contractor personnel. Contractor shall not subcontract or retain the services of any person or entity that is required to be, but is not, duly licensed to perform such work or services or authorized to do business in the Project's locale.

12. **<u>INSURANCE AND BONDS</u>**. Prior to commencing, and during the course of performance of, the Work and any warranty work, Contractor will maintain, at its own expense, and shall cause its subcontractors to maintain the insurance coverages set forth on <u>Attachment 5</u>, (i) at all times during the term of this Agreement and, (ii) with respect to any coverage maintained in a "claims-made" policy, for two (2) years following the termination or expiration of this Agreement; provided that, if a "claims-made" policy is maintained, the retroactive date must precede the Effective Date. Except for worker's compensation insurance, Contractor's insurance will include Company as an additional insured and will include a waiver of subrogation in favor of Company. Contractor shall provide a payment and performance bond as set forth on <u>Attachment 5</u>. Contractor shall purchase and maintain the required bonds from a company or companies lawfully authorized to issue surety bonds in the jurisdiction where the Project is located. Upon the request of any person or entity appearing to be a potential beneficiary of bonds covering payment of obligations arising under this Agreement, the Contractor shall promptly furnish a copy of the bonds or authorize a copy to be furnished.

13. **<u>CERTAIN PRINCIPLES OF INTERPRETATION</u>**. Interpretation of this Agreement shall be governed by the following rules of construction: (a) unless otherwise specified, words defined in the singular shall have the corresponding meaning in the plural and vice versa, and words importing one gender shall include the other gender; (b) the words "including", "includes" and "include" and words of similar import shall be deemed to be followed in each instance by the words "without limitation" unless otherwise specified; (c) references to articles, sections (or subdivisions of sections), appendices, exhibits or schedules shall be to articles, sections (or subdivisions of sections), appendices, exhibits or schedules of or to this Agreement unless otherwise specified; (d) the headings contained in this Agreement shall be for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (e) the terms "hereof", "herein", "hereby", "hereto" and derivative or similar words refer to this entire Agreement as a whole, including the appendices, exhibits and schedules hereto, and not to any particular section or clause, unless expressly so limited; (f) references to "$" shall mean U.S. Dollars; (g) where provision is made for agreement or the giving of notice, approval or consent by any Party, such agreement, notice, approval or consent must be in writing unless otherwise specified; and (h) the Parties have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favouring or burdening any Party by virtue of the authorship of any of the provisions herein.

14. **<u>MISCELLANEOUS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 **<u>Documents</u>**. All documents including drawings and specifications prepared or furnished by Contractor, its employees, subcontractors or agents pursuant to this Agreement shall be the property of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 **<u>Governing Law; Dispute Resolution</u>**. This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona, without giving effect to any conflict of law principles that would require the application of the laws of another jurisdiction. All actions or proceedings with respect to this Agreement may be instituted in any state or federal court sitting in Maricopa County, Arizona, and each Party irrevocably and unconditionally submits to the nonexclusive jurisdiction (both subject matter and personal) of each such court, and waives any objection that such Party may now or hereafter have to the laying of venue in any of such courts and any claim that any action or proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUCH ACTION. Any claims by Contractor which involve additional time or compensation resulting from the actions or inactions of the Owner, or claims that Company is entitled or obligated to submit to Owner pursuant to the terms of the Owner Project Contract, shall be submitted by Contractor to Company in accordance with the provisions of the Owner Project Contract, with sufficient lead time and detail to allow Company to fully comply with its obligations thereunder in connection with the pursuit of such claims. Notwithstanding anything to the contrary in this Agreement or Section, Contractor agrees that Company may (but is not required to) join Contractor as a party in any arbitration or other dispute resolution process initiated pursuant to the terms of the Owner Project Contract, and Contractor shall submit to and be bound by the authority, jurisdiction, and award or judgment rendered as a result of such process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 **<u>Assignment</u>**. A Party shall not assign or transfer, in whole or in part, any of its rights or obligations under this Agreement without the prior written consent of the other Party. Notwithstanding the foregoing, Company may without Contractor's consent assign this Agreement to an affiliate of Company, may assign this Agreement to Owner as and if required by the terms of the Owner Project Contract, and may also collaterally assign this Agreement to lenders providing financing for Company's project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 **<u>No Partnership</u>**. Contractor and Company are each independent of the other and nothing in this Agreement is intended, or shall be deemed, to create a partnership, association, trust, franchise, employment relationship or joint venture of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 **<u>Waiver</u>**. No Party shall be deemed to have waived any provision of this Agreement unless such waiver shall be in writing and signed by an authorized representative of such Party. Electronic mail shall not be considered a "writing" for purposes of this Section.

**ATTACHMENT 2**

**WORK SCHEDULE**

**[**XXX weeks**]**

**ATTACHMENT 3**

**PAYMENT TERMS**

Payment for the Work shall made to Contractor within thirty (30) days upon receipt of invoice for the Work performed as set out below **[**ten percent (10%)**]** retainage of the amount otherwise due, which Company may release and pay upon the completion and acceptance of the Work as otherwise set out in this Agreement. The Company may, in its sole discretion, reduce the amount to be retained at any time.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Item | &nbsp;&nbsp;Description of Work | &nbsp;&nbsp;Scheduled Value |
| 1. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 2. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 3. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 4. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 5. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 6. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 7. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 8. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
| 9. | &nbsp;&nbsp;**[**To come.**]** | &nbsp;&nbsp;**[**To come.**]** |
|  | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**[**To come.**]** |

---

**ATTACHMENT 4**

**SCOPE OF WORK**

**ATTACHMENT 5**

**INSURANCE AND BOND REQUIREMENTS**

**<u>MINIMUM INSURANCE COVERAGE</u>**

1. <u>Commercial General Liability</u>:

Commercial General Liability insurance ("CGL") written on an occurrence-based form including contractual liability, against claims for bodily injury, including without limitation sickness, disease or death, broad form property damage, including loss of use resulting therefrom, personal and advertising injury, products, or completed operations. The CGL shall not exclude, by endorsement or otherwise, coverage for bodily injury or property damage claims arising out of the rendering of or failure to render constructions work.

The CGL coverage minimum limits required shall be $1,000,000 each occurrence (bodily injury/property damage); $1,000,000 products/ completed operations aggregate; $1,000,000 personal and advertising injury (any one person); $2,000,000 general aggregate (other than products/completed operations).

Sudden and Accidental Pollution coverage shall be included.

Excess Liability in the amount of $2,000,000 will be placed excess of the Commercial General Liability.

The products and completed operations coverage under the CGL shall be maintained for the period of any applicable statute of limitations or five years following completion of the Work or earlier termination of the Agreement, whichever is longer.

2. <u>Automobile Liability</u> 

Commercial Automobile liability insurance coverage for bodily injury and property damage arising out of the operation (including loading or unloading) of all owned, hired, borrowed and non-owned vehicles used by Contractor, with minimum combined single limit of $1,000,000 each accident (bodily injury, death or property damage).

If Contractor transports by vehicle any hazardous waste, products, fluids, or materials that could damage the environment if released, this insurance shall also be endorsed to include coverage for claims under the Motor Carrier Act of 1980 (e.g., MCS-90 endorsement) and broadened pollution coverage (endorsement CA9948 or equivalent) resulting from the transportation of materials identified as hazardous during the performance of the Work.

3. <u>Workers' Compensation & Employers' Liability</u>:

Workers' Compensation insurance in the form and with limits prescribed by statutory law, and Employers' Liability insurance with limits of at least $1,000,000 bodily injury each accident; $1,000,000 bodily injury each employee by disease; and $1,000,000 bodily injury each disease aggregate. The policy(ies) shall include "other states" coverage.

4. <u>Umbrella/Excess Coverage:</u> 

Contractor shall procure and maintain Umbrella or Excess Liability Insurance with minimum limit of $4,000,000. Coverage shall be excess of the required Commercial General Liability, Automobile Liability, and Workers' Compensation & Employers' Liability coverage required to be maintained herein.

Coverage shall include: Coverage at least as broad and on a following form basis in excess of the underlying minimum coverage required herein; specifically include Contractor's contractual liability; and aggregate limits, if any, shall apply separately to each annual policy period to the extent applicable.

5. <u>Property/Physical Damage</u>: Contractor shall provide coverage for loss of or damage to equipment and machinery used by
the Contractor in the performance of Work set forth in this Agreement, including loss or damage during loading, unloading, and while in
transit. Such coverage shall be on an all-risk basis or its equivalent, subject to a limit of not less than the agreed value at
the time of loss, with any and all deductibles to be assumed by, for the account of, and at Contractor's sole risk.

**<u>Coverage Terms and Conditions</u>**

1. <u>Additional Insured</u>: All Contractor insurance policies (except Workers' Compensation) shall name Company (together
with its affiliated companies, agents, directors, officers, agents and employees, collectively referred to herein as "affiliates")
as an additional insured. Coverage as an additional insured for Company and its affiliates must include coverage for any alleged
or actual act, omission, failure to act or negligence on the part of Contractor, its employees and subcontractors and their employees,
and/or Company and its affiliates relating to performance of the Agreement.

2. <u>Waiver of Subrogation</u>: Contractor shall waive and request its insurers to waive all rights of subrogation against Company,
its affiliates and insurers, and contain an assignment of all statutory liens, if applicable.

3. <u>Primary and Non-Contributory</u>: All insurance policies and coverage of Contractor shall, to the extent of the risks and
liabilities assumed by Contractor in the Agreement, extend to and protect the Company and its affiliates to the fullest extent. 
The amount of such coverage, including excess and umbrella insurance, shall be primary to, and receive no contribution from, any other
insurance or self-insurance programs maintained by or on behalf of or benefiting Company.

4. <u>Cancellation of Insurance</u>: Contractor shall provide Company at least thirty (30) calendar days prior written notice by certified
mail, return receipt requested, of any cancellation of, non-renewal, or material change as may adversely affect any insurance policy or
coverage in force. If Contractor fails or neglects to obtain or renew the required insurance and furnish evidence thereof
to Company with an acceptable Certificate of Insurance form, Company shall have the right (but not the obligation) without any notice
and cure period: (a) to procure such insurance and reduce any amount payable to Contractor by the cost thereof, or alternatively, collect
such amount from Contractor; or (b) to deem such failure or neglect on the part of Contractor as a material breach of the Agreement. 
Contractor shall not intentionally do, allow or permit anything to be done that will affect, impair or contravene any policies of insurance
that may be in force hereunder. Contractor shall be solely responsible for and promptly pay when due, any and all premiums for all
such insurance.

Attachment 5, Page 2

5. <u>Self-Insurance and Retentions</u>: Contractor shall be responsible to pay any deductibles or retentions, including Company's
deductibles or retentions, under any insurance policies maintained as required in this Article, and for all losses, damages or liabilities
resulting from Contractor's failure to provide or maintain the insurance required in this Article. Deductible and self-insured retention
amounts for all required insurance will be commercially reasonable and subject to Company's reasonable approval. Deductibles
and self-insured retention amounts shall be disclosed on the certificate of insurance and subject to Company's approval.

6. <u>Subcontractors:</u> Without in any way limiting Contractor's liability pursuant to
the Agreement, Contractor shall obtain from its approved subcontractors, if any, the insurance coverages and endorsements set forth in
the Agreement. Both Company and Contractor shall be named as additional insureds under all subcontractors policies with the exception
of Workers' Compensation. A waiver of subrogation in favor of both Company and Contractor shall be included on all insurance policies
required to be maintained under the Agreement. Contractor and its subcontractors shall not commence the shipment of equipment or
materials or commence Work until all the insurances required of Contractor and its subcontractors are in force and the necessary documents,
if requested by Company have been received by Company.

**MINIMUM BOND REQUIREMENTS**

1. <u>Performance Bond</u>: **[___N/A_______]** 

2. <u>Payment Bond</u>: **[___N/A_______]** 

Attachment 5, Page 3

## Exhibit 10.3

**Exhibit 10.3**

[DATE]

Mr./Ms. [NAME]

[ADDRESS OF DIRECTOR]

Re: <u>Director Offer Letter</u>

Dear Mr./Ms. [NAME],

BW Industrial Holdings Inc., a Delaware corporation (the "**Company**"), is pleased to offer you a position as a member of its board of directors (the "**Board**"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this letter agreement (this "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Term</u>**. This Agreement is effective upon your acceptance and signature below. Your term as a director shall commence upon you being elected to the Board. Subject to the Company's bylaws and articles of incorporation, as amended, and the provisions in Section 8 below, your term shall continue until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholder's meeting, and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services</u>**. You shall render services as a member of the Board and the Board committees set forth on ***<u>Schedule A</u>*** attached hereto (hereinafter, your "**Duties**"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the Board committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference, or in person. You shall consult with the other members of the Board and Board committee(s) as necessary via telephone, electronic mail, or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. As compensation for serving on the Board, you will receive the compensation set forth on ***<u>Schedule B</u>*** attached hereto (hereinafter, the "**Compensation**") during your term as a director. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>No Assignment</u>**. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidential Information; Non-Disclosure</u>**. In consideration of your access to certain Confidential Information (as defined below) of the Company, and in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **<u>Definition</u>**. For purposes of this Agreement the term "Confidential Information" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which the Company possesses that has been created, discovered, or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any information which is related to the business of the Company and is generally not known by non- Company personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Confidential Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, general analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **<u>Exclusions</u>**. Notwithstanding the foregoing, the term "Confidential Information" shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **<u>Documents</u>**. You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **<u>Confidentiality</u>**. You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **<u>Ownership</u>**. You agree that Company shall own all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas, and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions**") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments or conveyances as may be necessary in respect hereof, and to perfect, obtain, maintain, enforce, and defend any rights assigned or otherwise conveyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [***reserved*].**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Non-Solicitation</u>**. So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Termination and Resignation</u>**. Your membership on the Board or on any Board committee shall be terminated if you become of unsound mind, are prohibited by law or an order of court from acting as a director, are convicted of a felony, or in the event of the death, resignation, disqualification, removal or any other conditions as specified in the Company's bylaws and articles of incorporation, as amended. Your membership on any Board committee will be terminated on the same effective date when your membership on the Board is terminated. You may also terminate your membership on the Board or on any Board committee for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will be subject to the Company's obligations to pay you any compensation (including the vested portion of the securities of the Company) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any securities of the Company that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Governing Law</u>**. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the internal laws of the State of Nevada without regard to conflict of laws provisions therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Entire Agreement; Amendment; Waiver; Counterparts</u>**. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements, and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence, fraud, bad faith, or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you as an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Acknowledgement</u>**. You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

[*Signature Page Follows*]

This Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| |
|:---|
| Sincerely, |
| BW Industrial Holdings Inc. |
| By: |
| Title: |

---

AGREED AND ACCEPTED:

By: [NAME]

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| **Committee** | **Title** |

---

**Schedule B**

Compensation

During your term as a member of the Board, you will receive cash compensation in the amount of $[●] per annum, which shall be paid to you at the end of each month.

## Exhibit 21.1

**Exhibit 21.1**

**BW Industrial Holdings Inc.**

**Subsidiary of the Registrant**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Bestwater US Inc. (d/b/a BW Industrial Construction) | Texas |

---

## Exhibit 23.1

**Exhibit 23.1**

**<u>Independent Registered Public Accounting Firm's Consent</u>**

We consent to the use in this Registration Statement on Form S-1 of our report dated August 14, 2025 relating to the financial statements of BestWater USA Inc. appearing in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Marcum Asia CPAs LLP

New York, New York

December 30, 2025

## Exhibit 99.1

**Exhibit 99.1**

**CONSENT OF YUAN SHI**

BW Industrial Holdings Inc. (the "**Company**") intends to file a registration statement on Form S-1 (together with any amendments or supplements thereto, the "**Registration Statement**") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a director nominee.

Dated: December 30, 2025

---

| |
|:---|
| /s/ Yuan Shi |
| **Yuan Shi** |

---

## Exhibit 99.2

**Exhibit 99.2**

**CONSENT OF DAMON WRIGHT**

BW Industrial Holdings Inc. (the "**Company**") intends to file a registration statement on Form S-1 (together with any amendments or supplements thereto, the "**Registration Statement**") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a director nominee.

Dated: December 30, 2025

---

| |
|:---|
| /s/ Damon Wright |
| **Damon Wright** |

---

## Exhibit 99.3

**Exhibit 99.3**

**CONSENT OF MARC DISTEFANO**

BW Industrial Holdings Inc. (the "**Company**") intends to file a registration statement on Form S-1 (together with any amendments or supplements thereto, the "**Registration Statement**") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a director nominee.

Dated: December 30, 2025

---

| |
|:---|
| /s/ Marc Distefano |
| **Marc Distefano** |

---

## Exhibit 99.4

**Exhibit 99.4**

**CONSENT OF ROBERT SLIVA**

BW Industrial Holdings Inc. (the "**Company**") intends to file a registration statement on Form S-1 (together with any amendments or supplements thereto, the "**Registration Statement**") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a director nominee.

Dated: December 30, 2025

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| |
|:---|
| /s/ Robert Sliva |
| **Robert Sliva** |

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## Exhibit 99.5

**Exhibit 99.5**

**AUDIT COMMITTEE CHARTER**

**OF**

**BW INDUSTRIAL HOLDINGS INC.**

This Audit Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "<u>Board</u>") of BW Industrial Holdings Inc, a Delaware corporation (the "<u>Company</u>"), on [ ], and shall become effective upon the effectiveness of the Company's registration statement on Form S-1 relating to the Company's initial public offering.

**I.** **Purpose** 

The purpose of the Audit Committee (the "<u>Committee</u>") is to oversee the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company. The Committee assists the Board with its oversight responsibilities regarding: (i) the integrity of the Company's financial statements; (ii) the Company's compliance with legal and regulatory requirements; (iii) the independent auditor's qualifications and independence; and (iv) the performance of the Company's internal controls over financial reporting and independent auditor. The Committee shall prepare the report required by the rules of the Securities and Exchange Commission (the "<u>SEC</u>") to be included in the Company's annual report on Form 10-K.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Articles of Incorporation, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

Notwithstanding the foregoing, the Committee's responsibilities are limited to oversight. Although the Committee has the responsibilities set forth in this Charter, it is not the responsibility of the Committee to plan or conduct audits or to determine that the Company's financial statements and disclosure are complete and accurate and are in accordance with generally accepted accounting principles and applicable laws, rules and regulations. These are the responsibilities of the Company's management ("<u>Management</u>") and the independent auditor.

Furthermore, auditing literature, particularly Statement of Accounting Standards No. 71, defines the term "review" to include a particular set of required procedures to be undertaken by independent auditors. The members of the Committee are not independent auditors, and the term "review" as used in this Charter is not intended to have that meaning and should not be interpreted to suggest that the Committee members can or should follow the procedures required of auditors performing reviews of financial statements.

**II.** **Membership** 

The Committee shall consist of at least three members of the Board, as determined by the Board. Each Committee member shall be financially literate as determined by the Board in its business judgment or must become financially literate within a reasonable period of time after his or her appointment to the Committee. Members of the Committee must (i) not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years; and (ii) be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and cash flow statement. Members of the Committee are not required to be engaged in the accounting and auditing profession and, consequently, some members may not be expert in financial matters, or in matters involving auditing or accounting. However, at least one member of the Committee must have accounting or related financial management expertise as determined by the Board in its business judgment. In addition, at least one member of the Committee shall be an "audit committee financial expert" within the definition adopted by the SEC or shall possess financial sophistication within the meaning of the Nasdaq Listing Rules, or the Company shall disclose in its annual report on Form 10-K required pursuant to the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the reasons why at least one member of the Committee is not an "audit committee financial expert." At least one member of the Committee shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules and will satisfy the independence requirements of Rule 10A-3(b)(1) under the Exchange Act immediately prior to the effectiveness of the Company's registration statement on Form S-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"). At least a majority of the members of the Committee shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules and will satisfy the independence requirements of Rule 10A-3(b)(1) under the Exchange Act within the 90-day period of the Effective Time. All Committee members must satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3(b)(1) under the Exchange Act beginning from the first anniversary of the Effective Time. No Committee member may simultaneously serve on the audit committee of more than two other public companies, unless the Board determines that such simultaneous service would not impair the ability of such member to effectively serve on the Committee and such determination is disclosed in the Company's annual report on Form 10-K.

The members of the Committee, including the chairperson (the "<u>Chair</u>") of the Committee, shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board.

**III.** **Meetings and Procedures** 

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet at least once during each fiscal quarter and more frequently as the Committee deems desirable. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

The Committee shall meet separately and periodically with Management, with the internal auditor, and with the independent auditor. Any meeting of the Committee may be conducted in person or via telephone conference or similar communications equipment where every meeting participant can hear each other.

All non-Management directors that are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's Management, representatives of the independent auditor, the internal auditor, and any other financial personnel employed or retained by the Company or any other persons whose presence the Committee believes to be necessary or appropriate. Notwithstanding the foregoing, the Committee may also exclude from its meetings any persons it deems appropriate, including, but not limited to, any non-Management director that is not a member of the Committee.

The Committee may retain any independent counsel, experts, or advisors (accounting, financial, or otherwise) that the Committee believes to be necessary or appropriate. The Committee may also utilize the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to the independent auditor for the purpose of rendering or issuing an audit report or performing other audit, review, or attestation services, for payment of compensation to any counsel, experts, or advisors employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

The Committee may conduct or authorize investigations into any matters within the scope of the powers and responsibilities delegated to the Committee.

**IV.** **Powers and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Appointment and Oversight*. The Committee shall be directly responsible for the appointment, compensation, retention, removal and oversight of the work of the independent auditor (including resolution of any disagreements between Management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work or performing other audit, review, or attestation services for the Company, and the independent auditor shall report directly to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Pre-Approval of Services*. Before the independent auditor is engaged by the Company or its subsidiaries to render audit or non-audit services, the Committee shall pre-approve the engagement. Committee pre-approval of audit and non-audit services will not be required if the engagement for the services is entered into pursuant to pre-approval policies and procedures established by the Committee regarding the Company's engagement of the independent auditor, provided that the policies and procedures are detailed as to the particular service, the Committee is informed of each service provided and such policies and procedures do not include delegation of the Committee's responsibilities under the Exchange Act to the Management. The Committee may delegate to one or more designated members of the Committee the authority to grant pre-approvals, provided that such pre-approvals are presented to the Committee at a subsequent meeting. If the Committee elects to establish pre-approval policies and procedures regarding non-audit services, the Committee must be informed of each non-audit service provided by the independent auditor. Committee pre-approval of non-audit services (other than review and attestation services) also will not be required if such services fall within available exceptions established by the SEC**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Independence of Independent Auditor.* The Committee shall, at least annually, review the independence and quality control procedures of the independent auditor and the experience and qualifications of the independent auditor's senior personnel that are providing audit services to the Company*.* In conducting its review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall obtain and review a report prepared by the independent auditor describing (a) the auditing firm's internal quality-control procedures and (b) any material issues raised by the most recent internal quality-control review, or peer review, of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the auditing firm, and any steps taken to deal with any such issues. The Committee shall review and discuss, as appropriate, any reports issued by the PCAOB with respect to the independent auditor, including inspection reports and any related findings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall ensure that the independent auditor prepare and deliver, at least annually, a written statement delineating all relationships between the independent auditor and the Company. The Committee shall actively engage in a dialogue with the independent auditor with respect to any disclosed relationships or services that, in the view of the Committee, may impact the objectivity and independence of the independent auditor. If the Committee determines that further inquiry is advisable, the Committee shall take appropriate action in response to the independent auditor's report to satisfy itself of the auditor's independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall confirm with the independent auditor that the independent auditor is in compliance with the partner rotation requirements established by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Committee shall, if applicable, consider whether the independent auditor's provision of any permitted information technology service or other non-audit service to the Company is compatible with maintaining the independence of the independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Meetings with Management, the Independent Auditor and the Internal Auditor.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall meet with Management, the independent auditor, and the internal auditor in connection with each annual audit to discuss the scope of the audit, the procedures to be followed, and the staffing of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall review and discuss with Management and the independent auditor any material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities of which the Committee is made aware that do not appear on the financial statements of the Company and that may have a material current or future effect on the Company's financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall review and discuss the annual audited financial statements with Management and the independent auditor, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Separate Meetings with the Independent Auditor.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall review with the independent auditor any problems or difficulties the independent auditor may have encountered during the course of the audit work, including any restrictions on the scope of activities or access to required information or any significant disagreements with Management and Management's responses to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall discuss with the independent auditor the report that such auditor is required to make to the Committee regarding: (a) all critical accounting policies and practices used; (b) all alternative treatments within U.S. GAAP for policies and practices related to material items that have been discussed among Management and the independent auditor, including the ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor; and (c) all other material written communications between the independent auditor and Management, such as any Management letter, Management representation letter, reports on observations and recommendations on internal controls, independent auditor's engagement letter, independent auditor's independence letter, schedule of unadjusted audit differences and a listing of adjustments and reclassifications not recorded, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall discuss with the independent auditor the matters required to be discussed by applicable PCAOB auditing standards, including AS 1301, "Communication with Audit Committees," as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Recommendation to Include Financial Statements in Annual Report*. The Committee shall, based on the review and discussions in paragraphs 4(iii) and 5(iii) above, and based on the disclosures received from the independent auditor regarding its independence and discussions with the auditor regarding such independence pursuant to subparagraph 3(ii) above, determine whether to recommend to the Board that the audited financial statements be included in the Company's annual report on Form 10-K for the fiscal year subject to the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall discuss with Management and the independent auditor the Company's earnings press releases (with particular focus on any "pro forma" or "adjusted" non-GAAP information), as well as financial information and earnings guidance provided to analysts and rating agencies. The Committee's discussion in this regard may be general in nature (i.e., discussion of the types of information to be disclosed and the type of presentation to be made) and need not take place in advance of each earnings release or each instance in which the Company may provide earnings guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Committee shall review all related party transactions by the Company (including any of its subsidiaries and consolidated affiliates) on an ongoing basis and all such transactions must be approved by the Committee in advance. All related party transactions should be disclosed in accordance with applicable legal and regulatory requirements. The Committee recognizes that there are situations where the Company may have to obtain products or services of a nature, quantity or quality, or on other terms, that are not readily available from alternative sources or when the Company provides products or services to related persons on an arm's length basis on terms comparable to those provided to unrelated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Committee shall consider all of the relevant facts and circumstances available to the Committee, including (if applicable), but not limited to:

● The benefits to the Company;

● The impact on a director's independence in the event the related person is a director, an immediate family member of a director or an entity in which a director is a principal, member, partner, stockholder or executive officer;

● The availability of other sources for comparable products or services;

● The terms of the transaction; and

● The terms available to unrelated third parties and employees generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No member of the Committee shall participate in any review, consideration or approval of any related party transactions with respect to which such member or any of his or her immediate family members is the related person. The Board shall approve only those related party transactions that are in, or are not inconsistent with, the best interests of the Company and its stockholders, as the Committee determines in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Committee shall discuss with Management and the independent auditor any correspondence from or with regulators or governmental agencies, any employee complaints or any published reports that raise material issues regarding the Company's financial statements, financial reporting process, accounting policies, or internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Committee shall discuss with the Company's internal or outside counsel any legal matters brought to the Committee's attention that could reasonably be expected to have a material impact on the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Committee shall review with management and, as appropriate, the Company's counsel, the operation of the Company and its subsidiaries and affiliated entities, including the Company's policies and procedures for ensuring compliance and for the review and disclosure of related party transactions..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Committee shall discuss with Management the Company's policies with respect to risk assessment and risk management. The Committee shall discuss with Management the Company's significant financial risk exposures and the actions Management has taken to limit, monitor or control such exposures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Committee shall monitor the compliance with the Company's code of business conduct and ethics, including reviewing the adequacy and effectiveness of the Company's procedures to ensure proper compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Committee shall review the adequacy and effectiveness of the Company's accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Committee shall review and concur with Management on the need for an internal audit department and on the appointment, replacement, reassignment, or dismissal of an internal audit department senior manager or director. The Committee shall also review any internal reports to Management (or summaries thereof) prepared by the internal audit department, as well as Management's response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Committee shall set clear hiring policies for employees or former employees of the Company's independent auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Committee shall establish procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters. The Committee shall also establish procedures for the confidential and anonymous submission by employees regarding questionable accounting or auditing matters. The Committee shall receive periodic reports on such complaints and their resolution and shall review and discuss with management, as appropriate, significant complaints and the actions taken in response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The Committee shall provide the Company with the report of the Committee with respect to the audited financial statements required by Item 306 of Reg. S-K, for inclusion in each of the Company's annual reports filed on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Committee, through its Chair, shall report regularly to, and review with, the Board any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditor, the performance of the Company's internal controls or any other matter the Committee determines is necessary or advisable to report to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The Committee shall at least annually perform an evaluation of the performance of the Committee and its members, including a review of the Committee's compliance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Committee shall at least annually review and reassess this Charter and submit any recommended changes to the Board for its consideration.

**V.** **Delegation of Duties** 

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee to the extent permitted by, or consistent with provisions of, the Articles and applicable laws and regulations and rules of the markets in which the Company's securities then trade.

## Exhibit 99.6

**Exhibit 99.6**

**COMPENSATION COMMITTEE CHARTER** 

**OF**

**BW INDUSTRIAL HOLDINGS INC.**

This Compensation Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "<u>Board</u>") of BW Industrial Holdings Inc., a Delaware company (the "<u>Company</u>"), on [ ], and shall become effective upon the effectiveness of the Company's registration statement on Form S-1 relating to the Company's initial public offering.

I. Purpose

The purpose of the Compensation Committee (the "<u>Committee</u>") is (i) to assist the Board in discharging the Board's responsibilities relating to compensation of the Company's executives, including reviewing and evaluating and, if necessary, revising the compensation plans, policies, and programs of the Company adopted by management, and (ii) to review and approve the disclosure of executive compensation for inclusion in the Company's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission's (the "<u>SEC</u>") in accordance with applicable rules and regulations. The Committee shall ensure that compensation programs are designed to encourage high performance, promote accountability, and assure that employee interests are aligned with the interests of the Company's stockholders.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Articles of Incorporation, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without the requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers and responsibilities delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

II. Membership

The Committee shall be composed of three or more directors, as determined by the Board, none of whom shall be an employee of the Company and each of whom (i) shall satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10C-1 under the Securities Exchange Act, (ii) shall be a "non-employee director" within the meaning of Rule 16b3 of the Securities Exchange Act of 1934, as amended, (iii) shall be an "outside director" under the regulations promulgated under Section 162(m) of the Internal Revenue Code of 1986, as amended, and (iv) shall have experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee, and shall not accept directly or indirectly any consulting, advisory, or other compensatory fees (the "<u>Compensatory Fees</u>") from the Company or any subsidiary thereof. For the purpose of this paragraph, the Compensatory Fees do not include: (i) fees received as a member of the Committee, the Board, or any other Board committee; or (ii) the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the Company (provided that such compensation is not contingent in any way on continued service).

In determining whether a director is eligible to serve on the Committee, the Board shall consider all factors specifically relevant to determining whether a director has a relationship to the Company which is material to such director's ability to be independent from management in connection with the duties of a Committee member, including but not limited to, whether the director is affiliated with the Company, any subsidiary of the Company, or any affiliate of a subsidiary of the Company.

At least a majority of the members of the Committee shall satisfy the independence requirements of the Nasdaq Listing Rules within the 90-day period after the effectiveness of the Company's registration statement on Form S-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"), and all of the members of the Committee shall satisfy the independence requirements of the Nasdaq Listing Rules beginning from the first anniversary of the Effective Time.

The members of the Committee, including the chairperson of the Committee (the "<u>Chair</u>"), shall be appointed by the Board on the recommendation of the Nomination and Corporate Governance Committee. Committee members may be removed from the Committee, with or without cause, by the Board. If one Committee member ceases to be independent in accordance with the requirements of Rule 10C-1 due to circumstances beyond the member's reasonable control, that person, with notice by the Company to Nasdaq or the applicable national security association, may remain a compensation committee member of the Company until the earlier of its next annual stockholders meeting or one year from the occurrence of the event that caused the member to be no longer independent.

III. Meetings and Procedures

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet on a regularly scheduled basis at least once per year and more frequently as and when the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference where every meeting participant can hear each other. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management or any other person whose presence the Committee believes to be necessary or appropriate. Notwithstanding the foregoing, the chief executive officer may not be present during voting or deliberations concerning his or her compensation, and the Committee may exclude from its meetings any persons it deems appropriate, including but not limited to any non-management director who is not a member of the Committee.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the Chairman of the Board.

IV. Duties and Responsibilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Committee shall, at least annually, review and approve the compensation of the chief executive officer. In determining the long-term incentive component of the chief executive officer's compensation, the Committee shall consider the Company's performance, the value of similar incentive awards to chief executive officers at comparable companies, and the awards given to the chief executive officer in past years. The Committee shall have sole authority to determine the chief executive officer's compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Committee shall, with respect to executive officers other than the chief executive officer, make recommendations to the Board concerning compensation, incentive compensation plans, and equity-based plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee shall annually review all annual bonuses, long-term incentive compensation, stock options, employee pension, and welfare benefit plans (including *employee stock purchase plans, long-term incentive plans, management incentive plans and others*), and with respect to each plan shall have responsibility for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) setting performance targets under all annual bonuses and long-term incentive compensation plans as appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifying that any and all performance targets used for any performance-based equity compensation plans have been met before payment of any executive bonus or compensation or exercise of any executive award granted under any such plan(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approving all amendments to, and terminations of, all compensation plans and any awards under such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) granting any awards under any performance-based annual bonus, long-term incentive compensation and equity compensation plans to executive officers or current employees with the potential to become the chief executive officer or an executive officer, including stock options and other equity rights (*e.g.,* restricted stock, stock purchase rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) approving which executive officers are entitled to awards under the Company's stock option plan(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) repurchasing securities from terminated employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) conducting an annual review of all compensation plans, including reviewing each plan's administrative costs, reviewing current plan features relative to any proposed new features, and assessing the performance of the plan's internal and external administrators if any duties have been delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Committee may, in its sole discretion, retain or receive the advice from the Company's regular legal counsel, other independent counsel, compensation and benefits consultants, and other experts or advisors (the "<u>Compensation Advisors</u>") that the Committee believes to be desirable or appropriate. The Committee is not bound by the advice or recommendations of the Compensation Advisors and shall exercise its own judgment in fulfilling its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Committee shall be directly responsible for the appointment, compensation, and oversight of the work of the Compensation Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to the Compensation Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall select, or receive advice from the Compensation Advisors, other than in-house legal counsel, after taking into consideration the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provision of other services to the Company by the person that employs the Compensation Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of fees received from the Company by the person that employs the Compensation Advisors, as a percentage of the total revenue of the person that employs such Compensation Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the policies and procedures of the person that employs the Compensation Advisors that are designed to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any business or personal relationship of the Compensation Advisors with a member of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any stock of the Company owned by the Compensation Advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any business or personal relationship of the Compensation Advisor or the person employing the Compensation Advisors with an executive officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Committee shall conduct the independence assessment outlined in this Charter with respect to any Compensation Advisors, other than in-house legal counsel. Nevertheless, the Committee may select, or receive advice from, any Compensation Advisors, including ones that are not independent, after considering factors 7(i) through 7(vi) outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. For purposes of this Charter, the Committee is not required to conduct an independence assessment for any Compensation Advisors that act in a role limited to the following activities for which no public disclosure is required: (a) consulting on any broad-based plan that does not discriminate in scope, terms, or operation, in favor of any executive officers or directors of the Company, and that is available generally to all salaried employees; or (b) providing information that either is not customized for a particular issuer or that is customized based on parameters that are not developed by such Compensation Advisors, and about which such Compensation Advisors does not provide advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Committee shall establish and periodically review policies concerning prerequisite benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Committee shall periodically review the Company's policies with respect to change of control or "parachute" payments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Committee shall manage and review executive officer and director indemnification and insurance matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Committee shall manage and review any employee loans in an amount equal to or greater than US$60,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Committee shall prepare and approve the disclosure of executive compensation for inclusion in the Company's annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Committee shall on an annual basis evaluate its own performance, including its compliance with this Charter, and provide any written material with respect to such evaluation to the Board, including any recommendations for changes in procedures or policies governing the Committee. The Committee shall conduct such evaluation and review in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Committee shall periodically report to the Board its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Committee shall review and reassess this Charter at least annually and submit any recommended changes to the Board for its consideration.

V. Delegation of Duties

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Articles and applicable law and rules of the markets in which the Company's securities then trade.

## Exhibit 99.7

**Exhibit 99.7**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER** 

**OF**

**BW INDUSTRIAL HOLDINGS INC.**

This Nominating and Corporate Governance Committee Charter (the "<u>Charter</u>") was adopted by the Board of Directors (the "<u>Board</u>") of BW Industrial Holdings Inc., a Delaware company (the "<u>Company"</u>), on [ ], and shall become effective upon the effectiveness of the Company's registration statement on Form S-1 relating to the Company's initial public offering.

**I. Purpose**

The purpose of the Nominating and Corporate Governance Committee (the "<u>Committee</u>") is to assist the Board in discharging the Board's responsibilities regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. identification and recommendation of qualified director nominees to be elected at the next annual meeting of stockholders (or special meeting of stockholders at which directors are to be elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identification and recommendation of qualified candidates to fill any vacancies on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. annual review of the composition of the Board in light of the characteristics of independence, qualification, experience and availability of the Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. oversight of the evaluation of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. monitoring of compliance with the Company's code of business conduct and ethics, including reviewing the adequacy and effectiveness of the Company's internal rules and procedures to ensure compliance with applicable laws and regulations.

In addition to the powers and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's Articles of Incorporation, as amended from time to time (the "<u>Articles</u>"). The powers and responsibilities delegated by the Board to the Committee in this Charter or otherwise may be exercised and carried out by the Committee as it deems appropriate without Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee has and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

II. Membership

The Committee shall be comprised of three or more members of the Board, as determined by the Board, each of whom has experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee. In addition, at least a majority of the members of the Committee shall satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules within the 90-day period after the effectiveness of the Company's registration statement on Form S-1 relating to the Company's initial public offering (the "<u>Effective Time</u>"), and all of the members of the Committee shall satisfy the independence requirements of Section 5605(a)(2) of the Nasdaq Listing Rules beginning from the first anniversary of the Effective Time.

The members of the Committee, including the chairperson of the Committee (the "<u>Chair</u>"), shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board. Any action duly taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership provided herein.

III. Meetings and Procedures

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Articles that are applicable to the Committee.

The Committee shall meet on a regularly scheduled basis, at least once per year and more frequently as and when the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference where every meeting participant can hear each other. Except as required by law, all matters shall be approved by a simple majority of all the Committee members.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management, or any other person whose presence the Committee believes to be desirable and appropriate. Notwithstanding the foregoing, the Committee may exclude from its meetings any persons, including any non-management director, who is not a member of the Committee.

The Committee may retain any independent counsel, experts or advisors that the Committee believes to be desirable and appropriate. The Committee may also use the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any such persons employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the Chairman of the Board.

**IV. Duties and Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) At an appropriate time prior to each annual meeting of stockholders at which directors are to be elected or reelected, the Committee shall recommend to the Board for nomination by the Board such candidates as the Committee, in the exercise of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At an appropriate time after a vacancy arises on the Board or a director advises the Board of his or her intention to resign, the Committee shall recommend to the Board for appointment by the Board to fill such vacancy, such candidate as the Committee, in the exercise of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Committee shall annually review the performance of each incumbent director and shall consider the results of such evaluation when determining whether or not to recommend the nomination of such director for an additional term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee shall oversee the Board in the Board's annual review of its own performance and the performance of management, and will make appropriate recommendations to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Committee shall consider, prepare and recommend to the Board such policies and procedures with respect to corporate governance matters as may be required or required to be disclosed pursuant to any rules promulgated by the Securities and Exchange Commission or otherwise considered to be desirable and appropriate in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Committee shall evaluate its own performance on an annual basis, including its compliance with this Charter, and provide the Board with any recommendations for changes in procedures or policies governing the Committee. The Committee shall conduct such evaluation and review in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Committee shall periodically report to the Board on its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Committee shall review and reassess this Charter at least annually and submit any recommended changes to the Board for its consideration.

V. Delegation of Duties

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Articles and applicable law and rules of the markets in which the Company's securities then trade.

## Exhibit 99.8

**Exhibit 99.8**

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| | |
|:---|:---|
| ![](ex99-8_001.jpg) | 3006, Two Exchange Square,<br> 8 Connaught Place, Hong Kong<br> Tel: 852 2191 7566<br> Fax: 852 2191 7995<br> www.frost.com |

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21 December 2025

BW Industrial Holdings Inc.

2825 Wilcrest Drive, Suite 421

Houston, TX 77042

Attention: The Board of Directors

**Re: Consent of Frost & Sullivan Limited**

Dear Sirs or Madams:

We understand that BW Industrial Holdings Inc. (the "**Company**") intends to file a registration statement (the "**Registration Statement**") with the United States Securities and Exchange Commission (the "**SEC**") in connection with its initial public offering (the "**Proposed IPO**").

We hereby consent to the references to our name and the inclusion of information, data, and statements from our research reports and amendments thereto, including but not limited to the industry research report titled "Market Study on Construction Works in the U.S" (the "**Report**"), and any subsequent amendments to the Report, as well as the citation of our research report and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondences with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K or other SEC filings (collectively, the **"SEC Filings"**), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings. 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 U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

Yours faithfully

For and on behalf of

**Frost & Sullivan Limited**

![](ex99-8_002.jpg)

Name: Jessica Lau

Title: Executive Director

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-1**

**BW Industrial Holdings Inc.**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *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 | Common stock, par value $0.0001 per share | (1) | 457(o) |  | $| $27168750.00 | 0.0001381 | $3752.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $27168750.00 |  | 3752.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | 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: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $3752.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum aggregate offering price of the securities. Includes common stock that may be issued upon exercise of a 45-day option granted to the underwriters in this offering to cover over-allotments, if any.