# EDGAR Filing Document

**Accession Number:** 0002084227
**File Stem:** 0001493152-25-026734
**Filing Date:** 2025-12
**Character Count:** 1177132
**Document Hash:** 0030c1a47da032cc540505cb3628f873
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026734.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001493152-25-026734

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advasa Holdings, Inc.
- **CENTRAL INDEX KEY:** 0002084227
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292013
- **FILM NUMBER:** 251557403

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR AKASAKA K TOWER,
- **STREET 2:** 1-2-7 MOTO AKASAKA
- **CITY:** MINATO-KU
- **NON US STATE TERRITORY:** TOKYO, JAPAN
- **PROVINCE COUNTRY:** M0
- **ZIP:** 107-0051
- **BUSINESS PHONE:** 81-03-6868-5538

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR AKASAKA K TOWER,
- **STREET 2:** 1-2-7 MOTO AKASAKA
- **CITY:** MINATO-KU
- **NON US STATE TERRITORY:** TOKYO, JAPAN
- **PROVINCE COUNTRY:** M0
- **ZIP:** 107-0051

**As filed with the US Securities and Exchange Commission on December 8, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**ADVASA HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **7372** | **39-3819559** |
| (State or other jurisdiction<br> of incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**ADVASA HOLDINGS, INC.**

**1-2-7 Moto-Akasake**

**Minato-ku, Tokyo, 107-0051 Japan**

**Telephone: +81-3-6868-5538**

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

**Corporate Creations Network Inc.**

**1521 Concord Pike, Suite 201**

**Wilmington, Delaware 19803**

**Telephone: (302) 351-3367**

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

*Copies to:*

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| | |
|:---|:---|
| **Laura Anthony, Esq.**<br> **Craig D. Linder, Esq.**<br> **Anthony, Linder & Cacomanolis, PLLC**<br> **1700 Palm Beach Lakes Blvd., Suite 820**<br> **West Palm Beach, Florida 33401**<br> **Telephone: (561) 514-0936** | **M. Ali Panjwani, Esq.**<br> **Pryor Cashman LLP**<br> **7 Times Square, 40th Floor**<br> **New York, NY 10036**<br> **Telephone: (212) 351-2626** |

---

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after this Registration Statement is declared effective.**

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

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

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

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

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

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

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

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

**Explanatory Note**

This registration statement on Form F-1 (File No. 333-[ ]) contains disclosure that will be circulated as two separate final prospectuses, as set forth below.

●  ***Public offering prospectus*** . A prospectus (the "Public Offering Prospectus") to be used for the public offering of _____ shares of common stock of Advasa Holdings, Inc. ("Advasa," "we," "us," "our," or the "Company") by us, based on the assumed initial public offering price of $_________ per share, which is the low end of the estimated initial public offering price range between $____ and $____ per share, through the underwriter named on the cover page thereon (the "Public Offering Common Stock").

●  ***Resale prospectus*** . A prospectus (the "Resale Prospectus") to be used for the offer and potential resale by the selling shareholders, Taiji Ito, Spirit Advisors LLC, Atsushi Saisho, and Anthony, Linder & Cacomanolis, PLLC (the "Selling Shareholders"), of 3,000,000 shares of common stock of the Company (the "Resale Shares"), based on the assumed initial public offering price of $______ per share.

The Resale Prospectus is substantively identical to the Public Offering Prospectus, except for the following distinctions:

● it contains different front and back cover pages; among other things, the identification of the underwriter and related compensation for the Public Offering Common Stock will only be included in the Public Offering Prospectus and the Resale Shares will be listed on the front cover of the Resale Prospectus without identification of the underwriter and related compensation information;

● it contains a different section in the Prospectus Summary captioned "The Offering" relating to the offering of the Public Offering Common Stock and the Resale Shares, as applicable; such Offering section included in the Public Offering Prospectus will summarize the offering of the Public Offering Common Stock and such Offering section included in the Resale Prospectus will summarize the offering of the Resale Shares;

● it contains a different "Use of Proceeds" section, with the Use of Proceeds section included in the Resale Prospectus only indicating that the Registrant will not receive any proceeds from the sale of the Resale Shares by the Selling Shareholders that occur pursuant to this registration statement;

● it does not contain the Capitalization and Dilution sections included in the Public Offering Prospectus;

● all references in the Public Offering Prospectus to "this offering" or "this initial public offering" will be changed to "our initial public offering" and/or "the IPO," defined as the underwritten initial public offering of our common stock, in the Resale Prospectus;

● all references in the Public Offering Prospectus to "underwriters" will be changed to "underwriters of the IPO" in the Resale Prospectus;

● the ownership percentages described in the Public Offering Prospectus will be adjusted in the Resale Prospectus to reflect the common stock sold in our initial public offering;

● a "Selling Shareholders" section is included in the Resale Prospectus;

● the "Underwriting" section from the Public Offering Prospectus is not included in the Resale Prospectus and the "Plan of Distribution" section is included only in the Resale Prospectus; and

● the Legal Matters section deletes the reference to counsel for the underwriter.

The Registrant has included in this registration statement a set of alternate pages after the back-cover page of the Public Offering Prospectus (the "Alternate Pages") to reflect the foregoing differences in the Resale Prospectus as compared to the Public Offering Prospectus. The Public Offering Prospectus will exclude the Alternate Pages in connection with the public offering by the Registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by the Selling Shareholders (it being understood that none of the common stock being registered for resale by the selling shareholders in the Resale Prospectus may be sold prior to the closing of our initial public offering under the Public Offering Prospectus, and only then in compliance with applicable laws, rules and regulations).

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

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| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED DECEMBER 8, 2025** |

---

**Shares of Common Stock**

![](forms-1_001.jpg)

**Advasa Holdings, Inc.**

This is a firm commitment initial public offering of common stock, par value $0.00001 per share ("Common Stock"), of Advasa Holdings, Inc. Prior to the offering, there has been no public market for our Common Stock. We expect the initial public offering price to be between $____ and $____ per share. We are also registering 3,000,000 shares of Common Stock (the "Resale Shares") for resale by Taiji Ito, Spirit Advisors LLC, Atsushi Saisho and Anthony, Linder & Cacomanolis, PLLC (the "Selling Shareholders"), pursuant to the prospectus to be used for the offering and potential resale of the Resale Shares (the "Resale Prospectus"). This prospectus will not be used for the offering of Resale Shares, and the Resale Prospectus will not be used for this initial public offering.

The sale of the Resale Shares in the resale offering will occur only after the closing of the initial public offering under the prospectus to be used for the public offering of Common Stock (the "Public Offering Prospectus"). The sales price to the public of the Resale Shares will initially be fixed at the same initial public offering price of the Common Stock offered in this prospectus. Following listing of our Common Stock on the Nasdaq Capital Market, the Selling Shareholders will be offering the Resale Shares pursuant to the Resale Prospectus at prevailing market prices, prices related to prevailing market prices, or privately negotiated prices. We will not receive any of the proceeds from the sale of the Common Stock shares by the Selling Shareholders.

We intend to apply to list our Common Stock on The Nasdaq Capital Market (the "Nasdaq") under the symbol "ADBT" and this offering is contingent on the listing of our Common Stock on the Nasdaq.

Unless otherwise noted, the share and per share information in this prospectus have been adjusted to give effect to the ten-for-one (10-for-1) forward stock split ("Forward Stock Split") of our outstanding common stock, which was effective on December 4, 2025.

We are an "emerging growth company" under the federal securities laws and, as such, we 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 and a Smaller Reporting Com*pany."

**We are a holding company and conduct our business through our operating subsidiaries in the United States and Japan.**

**Investing in our Common Stock involves a high degree of risk. Before buying any shares, you should carefully read the discussion of the material risks of investing in our Common Stock under the heading "*Risk Factors*" beginning on page 12 of this prospectus.**

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

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| | | |
|:---|:---|:---|
|  | **Per share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discounts and commissions (1) | $| $|
| Proceeds, before expenses, to us | $| $|

---

(1) This table does not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters. For a description of the other compensation to be received by the underwriter, see "*Underwriting*" beginning on page 77 .

We have granted a 45-day option to the Representative to purchase up to ______ additional shares of Common Stock from us solely to cover over-allotments, if any.

Delivery of the shares of Common Stock is expected to be made on or about __________, 2025.

**Spartan Capital Securities, LLC**

The date of this prospectus is , 2025

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [MARKET AND INDUSTRY DATA](#a_001) | 1 |
| [TRADEMARKS, SERVICE MARKS AND TRADE NAMES](#a_002) | 1 |
| [BASIS OF PRESENTATION](#a_003) | 1 |
| [PROSPECTUS SUMMARY](#a_004) | 2 |
| [RISK FACTORS](#a_005) | 12 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_006) | 35 |
| [USE OF PROCEEDS](#a_007) | 36 |
| [DIVIDEND POLICY](#a_008) | 36 |
| [CAPITALIZATION](#a_009) | 36 |
| [DILUTION](#a_010) | 38 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_011) | 39 |
| [CORPORATE HISTORY AND STRUCTURE](#a_012) | 47 |
| [BUSINESS](#a_013) | 49 |
| [MANAGEMENT](#a_014) | 58 |
| [EXECUTIVE AND DIRECTOR COMPENSATION](#a_015) | 62 |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#a_016) | 70 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#a_017) | 71 |
| [DESCRIPTION OF SECURITIES](#a_018) | 72 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_019) | 74 |
| [MATERIAL U.S. FEDERAL TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF COMMON STOCK](#a_020) | 75 |
| [UNDERWRITING](#a_021) | 77 |
| [LEGAL MATTERS](#a_022) | 84 |
| [EXPERTS](#a_023) | 84 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_024) | 84 |
| [INDEX TO FINANCIAL STATEMENTS](#a_025) | F-1 |

---

You should rely only on the information contained in this prospectus and any free writing prospectus we may authorize to be delivered or made available to you. We have not, and the underwriters have not, authorized anyone to provide you with additional or different information from that contained in this prospectus and any free writing prospectus we have authorized. We and the underwriters take no responsibility for and can provide no assurance as to the reliability of any other information that others may give you. We are offering to sell, and seeking offers to buy, shares of Common Stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Common Stock. Our business, financial condition, results of operations and prospects may have changed since that date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as required by law. We acknowledge that we are responsible for updating this prospectus and any prospectus supplement to include all material information to the extent required by law.

This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. "*Risk Factors*" and "*Special Note Regarding Forward-Looking Statements*" contain additional information regarding these risks.

For investors outside the United States: We have not, and the underwriters have not, 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, this offering of the shares of Common Stock and the distribution of this prospectus outside of the United States. See "*Underwriting*."

**DEALER PROSPECTUS DELIVERY OBLIGATION**

**Through and including , 2025 (the 25th day after the date of the prospectus), all dealers that affect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.**

i

**MARKET AND INDUSTRY DATA**

Unless otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources (including industry publications, surveys and forecasts), and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data and our knowledge of such industry and markets which we believe to be reasonable. Any industry forecasts are based on data (including third-party data), models and experience of various professionals and are based on various assumptions, all of which are subject to change without notice. Although we are responsible for all of the disclosures contained in this prospectus and we believe the data from these third-party sources are reliable as of their respective dates, neither we nor the underwriters have independently verified the accuracy or completeness of this information. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate, and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*" and "*Special Note Regarding Forward-Looking Statements*." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**TRADEMARKS, SERVICE MARKS AND TRADE NAMES**

We own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This prospectus may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or food products in this prospectus is not intended to imply a relationship with, or endorsement or sponsorship by, these other parties. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus may appear without the <sup>®</sup>, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks and trade names.

**BASIS OF PRESENTATION**

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

In this prospectus, "Advasa," "we," "us," "our," and the "Company" refer to Advasa Holdings, Inc., a Delaware corporation, and its subsidiaries unless expressly indicated or the context otherwise requires. "Advasa (Japan)" refers to Advasa Co., Ltd., a Japanese corporation and a 96.6% owned subsidiary of Advasa Holdings, Inc.

The terms "yen" and "¥" refers to Japanese Yen, the lawful currency of Japan, and the terms "dollar" or "$" refer to U.S. dollars, the lawful currency of the United States. Unless otherwise indicated, U.S. dollar translations of yen amounts presented in this prospectus are translated using the rate of 149.90 yen to $1.00, which was the foreign exchange rate on March 31, 2025 as reported by the Board of Governors of the Federal Reserve System (which we refer to as the "U.S. Federal Reserve") in its weekly release on April 7, 2025. Historical and current exchange rate information may be found at <u>www.federalreserve.gov/releases/h10/</u>.

Our fiscal year begins on April 1 and ends on March 31. Our financial statements are prepared in U.S. dollars and in accordance with accounting principles generally accepted in the United States ("GAAP").

**PROSPECTUS SUMMARY**

*This summary highlights certain information contained elsewhere in this prospectus and is qualified in its entirety by the more detailed information and financial statements and related notes included elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our Common Stock. You should read this entire prospectus carefully, especially the matters set forth under the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections of this prospectus and our financial statements and related notes appearing elsewhere in this prospectus, before making an investment decision. All figures are in U.S. dollars, unless otherwise stated.*

 

*Unless otherwise noted, the share and per share information in this prospectus reflects a reverse stock split of our outstanding common stock at a ten for one (10-for-1) ratio ("Forward Stock Split"), which was effected on December 4, 2025.*

**Company Overview**

Advasa Holdings, Inc., a Delaware corporation, was formed on February 4, 2025 for the purpose of being a holding company for Advasa Co., Ltd., a Japanese corporation ("Advasa (Japan)"), with its headquarters in Tokyo, Japan.

We are a financial technology and services company focused on improving the way employees access and manage their income. Our core product, the "FUKUPE" platform, is a patented Earned Wage Access (EWA) solution that allows employees to access their earned wages in real time, rather than waiting for a traditional payday. This service provides workers with greater financial flexibility, while integrating seamlessly with employers' existing HR and payroll systems. Importantly, our solution requires no operational burden or funding obligation on the part of the employer.

FUKUPE is available through digital channels including mobile wallets, prepaid cards, and direct bank transfers, thanks to partnerships with financial institutions and global payment networks. The platform is supported by a portfolio of nine issued patents in key markets including the United States, Japan, and South Korea, with patent filings in 16 additional jurisdictions. Our intellectual property strategy allows us to commercialize our technology through both direct services and licensing, while also pursuing enforcement actions when necessary.

Our platform is currently live in Japan, and we are preparing market launches in Indonesia and the United Arab Emirates. Our expansion strategy is focused on tailoring business models to local regulations and customer needs.

We believe that the addressable market for EWA and adjacent financial services is substantial. Reports from industry analysts and global research firms indicate rapid growth in the EWA sector, driven by demand from both employees and employers seeking more flexible payroll solutions. In parallel, over 1.7 billion people globally lack access to basic financial services, presenting a long-term opportunity for inclusive, digitally enabled financial platforms like ours.

We operate in a competitive environment that includes traditional banks, digital lenders, payroll service providers, and other EWA platforms. However, we believe we are differentiated by our proprietary technology, our adaptable business model, and our focus on building localized, compliant solutions in key international markets. Our partnerships with financial institutions, card issuers, and fintech providers further strengthen our position and enable efficient delivery of services.

For the years ended March 31, 2025 and 2024, we generated revenues of $10,044,000 and $10,524,000, respectively, we reported net income of $1,179,000 and $(33,000), respectively, and cash flow provided by operating activities of $4,723,000 and cash flow used in operating activities of $(13,987,000), respectively. For the six months ended September 30, 2025 and 2024, we generated revenues of $11,731,000 and $82,000, respectively, we reported net income of $4,867,000 and net loss of $336,000, respectively, and cash flow provided by operating activities of $1,879,000 and cash flow used in operating activities of $455,000, respectively. As of September 30, 2025, we had an accumulated deficit of $8,581,000 and working capital of $20,646,000.

**Corporate Structure**

The following diagram depicts our organization structure prior to this offering:

![](forms-1_002.jpg)

The following diagram depicts our organization structure following this offering (assuming no exercise of the overallotment option):

![](forms-1_003.jpg)

**Risk Factors Summary**

Investing in our Common Stock involves significant risks. You should carefully consider the risks described in "*Risk Factors*" before making a decision to invest in our Common Stock. If any of these risks actually occur, our business, financial condition and results of operations would likely be materially adversely affected. In such a case, the trading price of our Common Stock would likely decline, and you may lose all or part of your investment. In reviewing this prospectus, we stress that past experience is no indication of future performance, and "*Special Note Regarding Forward-Looking Statements*" contains a discussion of what types of statements are forward-looking statements, as well as the significance of such statements in the context of this prospectus. Below is a summary of some of the significant risks we face:

**Risks Related to Our Business and Industry**

● If the information provided to us by customers or other third parties is incorrect or fraudulent, we may misjudge a customer's qualifications to receive our products and services and our results of operations may be harmed and could subject us to regulatory scrutiny or penalties.

● If we are unable to acquire, engage and retain customers and clients or sell additional functionality, products and services to them on our platform, our business will be adversely affected.

● We rely on a variety of funding sources to support our business model. If our existing funding arrangements are not renewed or replaced or our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.

● We receive funds from, and transfer funds to, thousands of people on a daily basis, which in the aggregate comprise substantial sums, and are subject to the risk of errors, which could result in financial losses, damage to our reputation, or loss of trust in our platform and brand, which would harm our business and financial results.

● Currently, substantially all of our revenue is derived from a single loan product, and we are thus particularly susceptible to fluctuations in the unsecured personal loan market.

● Defects or disruptions in our services could diminish demand for our services and subject us to substantial liability.

● Negative publicity could adversely affect our business and operating results.

● We may be unable to sufficiently obtain, maintain, protect or enforce our intellectual property and other proprietary rights, which could reduce the value of our platform, products, services and brand, impair our competitive position and cause reputational harm.

● Our concentration of business in Japan poses risks to our operations and financial condition.

● We are exposed to foreign currency fluctuations in the yen/dollar exchange rate.

● We are exposed to fluctuations in currency exchange rates that have in the past and could in the future negatively impact our financial results and cash flows from changes in the value of the U.S. Dollar versus local currencies.

● Our business has been, and may continue to be, adversely affected by economic conditions and other factors that we cannot control.

● Decreased demand for loans, including as a result of increased savings or income, could result in a loss of revenues or decline in profitability if we are unable to successfully adapt to such changes.

● We may be unsuccessful in managing the effects of changes in the cost of capital on our business.

● The industries in which we operate are highly competitive, which could adversely affect our results of operations.

● In order to remain competitive and to continue to increase our revenues and earnings, we must continually and quickly update our services, a process that could result in higher costs and the loss of revenues, earnings and customers if the new services do not perform as intended or are not accepted in the marketplace.

● Our inability to protect our systems and data from continually evolving cybersecurity threats or other technological risks could adversely affect our ability to deliver our services; damage our reputation among our customers, card issuers, financial institutions, card networks, partners and cardholders; adversely affect our continued card network registration or membership and financial institution sponsorship; and expose us to penalties, fines, liabilities, legal claims and defense costs.

● Extensive regulation and changes in legislation can impact profitability and growth.

● Our business is subject to extensive regulation in the jurisdictions in which we conduct our business.

● Software and hardware defects, failures, undetected errors and development delays could affect our ability to deliver our services, damage customer relations, expose us to liability and have an adverse effect on our business, financial condition and results of operations.

● The success of our business depends in part on effective information technology systems, on continuing to develop and implement improvements in technology, and on successful execution of revenue growth and expense management initiatives.

● We may not be able to scale our business on a timely basis to meet our customers' growing needs, and if we are not able to grow efficiently, our operating results could be harmed.

● If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely affected.

● Our projections are subject to significant risks, assumptions, estimates and uncertainties. As a result, our projected revenues, market share, expenses and profitability may differ materially from our expectations.

**Risks Related to Management and Employees**

● If the voting power of our capital stock continues to be highly concentrated, it may prevent you and other minority stockholders from influencing significant corporate decisions and may result in conflicts of interest.

● We depend on our senior management team and other key employees, and the loss of one or more key personnel or an inability to attract, hire, integrate and retain highly skilled personnel could have an adverse effect on our business, financial condition or results of operations.

● We will incur increased costs as a result of being a public company.

● Our management does not have experience managing a U.S. public company and our current resources may not be sufficient to fulfill our public company obligations.

**Risks Related to Legal, Regulatory, Environmental, and Tax** 

● Our business is subject to government regulation and oversight. Any new implementation of or changes made to laws, regulations or other industry standards affecting our business in any of the geographic regions in which we operate may require significant development and compliance efforts or have an unfavorable effect on our ability to continue to offer certain services, which could adversely affect our business, financial condition, results of operations and cash flows.

● Tax rates may change.

● New or revised tax regulations, unfavorable resolution of tax contingencies or changes to enacted tax rates could adversely affect our tax expense.

● Our risk management policies and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of risk.

**General Risks**

● We are a holding company and depend upon our operating subsidiaries for our cash flows.

● If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and have an adverse effect on the value of our securities.

● Changes to accounting rules or regulations may adversely affect our business, financial condition or results of operations.

● As an emerging growth company, our auditor will not be required to attest to the effectiveness of our internal controls.

● Our ability to raise capital in the future may be limited, and our failure to raise capital when needed could prevent us from growing.

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

● We believe we will be considered a smaller reporting company and will be exempt from certain disclosure requirements, which could make our Common Stock less attractive to potential investors.

● The certificate of incorporation and bylaws provides that state or federal court located within the state of Delaware will be the sole and exclusive forum for substantially all disputes between us and our shareholders, which could limit its stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.

● By purchasing Common Stock in this offering, you are bound by the fee-shifting provision contained in our bylaws, which may discourage you to pursue actions against us and could discourage shareholder lawsuits that might otherwise benefit us and our shareholders.

**Risks Related to This Offering and Ownership of Our Common Stock**

● Once our Common Stock is listed on the Nasdaq Capital Market, there can be no assurance that we will be able to comply with Nasdaq Capital Market's continued listing standards.

● The price of our Common Stock could be subject to rapid and substantial volatility.

● The market price of our Common Stock may be volatile, and you could lose all or part of your investment.

● If securities or industry analysts do not publish research or reports, or if they publish adverse or misleading research or reports, regarding us, our business or our market, our stock price and trading volume could decline.

● Our management team will have immediate and broad discretion over the use of the net proceeds from this offering and we may use the net proceeds in ways with which you disagree.

● If we are unable to obtain additional funding when needed, our business operations will be harmed, and if we do obtain additional financing, our then-existing shareholders may suffer substantial dilution.

● Our Common Stock may be subject to the "penny stock" rules in the future. It may be more difficult to resell securities classified as "penny stock."

● You will experience immediate and substantial dilution as a result of this offering and may experience additional dilution in the future.

● Shares eligible for future sale may adversely affect the market.

● Anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.

● Provisions in our charter documents and Delaware law may delay or prevent our acquisition by a third party.

● We have never paid dividends on our Common Stock and have no plans to do so in the future.

● We will indemnify and hold harmless our officers and directors to the maximum extent permitted by Delaware law.

**Implications of Being an Emerging Growth Company and a Smaller Reporting Company**

As a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined in the Jumpstart Our Business Startups Act enacted in 2012 (the "JOBS Act"). As an emerging growth company, we expect to take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

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

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended;

● reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; and

● exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act") for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We may use these provisions until the last day of our fiscal year following the fifth anniversary of the completion of this offering. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1.07 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.

To the extent that we continue to qualify as a "smaller reporting company," as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), after we cease to qualify as an emerging growth company, certain of the exemptions available to us as an emerging growth company may continue to be available to us as a smaller reporting company, including: (i) not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act; (ii) scaled executive compensation disclosures; and (iii) the requirement to provide only two years of audited financial statements, instead of three years.

**Corporate Information**

We are currently incorporated and in good standing in the State of Delaware where we were formed on February 4, 2025. We conduct business activities principally through our 96.6% owned subsidiary, Advasa Co., Ltd., a Japanese corporation ("Advasa (Japan)"), which was established in Japan in 2017 and acquired by us on August 29, 2025. Our principal executive offices are located at 1-2-7 Motoakasake, Minato-ku, Tokyo, 107-0051 Japan, and our telephone number is +81-3-6868-5538. Our website address is https://www.advasa.co.jp. The information contained on our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our Common Stock.

**Stock Splits**

On November 20, 2025, our board of directors and shareholders holding a majority of the voting power of our issued and outstanding voting capital stock approved the forward stock split in a ratio of 10-for-1. On December 4, 2025, we filed a certificate of amendment to our Certificate of Incorporation, as amended (the "Certificate of Incorporation"), implementing the stock split in a ratio of 10-for-1, effective December 4, 2025.

Except as otherwise indicated, all references to our common stock, share data, per share data and related information has been adjusted for the forward stock split ratio of 10-for-1 ("Forward Stock Split") as if it had occurred at the beginning of the earliest period presented. The Forward Stock Split, split each share of our outstanding common stock into ten shares of common stock, each without any change in the par value per share, and the Forward Stock Split adjusted, among other things, the exercise rate of our warrants and options into our common stock. No fractional shares were issued in connection with the Forward Stock Split, and any fractional shares resulting from the Forward Stock Split were rounded up to the nearest whole share.

**THE OFFERING**

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| | |
|:---|:---|
| Securities offered by us: | _________ shares of Common Stock (or _________ shares if the Representative exercises its over-allotment option in full). |
| Public offering price: | We expect the initial public offering price to be between $____ and $____ per share. For purposes of this prospectus, the assumed initial public offering price per share is $____, the midpoint of the anticipated price range set forth on the cover page of this prospectus. |
| Over-allotment option: | We have granted to the Representative an option to purchase up to an additional **_______** shares of Common Stock exercisable solely to cover over-allotments, if any, at the applicable public offering price less the underwriting discounts and commissions shown on the cover page of this prospectus. The Representative may exercise this option in full or in part at any time and from time to time until 45 days after the date of this prospectus. |
| Common stock outstanding before this offering: | 485,469,380 shares of Common Stock. <sup>(1)</sup> |
| Common stock to be outstanding after this offering: | _________ shares of Common Stock. If the Representative's over-allotment option is exercised in full, the total number of shares of Common Stock outstanding immediately after this offering would be _________. <sup>(1)</sup> |
| Use of proceeds: | We expect to receive net proceeds from this offering of $_______ (or $________ if the Representative exercises in full its over-allotment option) after deducting estimated underwriting discounts and commissions 8% of the gross proceeds of the offering) of $________ (or $_______ if the Representative exercises in full its over-allotment option) and after our offering expenses, estimated at $_______ (or $________ if the Representative exercises in full its over-allotment option), the assumed initial public offering price per share is $____, the midpoint of the anticipated price range set forth on the cover page of this prospectus. We intend to use the net proceeds from this offering to fund development of technology, capital investments, working capital and general corporate purposes. See "*Use of Proceeds*." |
| Risk factors: | See "*Risk Factors*" beginning on page 12 of this prospectus for a discussion of some of the factors you should carefully consider before deciding to invest in our Common Stock. |
| Listing: | We intend to apply to list our Common Stock on Nasdaq under the symbol "ADBT." No assurance can be given that our application will be approved. The approval of our listing on Nasdaq is a condition of closing this offering. |
| Lock-Ups: | We, our directors and our officers have agreed not to sell, transfer or dispose of any shares or similar securities for _____ months after the date of this prospectus. Our shareholders have agreed not to sell, transfer or dispose of any shares or similar securities for ____ months after the date of this prospectus. For additional information regarding our arrangement with the underwriters, please see "*Underwriting*." |
| Stock Split: | On November 20, 2025, our board of directors and shareholders holding a majority of the voting power of our issued and outstanding voting capital stock approved the forward stock split in a ratio of 10-for-1. On December 4, 2025, we filed a certificate of amendment to our Certificate of Incorporation, as amended (the "Certificate of Incorporation"), implementing the stock split in a ratio of 10-for-1, effective December 4, 2025.<br>Except as otherwise indicated, all references to our common stock, share data, per share data and related information has been adjusted for the forward stock split ratio of 10-for-1 ("Forward Stock Split") as if it had occurred at the beginning of the earliest period presented. |

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(1) The number of shares of our Common Stock to be outstanding after this offering is based on 485,469,380 shares of our Common Stock outstanding as of December 8, 2025.

Unless we indicate otherwise, all information in this prospectus includes the following information as of December 8, 2025:

● give pro forma effect to the Forward Stock Split of our outstanding shares of common stock, options and warrants and the corresponding adjustment of all common stock price per share and stock option and warrant exercise price data, except for the financial statements and the notes thereto;

● based on 485,469,380 shares of Common Stock issued and outstanding;

● assumes no exercise by the Representative of its option to purchase up to an additional _______ shares of Common Stock to cover over-allotments, if any; and

● excludes 72,000,000 shares of Common Stock reserved for future issuance under the Advasa Holdings, Inc. 2025 Equity Incentive Plan (the "Plan").

**SUMMARY HISTORICAL FINANCIAL AND OPERATING DATA**

The following table summarizes our historical financial and operating data for the periods and as of the dates indicated. The statements of income data for the year ended March 31, 2025, and March 31, 2024 and the balance sheet data as of March 31, 2025, and March 31, 2024 have been derived from our audited financial statements included elsewhere in this prospectus. The statements of income data for the six months ended September 30, 2025 and September 30, 2024 and the balance sheet data as of September 30, 2025 and September 30, 2024 have been derived from our unaudited interim financial statements included elsewhere in this prospectus. The financial data presented includes all normal and recurring adjustments that we consider necessary for a fair presentation of the financial position and results of operations for such periods.

The historical results presented below are not necessarily indicative of the results to be expected for any future period. This information should be read in conjunction with "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our audited financial statements and the related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
| **(amounts in thousands, except share and per share data)** | **Fiscal Years Ended March 31,** | **Fiscal Years Ended March 31,** |
|  | **2025($)** | **2024($)** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Earned Wage Access services | 13 | 16 |
| &nbsp;&nbsp;&nbsp;Software license revenue | 3671 | 8595 |
| &nbsp;&nbsp;&nbsp;Software maintenance | 6360 | 1913 |
| Total Revenues | 10044 | 10524 |
| Cost of revenues | 7756 | 9173 |
| **Gross Profit** | **2288** | **1351** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 969 | 1234 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 971 | 1236 |
| **Income from operations** | **1317** | **115** |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Interest expenses | (148) | (149) |
| **Income (Loss) before income taxes** | **1170** | **(33)** |
| Provision for income taxes | 197 | - |
| **Net Income (Loss)** | **973** | **(33)** |

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| | | |
|:---|:---|:---|
| **(amounts in thousands, except share and per share data)** | **Six Months Ended September 30,**<br> **(Unaudited)** | **Six Months Ended September 30,**<br> **(Unaudited)** |
|  | **2025($)** | **2024($)** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Earned Wage Access services | 6 | 7 |
| &nbsp;&nbsp;&nbsp;Software license revenue | 1145 |  |
| &nbsp;&nbsp;&nbsp;Software maintenance | 10580 | 75 |
| Total Revenues | 11731 | 82 |
| Cost of revenues | 4051 | 87 |
| **Gross Profit (Loss)** | **7680** | **(5)** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 593 | 252 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 594 | 253 |
| **Income (Loss) from operations** | **7086** | **(258)** |
| &nbsp;&nbsp;&nbsp;Other income, net | 6 |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (76) | (78) |
| **Income (Loss) before income taxes** | **7016** | **(336)** |
| Provision for income taxes | 2149 | - |
| **Net Income (Loss)** | **4867** | **(336)** |

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| | | |
|:---|:---|:---|
| **(amounts in thousands)** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **As Adjusted<sup>(1)</sup>** |
|  | **(Unaudited)** | |
| **Balance Sheet Data:** |  |  |
| Cash and cash equivalents | $7003 | $|
| Total assets | 37775 |  |
| Total liabilities | 31204 |  |
| Accumulated deficit | (8581) |  |
| Total stockholder's equity | $6155 | $|

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<sup>(1)</sup> On an as adjusted basis to give effect to the sale of __________ shares of Common Stock in this offering at an assumed initial public offering price of $**_____** (the midpoint of the price range set forth on the cover page of this prospectus) after deducting estimated underwriting discounts and estimated offering expenses payable by us, and the application of the net proceeds thereof.

**RISK FACTORS**

*An investment in our securities carries a significant degree of risk. You should carefully consider the following risks, as well as the other information contained in this prospectus, including our historical financial statements and related notes included elsewhere in this prospectus, before you decide to purchase our securities. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of our common shares. Refer to "Special Note Regarding Forward-Looking Statements."*

*We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties.*

**Risks Related to Our Business and Industry**

***If the information provided to us by customers or other third parties is incorrect or fraudulent, we may misjudge a customer's qualifications to receive our products and services and our results of operations may be harmed and could subject us to regulatory scrutiny or penalties.***

Our decisions to provide many of our products and services to customers are based partly on information that they provide to us or authorize us to receive. Specifically, with respect to FUKUPE, we remit funds to the customer based off of the data that is provided by the employer. To the extent that these customers or third parties provide information to us in a manner that are inaccurate, our decisioning process may not accurately reflect the associated risk. In addition, data provided by third-party sources is a component of our credit decisions and this data may contain inaccuracies. This may result in the inability to either approve otherwise qualified applicants or rejected otherwise unqualified applicants through our platform or accurately analyze the applicant, which may adversely impact our business and negatively impact our reputation.

In addition, there is risk of fraudulent activity associated with our business, including as a result of the service providers and other third parties who handle customer information on our behalf. We rely on the customer's database and payroll system to authenticate the identity of each employee, their pay rate, and their hours. However, these systems may fail from time to time and fraud, which may be significant, may occur in the future. Should fraud occur through our platform, we may not be able to recoup funds associated with our products and services made in connection with inaccurate statements, omissions of fact or fraud, in which case our revenue, results of operations and profitability will be harmed. High profile fraudulent activity or significant increases in fraudulent activity could also lead to regulatory intervention, negative publicity and the erosion of trust from our customers, which could negatively impact our results of operations, brand and reputation, and require us to take steps to reduce fraud risk, which could increase our costs.

***If we are unable to acquire, engage and retain customers and clients or sell additional functionality, products and services to them on our platform, our business will be adversely affected.***

In order to grow our business and increase our revenue, we must continue to acquire new customers, engage and retain existing customers, and expand our customers' use of our platform by cross-selling additional functionality, products and services to them, particularly as a significant portion of the revenue we generate in our business is derived from transaction-based fees, whether the fees are derived from the employee or the company/employer. In addition, our ability to sell additional functionality, products and services to our existing customers and clients may require more sophisticated and costly development, sales or engagement efforts and could be impaired for a variety of reasons, including adverse reaction to changes in the pricing of our products or services, increases in costs we incur to offer our products or services, general economic conditions and/or the other risks described herein in this "*Risk Factors*" section. If our efforts to sell additional functionality, products and services to our customers and clients are not successful, our business and growth prospects would suffer. In addition, if our customers reduce their usage of our platform or if we lose customers, our revenue and other operating results will decline, and our business would be adversely affected.

As the market for our platform matures, or as new or existing competitors introduce new products, services or functionality that compete with ours, we may experience pricing pressure and may be unable to retain current customers and clients or attract new customers at consistent prices within our operating budget. Our pricing strategy may prove to be unappealing to our customers, and our competitors could choose to bundle certain products and services that are competitive with ours. If this were to occur, it is possible that we would have to change our pricing strategies or reduce our prices, which could harm our business, financial condition, results of operations and cash flow.

 ****

***We rely on a variety of funding sources to support our business model. If our existing funding arrangements are not renewed or replaced or our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.***

To support the origination of cash advances, loans, and other receivables on our platform and the growth of our business, we must maintain a variety of funding arrangements. We cannot guarantee that we will be able to extend or replace our existing funding arrangements at maturity on reasonable terms or at all. For example, disruptions in the credit markets or other factors, such as the high inflation and interest rate environment in 2024 and to date in 2025, could adversely affect the availability, diversity, cost and terms of our funding arrangements. In addition, our funding sources may reassess their exposure to our industry or our business, including as a result of any significant underperformance of the consumer receivables facilitated through our platform or regulatory developments, in particular regarding EWA products, that impose significant requirements on, or increase potential risks and liabilities related to, the consumer receivables facilitated through our platform, and fail to renew or extend facilities or impose higher costs to access our funding. If our existing funding arrangements are not renewed or replaced or our existing funding sources are unwilling or unable to provide funding on terms acceptable to us, or at all, we would need to secure additional sources of funding or reduce our operations significantly, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Further, as the volume of consumer receivables facilitated through our platform increases and in order to support future business growth, we may require the expansion of our funding capacity under our existing funding arrangements or the addition of new sources of capital. We may also change our funding strategy over time depending on the attractiveness and availability of alternative funding structures.

The availability and diversity of new funding arrangements depends on various factors and are subject to numerous risks, many of which are outside of our control. In the event of a sudden or unexpected shortage of funds in the financial system, we may not be able to maintain necessary levels of funding without incurring high funding costs or a reduction in the term or size of funding instruments. In such a case, if we are unable to arrange new or alternative methods of financing on favorable terms, we would have to reduce our transaction volume or otherwise inhibit our business growth, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

The agreements governing our funding arrangements require us to comply with certain covenants. A breach of such covenants or other events of default under our funding agreements could result in the reduction or termination of our access to such funding, could increase our cost of such funding or, in some cases, could give our lenders the right to require repayment of the loans prior to their scheduled maturity. Certain of these covenants and restrictions limit our and our subsidiaries' ability to, among other things: incur additional indebtedness; create liens on certain assets; pay dividends on or make distributions in respect of their capital stock or make other restricted payments; consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets; purchase or otherwise acquire assets or equity interests; modify organizational documents; enter into certain transactions with their affiliates; enter into restrictive agreements; engage in other business activities; and make investments.

***Our platform may facilitate the transfer of funds to thousands of people on a daily basis, which in the aggregate comprise substantial sums, and are subject to the risk of errors, which could result in financial losses, damage to our reputation, or loss of trust in our platform and brand, which would harm our business and financial results.***

Our business is subject to the risk of financial losses as a result of operational errors, software defects, service disruption, employee misconduct, security breaches, or other similar actions or errors on our platform. Software errors in our platform and operational errors by our employees may also expose us to losses. Moreover, our trustworthiness and reputation are fundamental to our business. The occurrence of any operational errors, software defects, service disruption, employee misconduct, security breaches, or other similar actions or errors on our platform could result in financial losses to our business and our customers, loss of trust, damage to our reputation, or termination of our agreements with strategic partners, each of which could result in loss of customers, lost or delayed market acceptance and sales of our products and services; legal claims against us; regulatory enforcement action; or diversion of our resources, including through increased service expenses or financial concessions, and increased insurance costs. There can be no assurance that our insurance will cover losses or our coverage will be sufficient to cover our losses. If we suffer significant losses or reputational harm as a result, our business, operating results, and financial condition could be adversely affected.

***Currently, substantially all of our revenue is derived from a single product, and we are thus particularly susceptible to fluctuations in the credit market.***

Substantially all of our revenue is derived from our FUKUPE platform. We are currently rolling out our platform to include micro-loans, but it is not yet active. A wide variety of factors could impact the market for payroll advances, including macroeconomic conditions, competition, regulatory developments and other developments in the credit market. In addition, our current partners may in the future seek partnerships with competitors that are able to offer them a broader array of credit products. Over time, in order to preserve and expand our relationships with our existing bank partners, and enter into new partnerships, it may become increasingly important for us to be able to offer a wider variety of products than we currently provide.

***A significant portion of our total revenue was derived from a few major customers.***

 

For the year ended March 31, 2025, our largest customer accounted for 63.3% of our total revenues and the second largest customer accounted for 36.5% of our total revenues. For the year ended March 31, 2024, the same two largest customers accounted for 18.2% and 81.7% of our revenues.

The agreements with these customers have no fixed duration and can be terminated by either party upon three months' written notice.

There are inherent risks whenever a large percentage of revenues are concentration with a limited number of customers. It is not possible for us to predict the future level of demand for our product that will be generated by these customers. We expect to continue to experience significant revenue concentration for the foreseeable future. Our customers' demand for our products may fluctuate due to factors beyond our control. We could experience fluctuations in our customer base as markets and strategies evolve. A disruption in our relationship with any of our customers could adversely affect our business. In addition, any consolidation of our customers could reduce the number of customers to whom our products may be sold or the demand for our products. Our inability to meet our customers' requirements or to qualify our products with them could adversely impact our revenue.

 ****

***Negative publicity could adversely affect our business and operating results.***

Negative publicity about our industry or our company, including the quality and reliability of our platform, effectiveness of the credit decisioning and scoring models, changes to our platform, our ability to effectively manage and resolve complaints, privacy and security practices, litigation, regulatory activity and the experience of customers, borrowers, and employees with our platform or services, even if inaccurate, could adversely affect our reputation and the confidence in, and the use of, our EWA platform, which could harm our business and operating results. Harm to our reputation can arise from many sources, including employee misconduct, misconduct by our partners, outsourced service providers or other counterparties, failure by us or our partners to meet minimum standards of service and quality, inadequate protection of customer information and compliance failures and claims.

 ****

***Defects or disruptions in our services could diminish demand for our services and subject us to substantial liability.***

We have in the past and may in the future find defects in or experience disruptions to our services. Such issues may arise in a variety of circumstances, including due to our customers using our services in unanticipated ways that may cause a disruption in services for other customers attempting to access their data; as a result of employee, contractor or other third-party action or inaction; or due to the complexity of our services, which incorporate a variety of hardware, proprietary software and third-party and open-source software. We may in the future also encounter difficulties integrating acquired or licensed technologies into our services and in augmenting the technologies we use to meet quality standards that are consistent with our brand and reputation, which may result in our services containing errors or defects.

***We may be unable to sufficiently obtain, maintain, protect or enforce our intellectual property and other proprietary rights, which could reduce the value of our platform, products, services and brand, impair our competitive position and cause reputational harm.***

Intellectual property and other proprietary rights are important to the success of our business, and our trademarks, trade names and service marks have significant value to our brand. Our ability to compete effectively is dependent in part upon our ability to obtain, maintain, protect and enforce our intellectual property and other proprietary rights, including with respect to our proprietary technology. We rely on both registrations and common law protections for our trademarks. As of the date of this prospectus, we have nine patents in major jurisdictions, including the United States, Japan, and South Korea, and filings in 16 countries.

The steps we take to obtain, maintain, protect and enforce our intellectual property and other proprietary rights may be inadequate, and we cannot guarantee that any future patent, trademark or service mark registrations will be issued for our pending or future applications or that any of our current or future patents, copyrights, trademarks or service marks (whether registered or unregistered) will be valid, enforceable, sufficiently broad in scope, provide adequate protection of our intellectual property or other proprietary rights or provide us with any competitive advantage. Further, the standards, regulations, and enforcement may vary widely between different countries and we may not have the capacity to manage enforcement in the various jurisdictions. The legal standards relating to the validity, enforceability and scope of protection of intellectual property and other proprietary rights are uncertain and still evolving. Changes to intellectual property laws and regulations may also jeopardize the enforceability and validity of our intellectual property portfolio and harm our ability to obtain patent protection, including for some of our business methods.

Despite our efforts to protect these rights, unauthorized third parties, including our competitors, may reverse engineer, access, obtain or use the proprietary aspects of our technology, processes, products or services without our permission, thereby impeding our ability to promote our platform and possibly leading to customer confusion. Our competitors and other third parties may also design around or independently develop similar technology or otherwise duplicate or mimic our products or services such that we would not be able to successfully assert our intellectual property or other proprietary rights against them. The value of our intellectual property and other proprietary rights could diminish if others assert rights in or ownership of our intellectual property or other proprietary rights or if we do not make a claim in the appropriate timeframes. We may also be unable to prevent competitors or other third parties from acquiring or using trademarks, service marks, or other intellectual property or other proprietary rights that are similar to, infringe upon, misappropriate, dilute, or otherwise violate or diminish the value of our trademarks and service marks and our other intellectual property and proprietary rights. Additionally, if third parties succeed in registering or developing common law rights in our trademarks or similar trademarks, and if we are not successful in challenging such third-party rights, we may not be able to use these trademarks to develop brand recognition of our platform, products or services. If we are unable to establish name recognition based on our trademarks and trade names, we may not be able to compete effectively, which could adversely impact our business, financial condition and results of operations.

In addition to registered intellectual property rights such as trademark registrations, we rely on non-registered proprietary information and technology, such as trade secrets, confidential information, know-how and technical information. We utilize confidentiality and intellectual property assignment agreements with our employees and contractors involved in the development of material intellectual property for us, which require such individuals to assign such intellectual property to us and place restrictions on the employees' and contractors' use and disclosure of our confidential information. However, these agreements may not be self-executing, and we cannot guarantee that we have entered into such agreements containing obligations of confidentiality with each party that has or may have had access to proprietary information, know-how or trade secrets owned or held by us. Additionally, our contractual arrangements may be insufficient, breached or may otherwise not effectively prevent disclosure of, or control access to, our confidential or otherwise proprietary information or provide an adequate remedy in the event of an unauthorized disclosure, which could cause us to lose any competitive advantage resulting from this intellectual property. Individuals that were involved in the development of intellectual property for us or who had access to our intellectual property may make adverse ownership claims to our current and future intellectual property. Likewise, to the extent that our employees, independent contractors or other third parties with whom we do business use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting works of authorship, know-how and inventions. The measures we have put in place may not prevent misappropriation, infringement or other violation of our intellectual property, proprietary rights or information, and any resulting loss of competitive advantage, and we may be required to litigate to protect our intellectual property or other proprietary rights or information from misappropriation, infringement or other violation by others, which is time-consuming and expensive, could cause a diversion of resources and may not be successful. Additionally, our efforts to enforce our intellectual property and other proprietary rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property and other proprietary rights, and if such defenses, counterclaims or countersuits are successful, it could diminish, or we could otherwise lose, valuable intellectual property and other proprietary rights. Additionally, the varying laws of countries may not be as protective of intellectual property and other proprietary rights as other countries, and the mechanisms for enforcement of intellectual property and other proprietary rights may drastically vary, and in some cases, be inadequate. Any of the foregoing could adversely impact our business, financial condition and results of operations.

***Our concentration of business in Japan poses risks to our operations and financial condition.***

Currently, we attribute 100% of our revenues to our business in Japan. We have not yet launched in our other proposed markets. Any potential deterioration in Japan's credit quality or access to markets, the overall economy of Japan, or an increase in Japanese market volatility could adversely impact our operations and financial condition. Since April 2023, when the Ministry of Health, Labor and Welfare (MHLW) allowed paychecks to be provided digitally, the popularity of digital payments and EWA has grown rapidly, and it is unclear to what extent such market will continue to grow, if at all. If the MHLW changes its position or other regulations come into place that change the rules on digital payments, it will impact our business.

***We are exposed to foreign currency fluctuations in the yen/dollar exchange rate.***

Due to our operations in Japan, where functional currency is the Japanese yen, fluctuations in the exchange rate between the yen and the U.S. dollar can have a significant effect on our reported financial position and results of operations. A majority of our current payments and almost all expenses are paid in yen. Furthermore, our yen-denominated balance sheet is translated into U.S. dollars for financial reporting purposes with foreign exchange impact reflected in equity. Accordingly, fluctuations in the yen/dollar exchange rate can have a significant effect on our reported financial position and results of operations. Yen weakening has the effect of suppressing current year results in relation to the prior year, while yen strengthening has the effect of magnifying current year results in relation to the prior year. For regulatory accounting purposes, there are certain requirements for realizing impairments that could be triggered by changes in the rate of exchange between the yen and U.S. dollar and could negatively impact our earnings and the corresponding dividends and capital deployment.

Additionally, we are exposed to currency risk when yen cash flows are converted into U.S. dollars, resulting in changes in our U.S. dollar-denominated cash flows and earnings when exchange gains or losses, respectively, are realized. This primarily occurs when Advasa Japan pays dividends in yen to us. The exchange rates prevailing at the time of dividend payment may differ from the exchange rates prevailing at the time the yen profits were earned.

***We are exposed to fluctuations in currency exchange rates that have in the past and could in the future negatively impact our financial results and cash flows from changes in the value of the U.S. Dollar versus local currencies.***

We primarily conduct our business in Japan. We plan to expand to the U.S., Indonesia, Vietnam, Pakistan, South Korea, and India. The expanding global scope of our business exposes us to risk of fluctuations in foreign currency markets, including in emerging markets. This exposure is the result of selling in multiple currencies and operating in countries where the functional currency is the local currency. Specifically, our results of operations and cash flows are subject to currency fluctuations primarily in Japanese Yen and eventually the Indian Rupee against the U.S. Dollar. These exposures may change over time as business practices evolve, economic and political conditions change and evolving tax regulations come into effect. The fluctuations of currencies in which we conduct business can both increase and decrease our overall revenue and expenses for any given fiscal period, and could affect our ability to accurately predict our future results and earnings.

Additionally, global events as well as geopolitical developments, including the war in Ukraine and regional conflict in the Middle East, fluctuating commodity prices, uncertainty regarding changes in trade policy and inflation, have caused, and may in the future cause, global economic uncertainty and uncertainty about the interest rate environment, which has and could in the future amplify the volatility of currency fluctuations.

***Our business has been, and may continue to be, adversely affected by economic conditions and other factors that we cannot control.***

Many factors, including factors that are beyond our control, may impact our results of operations or financial condition and our overall success by affecting an employees need to take advantage of EWA or a customer's willingness to incur loan obligations. These factors include interest rates, levels of inflation, unemployment levels, conditions in the housing market, gas prices, energy costs, trade wars, as well as events such as natural disasters, acts of war, terrorism, catastrophes and the global or national outbreak of an illness or other communicable disease, or any other public health crisis. Uncertainty and negative trends in general economic conditions, including significant tightening of credit markets, historically have created a difficult operating environment for our industry.

Many new consumers on our platform have limited or no credit history, or have no savings. Accordingly, such borrowers have historically been, and may in the future become, disproportionately affected by adverse macroeconomic conditions, such as the aforementioned events that have occurred or may occur again in the future.

In addition, major medical expenses, divorce, death or other issues that affect borrowers could affect a borrower's willingness to take advantage of EWA. Increasing inflation and interest rates may cause employees to look for EWA products over other loan products. The extent to which any certain macroeconomic event impacts our business and results of operations will depend on future developments that are highly uncertain and cannot be predicted. An extended period of economic disruption as a result of any certain macroeconomic event could have a material negative impact on our business, results of operations and financial condition. To the extent such an event adversely affects our business and financial results, it is likely to also have the effect of heightening many of the other risks described in this "*Risk Factors*" section.

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***Decreased demand for advanced funds, including as a result of increased savings or income, could result in a loss of revenues or decline in profitability if we are unable to successfully adapt to such changes.***

The demand for earned wages facilitated on our platform in the markets we serve could decline due to a variety of factors, such as regulatory restrictions that reduce access to particular products, the availability of competing or alternative products, increases in interest rates, or changes in customer's financial conditions, particularly increases in income or savings.

For instance, an increase in state or federal minimum wage requirements or a decrease in individual income tax rates could decrease demand for our earned wages. Additionally, a change in focus from borrowing to saving would reduce demand. Should we fail to adapt to a significant change in customer's demand for, or access to, the products facilitated on our platform, our revenues could decrease significantly. Even if we make adaptations or introduce new products to fulfill customer demand, customers may resist or may reject products whose adaptations make them less attractive or less available. Such decreased demand could have a material adverse effect on our business, prospects, results of operations, financial condition or cash flows.

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***We may be unsuccessful in managing the effects of changes in the cost of capital on our business.***

We have in the past and will continue to evaluate and consider opportunities to access the capital markets to obtain capital to develop new technologies, expand our business, respond to competitive pressures or pursue strategic transactions, as well as for general corporate purposes. We may try to raise additional funds through public or private financings, strategic relationships or other arrangements. However, our future access to the capital markets and ability to obtain debt or equity funding on terms that are satisfactory to us, if at all, could be restricted due to a variety of factors, including a deterioration of our earnings, cash flows, balance sheet quality, our credit rating, investor interest or overall business or industry prospects, interest rates, adverse regulatory changes, a disruption to or volatility or deterioration in the state of the capital markets or a negative bias toward our industry by market participants. If adequate funds are not available, or are not available on acceptable terms, we may not have sufficient liquidity to fund our operations, make future investments, take advantage of acquisitions or other opportunities or respond to competitive challenges.

If we succeed in raising additional funds through the issuance of equity or equity-linked securities, then existing stockholders could experience substantial dilution. If we raise additional funds through the issuance of debt securities or preferred stock, these new securities would have rights, preferences and privileges senior to those of the holders of our Common Stock. In addition, any such issuance could subject us to restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. Further, to the extent we incur additional indebtedness or such other obligations, the risks associated with our existing debt, including our possible inability to service our existing debt, would increase.

***The industries in which we operate are highly competitive, which could adversely affect our results of operations.***

The industries in which we compete are highly competitive and subject to rapid and significant changes. We compete against companies and financial institutions across the retail banking, financial services, consumer technology and financial technology services industries, as well as other nonbank lenders offering banking-related services and serving credit-challenged consumers, and offering consumer lending-related or earned wage access products, as well as online marketplace lenders, check cashers, point-of-sale lenders and payday lenders. We may compete with others in the market who may provide lending and other services though a platform similar to our platform.

These and other competitors in the banking and financial technology industries are introducing innovative products and services that may compete with ours. We expect that this competition will continue as banking and financial technology industries continue to evolve, particularly if non-traditional non-recourse advance providers and other parties gain greater market share in these industries or if changes in financial services regulation enable new competitors to enter the sector or new means of offering products and services that compete with ours. If we are unable to differentiate our products and platform from and successfully compete with those of our competitors, or if our competitors adopt business models that more closely resemble our own, we may lose our competitive advantage and our business, results of operations and financial condition may be materially and adversely affected.

Many existing and potential competitors are entities substantially larger in size and more established, including with greater resources, highly diversified revenues and significantly more brand awareness than ours. As such, many of our competitors can leverage their size, robust networks, financial wherewithal, brand awareness, pricing power and technological assets to compete with us. To the extent new entrants gain market share, the purchase and use of our products and services would decline. If price competition materially intensifies, we may have to decrease the prices of our products and services, which would likely adversely affect the results of operations.

Our long-term success depends on our ability to compete effectively against existing and potential competitors that seek to provide banking and financial technology products and services. If we fail to compete effectively against these competitors, our revenues, results of operations, prospects for future growth and overall business will be materially and adversely affected.

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***In order to remain competitive and to continue to increase our revenues and earnings, we must continually and quickly update our services, a process that could result in higher costs and the loss of revenues, earnings and customers if the new services do not perform as intended or are not accepted in the marketplace.***

The technology industry in which we compete is characterized by rapid technological change, new product introductions, evolving industry standards and changing customer needs. In order to remain competitive, we are continually involved in a number of projects, including the development of our platform, new products, mobile payment applications, ecommerce services and other new offerings. Many of our competitors are established in their relative countries and their expansion into our markets and target markets may involve evolving their product to cater to the rules and standards of that local jurisdiction, similar to our business plan. These projects carry the risks associated with any development effort, including cost overruns, delays in delivery and performance problems, which could in turn lead to impairment of long-lived assets associated with projects. Any delay in the delivery of new services or the failure to differentiate our services could render our services less desirable to customers, or possibly even obsolete. Furthermore, as the market for alternative financial services evolves, it may develop too rapidly or not rapidly enough for us to recover the costs we have incurred in developing new services targeted at this market, which could have a material adverse effect on our business, financial condition and results of operations.

In addition, certain of the services we deliver are designed to process very complex transactions and deliver reports and other information on those transactions, all at very high volumes and processing speeds. Any failure to deliver effective, accurate, compliant and secure services or any performance issue that arises with a new service could result in significant processing or reporting errors or other losses. We rely in part on third parties, including some of our competitors and potential competitors, for the development of and access to new technologies. If development efforts are required or if promised new services are not delivered timely to our customers or do not perform as anticipated, we could incur higher costs, a loss of revenues and lower earnings and cash flows.

***Our inability to protect our systems and data from continually evolving cybersecurity threats or other technological risks could adversely affect our ability to deliver our services; damage our reputation among our customers, card issuers, financial institutions, and partners; and expose us to penalties, fines, liabilities, legal claims and defense costs.***

The collection, maintenance, use, protection, disclosure and disposal of individually identifiable data by the businesses we work with are regulated at the international, federal and state levels. These laws and rules are subject to change by legislation or administrative or judicial interpretation. With regard to personal information obtained from customers, borrowers, employers, or others, we are regulated in Japan by the APPI and guidelines issued by FSA and other governmental authorities.

In order to provide our services, we process and store sensitive business and personal information, which may include credit and debit card numbers, bank account numbers, social security numbers, driver's license numbers, names and addresses and other types of sensitive personal or business information. Some of this information is also processed and stored by our customers and their payroll systems, financial institutions, merchants and other entities, as well as third-party service providers to whom we outsource certain functions, and other agents, such as independent consultants and auditors, which we refer to collectively as our associated third parties. We may have responsibility to the card networks, financial institutions, regulators, and in some instances, our merchants, for our failure or the failure of our associated third parties (as applicable) to protect this information.

We are a regular target of malicious third-party attempts to identify and exploit system vulnerabilities, and/or penetrate or bypass our security measures, in order to gain unauthorized access to our networks and systems or those of our associated third parties. Such attempts at unauthorized access can lead to the compromise of sensitive, business, personal or confidential information. Our information security program includes technical, physical and administrative controls that are designed to maintain the confidentiality, integrity and availability of our information and technical assets. However, we cannot provide any assurance that these cybersecurity risk management processes and controls will be fully complied with or effective, and we cannot be certain that these measures or others will always be successful or will always be sufficient to counter, or to rapidly detect, contain and remediate all current and emerging technology threats.

More particularly, our computer systems and/or our associated third parties' computer systems may be targeted for penetration on a regular basis, and our data protection measures may not prevent unauthorized access. The techniques used to obtain unauthorized access, disable or degrade services or sabotage systems change frequently. These techniques are often difficult to detect and they continually evolve and may become more sophisticated. Threats to our systems and our associated third parties' systems can derive from human error or malicious actions by employees or third parties, including state-sponsored organizations with significant financial and technological resources. In addition, we may experience system disruptions or delays caused by computer viruses and other malware or vulnerabilities that could infect our systems or those of our associated third parties. Denial of service, ransomware or other methods of attacks could be launched against us for a variety of purposes, including to interfere with our services or to create a diversion for other malicious activities. Our defensive measures may not prevent downtime, unauthorized access or misuse of sensitive data. We have experienced all of the incident types described in this paragraph in the past, and we cannot guarantee that we will be able to detect and prevent all such incidents in the future.

Furthermore, certain of our third-party relationships are governed by written contracts that contain requirements relating to information security. We do not control the actions of our associated third parties, and any disruptions in their services caused by cyberattacks and/or security breaches could adversely affect our ability to service our customers or otherwise conduct our business. In addition, we impose contractual requirements on our counterparties, including vendors and other third parties, to comply with applicable privacy and security laws related to the use and security of sensitive or personal information. We cannot provide assurances that these contractual requirements will be followed or will be adequate to prevent the misuse of this data. Any misuse or compromise of personal information stored on those systems, or any other failure by a vendor, partner or other third party to abide by our contractual requirements, could expose us to regulatory fines, third-party liability, protracted and costly litigation and, with respect to misuse of the personal information of our customers, lost revenue and reputational harm.

Any type of security breach, cyberattack, unintentional or intentional disclosure of sensitive business and personal information or misuse of data described above or otherwise, whether experienced by us or an associated third party, could harm our reputation; deter existing and prospective customers from using our services or from making digital payments generally; increase our operating expenses in order to contain and remediate the incident; expose us to unanticipated or uninsured liability; disrupt our operations (including potential service interruptions); distract our management; increase our risk of litigation or regulatory scrutiny; result in the imposition of penalties and fines under state, and federal and foreign laws or by the card networks.

Under Japanese laws and regulations, including the APPI, if a leak or loss of personal information should occur, depending on factors such as the volume of personal data involved and the likelihood of other secondary damage, we may be required to file reports to the FSA; issue public releases explaining such incident to the public; or become subject to an FSA business improvement order, which could pose a risk to our reputation.

In addition, as a global company, we are increasingly subject to complex and varied cybersecurity incident reporting requirements across numerous jurisdictions. With the often short timeframes required for cyber incident reporting, there is a risk that we or our associated third parties will fail to meet the reporting deadlines for any given incident. Regardless of where an incident occurs, it may take considerable time for us to investigate and evaluate the full impact of a cybersecurity incident, particularly in the case of a sophisticated attack. These factors may inhibit our ability to provide prompt, full and reliable information about the cybersecurity incident to our customers, partners and regulators, as well as to the public. Noncompliance with any privacy laws or any security breach involving the misappropriation, loss, theft or other unauthorized disclosure of sensitive or confidential customer information, whether by us or by one of our third parties, could have a material adverse effect on our business, reputation, brand and results of operations, including: material fines and penalties; compensatory, special, punitive and statutory damages; consent orders regarding our privacy and security practices; adverse actions against our licenses to do business; and injunctive relief.

Any of the foregoing could adversely affect our business, financial condition and results of operation.

***Extensive regulation and changes in legislation can impact profitability and growth.***

We are subject to complex laws and regulations that are administered and enforced by a number of governmental authorities, that exercise a degree of interpretive latitude, including the FSA and Ministry of Finance (MOF) in Japan, state regulators, the SEC, and the U.S. Department of the Treasury, including the Internal Revenue Service (IRS), in the U.S. We are subject to the risk that compliance with any particular regulator's or enforcement authority's interpretation of a legal or regulatory issue may result in non-compliance with another regulator's or enforcement authority's interpretation of the same issue, particularly when compliance is judged in hindsight. Further, regulatory authorities periodically re-examine existing laws and regulations applicable to financial services and their products. Changes in these laws and regulations, or in interpretations thereof, could have a material adverse effect on our financial condition and results of operations.

Additionally, changes in the overall legal or regulatory environment may, even absent any particular regulator's or enforcement authority's interpretation of an issue changing, cause us to change our views regarding the actions we need to take from a legal or regulatory risk management perspective. This may necessitate changes to our practices that may, in some cases, limit its ability to grow or otherwise negatively impact our profitability.

***Our business is subject to extensive regulation in the jurisdictions in which we conduct our business.***

Our operations are subject to regulation, supervision and licensing under various federal, state and local statutes, ordinances and regulations. In most states in which we operate, a consumer credit regulatory agency regulates and enforces laws relating to consumer lenders. These rules and regulations generally provide for licensing as a consumer lender, limitations on the amount, duration and charges, including interest rates, for various categories of loans, requirements as to the form and content of finance contracts and other documentation, and restrictions on collection practices and creditors' rights. In certain states, we are subject to periodic examination by state regulatory authorities. Some states in which we operate do not require special licensing or provide extensive regulation of our business.

A material failure to comply with applicable laws and regulations could result in regulatory actions, lawsuits and damage to our reputation, which could have a material adverse effect on our results of operations, financial condition and liquidity.

***Software and hardware defects, failures, undetected errors and development delays could affect our ability to deliver our services, damage customer relations, expose us to liability and have an adverse effect on our business, financial condition and results of operations.***

Our core services are based on software and computing systems that may encounter development delays, and the underlying software may contain undetected errors, viruses, defects or vulnerabilities. The hardware infrastructure on which our systems run may have a faulty component or fail. Defects in our software services, underlying hardware or errors or delays in our processing of digital transactions could result in additional development costs, diversion of technical and other resources from our other development efforts and could result in loss of credibility with current or potential customers, harm to our reputation and exposure to liability claims.

In instances in which we rely on third-party software, our services are occasionally affected by defects, viruses, vulnerabilities, security incidents or other failures that take place at the vendor level. Depending on the circumstances, a vendor failure could cause delays, disruption or data loss or damage, and therefore cause harm to our credibility, reputation or financial condition. In addition, our insurance may not be adequate to compensate us for all losses or failures that may occur.

***The success of our business depends in part on effective information technology systems, on continuing to develop and implement improvements in technology, and on successful execution of revenue growth and expense management initiatives.***

Our business depends in large part on our technology systems for interacting with our customers and providing customers with easy-to-use products to meet their needs and ensuring their employees have the technology in place to support those needs. As such, we are investing in technology and other capabilities to continuously enhance our customer experience, while also seeking to increase efficiencies. We are also developing new and innovative products and enhancing existing products. We will continue to incur expenses related to, among other things, investments in digital capabilities and product innovation. Our development of new technology could lead to an increased risk of a business interruption or a cybersecurity breach. Further, our long-term strategy depends on successful operational execution and our ability to execute on our transformational initiatives, including investments in technology and other initiatives intended to grow revenue and control expenses, combined with our ability to achieve efficiencies and attract and retain personnel. If we do not maintain the effectiveness of our systems and continue to develop and enhance information systems that support our business processes in a cost-efficient manner, our sales, business retention, operations and reputation could be adversely affected and it could be exposed to litigation, regulatory proceedings and fines or penalties.

***Our proposed microloan product has major competition, is susceptible to market conditions and changing regulations and may not be successful when launched.***

We are currently developing our microloan product and its success will depend in part on the continued growth of the unsecured personal loan market, and if such market does not further grow or grows more slowly than we expect, our business, financial condition and results of operations could be adversely affected. Because such personal loans are unsecured, there is a risk that borrowers will not prioritize repayment of such loans, particularly in any economic downcycle. To the extent borrowers have or incur other indebtedness that is secured, such as a mortgage, a home equity line of credit or an auto loan, borrowers may choose to repay obligations under such secured indebtedness before repaying their loans facilitated on our platform. In addition, borrowers may not view loans facilitated on our platform, which were originated through an online platform, as having the same significance as other credit obligations arising under more traditional circumstances, such as loans originated by banks or other commercial financial institutions on other platforms.

We are also more susceptible to the risks of changing and increased regulations and other legal and regulatory actions targeted towards the unsecured personal loan market. It is possible that regulators may view unsecured personal loans as high risk for a variety of reasons, including that borrowers will not prioritize repayment of such loans due to the unsecured nature of such loans or because existing laws and regulations may not sufficiently address the benefits and corresponding risks related to nonbank financial institutions and their digital specialty finance platforms. Further, courts and/or regulators could change their interpretation or application of state and federal consumer financial protection laws for the unsecured personal loan product class given hardships borrowers experience or actual or perceived lack of borrower disclosure or understanding of loan terms. If we are unable to manage the risks associated with the unsecured personal loan market, our business, financial condition and results of operations could be adversely affected.

Further, we face major competition in this market from banks and other institutions that are significantly bigger than us and have been operating in this space for a longer period of time. It would be easier for them to pivot or otherwise expand their creditworthiness criteria to encompass the market that we were focused on. If we are unable to develop our machine learning platform to account for events outside of our control or if it is unable to more successfully predict the creditworthiness of potential borrowers compared to other lenders, then our business, financial condition and results of operations could be adversely affected.

***We may not be able to scale our business on a timely basis to meet our customers' growing needs, and if we are not able to grow efficiently, our operating results could be harmed.***

As usage of our platform grows and we add additional strategic partners, we will need to devote additional resources to improving and maintaining our infrastructure and computer network and integrating with third-party applications to maintain the performance of our platform. In addition, we will need to appropriately scale our internal business systems and our services organization, including customer support, risk and compliance operations, and professional services, to serve our growing customer base.

Any failure of or delay in these efforts could result in service interruptions, impaired system performance, and reduced customer satisfaction, which could negatively impact our revenue growth. If sustained or repeated, performance issues could reduce the attractiveness of our platform to customers and could result in lost customer opportunities, which could hurt our revenue growth and our reputation. Even if we are successful in these efforts to scale our business, they will be expensive and complex, and require the dedication of significant management time and attention. We could also face inefficiencies or service disruptions as a result of our efforts to scale our internal infrastructure. We cannot be sure that the expansion and improvements to our internal infrastructure will be effectively implemented on a timely basis, if at all, and such failures could adversely affect our business, operating results, and financial condition.

***If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely affected.***

Over the last several years, we have experienced rapid growth and fluctuations in our business, and we expect to continue to experience growth and fluctuations in the future. For the years ended March 31, 2025 and 2024, we had revenues of approximately $10,044,000 and $10,524,000, respectively, representing a year-over-year decrease of approximately 4.6% from 2024 to 2025. For the six months ended September 30, 2025 and 2024, we had revenues of approximately $11,731,000 and $82,000, respectively, representing a decrease of approximately 14,206% from September 30, 2024 to ,September 30, 2025. See the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*". These fluctuations has placed, and may continue to place, significant demands on our management, processes and operational, technological and financial resources. Our ability to manage our growth effectively and to integrate new employees and technologies into our existing business will require us to continue to retain, attract, train, motivate and manage employees and expand our operational, technological and financial infrastructure. Continued growth could strain our ability to develop and improve our operational, technological, financial and management controls, enhance our reporting systems and procedures, recruit, train and retain highly skilled personnel and maintain user satisfaction. Any of the foregoing factors could negatively affect our business, financial condition and results of operations.

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***Our projections are subject to significant risks, assumptions, estimates and uncertainties. As a result, our projected revenues, market share, expenses and profitability may differ materially from our expectations.***

We operate in a rapidly changing and competitive industry and our projections will be subject to the risks and assumptions made by management with respect to our industry. Operating results are difficult to forecast because they generally depend on a number of factors, including the competition we face and our ability to attract and retain customers. Additionally, our business may be affected by reductions in consumer borrowing, spending and investing from time to time as a result of a number of factors which may be difficult to predict. This may result in decreased revenue levels, and we may be unable to adopt measures in a timely manner to compensate for any unexpected shortfall in income. This inability could cause our operating results in a given quarter to be higher or lower than expected. These factors make creating accurate forecasts and budgets challenging and, as a result, we may fall materially short of our forecasts and expectations, which could cause the price of our securities to decline and investors to lose confidence in us.

**Risks Related to Management and Employees**

***If the voting power of our capital stock continues to be highly concentrated, it may prevent you and other minority stockholders from influencing significant corporate decisions and may result in conflicts of interest.***

Currently, Asamitsu Kosugi beneficially owns an aggregate of 212,705,250 shares of our Common Stock, which represents 43.81% of the voting power of our outstanding capital stock. Following this offering, Mr. Kosugi will have approximately ______% of the voting power of our outstanding capital stock if all the Common Stock being offered hereby are sold (or _______% of our outstanding voting power if the underwriters' option to purchase additional shares is exercised in full). As a result, Mr. Kosugi will have significant voting power over matters requiring stockholder votes, including: the election of directors; mergers, consolidations and acquisitions; the sale of all or substantially all of our assets and other decisions affecting our capital structure; amendments to our certificate of incorporation or our bylaws; and our winding up and dissolution.

This concentration of voting power may delay, deter or prevent acts that would be favored by our other stockholders. The interests of Mr. Kosugi may not always coincide with our interests or the interests of our other stockholders. This concentration of voting power may also have the effect of delaying, preventing or deterring a change in control of us. Also, Mr. Kosugi may seek to cause us to take courses of action that, in his judgment, could enhance his investment in us, but which might involve risks to our other stockholders or adversely affect us or our other stockholders, including investors in this offering. As a result, the market price of our Common Stock could decline, or stockholders might not receive a premium over the current market price of our Common Stock upon a change in control. In addition, this concentration of voting power may adversely affect the trading price of our Common Stock because investors may perceive disadvantages in owning shares in a company with significant stockholders. See "*Executive and Director Compensation*" and "*Description of Securities*."

***We depend on our senior management team and other key employees, and the loss of one or more key personnel or an inability to attract, hire, integrate and retain highly skilled personnel could have an adverse effect on our business, financial condition or results of operations.***

Our success depends largely upon the continued services of our key executives. We also rely on our leadership team in setting our strategic direction, operating our business, identifying, recruiting and training key personnel, identifying expansion opportunities, arranging necessary financing, and for general and administrative functions. From time to time, there may be changes in our executive management team resulting from the hiring or departure of executives, which could disrupt our business. The loss or replacement of one or more of our executive officers or other key employees could have a serious adverse effect on our business, financial condition or results of operations.

To continue to execute our growth strategy, we also must identify, hire and retain highly skilled personnel. We might not be successful in continuing to attract and retain qualified personnel. Failure to identify, hire and retain necessary key personnel could have a material adverse effect on our business, financial condition or results of operations.

***Our management does not have experience managing a U.S. public company and our current resources may not be sufficient to fulfill our public company obligations.***

Following the closing of this offering, we will be subject to various regulatory requirements, including those of the SEC and Nasdaq Stock Market. These requirements include recordkeeping, financial reporting and corporate governance rules and regulations. Our management team does not have experience in managing a U.S. public company and, historically, has not had the resources typically found in a public company. Our internal infrastructure may not be adequate to support our increased reporting obligations and we may be unable to hire, train or retain necessary staff and may be reliant on engaging outside consultants or professionals to overcome our lack of experience or employees. Our business, financial condition or results of operations could be adversely affected if our internal infrastructure is inadequate, including if we are unable to engage outside consultants or are otherwise unable to fulfill our public company obligations.

**Risks Related to Legal, Regulatory, Environmental, Intellectual Property and Privacy Matters**

***Our business is subject to government regulation and oversight. Any new implementation of or changes made to laws, regulations or other industry standards affecting our business in any of the geographic regions in which we operate may require significant development and compliance efforts or have an unfavorable effect on our ability to continue to offer certain services, which could adversely affect our business, financial condition, results of operations and cash flows.***

As a financial technology company, our business is affected by laws and complex regulations and examinations that affect us and our industry in the countries in which we operate. Regulation and proposed regulations have continued to increase significantly in recent years. Failure to comply with regulations or guidelines may result in the suspension or revocation of a license or registration, the limitation, suspension or termination of service, and the imposition of civil and criminal penalties, including fines, or may cause customers or potential customers to be reluctant to do business with us, any of which could have an adverse effect on our financial condition.

Though there is no law explicitly governing EWA in Japan, there are various regulation that have laid a foundation for facilitating EWA services. Under Japan's Labor Standards Act, wages must be paid in full, directly to the employee, in currency. Effective April 1, 2023, the Ministry of Health, Labour and Welfare (MHLW) allowed employers to pay salaries to their employees electronically, through designated funds transfer service providers, including through smartphone payment apps. While MHLW does not specifically address EWA services, our interpretation of the mandate is that EWA platforms can function as such designated funds transfer service provider, enabling us to offer our EWA services. In the event that the MHLW revises its guidance or otherwise supplements the regulation in a way contrary to our current business practices, it will have an adverse effect on our business.

In addition, we are currently not required to obtain a money lending license, because we are not considered a prepayment service provider. However, in the event that Japan's Money Lending Business Act is or Japan's Ministry of Economic Trade and Industry changes their position that prepaid salary replacement services do not fall under the category of a "money lending business" under Japanese law because the employer is advancing wages that the employee has already earned, then we may have to obtain such licenses. The process and timeline to obtain such license is unknown to us at this time and we are uncertain of the business disruption it may cause should this regulation change.

In Indonesia, the fintech sector is primarily overseen by the Bank of Indonesia ("BI") and the Financial Services Authority ("OJK"). If our EWA platform falls under the purview of OJK, then we may be required to participate in OJK's assessment of our business model and compliance with their existing regulations. Additionally, if we are deemed to offer payment services, we may need to obtain a license from BI as a payment service provider. Currently, EWA platforms are expected to adhere to consumer protection principles. If these regulations change to an extent that our platform cannot currently provide, it will have an adverse effect on our expansion plans.

 

As the regulatory environment remains unpredictable and subject to rapid change, new obligations could increase the cost and complexity of compliance. Evolving regulations also increase the risk of investigations, fines, nonmonetary penalties and litigation. Noncompliance with these regulations could lead to substantial regulatory fines and penalties or damages from private causes of action. The effect of such regulations could adversely affect our business, financial condition, results of operations and cash flows.

Continuing developments in privacy and data protection regulation globally, combined with the rapid pace of technology innovation, have created risks and operational challenges for many of our business activities. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with our data privacy practices or operations model, which could result in potential fines, damages or a need to incur substantial costs to modify our operations. Compliance with these laws and regulations can be costly and time consuming, adding a layer of complexity to business practices and innovation. Our failure to comply could result in public or private enforcement action and accompanying litigation costs, losses, fines and penalties, which could adversely affect our business, financial condition, results of operations and cash flows.

In addition, multiple agencies and the SEC have adopted or proposed enhanced cybersecurity risk management rules and/or standards that could apply to us and our clients and that address cybersecurity risk governance and management, management of internal and external dependencies, and incident response, cyber resilience and situational awareness. Several states and foreign countries also have adopted or proposed new privacy and cybersecurity laws covering these issues. Legislation and regulations on cybersecurity, data privacy and data localization may compel us to enhance or modify our systems, invest in new systems or alter our business practices or our policies on data governance, security and privacy. If any of these laws, rules or standards are applicable to us, our operational costs could increase significantly.

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***Tax rates may change.***

 

We are subject to taxation in Japan, and in the U.S. under federal and numerous state and local tax jurisdictions. In preparing our financial statements, we estimate the amount of tax that will become payable, but our effective tax rate may be different than estimates due to numerous factors including accounting for income taxes, the mix of earnings from Japan and the U.S., the results of tax audits, adjustments to the value of uncertain tax positions, changes to estimates and other factors. Further, changes in U.S. or Japan tax laws or interpretations of such laws could increase our corporate taxes and reduce earnings.

In addition, it remains difficult to predict the timing and effect that future tax law changes could have on the our earnings. Any of these factors could cause us to experience an effective tax rate significantly different from previous periods or our current estimates. If our effective tax rate were to increase, our financial condition and results of operations could be adversely affected.

***New or revised tax regulations, unfavorable resolution of tax contingencies or changes to enacted tax rates could adversely affect our tax expense.***

Changes in tax laws or their interpretations could result in changes to enacted tax rates and may require complex computations to be performed that were not previously required, significant judgments to be made in interpretation of the new or revised tax regulations and significant estimates in calculations, as well as the preparation and analysis of information not previously relevant or regularly produced. Future changes in enacted tax rates could adversely affect our business, financial condition, results of operations and cash flows.

In 2024, additional jurisdictions globally enacted local legislation formally adopting the Global Anti-Base Erosion Model Rules ("Pillar Two"), which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development ("OECD") Pillar Two Framework. The effective dates are generally January 1, 2024, and January 1, 2025, for different aspects of the rules and vary by jurisdiction. Additional jurisdictions are expected to implement the model rules under local law in the future, with varying effective dates. We are continuing to evaluate the potential effect on future periods of the Pillar Two implementation, pending legislative adoption by additional individual countries and the ongoing issuance of additional administrative guidance by the OECD.

Our tax returns and positions are subject to review and audit by federal, state, local and international taxing authorities. An unfavorable outcome to a tax audit could result in higher tax expense, thereby adversely affecting our business, financial condition, results of operations and cash flows. We exercise significant judgment and make estimates that we believe to be reasonable in calculating our worldwide provision for income taxes and other tax liabilities. However, relevant tax authorities may disagree with our estimates, interpretations or tax treatment of certain material items. Failure to sustain our position in these matters could adversely affect our business, financial condition, results of operations and cash flows.

***Our risk management policies and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of risk.***

We operate in a rapidly changing industry. We could incur substantial losses and our business operations could be disrupted if we are unable to effectively identify, manage, monitor, and mitigate financial risks, such as credit risk, interest rate risk, prepayment risk, liquidity risk, and other market-related risks, as well as operational risks related to our business, assets and liabilities. Accordingly, our current risk management policies and procedures may not be fully effective in identifying, monitoring and managing our risks. If our policies and procedures are not fully effective, or if we are not always successful in identifying and mitigating all risks to which we are or may become exposed, we may suffer uninsured liability, harm to our reputation or be subject to litigation or regulatory actions that could have a material adverse effect on our business, financial condition, results of operations and cash flows.

**General Risks**

***We are a holding company and depend upon our operating subsidiaries for our cash flows.***

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We are a holding company. Almost all of our operations are conducted, and almost all of our assets are owned, by our operating subsidiaries. Consequently, our cash flows and our ability to meet our obligations depend upon the cash flows of our operating subsidiaries and the payment of funds by these operating subsidiaries to us in the form of dividends, distributions or otherwise. The ability of our operating subsidiaries to make any payments to us depends on their earnings, the terms of their indebtedness, including the terms of any credit facilities and legal restrictions. Any failure to receive dividends or distributions from our operating subsidiaries when needed could have a material adverse effect on our business, results of operations or financial condition

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***If we fail to maintain effective internal control over financial reporting, the price of our securities may be adversely affected.***

Our internal controls over financial reporting have weaknesses and conditions that require correction or remediation. For the years ended March 31, 2025 and 2024, we identified three material weaknesses in our assessment of the effectiveness of disclosure controls and procedures. We have (i) deficiencies in the segregation of duties, (ii) deficiencies in the staffing of our financial accounting department and (iii) limited checks and balances in processing cash and other transactions. We are committed to improving our financial reporting processes. We plan on contracting with an outside-certified public accountant to assist us in maintaining our disclosure controls and procedures and the preparation of our financial statements for the foreseeable future. We also plan on increasing the size of our accounting staff at the appropriate time for our business and its size to ameliorate our concern that we do not effectively segregate certain accounting duties or have adequate staffing. We believe the foregoing actions would resolve these material weaknesses in disclosure controls and procedures. However, there can be no assurances as to the timing of any such actions or that we will be able to do so. Any failure by us to implement the changes necessary to maintain an effective system of internal controls could harm our operating results materially and cause investors and financial analysts to lose confidence in our reported financial information. Any such loss of confidence in the investment community would have a negative effect on the trading and price of our Common Stock.

***If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and have an adverse effect on the value of our securities.***

As a public company, we would be required to maintain internal control over financial reporting and to report any material weaknesses in such internal control. Further, we will be required to report any changes in internal controls on a quarterly basis. In addition, we would be required to furnish a report by management on the effectiveness of internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We will design, implement, and test the internal controls over financial reporting required to comply with these obligations. If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of its internal control over financial reporting when required, investors may lose confidence in the accuracy and completeness of our financial reports and the value of our securities could be negatively affected. We also could become subject to investigations by the Commission or other regulatory authorities, which could require additional financial and management resources.

***Changes to accounting rules or regulations may adversely affect our business, financial condition or results of operations.***

Changes to existing accounting rules or regulations may impact our business, financial condition or results of operations. Other new accounting rules or regulations and varying interpretations of existing accounting rules or regulations have occurred and may occur in the future. Such changes to accounting rules or regulations could materially adversely affect our business, financial condition or results of operations.

***As an emerging growth company, our auditor will not be required to attest to the effectiveness of our internal controls.***

Our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting while we are an emerging growth company. This means that the effectiveness of our financial operations may differ from our peer companies in that they may be required to obtain independent registered public accounting firm attestations as to the effectiveness of their internal controls over financial reporting and we are not. While our management will be required to attest to internal control over financial reporting and we will be required to detail changes to our internal controls on a quarterly basis, we cannot provide assurance that the independent registered public accounting firm's review process in assessing the effectiveness of our internal controls over financial reporting, if obtained, would not find one or more material weaknesses or significant deficiencies. Further, once we cease to be an emerging growth company and cease to be a smaller reporting company (as described below), we will be subject to independent registered public accounting firm attestation regarding the effectiveness of our internal controls over financial reporting. Even if management finds such controls to be effective, our independent registered public accounting firm may decline to attest to the effectiveness of such internal controls and issue a qualified report.

***Our ability to raise capital in the future may be limited, and our failure to raise capital when needed could prevent us from growing.***

Our business and operations may consume resources faster than we anticipate. In the future, we may need to raise additional funds to invest in future growth opportunities. Additional financing may not be available on favorable terms, if at all. If adequate funds are not available on acceptable terms, we may be unable to invest in future growth opportunities, which could seriously harm our business and operating results. If we incur debt, the debt holders would have rights senior to common shareholders to make claims on our assets, and the terms of any debt could restrict our operations, including our ability to pay dividends on our common shares. Furthermore, if we issue equity securities, shareholders will experience dilution, and the new equity securities could have rights senior to those of our common shares. Any additional equity or equity-linked financings would be dilutive to our shareholders. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. As a result, our shareholders bear the risk of our future securities offerings reducing the market price of our common shares and diluting their interest.

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

We qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

● have an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

● comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditors' report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

● submit certain executive compensation matters to stockholder advisory votes, such as "say-on-pay" and "say-on-frequency"; and

● disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

In addition, Section 102 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest to occur of: (i) the end of the first fiscal year in which our annual gross revenue is $1.235 billion or more; (ii) the end of the fiscal year in which the market value of our common shares that are held by non-affiliates is at least $700.0 million as of the last business day of our most recently completed second fiscal quarter; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; and (iv) the end of the fiscal year during which the fifth anniversary of this offering occurs.

Until such a time, however, we cannot predict if investors will find our securities less attractive because we may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the price of our securities may be more volatile.

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***We believe we will be considered a smaller reporting company and will be exempt from certain disclosure requirements, which could make our Common Stock less attractive to potential investors.***

Rule 12b-2 of the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

● had a public float of less than $250 million as of the last business day of its most recently completed second fiscal quarter, computed by multiplying the aggregate worldwide number of shares of its voting and non-voting common equity held by non-affiliates by the price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market for the common equity; or

● in the case of an initial registration statement under the Securities Act, or the Exchange Act of 1934, as amended, which we refer to as the Exchange Act, for shares of its common equity, had a public float of less than $250 million as of a date within 30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares included in the registration statement by the estimated public offering price of the shares; or

● in the case of an issuer whose public float as calculated under the first two bulletpoints of this definition was zero or whose public float was less than $700 million, had annual revenues of less than $100 million during the most recently completed fiscal year for which audited financial statements are available.

As a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our proxy statements, and we will provide only two years of financial statements. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies which could make our Common Stock less attractive to potential investors, which could make it more difficult for our stockholders to sell their shares.

***The certificate of incorporation and bylaws provides that state or federal court located within the state of Delaware will be the sole and exclusive forum for substantially all disputes between us and our shareholders, which could limit its stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.***

This exclusive forum provision may limit a shareholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us or our directors, officers or other employees. In addition, shareholders who do bring a claim in the state or federal court in the State of Delaware could face additional litigation costs in pursuing any such claim, particularly if they do not reside in or near Delaware. The state or federal court of the State of Delaware may also reach different judgments or results than would other courts, including courts where a shareholder would otherwise choose to bring the action, and such judgments or results may be more favorable to us than to our shareholders. However, the enforceability of similar exclusive forum provisions in other companies' certificates of incorporation have been challenged in legal proceedings, and it is possible that a court could find this type of provision to be inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings. If a court were to find the exclusive forum provision contained in our certificate of incorporation and our bylaws to be inapplicable or unenforceable in an action, we might incur additional costs associated with resolving such action in other jurisdictions.

***By purchasing Common Stock in this offering, you are bound by the fee-shifting provision contained in our bylaws, which may discourage you to pursue actions against us and could discourage shareholder lawsuits that might otherwise benefit us and our shareholders.***

Section 7.4 of our bylaws provides that "[i]f any action is brought by any party against another party, relating to or arising out of these Bylaws, or the enforcement hereof, the prevailing party shall be entitled to recover from the other party reasonable attorneys' fees, costs and expenses incurred in connection with the prosecution or defense of such action, provided that the provisions of this sentence shall not apply with respect to "internal corporate claims" as defined in Section 109(b) of the DGCL."

Our bylaws provide that for this section, the term "attorneys' fees" or "attorneys' fees and costs" means the fees and expenses of our counsel and any other parties asserting a claim subject to Section 7.4 of the bylaws, which may include printing, photocopying, duplicating and other expenses, air freight charges, and fees billed for law clerks, paralegals and other persons not admitted to the bar but performing services under the supervision of an attorney, and the costs and fees incurred in connection with the enforcement or collection of any judgment obtained in any such proceeding.

We adopted the fee-shifting provision to eliminate or decrease nuisance and frivolous litigation. We intend to apply the fee-shifting provision broadly to all actions except for claims brought under the Exchange Act and Securities Act.

There is no set level of recovery required to be met by a plaintiff to avoid payment under this provision. Instead, whoever is the prevailing party is entitled to recover the reasonable attorneys' fees, costs and expenses incurred in connection with the prosecution or defense of such action. Any party who brings an action, and the party against whom such action is brought under Section 7.4 of our bylaws, which could include, but is not limited to former and current shareholders, our directors, officers, affiliates, legal counsel, expert witnesses and other parties, are subject to this provision. Additionally, any party who brings an action, and the party against whom such action is brought under Section 7.4 of our bylaws, which could include, but is not limited to former and current shareholders, our directors, officers, affiliates, legal counsel, expert witnesses and other parties, would be able to recover fees under this provision.

In the event you initiate or assert a claim against us, in accordance with the dispute resolution provisions contained in our Bylaws, and you do not, in a judgment prevail, you will be obligated to reimburse us for all reasonable costs and expenses incurred in connection with such claim, including, but not limited to, reasonable attorney's fees and expenses and costs of appeal, if any. Additionally, this provision in Section 7.4 of our bylaws could discourage shareholder lawsuits that might otherwise benefit us and our shareholders.

THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF COMMON STOCK OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT.

**Risks Related to This Offering and Ownership of Our Common Stock**

***Once our Common Stock is listed on the Nasdaq Capital Market, there can be no assurance that we will be able to comply with Nasdaq Capital Market's continued listing standards.***

Prior to this offering, there has been no public market for shares of our Common Stock. As a condition to consummating this offering, our Common Stock offered in this prospectus must be listed on the Nasdaq Capital Market or another national securities exchange. Accordingly, in connection with the filing of the registration statement of which this prospectus forms a part, we have applied to list our Common Stock on the Nasdaq Capital Market under the symbol "ADBT." Assuming that our Common Stock is listed and after the consummation of this offering, there can be no assurance any broker will be interested in trading our Common Stock. Therefore, it may be difficult to sell your shares of Common Stock if you desire or need to sell them. Our underwriters are not obligated to make a market in our Common Stock, and even if it makes a market, it can discontinue market making at any time without notice. Neither we nor the underwriters can provide any assurance that an active and liquid trading market in our Common Stock will develop or, if developed, that such a market will continue.

Once our Common Stock is approved for listing on the Nasdaq Capital Market, there is no guarantee that we will be able to maintain such a listing for any period of time by perpetually satisfying Nasdaq Capital Market's continued listing requirements. Our failure to continue to meet these requirements may result in our Common Stock being delisted from Nasdaq Capital Market.

***The price of our Common Stock could be subject to rapid and substantial volatility.***

There have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, the Common Stock may be subject to rapid and substantial price volatility, low volumes of trade and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Stock.

In addition, if the trading volumes of our Common Stock are low, people buying or selling in relatively small quantities may easily influence the prices of our' Common Stock. This low volume of trade could also cause the price of our Common Stock to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Common Stock may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Common Stock. As a result of this volatility, investors may experience losses on their investment in our Common Stock. A decline in the market price of our Common Stock also could adversely affect our ability to sell additional shares or Common Stock or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Common Stock will develop or be sustained. If an active market does not develop, holders of our Common Stock may be unable to readily sell the Common Stock they hold or may not be able to sell their Common Stock at all.

***The market price of our Common Stock may be volatile, and you could lose all or part of your investment.***

We cannot predict the prices at which our Common Stock will trade. The initial public offering price of our Common Stock will be determined by negotiations between us and the underwriters and may not bear any relationship to the market price at which our Common Stock will trade after this offering or to any other established criteria of the value of our business and prospects, and the market price of our Common Stock following this offering may fluctuate substantially and may be lower than the initial public offering price. The market price of our Common Stock following this offering will depend on a number of factors, including those described in this "Risk Factors" section, many of which are beyond our control and may not be related to our operating performance. In addition, the limited public float of our Common Stock following this offering will tend to increase the volatility of the trading price of our Common Stock. These fluctuations could cause you to lose all or part of your investment in our Common Stock, since you might not be able to sell your shares at or above the price you paid in this offering. Factors that could cause fluctuations in the market price of our Common Stock include, but are not limited to, the following:

● actual or anticipated changes or fluctuations in our results of operations;

● the financial projections we may provide to the public, any changes in these projections, or our failure to meet these projections;

● announcements by us or our competitors of new products or new or terminated significant contracts, commercial relationships, or capital commitments;

● industry or financial analyst or investor reaction to our press releases, other public announcements, and filings with the SEC;

● rumors and market speculation involving us or other companies in our industry;

● price and volume fluctuations in the overall stock market from time to time;

● changes in operating performance and stock market valuations of other technology companies generally, or those in our industry in particular;

● the expiration of market stand-off or contractual lock-up agreements and sales of shares of our Common Stock by us or our stockholders;

● failure of industry or financial analysts to maintain coverage of us, changes in financial estimates by any analysts who follow us, or our failure to meet these estimates or the expectations of investors;

● actual or anticipated developments in our business, or our competitors' businesses, or the competitive landscape generally;

● litigation involving us, our industry, or both, or investigations by regulators into our operations or those of our competitors;

● developments or disputes concerning our intellectual property rights, our products, or third-party proprietary rights;

● announced or completed acquisitions of businesses or technologies by us or our competitors;

● new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

● any major changes in our management or our Board of Directors;

● general economic conditions and slow or negative growth of our markets; and

● other events or factors, including those resulting from war, incidents of terrorism, or responses to these events.

In addition, the stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies. Broad market and industry factors may seriously affect the market price of our Common Stock, regardless of our actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market prices of a particular company's securities, securities class action litigation has often been instituted against that company. Securities litigation, if instituted against us, could result in substantial costs and divert our management's attention and resources from our business. This could materially adversely affect our business, financial condition, results of operations, and prospects.

***If securities or industry analysts do not publish research or reports, or if they publish adverse or misleading research or reports, regarding us, our business or our market, our stock price and trading volume could decline.***

The trading market for our Common Stock will be influenced by the research and reports that securities or industry analysts publish about us, our business or our market. We do not currently have and may never obtain research coverage by securities or industry analysts. If no or few securities or industry analysts commence coverage of us, the stock price would be negatively impacted. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us issue adverse or misleading research or reports regarding us, our business model, our intellectual property, our stock performance or our market, or if our operating results fail to meet the expectations of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

***Our management team will have immediate and broad discretion over the use of the net proceeds from this offering and we may use the net proceeds in ways with which you disagree.***

The net proceeds from this offering will be immediately available to our management to use at their discretion. We currently intend to use the net proceeds from this offering to fund development of technology, capital investments, working capital and general corporate purposes. See "*Use of Proceeds*." Other than the repayment of existing loans, we have not allocated specific amounts of the net proceeds from this offering for any of the foregoing purposes. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us or our stockholders. The failure of our management to use such funds effectively could have a material adverse effect on our business, prospects, financial condition, and results of operation.

***If we are unable to obtain additional funding when needed, our business operations will be harmed, and if we do obtain additional financing, our then-existing shareholders may suffer substantial dilution.***

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As we take steps in the commercialization and marketing of our products and services or respond to potential opportunities and/or adverse events, our working capital needs may change. We anticipate that if our cash and cash equivalents are insufficient to satisfy our liquidity requirements, we will require additional funding to sustain our ongoing operations and to continue our research and development activities. We do not have any contracts or commitments for additional funding, and there can be no assurance that financing will be available in amounts or on terms acceptable to us, if at all, if needed. The inability to obtain additional capital will restrict our ability to grow and may reduce our ability to conduct business operations. If we are unable to obtain additional financing to finance a revised growth plan, we will likely be required to curtail such plans or cease our business operations. Any additional equity financing may involve substantial dilution to our then existing shareholders.

***Our Common Stock may be subject to the "penny stock" rules in the future. It may be more difficult to resell securities classified as "penny stock."***

Our Common Stock may be subject to "penny stock" rules (generally defined as non-exchange traded stock with a per-share price below $5.00) in the future. While our Common Stock will not be considered "penny stock" following this offering since they will be listed on the Nasdaq Capital Market, if we are unable to maintain that listing and our Common Stock is no longer listed on the Nasdaq Capital Market, unless we maintain a per-share price above $5.00, our Common Stock will become "penny stock." These rules impose additional sales practice requirements on broker-dealers that recommend the purchase or sale of penny stocks to persons other than those who qualify as "established customers" or "accredited investors." For example, broker-dealers must determine the appropriateness for non-qualifying persons of investments in penny stocks. Broker-dealers must also provide, prior to a transaction in a penny stock not otherwise exempt from the rules, a standardized risk disclosure document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, disclose the compensation of the broker-dealer and its salesperson in the transaction, furnish monthly account statements showing the market value of each penny stock held in the customer's account, provide a special written determination that the penny stock is a suitable investment for the purchaser, and receive the purchaser's written agreement to the transaction.

Legal remedies available to an investor in "penny stocks" may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If a "penny stock" is sold to the investor in violation of the requirements listed above, or other federal or states securities laws, the investor may be able to cancel the purchase and receive a refund of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If a "penny stock" is sold to the investor in a fraudulent manner, the investor may be able to sue the persons and firms that committed the fraud for damages.

These requirements may have the effect of reducing the level of trading activity, if any, in the secondary market for a security that becomes subject to the penny stock rules. The additional burdens imposed upon broker-dealers by such requirements may discourage broker-dealers from effecting transactions in our securities, which could severely limit the market price and liquidity of our securities. These requirements may restrict the ability of broker-dealers to sell our Common Stock and may affect your ability to resell our Common Stock.

Many brokerage firms will discourage or refrain from recommending investments in penny stocks. Most institutional investors will not invest in penny stocks. In addition, many individual investors will not invest in penny stocks due, among other reasons, to the increased financial risk generally associated with these investments.

For these reasons, penny stocks may have a limited market and, consequently, limited liquidity. We can give no assurance at what time, if ever, our Common Stock will not be classified as a "penny stock" in the future.

***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 up to __________ shares of Common Stock offered in this offering, at an assumed public offering price of $_____ per share, and after deducting the underwriters' discounts and commissions and other estimated offering expenses payable by us, investors in this offering can expect an immediate dilution of approximately $____ per share, or ______%, at the assumed public offering price.

***Shares eligible for future sale may adversely affect the market.***

Sales of substantial amounts of the Common Stock in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of the Common Stock and could materially impair our ability to raise capital through equity offerings in the future. Resales of our Common Stock in the public market by the Selling Shareholders may cause the market price of our Common Stock to decline. All of the Public Offering Common Stock and the Resale Shares will be freely tradable without restriction or further registration under the Securities Act, unless such shares are purchased by affiliates or control persons, and certain Common Stock held by our existing shareholders may also be sold from time to time by means of ordinary brokerage transactions in the open market pursuant to Rule 144 promulgated under the Securities Act, subject to certain limitations. In general, pursuant to Rule 144, non-affiliate stockholders may sell freely after six months, subject only to the current public information requirement. Affiliates may sell after six months, subject to the Rule 144 volume, manner of sale (for equity securities), current public information, and notice requirements. Of the approximately 485,469,380 shares of our Common Stock outstanding as of December 8, 2025, none of such shares are tradable without restriction. Given the limited trading of our Common Stock, resale of even a small number of shares of our Common Stock pursuant to Rule 144 or an effective registration statement may adversely affect the market price of our Common Stock.

***There may be substantial sales of our Common Stock by the Selling Shareholders once our Common Stock is listed on Nasdaq and begins trading, which could have a material adverse effect on the price of our Common Stock after this offering.***

The registration statement of which this prospectus forms a part also registers on behalf of the Selling Shareholders an aggregate of 3,000,000 shares of Common Stock previously issued by us. There are currently no agreements or understandings in place with the Selling Shareholders to restrict the sale of the Resale Shares once our Common Stock is listed on Nasdaq and begins trading. Sales of a substantial number of our Common Stock by the Selling Shareholders at such time could cause the market price of our Common Stock to drop (possibly below the initial public offering price of the Public Offering Common Stock in this offering) and could impair our ability to raise capital in the future by selling additional Company securities.

 ****

***Anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.***

Our certificate of incorporation and bylaws contain provisions that could have the effect of delaying or preventing changes in control or changes in our management without the consent of our board of directors. These provisions include:

● no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;

● the ability of our board of directors to determine whether to issue shares of our preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;

● limiting the liability of, and providing indemnification to, our directors and officers;

● providing that a special meeting of the stockholders may only be called by a majority of the board of directors;

● providing that directors may be removed prior to the expiration of their terms by the affirmative vote of the holders of not less than two-thirds (2/3) of the voting power of the issued and outstanding stock entitled to vote;

● providing that the bylaws may be altered, amended or repealed by the board of directors by an affirmative vote of a majority of the board of directors at any regular meeting of the board of directors; and

● advance notice procedures that stockholders must comply with in order to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders' meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

These provisions, alone or together, could delay hostile takeovers and changes in control of the Company or changes in our board of directors and management.

Any provision of our certificate of incorporation or bylaws or Delaware law that has the effect of delaying or deterring a change in control could limit the opportunity for our security holders to receive a premium for their securities and could also affect the price that some investors are willing to pay for our securities.

***Provisions in our charter documents and Delaware law may delay or prevent our acquisition by a third party.***

Our certificate of incorporation and bylaws, and Delaware law, contain several provisions that may make it more difficult for a third party to acquire control of us without the approval of our Board of Directors. These provisions may make it more difficult or expensive for a third party to acquire a majority of our outstanding equity interests. These provisions also may delay, prevent or deter a merger, acquisition, tender offer, proxy contest or other transaction that might otherwise result in our stockholders receiving a premium over the market price for their Common Stock. See "*Description of Securities*."

 ****

***We have never paid dividends on our Common Stock and have no plans to do so in the future.***

Holders of shares of our Common Stock are entitled to receive such dividends as may be declared by our Board of Directors. To date, we have paid no cash dividends on our shares of Common Stock, and we do not expect to pay cash dividends on our Common Stock in the foreseeable future. We intend to retain future earnings, if any, to provide funds for the operations of our business. Therefore, any return investors in our Common Stock may have will be in the form of appreciation, if any, in the market value of their shares of Common Stock. See "*Dividend Policy*."

***We will indemnify and hold harmless our officers and directors to the maximum extent permitted by Delaware law.***

Our certificate of incorporation, as amended, provides that we will indemnify and hold harmless our officers and directors against claims arising from our activities to the maximum extent permitted by Delaware law. If we were called upon to perform under our indemnification obligations, then the portion of our assets expended for such a purpose would reduce the amount otherwise available for our business.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are contained principally in "*Prospectus Summary*," "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and "*Business*." In some cases, you can identify forward-looking statements by terms such as "target," "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "continue," "predict," "potential," "plan," "anticipate" or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these assumptions, risks and uncertainties, you should not place undue reliance on these forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

● our ability to successfully maintain increases in our sales;

● our ability to successfully execute our growth strategy;

● our ability to expand in existing and new markets;

● our projected growth;

● macroeconomic conditions and other economic factors;

● our ability to compete with many other EWA providers;

● our reliance on vendors, suppliers and distributors;

● minimum wage increases and mandated employee benefits that could cause a significant increase in our labor costs;

● the failure of our automated equipment or information technology systems or the breach of our network security;

● the loss of key members of our management team;

● the impact of governmental laws and regulations;

● volatility in the price of our Common Stock; and

● those other risk factors described in this prospectus supplement and our reports filed with the SEC and incorporated by reference into this prospectus supplement.

We discuss many of these risks in this prospectus in greater detail under the heading "*Risk Factors*." Also, these forward-looking statements represent our estimates and assumptions only as of the date of this prospectus. Unless required by United States federal securities laws, we do not intend to update any of these forward-looking statements to reflect circumstances or events that occur after the statement is made.

The market data and certain other statistical information used throughout this prospectus are based on independent industry publications, governmental publications, reports by market research firms or other independent sources. Some data are also based on our good faith estimates. Although we believe these third-party sources are reliable, we have not independently verified the information attributed to these third-party sources. Similarly, our estimates have not been verified by any independent source.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

**USE OF PROCEEDS**

We estimate that the net proceeds we will receive from this offering will be $__________ based on an assumed initial public offering price of $_____ per share, which is the midpoint of the price range set forth on the cover of this prospectus, after deducting the underwriting discounts and commissions of $_______ and estimated offering expenses of $________ payable by us. If the underwriters' option to purchase additional shares in this offering from us is exercised in full, our net proceeds will be $________ after deducting the underwriting discounts and commissions of $________ and estimated offering expenses of $______ payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price of $_____ per share of Common Stock, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, would increase (decrease) net proceeds to us from this offering by approximately $_______, assuming that the number of shares of Common Stock offered by us, as set forth on the cover page of this prospectus, remains the same. We may also increase or decrease the number of shares of Common Stock we are offering. Each 100,000 increase (decrease) in the number of shares of Common Stock we are offering would increase (decrease) the net proceeds to us from this offering by approximately $_______, assuming no change in the assumed initial public offering price per share.

We intend to use the net proceeds of this offering primarily to fund development of technology, capital investments, working capital and general corporate purposes. The amounts that we actually spend for any specific purpose may vary significantly, and will depend on a number of factors including, but not limited to, market conditions.

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering or the amounts that we will actually spend. The amounts and timing of our actual use of net proceeds will vary depending on numerous factors. As a result, our management will have broad discretion in the application of the net proceeds of this offering, and investors will be relying on our judgment regarding the application of the net proceeds. See "*Risk Factors—Risk Related to this Offering and Ownership of our Common Stock—Our management team will have immediate and broad discretion over the use of the net proceeds from this offering and we may use the net proceeds in ways with which you disagree*."

Pending use of the net proceeds from this offering as described above, we may invest the net proceeds in short-and intermediate-term interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the United States government.

We will not receive any proceeds from the sale of the Resale Shares under the separate Resale Prospectus.

**DIVIDEND POLICY**

No dividends have been declared or paid on our shares of Common Stock. We do not anticipate paying any cash dividends on shares of our Common Stock in the foreseeable future. We currently intend to retain any earnings to finance the development and expansion of our business. Any future determination to pay dividends will be at the discretion of our Board of Directors and will be dependent upon then-existing conditions, including our earnings, capital requirements, results of operations, financial condition, business prospects and other factors that our Board of Directors considers relevant. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and "*Certain Relationships and Related Party Transactions*" for additional information regarding our financial condition.

**CAPITALIZATION**

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

● on an actual basis; and

● on an as adjusted basis to give effect to the sale of __________ shares of Common Stock in this offering at an assumed initial public offering price of $**_____** (the midpoint of the price range set forth on the cover page of this prospectus) after deducting estimated underwriting discounts and estimated offering expenses payable by us, and the application of the net proceeds thereof.

The as-adjusted information below is illustrative only and our capitalization following the completion of the initial public offering is subject to adjustment based on the initial public offering price of our Common Stock and other terms of the initial public offering determined at pricing. You should read this table together with our financial statements and the related notes included elsewhere in this prospectus and the information under "*Management's Discussion and Analysis of Financial Condition and Results of Operations*."

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| | | |
|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** |
| <br>**(in thousands, except share and per share data)** | **Actual** <br> **(Unaudited)** | **As Adjusted<sup>(1)</sup>** |
| Cash and cash equivalents | $7003 | $|
| Total non-current liabilities | 14111 |  |
| Stockholder's Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value per share; 5,000,000,000 shares authorized, 485,469,380 shares issued and outstanding, actual; and ________ shares issued and outstanding, as adjusted |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 15771 |  |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficiency) | (8581) |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1035) |  |
| &nbsp;&nbsp;&nbsp;Stockholders' Equity | 6155 |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 416 |  |
| Total equity | 6571 |  |
| Total capitalization | $20682 | $|

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| | |
|:---|:---|
| (1) | The number of shares of common stock to be outstanding after this offering is based on 485,469,380 which is the number of shares outstanding on September 30, 2025, assumes no exercise by the Representative of its option to purchase up to an additional ______ shares of Common Stock to cover over-allotments, if any, and excludes 72,000,000 shares of common stock reserved for future issuance under the Plan. If the Representative's over-allotment option is exercised in full, as adjusted cash and cash equivalents, total stockholders' equity, total capitalization and common stock outstanding as of September 30, 2025, would be $__________, $__________, $_________, and ____________ shares, respectively |
|  | Each $1.00 increase (decrease) in the assumed initial public offering price of $______ per share, the midpoint of the price range set forth on the cover of this prospectus, would increase (decrease) our as adjusted cash and cash equivalents, additional paid-in capital, total stockholder's equity and total capitalization by approximately $_______, assuming that the number of shares of Common Stock offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of shares of Common Stock we are offering. Each 100,000 increase (decrease) of in the number of shares of Common Stock we are offering would increase (decrease) our as adjusted cash and cash equivalents, additional paid-in capital, total stockholder's equity and total capitalization by approximately $__________, assuming no change in the assumed initial public offering price per share, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. |

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**DILUTION**

Dilution is the amount by which the initial public offering price paid by purchasers of shares of our Common Stock exceeds the net tangible book value per share of our equity interests immediately following the completion of the offering. Net tangible book value represents the amount of our total tangible assets reduced by our total liabilities. Net tangible book value per share represents our net tangible book value divided by the number of shares of our Common Stock outstanding. We define total tangible assets as total assets less intangible assets (including deferred tax assets and deferred offering costs). As of September 30, 2025, prior to giving effect to the offering, our net tangible book value was $1.5 million and our net tangible book value per share was $0.003.

After giving effect to the issuance and sale of the _________ shares of Common Stock offered in this offering and the application of the estimated net proceeds of this offering received by us, as described in "Use of Proceeds," based upon an assumed initial public offering price of $______ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $____ million, or $________ per share of Common Stock. This represents an immediate increase in the net tangible book value to our existing stockholders of $________ per share and an immediate dilution to new investors in this offering of $________ per share. The following table illustrates this per share dilution net tangible book value to new investors after giving effect to this offering:

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| | | |
|:---|:---|:---|
| Assumed initial public offering price per share |  | $|
| &nbsp;&nbsp;&nbsp;Net tangible book value per share as of September 30, 2025 | $0.003 |  |
| &nbsp;&nbsp;&nbsp;Increase in net tangible book value per share attributable to new investors | $— |  |
| &nbsp;&nbsp;&nbsp;As adjusted net tangible book value per share after this offering |  | $|
| Dilution per share to new investors |  | $|

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A $1.00 increase in the assumed initial public offering price of $______ per share would increase our net tangible book value to $______ million, the net tangible book value per share after this offering to $______ and the dilution per share to new investors to $_____, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. A $1.00 decrease in the assumed initial public offering price of $________ per share would increase our net tangible book value to $_______ million, the net tangible book value per share after this offering to $______ and the dilution per share to new investors to $______, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

If the Representative exercises its over-allotment option in full, the net tangible book value per share of our Common Stock after giving effect to this offering would be $_____ per share, which amount represents an immediate increase in net tangible book value of $______ per share to existing shareholders and the immediate dilution in net tangible book value per share to new investors in this offering of $______ per share.

The following table presents, as of September 30, 2025, the differences between the number of shares purchased from us, the total consideration paid to us, and the average price per share paid by existing stockholders and by new investors purchasing Common Stock at the assumed initial offering price of $_____ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price** |
|  | **Number** | **Percent** | **Percent** | **Percent** | **Per Share** |
| Existing stockholders | 485469380% |  | $nan% |  | $|
| New investors |  | % | $— | % | $|
| &nbsp;&nbsp;&nbsp;Total |  | 100.00% | $— | 100.00% | $|

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The foregoing table is based on 485,469,380 shares of Common Stock issued and outstanding as of September 30, 2025, and assumes no exercise by the Representative of its option to purchase up to an additional _______ shares of Common Stock to cover over-allotments, if any, and excludes 72,000,000 shares of Common Stock reserved for future issuance under the Plan. To the extent any options or other equity awards are granted and exercised or become vested or other issuances of shares of our Common Stock are made, there may be further economic dilution to new investors.

If the underwriters were to fully exercise their option to purchase ______ additional shares of our Common Stock, the percentage of shares of our Common Stock held by existing stockholders after this offering would be _____%, and the percentage of shares of our Common Stock held by new investors after this offering would be ______%.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Special Note Regarding Forward-Looking Statements" and "Risk Factors" sections of this prospectus for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

**Overview**

Advasa Holdings, Inc., a Delaware corporation, was formed on February 4, 2025 for the purpose of being a holding company for Advasa Co., Ltd., a Japanese corporation ("Advasa (Japan)"), with its headquarters in Tokyo, Japan.

We are a financial technology and services company focused on improving the way employees access and manage their income. Our core product, the "FUKUPE" platform, is a patented Earned Wage Access (EWA) solution that allows employees to access their earned wages in real time, rather than waiting for a traditional payday. This service provides workers with greater financial flexibility, while integrating seamlessly with employers' existing HR and payroll systems. Importantly, our solution requires no operational burden or funding obligation on the part of the employer.

FUKUPE is available through digital channels including mobile wallets, prepaid cards, and direct bank transfers, thanks to partnerships with financial institutions and global payment networks. The platform is supported by a portfolio of nine issued patents in key markets including the United States, Japan, and South Korea, with patent filings in 16 additional jurisdictions. Our intellectual property strategy allows us to commercialize our technology through both direct services and licensing, while also pursuing enforcement actions when necessary.

Our platform is currently live in Japan, and we are preparing market launches in Indonesia and the United Arab Emirates. Our expansion strategy is focused on tailoring business models to local regulations and customer needs.

We believe that the addressable market for EWA and adjacent financial services is substantial. Reports from industry analysts and global research firms indicate rapid growth in the EWA sector, driven by demand from both employees and employers seeking more flexible payroll solutions. In parallel, over 1.7 billion people globally lack access to basic financial services, presenting a long-term opportunity for inclusive, digitally enabled financial platforms like ours.

We operate in a competitive environment that includes traditional banks, digital lenders, payroll service providers, and other EWA platforms. However, we believe we are differentiated by our proprietary technology, our adaptable business model, and our focus on building localized, compliant solutions in key international markets. Our partnerships with financial institutions, card issuers, and fintech providers further strengthen our position and enable efficient delivery of services.

For the years ended March 31, 2025 and 2024, we generated revenues of $10,044,000 and $10,524,000, respectively, we reported net income of $1,179,000 and $(33,000), respectively, and cash flow provided by operating activities of $4,723,000 and cash flow used in operating activities of $(13,987,000), respectively. For the years ended September 30, 2025 and 2024, we generated revenues of $11,731,000 and $82,000, respectively, we reported net income of $4,867,000 and net loss of $336,000, respectively, and cash flow provided by operating activities of $1,879,000 and cash flow used in operating activities of $455,000, respectively. As of September 30, 2025, we had an accumulated deficit of $8,581,000 and working capital of $20,646,000.

**Key Performance Indicators**

**Revenue**

Our revenue is derived from the provision of EWA, software license revenue and the provision of software maintenance services.

**Cost of revenue**

Our cost of revenue is primarily comprised of the costs paid to its vendors.

**Selling, general and administrative expenses**

Selling, general and administrative expenses are primarily composed of personnel costs for general corporate functions and its vendors.

**Other income (expenses)**

From time to time, we have non-recurring gains and losses which are reflected through other income (expense).

**Interest expenses**

Interest expenses consist of interest expenses arising from borrowing.

**Operating Metrics**

In managing our business and evaluating our operating performance, our management relies on certain key performance indicators ("KPIs"). We believe these metrics provide investors with meaningful insight into the primary drivers of our revenue growth, as our revenue is influenced by both the scale of our user base and the number and nature of our licensing arrangements.

We monitor the average number of users to assess customer adoption, platform engagement, and our overall market penetration. This metric helps us forecast revenue and identify usage trends.

**Average number of users**

The average number of users represents the arithmetic mean of the number of registered users at the end of each month during the reporting period. For each month, we determine the number of users registered in our platform as of the last day of that month ("month-end users"). The average number of users for the period is calculated using these monthly month-end user counts.

**Results of Operations**

***Six Months Ended September 30, 2025 Compared to Six Months Ended September 30, 2024***

 ****

The following table presents selected comparative results of operations from our unaudited consolidated financial statements for the six months ended September 30, 2025, compared to the six months ended September 30, 2024. Our financial results for these periods are not necessarily indicative of the financial results that we will achieve in future periods. Certain totals for the table below may not sum to 100% due to rounding. The data should be read in conjunction with our audited consolidated financial statements included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(amounts in thousands, except share and per share data)** | **Six Months Ended <br> September 30,** | **Six Months Ended <br> September 30,** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **2025($)** | **2024($)** | **Dollars ($)** | **Percentage** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Wage Access services | 6 | 7 | (1) | (14.3)% |
| &nbsp;&nbsp;&nbsp;Software license revenue | 1145 |  | 1145 | 100.0% |
| &nbsp;&nbsp;&nbsp;Software maintenance | 10580 | 75 | 10505 | 14006.7% |
| Total Revenues | 11731 | 82 | 11649 | 14206.1% |
| Cost of revenues | 4051 | 6 | (1) | (16.7)% |
| **Gross Profit** | **7680** | **76** | **11650** | **15328.9%** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 593 | 286 | 307 | 107.3% |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 1 | - | - | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 594 | 286 | 307 | 107.3% |
| **Income from operations** | **7086** | **(210)** | **11343** | **(5401.4)%** |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 6 |  | 6 | 100.0% |
| &nbsp;&nbsp;&nbsp;Interest expenses | (76) | (55) | (21) | 38.2% |
| **Income/(Loss) before income taxes** | **7016** | **(265)** | 11328 | (4274.7)% |
| Provision for income taxes | 2149 | - | 3387 | 100.0% |
| **Net Income/(Loss)** | **4867** | **(265)** | **7941** | **(2996.6)%** |
| Average number of users | 10117 | 8687 | 1430 | 16.5% |

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| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
|  | **(as a percentage of sales)** | **(as a percentage of sales)** |
| Revenue | 100.0% | 100.0% |
| Cost of revenue | 34.5 | 106.1 |
| **Gross Profit** | **65.5** | **-6.1** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 5.1 | 307.3 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 0.0 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 5.1 | 308.5 |
| **Income from operations** | **60.4** | **-314.6** |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 0.1 | 0.0 |
| &nbsp;&nbsp;&nbsp;Interest expenses | -0.6 | -95.1 |
| **Income/(Loss) before income taxes** | **59.8** | **-409.8** |
| Provision for income taxes | 18.3 | 0.0 |
| **Net Income/(Loss)** | **41.5%** | **-409.8%** |

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*Revenue*

Revenue for the six months ended September 30, 2025 was $11,731,000 compared to $82,000 for the six months ended September 30, 2024 and increased by $11,649,000, or 14,206.1%.

● For the six months ended September 30, 2025, revenue from EWA services decreased by $1,000, or 14.3%, compared to the six months ended September 30, 2024. Although the average number of users increased during the six months ended September 30, 2025, the number of transactions per use declined during the period.

● For the six months ended September 30, 2025, software license revenue increased by $1,145,000, or 100.0%, compared to the six months ended September 30, 2024 as we entered into a new agreement with our customer in March 2025.

● For the six months ended September 30, 2025, revenue from software maintenance increased by $10,505,000, or 14,006.7%, compared to the six months ended September 30, 2024 due to larger maintenance orders related to the software update during the six months ended September 30, 2025.

*Cost of revenue*

Cost of revenue for the six months ended September 30, 2025 was $4,051,000 compared to $87,000 for the six months ended September 30, 2024 and increased by $3,964,000, or 4,556.3% which reflect the higher direct costs associated with the higher revenue during the six months ended September 30, 2025.

*Selling, General and Administrative Expenses ("SG&A expenses")*

SG&A expenses for the six months ended September 30, 2025 was $593,000 compared to $252,000 for the six months ended September 30, 2024 and increased by $341,000, or 135.3%. The increase was primarily due to higher payroll and related expenses resulting from an increase in headcount, as well as an increase in outsourcing expenses during the six months ended September 30, 2025.

*Interest Expenses*

Interest expenses for the six months ended September 30, 2025 was $76,000 compared to $78,000 for the six months ended September 30, 2024 and decreased by $2,000, or 2.6% due to lower amount of borrowings we had during the six months ended September 30, 2025.

***Fiscal Year Ended March 31, 2025 Compared to Fiscal Year Ended March 31, 2024***

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The following table presents selected comparative results of operations from our audited consolidated financial statements for the fiscal year ended March 31, 2025, compared to the fiscal year ended March 31, 2024. Our financial results for these periods are not necessarily indicative of the financial results that we will achieve in future periods. Certain totals for the table below may not sum to 100% due to rounding. The data should be read in conjunction with our audited consolidated financial statements included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(amounts in thousands, except share and per share data)** | **Fiscal Years Ended March 31,** | **Fiscal Years Ended March 31,** | **Increase/(Decrease)** | **Increase/(Decrease)** |
|  | **2025($)** | **2024($)** | **Dollars ($)** | **Percentage** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earned Wage Access services | 13 | 16 | (3) | (18.8)% |
| &nbsp;&nbsp;&nbsp;Software license revenue | 3671 | 8595 | (4924) | (57.3)% |
| &nbsp;&nbsp;&nbsp;Software maintenance | 6360 | 1913 | 4447 | 232.5% |
| Total Revenues | 10044 | 10524 | (480) | (4.6)% |
| Cost of revenues | 7756 | 9173 | (1417) | (15.4)% |
| **Gross Profit** | **2288** | **1351** | **937** | **69.4%** |
| Operating expenses: |  |  | **-** |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 969 | 1234 | (265) | (21.5)% |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 2 | 2 | - | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 971 | 1236 | (265) | (21.4)% |
| **Income from operations** | **1317** | **115** | **1202** | **1045.2%** |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 1 | 1 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;Interest expenses | (148) | (149) | 1 | (0.7)% |
| **Income/(Loss) before income taxes** | **1170** | **(33)** | 1203 | (3645.5)% |
| Provision for income taxes | 197 | - | 197 | 100.0% |
| **Net Income/(Loss)** | **973** | **(33)** | **1006** | **(3048.5)%** |
| **Average number of users** | **8959** | **7726** | **1233** | **16.0%** |

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| | | |
|:---|:---|:---|
|  | **Fiscal Years Ended March 31,** | **Fiscal Years Ended March 31,** |
|  | **2025** | **2024** |
|  | **(as a percentage of sales)** | **(as a percentage of sales)** |
| Revenue | 100.0% | 100.0% |
| Cost of revenue | 77.2 | 87.2 |
| **Gross Profit** | **22.8** | **12.8** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 9.6 | 11.7 |
| &nbsp;&nbsp;&nbsp;Depreciation expenses | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 9.7 | 11.7 |
| **Income from operations** | **13.1** | **1.1** |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;Interest expenses | -1.5 | -1.4 |
| **Income/(Loss) before income taxes** | **11.6** | **-0.3** |
| Provision for income taxes | 2.0 | 0.0 |
| **Net Income/(Loss)** | **9.7%** | **-0.3%** |

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*Revenue*

Revenue for the fiscal year ended March 31, 2025 was $10,044,000 compared to $10,524,000 for the fiscal year ended March 31, 2024 and decreased by $480,000, or 4.6%.

● For the fiscal year ended March 31, 2025, revenue from EWA services decreased by $3,000, or 18.8%, compared to the fiscal year ended March 31, 2024 as fewer number of users utilized our EWA during the fiscal year ended March 31, 2025.

● For the fiscal year ended March 31, 2025, software license revenue decreased by $4,924,000, or 57.3%, compared to the fiscal year ended March 31, 2024 as we entered into a new agreement with our customer with the lower subscription rate.

● For the fiscal year ended March 31, 2025, revenue from software maintenance increased by $4,447,000, or 232.5%, compared to the fiscal year ended March 31, 2024 as we had one time maintenance order related to the software update during the fiscal year ended March 31, 2025.

*Cost of revenue*

Cost of revenue for the fiscal year ended March 31, 2025 was $7,756,000 compared to $9,173,000 for the fiscal year ended March 31, 2024 and decreased by $1,417,000, or 15.4% which reflect the lower direct costs associated with the lower revenue during the fiscal year ended March 31, 2025.

*Selling, General and Administrative Expenses ("SG&A expenses")*

SG&A expenses for the fiscal year ended March 31, 2025 was $969,000 compared to $1,234,000 for the fiscal year ended March 31, 2024 and decreased by $265,000, or 21.5% primarily due to lower marketing costs and outsourcing expenses

*Other Income (Expense), net*

Other income for fiscal year ended March 31, 2025 and 2024 was $1,000 and remained relatively constant as we had no significant non-recurring income or losses in both periods.

*Interest Expenses*

Interest expenses for fiscal year ended March 31, 2025 was $148,000 compared to $149,000 for the fiscal year ended March 31, 2024 and decreased by $1,000, or 0.7% due to lower amount of borrowings we had during the fiscal yar ended March 31, 2025.

**Liquidity and Capital Resources**

As of September 30, 2025 and March 31, 2025, we had cash of $7,003,000 and $5,178,00, respectively. Liquidity is a measure of our ability to meet potential cash requirements. We generally funded our operations with cash flow from operations, and, when needed, borrowing from financial institutions. Our principal use of liquidity has been to fund our daily operations and working capital. We expect that our cash and cash equivalents will be sufficient to fund our operating expenses and cash obligations for the next 12 months, although our ability to continue as a going concern depends upon our ability to attract and retain revenue generating customers, acquire new customer contracts, and secure additional financing.

**Summary of Cash Flows**

***Six Months Ended September 30, 2025 Compared to Six Months Ended September 30, 2024***

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| (amounts in thousands) | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | 2025 | 2024 |
| **Statement of Cash Flow Data:** |  |  |
| Net cash provided by/(used in) operating activities | $1879 | $(455) |
| Net cash used in financing activities | (97) | (95) |

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***Cash Flows Provided by/(Used in) Operating Activities***

For the six months ended September 30, 2025, net cash provided by operating activities was $1,879,000, primarily resulting from our net income during the period and an increase in payable to related party.

For the six months ended September 30, 2024, net cash used in operating activities was $455,000, primarily resulting from our net loss during the period increase and an increase in accounts payable and accrued expenses.

***Cash Flows Used in Financing Activities***

For the six months ended September 30, 2025, net cash used in financing activity was $97,000 mainly as a result of repayment of long-term borrowings.

For the six months ended September 30, 2024, net cash used in financing activities was $95,000 as a result of repayment of long-term borrowings.

***Fiscal Year Ended March 31, 2025 Compared to Fiscal Year Ended March 31, 2024***

The following table summarizes our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
| (amounts in thousands) | **Fiscal Years Ended <br> March 31,** | **Fiscal Years Ended <br> March 31,** |
|  | 2025 | 2024 |
| **Statement of Cash Flow Data:** |  |  |
| Net cash provided by operating activities | $4723 | $(13987) |
| Net cash provided by investing activity |  | 459 |
| Net cash used in financing activities | (182) | (191) |

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***Cash Flows Provided by/(Used in) Operating Activities***

For the fiscal year ended March 31, 2025, net cash provided by operating activities was $4,723,000, primarily resulting from our net income, increase in account payable and increase in other liabilities.

For the fiscal year ended March 31, 2024, net cash used in operating activities was $13,987,000, primarily resulting from increase in prepaid expenses and other current assets.

***Cash Flows Used in Investing Activity***

We had no investing activities during the fiscal year ended March 31, 2025.

For the fiscal year ended March 31, 2024, net cash provided by investing activities was $459,000 as a result of sales of investment.

***Cash Flows Used in Financing Activity***

For the fiscal year ended March 31, 2025, net cash used in financing activity was $182,000 as a result of repayment of long-term borrowings.

For the fiscal year ended March 31, 2024, net cash used in financing activities was $191,000 as a result of repayment of long-term borrowings.

***Contractual Obligations***

The following table presents our commitments and contractual obligations as of September 30, 2025, as well as our long-term obligations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| <br>**(amounts in thousands)** | **Payments due by period:** | **Payments due by period:** | **Payments due by period:** | **Payments due by period:** | **Payments due by period:** |
|  | **Total** | **Less than <br> 1 year** | **1 – 3 years** | **4 – 5 years** | **More than <br> 5 years** |
| Long-term debt | $803 | $98 | $381 | $245 | $79 |
| Convertible bonds | 13340 | 0 | 13340 |  |  |
| Operating lease liabilities | 20 | 10 | 10 | - | - |
| &nbsp;&nbsp;&nbsp;**Total** | $14163 | $108 | $13731 | $245 | $79 |

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***Off-Balance Sheet Arrangements***

As of September 30, 2025, we did not have any material off-balance sheet arrangements.

**Recent Developments**

On November 20, 2025, our Board of Directors approved a forward stock split of our issued and outstanding common stock at a ratio of 10-for-1, which became effective on December 4, 2025. As of December 4, 2025 and immediately prior to the Stock Split, there were 48,546,938 shares of common stock issued and outstanding. As a result of the Stock Split, we have 485,469,380 shares of common stock issued and outstanding. All share and per share data included within the consolidated financial statements and related footnotes have been adjusted to account for the effect of the Stock Split.

**<u>Quantitative and Qualitative Disclosure About Market Risk</u>**

We are exposed to market risks in the ordinary course of our business. Information relating to quantitative and qualitative disclosures about these market risks is described below.

***Inflation risk***

Inflationary pressures have recently increased, and may continue to increase, the costs of labor, raw materials and other inputs for our products. We have experienced, and may continue to experience, higher than expected inflation, including escalating transportation, commodity and other supply chain costs and disruptions. If our costs are subject to significant inflationary pressures, we may not be able to offset such higher costs through price increases, which could adversely affect our business, results of operations or financial condition.

***Liquidity risk***

Liquidity risk is the risk that we will be unable to execute payments on the payment date when performing obligations to repay financial liabilities that come due. We monitor and maintain a level of cash and cash equivalents deemed adequate to finance our operation and to mitigate the effects of fluctuations in cash flow based on cashflow plans we prepare and maintain.

***Market risk***

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily related to fair value of financial instruments as well as interest rates changes.

***Interest Rate Risk***

Our operations are interest rate sensitive. As the borrowing capability is adversely affected by increases in interest rates, a significant increase in interest rates may negatively affect the ability of borrowings to secure adequate financing. Higher interest rates could adversely affect our revenue, gross margin, and net income.

***Credit risk***

We hold cash in bank deposits financial institutions in Japan which are insured by the Deposit Insurance Corporation of Japan subject to certain limitations. We have not experienced any losses on such accounts and believe they are not exposed to any significant credit risk on cash and cash equivalents. Credit risk is also the risk of our incurring financial losses due to the default of contractual obligations by customers. We conduct credit management of customers in Japan based on their financial condition.

**Critical Accounting Policies and Estimates**

Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements and accompanying notes requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue 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 consolidated 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 consolidated financial statements.

***Use of Estimates***

Significant accounting estimates reflected in our consolidated financial statements include useful lives of intangible assets, impairment of long-lived assets, the carrying value of operating lease right-of-use assets, allowance for credit loss on accounts receivable, the valuation of equity-based compensation, and valuation allowance against net deferred tax assets. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our consolidated financial statements.

The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our financial statements:

**Foreign Currency Translation**

We maintain our books and record in our local currency, Japanese YEN ("JP¥"), which is a functional currency as being the primary currency of the economic environment in which our operation is conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations.

Our reporting currency is the United States Dollars ("US$"), and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, "Translation of Financial Statements", assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive loss within the statements of changes shareholders' deficit.

***Accounts Receivable, Net***

Accounts receivable primarily consist of the amounts billed and currently due from customers, net of an allowance for credit losses, if recorded. When we have an unconditional right to payment, subject only to the passage of time, the right is treated as receivable. Our accounts receivable balances are unsecured, bearing no interest. Fees billed in advance of the related contractual term represent contract liabilities and are presented as deferred revenue.

At each balance sheet date, we recognize an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist.

The allowance estimate is derived from a review of our historical losses on the aging of receivables. This estimate is adjusted for management's assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by us. We believe historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as our customers' composition have remained constant. We did not record the allowance for credit loss for the six months ended September 30, 2025 and 2024 or for the fiscal years ended March 31, 2025 and 2024.

We write off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery. We did not have any write-offs of receivable during the six months ended September 30, 2025 and 2024 or for the fiscal years ended March 31, 2025 and 2024.

***Leases***

Leases are comprised of operating leases for office space. In accordance with FASB ASC Topic 842, *Leases*, we determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets (ROU), current portion of operating lease liabilities, and non-current operating lease liabilities in the Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

For leases with terms greater than 12 months, we record a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, or our collateralized incremental borrowing rate. The implicit rate within our leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. We estimate our incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. For those contracts that include fixed rental payments for both the use of the asset ("lease costs") as well as for other occupancy or service costs relating to the asset ("non-lease costs"), we generally include both the lease costs and non-lease costs in the measurement of the lease asset and liability.

We account for each lease and any non-lease components associated with that lease as a single lease component for all asset classes. Lease expenses for our operating leases are recognized on a straight-line basis over the lease term except for variable lease costs, which are expensed as incurred.

***Impairment or Disposal of Long-Lived Assets***

Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For long-lived assets to be held and used, we recognize an impairment loss only if the carrying amount is not recoverable when compared to our undiscounted cash flows, and the impairment loss is measured based on the difference between the carrying amount and fair value. Long-lived assets held for sales are reported at the lower of cost or fair value less costs to sell.

**Jumpstart Our Business Startups Act of 2012**

As a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined in the Jumpstart Our Business Startups Act enacted in 2012 (the "JOBS Act"). As an emerging growth company, we expect to take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

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

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended;

● reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; and

● exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act") for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We may use these provisions until the last day of our fiscal year following the fifth anniversary of the completion of this offering. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1.07 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.

To the extent that we continue to qualify as a "smaller reporting company," as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), after we cease to qualify as an emerging growth company, certain of the exemptions available to us as an emerging growth company may continue to be available to us as a smaller reporting company, including: (i) not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act; (ii) scaled executive compensation disclosures; and (iii) the requirement to provide only two years of audited financial statements, instead of three years.

**CORPORATE HISTORY AND STRUCTURE**

**Overview**

Advasa Holdings, Inc. was incorporated in the State of Delaware on February 4, 2025. We conduct business activities principally through our 96.6% owned operating subsidiary, Advasa Co., Ltd. ("Advasa (Japan)"), as further described below.

Upon incorporation, we were authorized to issue 500,000,000 shares of Common Stock, par value $0.00001 per share, and 50,000,000 shares of preferred stock, par value $0.00001 per share. On December 4, 2025, we effectuated a 10-for-1 forward stock split and increased the authorized shares to 5,000,000,000 shares of Common Stock and 500,000,000 shares of preferred stock. As of the date of this prospectus, there are 485,469,380 shares of Common Stock outstanding and no shares of preferred stock outstanding.

**Historical Common Equity Transactions**

On February 5, 2025, we issued 50 shares of Common Stock to Taiji Ito, sole incorporator of Advasa Holdings, Inc., for $0.10 per share for a total subscription of $5.00.

On June 13, 2025, we issued the following founders shares to the following founders of Advasa Holdings, Inc.: (i) 40,000,000 shares of Common Stock to Taiji Ito at a price of $0.000001 per share, for an aggregate of $40.00; (ii) 15,000,000 shares of Common Stock to Spirit Advisors at a price of $0.000001 per share, for an aggregate of $15.00; (iii) 5,000,000 shares of Common Stock to Gaku Yoneta at a price of $0.000001 per share, for an aggregate of $5.00; and (iv) 15,000,000 shares of Common Stock to Atsushi Saisho at a price of $0.000001 per share, for an aggregate of $15.00.

On August 29, 2025, we issued 410,469,380 shares of our Common Stock to the existing holders of common shares of Advasa (Japan) in exchange for all outstanding common shares of the existing stockholders of Advasa (Japan), who held 96.6% of the issued and outstanding capital stock of Advasa (Japan). The acquisition of Advasa (Japan) was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the transaction. The consolidation of Advasa Holdings, Inc. and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the transaction had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

On August 29, 2025, we redeemed the 50 shares of Common Stock issued to Taiji Ito, as sole incorporator of Advasa Holdings, Inc., for $0.10 per share for a total subscription of $5.00.

The above issuances/sales were made pursuant to an exemption from registration as set forth in Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act.

**Corporate Structure**

The following diagram depicts our organization structure prior to this offering:

![](forms-1_004.jpg)

The following diagram depicts our organization structure following this offering (assuming no exercise of the overallotment option):

![](forms-1_005.jpg)

**BUSINESS**

**Company Overview**

Advasa Holdings, Inc., a Delaware corporation, was formed on February 4, 2025 for the purpose of being a holding company for Advasa (Japan), with its headquarters in Tokyo, Japan.

We are a financial technology and services company that offers a suite of financial services and solutions, including an earned wage access ("EWA") named "FUKUPE". FUKUPE provides employees with real-time access to their earned wages through cashless receipts and settlements that integrate seamlessly with wallets, cards, and bank accounts. In addition to serving businesses directly, we license our EWA technology portfolio and offer OEM (original equipment manufacturer) services. For the six months ended September 30, 2025 and for the years ended March 31, 2025 and 2024, we had 12 clients, including 10 EWA clients, 1 system OEM client, and 1 system maintenance client.

Our EWA solution is protected by several patents, whereby we currently have nine issued patents in major patent jurisdictions. Notably, we have two issued patents in the United States, two in Japan, and one in South Korea. We have multiple filings of the basic features of our EWA platform in 16 different countries.

**Our Philosophy**

Our mission is to create an equal finance platform for the public by offering innovative solutions to make cash accessible to the millions of people who lack access to basic financial services or provide an alternative to traditional banks. Starting with EWA products and microloans, and moving beyond, we want to provide a flexible and inclusive platform for financial transactions and create an ecosystem where anyone can participate in the global economy with little effort.

**How FUKUPE Works**

Our patented system consists of efficiently gathering, using, and managing necessary employee and employer-related data to ensure efficient access to on-demand payroll for employees, while seamlessly integrating with the HR and payroll systems that employers already have in place.

Typically, companies pay their employees on a weekly or bi-weekly basis in arrears. We provide a solution for employees that want to access the wages that they have already earned prior to their "set" payday. Our system calculates the available earned wage for each employee by using attendance/time data that we receive from the employer in real time, which is then filtered through predetermined limits that are set by us and the employer. The earned wage is viewable to each employee on a computer device (i.e., computer or smartphone) through an individualized EWA user account. When an employee chooses to access their available earned wages, our EWA system transfers the earned wage amount to the employee. Employees can receive their funds through a remittance to their bank account, a digital wallet, or pre-paid card, by and through our partnerships with various payment platforms and prepaid or VISA card issuers. The amount advanced by the employee is then deducted from their total earnings to ensure an accurate net pay on payday.

![](image_001.jpg)

For the employer, our platform integrates seamlessly with their existing payroll and timekeeping systems. We operate as sort of an overlay service, and thus cause no major disruption to a company's current operations. Previous EWA systems involved the retrieval of financial and employee data from different sources, resulting in inefficient data exchanges and data privacy issues. Moreover, the management of funds and payment rules by employers and banks made the process of wage payment rigid, cumbersome, and slow. In contrast, our system can be used in real-time without relying on a bank transfer and without the burden on the employer to prepare a deposit or incur any installation or operational costs. Our EWA system does not require the employer to advance the wages itself, but rather, it is funded by us, through our financial partners.

**Patent Enforcement and Licensing**

 

Our patents relate to EWA solutions that enable employees to access a portion of their already earned wages, if needed, outside a traditional pay cycle. Our patents are broad in scope and highly relevant to technological solutions and products/services currently commercialized. A significant aspect of our business strategy involves monetizing our patent portfolio through enforcement actions against major EWA service providers that we believe are infringing on our intellectual property and otherwise pursuing licensing agreements.

We believe that our system and patents are relevant to three different groups of companies—(i) EWA providers, especially those that pre-fund the advance wages and where employees can easily access their funds through an online platform; (ii) EWA customers (i.e., companies and employers); and (iii) payment service providers, such as banks, credit cards, and online payment solutions. As an EWA provider, we provide the EWA platform and user interface, manage employee and employer data, generate the earned wage information available to the user, and pre-fund the earned wage to the employee. Our platform creates an efficient relationship with the employer, significantly reducing the impact of the EWA operation on the employer's business and integrating seamlessly with the employers' HR departments. It also facilitates the relationship between the employer and the payment service provider.

**Earned Wage Access**

Earned Wage Access is gaining significant traction across the globe as an innovative solution to empower workers and support businesses. By providing employees with access to their earned wages as they work, rather than waiting for a set payday, EWA helps to reduce financial stress, increase workplace satisfaction, and improve financial stability.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Access to Real-Time Wages** 

With EWA, employees gain access to their wages as they earn them, reducing the financial burden that comes with waiting for monthly or bi-weekly pay cycles. This immediate access to wages provides workers with greater financial flexibility, allowing them to manage their expenses more effectively.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Mitigating the Risk of Unpaid Wages** 

Traditional salary systems are vulnerable to delays, especially in situations like company bankruptcies or financial distress. EWA helps balance the power dynamic between employers and employees by ensuring timely payment, reducing the risk of unpaid wages, and improving worker security.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Enhancing Employee Financial Well-being** 

EWA fosters financial stability by reducing the stress associated with financial uncertainty. Employees no longer have to rely on credit, loans, or payday advances to meet their daily needs, improving overall well-being and job satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Reducing Dependence on High-Cost Loans** 

By providing employees with timely access to wages, EWA helps them avoid costly debt options such as payday loans and credit card debt. Employees that do not have savings, and experience a hardship or emergency, have unplanned expenses, or otherwise are struggling to make ends meet, will be able to have an alternative means of accessing funds immediately. This reduction in reliance on high-interest financial products supports better financial health and reduces the risk of financial distress.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Increasing Employee Retention and Attraction** 

Offering EWA as an employee benefit enhances company attractiveness, particularly in industries with high turnover and lower wages. Increasing employee satisfaction leads to higher retention rates and greater workforce stability, which is crucial for long-term organizational success.

**Intellectual Property**

We are committed towards the comprehensive protection of our inventions, as demonstrated by multiple filings of the basic features of our EWA platform, including main patent jurisdictions (i.e., U.S., EU, China, Japan, and South Korea. We have applied for patents in 82 countries and currently have 17 patents in 14 countries,. We believe this has set up a solid patent position that is set to grant us invention rights around the world.

![](forms-1_007.jpg)

Our patent portfolio is as follows:

Progress of domestic patent applications

As of October 24, 2024

Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program

<u>Country/Region </u> <u>Application number </u> <u>Filing date</u> <u>Registration number</u> <u>Registration date</u> <u>Applicant </u> <u>Remarks</u> <br> Japan Patent Application No. 2016-254858 2016/12/28 Patent No. 6249506 2017/12/1 FTS K.K. patent decision

Progress of domestic patent applications

As of October 24, 2024

Name of invention: System for providing services in response to funding needs, business operator server

<u>Country/Region</u> <u>Application number</u> <u>Filing date</u> <u>Registration number</u> <u>Registration date</u> <u>Applicant</u> <u>Remarks</u> <br> Japan Patent Application No. 2017-220838 2016/12/28 Patent No. 6332715 2018/5/11 FTS K.K. patent decision

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Progress of foreign patent applications <br> (Taiwan and international applications PCT/JP2017/035041 transition to various countries) | Progress of foreign patent applications <br> (Taiwan and international applications PCT/JP2017/035041 transition to various countries) | Progress of foreign patent applications <br> (Taiwan and international applications PCT/JP2017/035041 transition to various countries) | Progress of foreign patent applications <br> (Taiwan and international applications PCT/JP2017/035041 transition to various countries) | Progress of foreign patent applications <br> (Taiwan and international applications PCT/JP2017/035041 transition to various countries) | Progress of foreign patent applications <br> (Taiwan and international applications PCT/JP2017/035041 transition to various countries) |  |
| Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program | Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program | Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program | Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program | Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program | Invention Title: System for Providing Services in Response to Funding Needs, Method Therefor, Business Operator Server, and Program | As of October 24, 2024 |
| Country/Region | Application number | Filing date | Registration number | Registration date | Applicant | Remarks |
| U.S. | 16/474,500 | 2017/9/27 | 11010746 | 2021/5/18 | FTS K.K. | Patent examination (including all divisional applications) |
| Morocco | 46167 | 2017/9/27 | 46167 | 2020/6/30 | FTS K.K. | patent decision |
| South Korea | 10-2019-7021883 | 2017/9/27 | 10-2090039 | 2020/3/11 | FTS K.K. | patent decision |
| Singapore | 11201905892Q | 2017/9/27 | 11201905892Q | 2021/5/10 | FTS K.K. | patent decision |
| Russia | 2019123610 | 2017/9/27 | 2724646 | 2020/6/25 | FTS K.K. | patent decision |
| Taiwan | 106133577 | 2017/9/29 | I743211 | 2021/10/21 | FTS K.K. | patent decision |
| Ukraine | a2019 08398 | 2017/9/27 | 126395 | 2022/9/28 | FTS K.K. | patent decision |
| Egypt | PCT 1019/2019 | 2017/9/27 | 30675 | 2022/2/14 | FTS K.K. | patent decision |
| Chile | 201901814 | 2017/9/27 | 65803 | 2022/11/7 | FTS K.K. | patent decision |
| Nigeria | NG/PT/C/2019/3827 | 2017/9/27 |  |  | FTS K.K. | Patent examination (including all divisional applications) |
| Kuwait | KW/P/2019/219 | 2017/9/27 | KW/P/2019/219 | 2019/6/27 | FTS K.K. | patent decision |
| Indonesia | PID201906132 | 2017/9/27 | IDP000093677 | 2024/5/7 | FTS K.K. | patent decision |
| Philippines | 1-2019-501474 | 2017/9/27 |  |  | FTS K.K. | Patent examination (including all divisional applications) |
| Malaysia | PI2019003696 | 2017/9/27 | MY-203796-A | 2024/7/18 | FTS K.K. | patent decision |
| EPO | 17887448.3 | 2017/9/27 |  |  | FTS K.K. | in transition |
| China | 201780081291.3 | 2017/9/27 |  |  | FTS K.K. | Appeal against the judgment |

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**Our Collaborations and Partnerships**

We have established several partnerships and collaborations with financial institutions to support the development and expansion of our EWA business.

We maintain agreements with Seven Bank, PayPay Bank, and GMO Aozora Net Bank that allow us to use their real-time transfer service APIs. Under these arrangements, the banks charge us a monthly connection fee, a per-transfer fee, or a combination of both. A copy of the agreements with Seven Bank and GMO Aozora Net Bank are filed herewith as Exhibit 10.9 and 10.10.

We also work with TIS Inc. to integrate our EWA services with their widget distribution platform. In addition, we have an agreement with APLIS Co., Ltd. to enable the use of their "BANKIT" app, which functions as electronic money for domestic and international purchases and services.

Our commission agreement with AEON Bank provides that when an employee referred by AEON Bank uses EWA, we pay the bank 20% of the commission we receive as a referral fee. A copy of the agreement with AEON Bank is filed herewith as Exhibit 10.11.

We have also partnered with Sumitomo Mitsui Card Co., Ltd. to be able to issue a charge-type VISA prepaid card. Employees now have the option to use the funds from their EWA straight to a prepaid card, eliminating the need for ATM withdrawals after transferring funds to a conventional bank account.

**Business Strategy**

Our business strategy has been to work diligently in establishing our patents and infrastructure, and cautiously expanding until we gained a thorough understanding of regulations in the various jurisdictions in which we are looking to operate. We are focusing on expanding our direct service and OEM offerings. Our current customers are all in Japan, and we are preparing for our imminent launch in Indonesia and the United Arab Emirates. As we continue to expand in Asia and the Middle East, we plan to build localized revenue models tailored to each country. By expanding our presences in Asia and the Middle East first and monitoring regulations in each country, we believe we are building competitive strength against some of the larger EWA platforms in the United States.

As an example, in order to comply with current relevant laws in the United States, we anticipate that we will not charge fees to the employee. Instead, our revenue model would likely be through receiving fees from the company/employer and transaction processing fees. In a recent news report on April 14, 2025, the New York State Attorney General filed a lawsuit against Daily Pay and Money Lion accusing the app-based financial technology companies of exploiting workers by charging excessive fees to collect paychecks more quickly. The attorney general stated that MoneyLion's $8.99 fee on a $100 two-week advance under the "Instacash" brand name carries an effective annual interest rate of 234%, while DailyPay's $2.99 fee on a $20 seven-day advance carries an effective rate above 750%. Issues like this are revealing itself in many of the markets that we plan on entering, and we are committed to researching the regulations applicable to that market and tailoring our revenue models accordingly. (See "*Special Note Regarding Forward-Looking Statements*.")

**Legal and Regulatory Considerations- Japan**

*Japan's Digital Salary Payments*

Under Japan's Labor Standards Act, wages must be paid in full, directly to the employee, in currency. However, several exceptions are permitted, including by an ordinance of the Ministry of Health, Labor, and Welfare (MHLW) effective on April 1, 2023 that allowed employers to pay salaries to their employees electronically via designated funds transfer service providers, including through smartphone payments apps. These providers must meet several specific specifications:

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| |
|:---|
| Balance transfer requirement: If an employee's account balance exceeds ¥1 million, the excess must be transferred to the employee's bank account or other designated account; |
| Credit guarantee enrollment: providers must be enrolled in a credit guarantee system that ensures full payment to employees in case of the provider's bankruptcy; |
| Payment guarantee measures: providers must have measures to guarantee full payment to employees when account balances are reduced due to reasons beyond the employee's control; |
| Free cash withdrawal: employees must be able to withdraw cash for free at least once a month using ATMs or other means; |
| Technical capability: providers must possess the technical abilities to properly operate the salary transfer service. |

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Though these regulations are not specific to EWA service providers, it does create a regulatory environment that supports our operations. We can function as a designated fund transfer service provider.

*EWA Services in Japan*

 

In Japan, the legal classification of EWA services depends on the specific operational structure and the terms under which funds are advanced to employees. Under Japan's Money Lending Business Act, entities engaged in the lending and borrowing of money are required to register as money lenders. However, certain activities are excluded from this definition. Notably, in December 2018, Japan's Ministry of Economy, Trade and Industry (METI) stated that prepaid salary replacement services do not fall under the category of a "money lending business" under Japanese law because the employer is advancing wages that the employee has already earned, which is *not* considered a loan.

Conversely, if a third party provider offers these EWA services, whereby they advance funds to employees based on the employee's earned wages and then collects repayment from the employer, the legal interpretation differs. In March 2020, the Financial Services Agency (FSA) of Japan issued a no-action letter indicating that such payroll factoring schemes are equivalent to a "money lending business."

Because we offer our original equipment manufacturer (OEM) platform to the employer (which platform is integrated into the employer's payroll system) and sell the licenses to our patented systems, we are not currently considered a prepayment service provider, and thus not a money lending business. As of the date of this prospectus, we are not registered as a money lender.

**Market Opportunity** 

 

*EWA Market* 

Multiple research reports predict that the EWA market is expected to grow significantly in the global market. Allied Market Research projected that the global payday loans market was valued at $32.48 billion in 2020 and is projected to reach $48.68 billion by 2030, growing at a CAGR of 4.2%.<sup>1</sup> However, though pay day loans and EWA services are both short-term financial solutions, they are different financial products. More narrowly, Zion Market Research estimated that the market size for global EWA software was worth around $22.5 billion in 2022 and predicted to grow to around $26.74 billion by 2030, growing at a CAGR of 2.18% between 2023 and 2030.<sup>2</sup> Comparatively, Market Research Future projected the EWA software market to grow from $30.83 billion in 2025 to $242.46 billion by 2034, exhibiting a CAGR of 25.75%.<sup>3</sup>

<sup>1</sup> Allied Market Research. (n.d.). Payday Loans Market Size, Share and Industry Forecast - 2030. [online] Available at: https://www.alliedmarketresearch.com/payday-loans-market-A10012

<sup>2</sup> Earned Wage Access Software Market By Type (On-Premise and Cloud-Based), By Application (Small & Medium-Sized Enterprises (SMEs) and Large Enterprises), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030; *Zion Market Research.* Available at https://www.zionmarketresearch.com/report/earned-wage-access-software-market

<sup>3</sup> Earned Wage Access Software Market Research Report By Deployment (Cloud, On-premises), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Industry Vertical (Retail, Healthcare, Manufacturing, Technology, Transportation, Hospitality, Education, Financial Services), By Wage Cycle (Weekly, Biweekly, Monthly), By Features (Real-time access to earned wages, No-fee or low-fee options, Integration with payroll systems, Financial literacy tools, Analytics and reporting) - Forecast to 2034; ID: MRFR/ICT/25066-HCR, Author: Aarti Dhapte, April 2025; Available at: https://www.marketresearchfuture.com/reports/earned-wage-access-software-market-26727

In 2020 reports on "instant access to wages" published by the world's four largest accounting firms, Mastercard, and VISA, it has been highly praised as "a way to solve the challenges of both employees and employers," and industry experts predict that it will not be long before companies with all kinds of workers, including white-collar, blue-collar, gig, baby boomers, Gen X, millennials, and Gen Z, adopt "instant access to wages."<sup>4</sup> These predictions have largely come to fruition. We have seen multinational conglomerates like WalMart, McDonalds, and Uber adopting an EWA payment model.

Managing liquidity can be expensive for lower income workers whose options they may consider have been payday loans, credit cards, overdraft, earned wage products, or missing payments on bills.<sup>5</sup> We believe that the expansion of EWA can help mitigate the reliance of non-regular employees on high-interest loans or other aggressive options by enabling them to access their earned wages immediately. With the rise of flexible work arrangements, such as gig employment, same-day payments are becoming increasingly popular. Additionally, as digital payment adoption grows, even regular employees may find value in this benefit, further driving the shift toward more accessible and timely wage distribution.

*Significant Percentage of Japanese Consumers Lack Sufficient Savings and Live Paycheck to Paycheck*

 

According to a 2017 study from the Bank of Japan, approximately 30% of Japanese households and over 50% of single-person households have no savings, meaning they are waiting for each paycheck in order to pay their expenses. Further, there are significant income disparities between full-time, permanent "regular" employees with an annual salary of ¥5.3 million, whereas the approximately 20 million "non-regular" employees—such as part-time, contract, or temporary workers—earn an average of only ¥2.02 million.<sup>6</sup> Non-regular workers constitute a significant portion of Japan's workforce, being approximately 21 million persons, representing 30% of the Japanese workforce as of 2024.<sup>7</sup> We believe we can operate effectively in this segment of the market by facilitating credit products to historically underserved consumers. Generally, these consumers are in need of fair, affordable, transparent, and flexible credit products to cover everyday expenses and cash shortfalls, but traditional banks and credit providers are largely unwilling to service these consumers due to low credit scores or similar factors.

*U.S. Market Sees Rapid Growth in Earned Wage Products* 

According to a 2024 report by the U.S. Consumer Finance Protection Bureau ("CFPB"), the market for employer-partnered earned wage products are growing rapidly, estimating that the number of transactions processed by these providers grew from 90% from 2021 to 2022, with more than 7 million workers accessing approximately $22 billion in 2022.<sup>8</sup> They also found that the average transaction size for earned wage transactions were relatively small—ranging from $35 to $200 and that the share of workers used the earned wage access product at least once a month increased from 41% in 2021 to nearly 50% in 2022. This just comes to show that earned wage product use is increasing, and it is more prevalent in lower-income households.

<sup>4</sup> "KPMG - Attention payroll leaders: COVID-19 spurs surge of earned wage access programs, 2020".

<sup>5</sup> Herman Donner and Francis Daniel Siciliano, *The Impact of Earned Wage Access on Household Liquidity and Financial Well-Being* (January 2022), <u>https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4007632</u> (hereinafter Donner & Siciliano); Brookings Institution, *Meet The Low-Wage Workforce* (November 2019), <u>https://www.brookings.edu/research/meet-the-low-wage-workforce</u>

<sup>6</sup> As reported by the Japan National Tax Agency 2023 survey.

<sup>7</sup> "Share of employees in non-permanent employment in Japan 2002-2024, by age,: Published by Statista Research Department, Feb. 14, 2025

<sup>8</sup> Data Spotlight: Developments in the Paycheck Advance Market, Consumer Financial Protection Bureau, July 18, 2024

*Alternative Lending Criteria* 

 

Consumer debt in Japan remains substantial. The outstanding balance of card loans issued by banks is approximately ¥5.8 trillion, with an additional ¥4.5 trillion held by other consumer finance and money-lending institutions.<sup>9</sup> However, due to tighter regulations within the banking sector, many borrowers—especially non-regular employees—are turning to predatory "loan sharks" for financial assistance. The balance of loans has decreased by about half from ¥20 trillion in 2006, with outflows going to loan sharks.

Many top lenders use credit scores, among other quantifiable metrics and qualifying rules to determine a potential borrower's creditworthiness, and these criteria often result in adverse selection—potentially overlooking consumers who are otherwise willing and able to repay. We have determined that there are alternative metrics that can be used to determine a consumer's true ability and willingness to pay.

*Opportunity for the Unbanked Population*

As more companies seek to offer flexible, modern benefits to their employees, the demand for innovative payroll solutions continues to rise. The global unbanked population presents a substantial market opportunity, with over 1.7 billion people worldwide lacking access to formal financial services.<sup>9</sup>

Across OECD member countries, approximately $1 trillion in wages remain unpaid at any given time. <sup>10</sup> By releasing earned wages through EWA, we unlock significant liquidity in the economy, potentially benefiting thousands of workers. We estimate the market size for EWA services alone to be in the billions, with the potential for exponential growth as more businesses and financial institutions adopt our platform. Our solution not only addresses employee financial well-being but also contributes to a broader societal goal of enhancing financial inclusion on a global scale.

**Competitive Landscape**

We operate in dynamic, fragmented and highly competitive industries across our business lines, characterized by rapidly evolving technologies, frequent product and service introductions and competition based on pricing, innovative features, quality and functionality, brand recognition and other differentiators. With respect to our financial product and service offerings, we compete with a variety of direct and marketplace providers of consumer-focused banking, lending, investing and other financial products. Our competitors include traditional banks and credit unions; non-bank digital providers offering banking-related services; specialty finance and other non-bank digital providers offering consumer lending-related or earned wage access products; digital wealth management platforms; and digital financial platform and marketplace competitors, which aggregate and connect consumers to financial product and service offerings.

We have competition in the domestic and international space and expect our competition to continue to increase, as there are generally no substantial barriers to entry to the markets we serve. EWA providers that are currently active in the market are Dailypay, Branch, Zayzoon, Tapcheck, Wagestream, One@work, and PayActiv. Large companies with hundreds of thousands of employees such as Walmart, Lidl, or McDonalds already offer EWA to their employees through EWA providers PayActiv, DailyPay, and Branch, respectively. In addition, well known employers and HR service providers that provide their services to large companies also implement EWA services through EWA providers. For example, ADP has collaborated with DailyPay, PayChex with PayActive, and VensureHR with Zayzoon.

Some of our current and potential competitors have longer operating histories, particularly with respect to financial services products similar to ours, significantly greater financial, technical, marketing and other resources and a larger customer base than we do. Notwithstanding these competitive challenges, we believe that our patented platform solution, development of business partnerships, utilization of overseas networks of system partners, and the licensing of our patents to local financial institutions, allow us to compete effectively.

<sup>9</sup> World Bank, *Financial Inclusion on the Rise, But Gaps Remain, Global Findex Database Shows*, (Apr. 19, 2018) (Press Release No. 2018/130/DEC) <u>https://www.worldbank.org/en/news/press-release/2018/04/19/financial-inclusion-on-the-rise-but-gaps-remain-global-findex-database-shows</u>

<sup>10</sup> EY, *On-Demand Pay: Payroll That Works for All* (Sept. 2020)

<sup>11</sup> "Outstanding credit card loans from banks to consumers in Japan 2016-2024," Published by Statista Research Department, Apr 9, 2025

**Recent Developments**

***Formation***

 ****

On February 5, 2025, we issued 50 shares of Common Stock to Taiji Ito, sole incorporator of Advasa Holdings, Inc., for $0.10 per share for a total subscription of $5.00.

***Share Issuances***

On June 13, 2025, we issued the following founders shares to the following founders of Advasa Holdings, Inc.: (i) 40,000,000 shares of Common Stock to Taiji Ito at a price of $0.000001 per share, for an aggregate of $40.00; (ii) 15,000,000 shares of Common Stock to Spirit Advisors at a price of $0.000001 per share, for an aggregate of $15.00; (iii) 5,000,000 shares of Common Stock to Gaku Yoneta at a price of $0.000001 per share, for an aggregate of $5.00; and (iv) 15,000,000 shares of Common Stock to Atsushi Saisho at a price of $0.000001 per share, for an aggregate of $15.00.

***Reorganization and Share Exchange Agreement***

On August 29, 2025, we issued 410,469,380 shares of our Common Stock to the existing holders of common shares of Advasa (Japan) in exchange for all outstanding common shares of the existing stockholders of Advasa (Japan), who held 96.6% of the issued and outstanding capital stock of Advasa (Japan). The acquisition of Advasa (Japan) was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the transaction. The consolidation of Advasa Holdings, Inc. and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the transaction had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

***Redemption***

On August 29, 2025, we redeemed the 50 shares of Common Stock issued to Taiji Ito, as sole incorporator of Advasa Holdings, Inc., for $0.10 per share for a total subscription of $5.00.

***Approval of the Advasa Holdings, Inc. 2025 Equity Incentive Plan***

On October 27, 2025, our Board of Directors and stockholder holding a majority of our outstanding ordinary shares approved the Advasa Holdings, Inc. 2025 Equity Incentive Plan (the "Plan"). The Plan covers up to 72,000,000 shares of Common Stock ("Shares") which may be used for Awards. The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards, Cash-Based Awards and Other Stock-Based Awards and as discussed below. Nonstatutory Stock Options, SARs, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to employees, directors and consultants/contractors, and Incentive Stock Options may be granted only to employees.

The foregoing description of the Advasa Holdings, Inc. 2025 Equity Incentive Plan is qualified in its entirety by reference to the Advasa Holdings, Inc. 2025 Equity Incentive Plan, a copy of which is filed as Exhibit 10.1 to the registration statement of which this prospectus forms a part.

***Employment Agreements***

We entered into executive employment agreements with Grady Ryther on August 11, 2025 to serve as Chief Executive Officer and with Katharyn Field on November 19, 2025 to serve as Chief Financial Officer of Advasa Holdings, Inc. See *"Executive and Director Compensation – Employment Agreements*" for a description of these agreements, which are filed as Exhibits 10.2 and 10.3 to the registration statement of which this prospectus forms a part.

***Forward Stock Split***

On November 20, 2025, our Board of Directors approved a forward stock split of our issued and outstanding common stock at a ratio of 10-for-1, which became effective on December 4, 2025. As of December 4, 2025 and immediately prior to the Stock Split, there were 48,546,938 shares of common stock issued and outstanding. As a result of the Stock Split, we had 485,469,380 shares of common stock issued and outstanding. All share and per share data included within the consolidated financial statements and related footnotes have been adjusted to account for the effect of the Stock Split.

**Employees**

As of December 8, 2025, we had a total of two full-time employees, including our Chief Executive Officer and Chief Financial Officer at Advasa Holdings, Inc., and no part-time employees. We also have two directors at Advasa (Japan) and one corporate auditor. Labor-management relations are stable.

**Legal Proceedings**

From time to time, we are involved in various claims and legal actions arising in the ordinary course of business. There are no pending legal proceedings to which we are a party or in which any director, officer or affiliate of ours, any owner of record or beneficially of more than 5% of any class of our voting securities, or security holder is a party adverse to us or has a material interest adverse to us.

**Description of Real Property**

Our corporate headquarters are located at 1-2-7 Motoakasake, Minato-ku, Tokyo, 107-0051 Japan, where Advasa Co., Ltd. leases approximately 256.16 rentable square feet of office space from a third party. The office lease is a month-to-month lease (automatically renews each month). The terms of the office lease provide for a base rent payment of 93 thousand yen (approximately $620) per month including common area expenses.

**MANAGEMENT**

**Executive Officers and Directors**

The following table sets forth the name and age as of December 8, 2025, and position of the individuals who currently serve as directors and executive officers of Advasa Holdings, Inc.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Grady Ryther | 37 | Chief Executive Officer and a Director |
| Katharyn Field | 42 | Chief Financial Officer |
| Sultan Ali Rashed Lootah\* | 47 | Independent Director |
| William Witherspoon\* | 45  | Independent Director |

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\*We intend to appoint Sultan Ali Rashed Lootah and William Witherspoon as independent directors upon the successful listing of our initial public offering.

Set forth below is a brief biography of each of our executive officers and directors.

***Executive Officers***

**Grady Ryther.** Mr. Ryther has been the Chief Executive Officer and a director of Advasa Holdings, Inc. since August 11, 2025. From September 2022 through August 2025, he founded and managed Grade-A Tutoring, a private tutoring company specializing in SAT preparation and advanced subjects. From February 2021 through May 2023, Mr. Ryther founded and managed Pix-Elation, a creative retail business integrating digital media and direct-to-consumer merchandising. From May 2018 through February 2021, he served as the managing director of ICON Parks Design, a landscape architecture and community development firm. Mr. Ryther graduated cum laude from Harvard University with an A.B. in Physics and a secondary field in Economics in May 2010, where he distinguished himself academically by earning the second-highest score in Mechanics and Special Relativity. He has led business development, client engagement, and operational oversight in connection with the foregoing businesses. He has also directed exploratory initiatives in digital innovation, including blockchain-enabled payment integration. Mr. Ryther's prior work with digital payment systems and emerging financial technologies provides relevant perspective as the Company continues to expand its fintech solutions. The Board of Directors believes that Mr. Ryther is qualified to serve as a director based on his academic distinction, leadership, entrepreneurial background, and experience in applying technology and business strategy to support organizational growth. Mr. Ryther does not hold, and has not previously held, any directorships in any reporting companies.

**Katharyn Field**. Ms. Field has been the Chief Financial Officer of Advasa Holdings, Inc. since November 19, 2025. She has also served as an independent director on LogProstyle, Inc., a Japanese company that operates a wide range of businesses, including real estate development, hotel management, and restaurant management (NYSE American: LGPS), since October 2024. In addition, Ms. Field has served as an independent director and audit committee member at Virpax Pharmaceuticals Inc., a specialty pharmaceutical company focused on pioneering advanced healthcare solutions with its flagship product leveraging proprietary liposomal encapsulation (Nasdaq: VRPX), since July 2024. Furthermore, she has served as an independent director and audit committee member at iSpecimen Inc., a company that provides technology that connects life science researchers who need human biofluids, tissues, and living cells for their research with biospecimens available in healthcare provider organizations worldwide (Nasdaq: ISPC), since September 2024. Moreover, Ms. Field has served as the chief executive officer and the chairman of the board of directors at Halo Collective Inc., a company that engages in the cultivation, manufacture, transportation, and distribution of cannabis and cannabis extracts in Canada and the United States (OTC: HCANF), since July 2022. She has also served as the interim chief executive officer and a director at Akanda Corporation, a company that engages in the cultivation, manufacture, and distribution of cannabis-based products for medicinal use worldwide (Nasdaq: AKAN), since June 2022. Ms. Field worked as a director at Costa Farms, a U.S. horticultural grower, from January 2013 to January 2017, worked as a consultant from January 2017 to January 2018, served as a senior vice president at MariMed Inc., a company that engages in cultivation, production, and dispensing of medicinal and recreational cannabis in the United States and internationally (OTC: MRMD), from January 2018 to March 2019, and served as the chief strategy officer at Halo Collective Inc. from April 2019 to February 2020 and its president from February 2020 to July 2022. Ms. Field received her bachelor's degree in public policy from Stanford University in 2005 and her master of business administration degree from Columbia University in 2011.

**Sultan Ali Rashed Lootah.** We intend to appoint Mr. Lootah as an independent director effective upon the successful listing of our common stock on the Nasdaq. Mr. Lootah is a prominent Emirati strategist, entrepreneur, and leader with extensive experience in both government and private sectors. From 2010 to 2014, he served as Chief Executive Officer of the Mohammad bin Rashid Al Maktoum Foundation, where he transformed the organization into a dynamic platform focused on addressing unemployment across the Arab world. Before becoming CEO, he was the foundation's Executive Director of Entrepreneurship Development. In the private sector, Mr. Lootah oversees a diverse group of companies involved in investment, consultancy, and real estate. His current roles include serving as Managing Partner of Sicurezza since October 2025; Chairman of the Board and Managing Director of Relam Investment since April 2018; Chairman of Nuqoosh since September 2024; Managing Director of Iootah Foods since December 2023; Managing Director of Floos Payment Service Provider LLC since April 2019; Managing Director of Vault Management Consultants and Vault Real Estate, both since May 2015; and Managing Director of Sultan Lootah Petroleum since April 2015. He also serves as Chairman of Lootah Properties in Pakistan, a cross-border expansion initiative aimed at strengthening UAE–Pakistan economic ties while advancing innovative and sustainable real estate ventures. Internationally, Mr. Lootah has served as Chairman of the Emirati-Norwegian Chamber of Commerce in Oslo and as Honorary Ambassador of Foreign Investment Promotion for the Republic of Korea from 2015 to 2017. He holds an Executive MBA from the Higher Colleges of Technology, an Executive Diploma in Public Administration from the Lee Kuan Yew College in Singapore, and a university degree in Business Information Technology. The Board of Directors believes that Mr. Lootah is qualified to serve as a director based on his leadership, entrepreneurial background, and business experience. Mr. Lootah does not hold, and has not previously held, any directorships in any reporting companies.

**William Witherspoon.** We intend to appoint Mr. Witherspoon as an independent director effective upon the successful listing of our common stock on the Nasdaq. Mr. Witherspoon has served as Asset Acquisition Manager for UMcapital since January 2025, supporting the confirmation and preparation of in-ground and SKR assets for potential acquisition. Since January 2020, he has also served as Principal of Hubert Development, where he leads multifamily and commercial real-estate projects through acquisition, pre-development, financing, construction, and stabilization. From January 2017 to present, he has concurrently worked as a Financial and Settlement Consultant with Forge Consulting, advising high-net-worth clients on trust, estate, insurance, and long-term financial strategies. He has also continued operating Shire Gate Farm, founded in 2007, and Four Paws Pet Resort, founded in 2005, both of which remained active during the past five years. Mr. Witherspoon holds an M.B.A. from George Washington University and a B.S. in Housing & Community Development from the University of Georgia. The Board of Directors believes that Mr. Witherspoon is qualified to serve as a director based on his leadership, entrepreneurial background, and business experience. Mr. Witherspoon does not hold, and has not previously held, any directorships in any reporting companies.

**Family Relationships**

There are no family relationships among any of our directors or executive officers.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years:

● been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offences);

● had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

● been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

● been found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

● been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

● been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Board Committees and Director Independence**

Prior to this offering, there has been no public market for our Common Stock. Our Common Stock is not currently listed on any national securities exchange market or quoted on the OTC Markets. We have applied to list our Common Stock on the Nasdaq Capital Market. In order to list our Common Stock on the Nasdaq Capital Market, we are required to comply with the Nasdaq Capital Market standards relating to corporate governance, requiring, among other things, that:

● A majority of our Board of Directors to consist of "independent directors" as defined by the applicable rules and regulations of the Nasdaq Capital Market;

● The compensation of our executive officers to be determined, or recommended to the Board of Directors for determination, by independent directors constituting a majority of the independent directors of the Board in a vote in which only independent directors participate or by a Compensation Committee comprised of at least two independent directors as well as composed entirely of independent directors;

● That director nominees to be selected, or recommended to the Board of Directors for selection, by independent directors constituting a majority of the independent directors of the Board in a vote in which only independent directors participate or by a nomination committee comprised of at least two independent directors as well as composed entirely of independent directors; and

● Establishment of an audit committee with at least three independent directors as well as composed entirely of independent directors, where at least one of the independent directors qualifies as an audit committee financial expert under SEC rules and as a financially sophisticated audit committee member under the Nasdaq Capital Market rules.

For purposes of the audit committee composition requirements, we must have at least one independent director on our audit committee at the time of listing on the Nasdaq Capital Market, at least two independent directors within 90 days of listing on the Nasdaq Capital Market and at least three independent directors within one year of listing on the Nasdaq Capital Market, where at least one of the independent directors qualifies as an audit committee financial expert under SEC rules and as a financially sophisticated audit committee member under the Nasdaq Capital Market rule. In accordance with the Nasdaq Rule 5615(b)(1), since we are listing in connection with our initial public offering, we are permitted to phase in our compliance with the independent committee requirements set forth in the Nasdaq Rule 5605(d)(2) (for purposes of the compensation committee) or the Nasdaq Rules 5605(e)(1)(B) (for purposes of the nominating committee) on the same schedule as we are permitted to phase in our compliance with the independent audit committee requirement pursuant to Rule 10A-3(b)(1)(iv)(A) under the Act. Accordingly, we are permitted to phase in the compensation committee and nominating committee composition requirements as follows: (1) one member must satisfy the independence requirement at the time of listing; (2) a majority of members must satisfy the independence requirement within 90 days of listing; and (3) all members must satisfy the independence requirement within one year of listing. Furthermore, our listing in connection with our initial public offering shall have 12 months from the date of listing to comply with the majority independent board requirement in the Nasdaq Rule 5605(b). The foregoing is referred to herein as the "Independence Composition Requirements."

Our Board of Directors has affirmatively determined that we will have one non-independent director, namely Grady Ryther, and two independent directors, namely Sultan Ali Rashed Lootah and William Witherspoon upon listing on the Nasdaq Capital Market. Therefore, upon listing on Nasdaq Capital Market, a majority of the members of the Board of Directors will consist of independent directors.

**Committees of the Board of Directors**

***Audit Committee***

We will establish an audit committee ("Audit Committee") prior to listing on the Nasdaq Capital Market, which shall consist of three directors, namely Grady Ryther, Sultan Ali Rashed Lootah, and William Witherspoon. We have determined that Sultan Ali Rashed Lootah and William Witherspoon satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Therefore, Mr. Ryther will be replaced with an independent director within one year of listing on the Nasdaq Capital Market, so that one year of the listing the audit committee will consist solely of independent directors and at least one of the independent directors will qualify as an audit committee financial expert under SEC rules and as a financially sophisticated audit committee member under the Nasdaq Listing Rules. [ ] is the chair of the audit committee. Our Audit Committee is expected to adopt a written charter, and following this offering, a copy of this charter will be posted on the Corporate Governance section of our website, at https://www.advasa.co.jp.

Our audit committee will be authorized to:

● approve and retain the independent auditors to conduct the annual audit of our financial statements;

● review the proposed scope and results of the audit;

● review and pre-approve audit and non-audit fees and services;

● review accounting and financial controls with the independent auditors and our financial and accounting staff;

● review and approve transactions between us and our directors, officers and affiliates;

● recognize and prevent prohibited non-audit services;

● establish procedures for complaints received by us regarding accounting matters; and

● oversee internal audit functions, if any.

***Compensation Committee***

We will establish a compensation committee prior to listing on the Nasdaq Capital Market, which shall consist of three directors, namely Grady Ryther, Sultan Ali Rashed Lootah, and William Witherspoon. We have determined that Sultan Ali Rashed Lootah and William Witherspoon satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules. Therefore, Mr. Ryther will be replaced with an independent director within one year of listing on the Nasdaq Capital Market, so that one year of the listing the compensation committee will consist solely of independent directors. [ ] is the chair of the compensation committee. Our compensation committee is expected to adopt a written charter, and following this offering, a copy of this charter will be posted on the Corporate Governance section of our website, at https://www.advasa.co.jp.

This compensation committee would:

● review and determine the compensation arrangements for management;

● establish and review general compensation policies with the objective to attract and retain superior talent, to reward individual performance and to achieve our financial goals;

● administer our incentive compensation and benefit plans and purchase plans;

● oversee the evaluation of the Board of Directors and management; and

● review the independence of any compensation advisers.

Upon formation of a compensation committee, we would expect to adopt a compensation committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and Nasdaq Capital Market.

***Nominating and Corporate Governance Committee***

We will establish a nominating and corporate governance committee prior to listing on the Nasdaq Capital Market, which shall consist of three directors, namely Grady Ryther, Sultan Ali Rashed Lootah, and William Witherspoon. We have determined that Sultan Ali Rashed Lootah and William Witherspoon satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules. Therefore, Mr. Ryther will be replaced with an independent director within one year of listing on the Nasdaq Capital Market, so that one year of the listing the compensation committee will consist solely of independent directors. [ ] is the chair of the nominating and corporate governance committee. Our nominating and corporate governance committee is expected to adopt a written charter, and following this offering, a copy of this charter will be posted on the Corporate Governance section of our website, at https://www.advasa.co.jp.

The functions of the nominating and corporate governance committee, among other things, would include:

● identifying individuals qualified to become board members and recommending director;

● nominees and board members for committee membership;

● developing and recommending to our board corporate governance guidelines;

● review and determine the compensation arrangements for directors; and

● overseeing the evaluation of our board of directors and its committees and management.

Upon formation of a nominating and corporate governance committee, we would expect to adopt a nominating and corporate governance committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and the Nasdaq Capital Market.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers serve on the board of directors or compensation committee of a company that has an executive officer that serves on our board of directors. No member of our board is an executive officer of a company in which one of our executive officers serves as a member of the board of directors or compensation committee of that company.

**Code of Ethics**

Prior to listing on the Nasdaq Capital Market, we will adopt a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers responsible for financial reporting. The code of business conduct and ethics will be available at our website at https://www.advasa.co.jp.

We are required to disclose any amendment to, or waiver from, a provision of our code of ethics applicable to our principal executive officer, principal financial officer, principal accounting officer, controller, or persons performing similar functions. We intend to use our website as a method of disseminating this disclosure, as permitted by applicable SEC rules. Any such disclosure will be posted to our website within four business days following the date of any such amendment to, or waiver from, a provision of our Code of Ethics.

**Corporate Governance Guidelines**

Prior to listing on the Nasdaq Capital Market, our board of directors will adopt corporate governance guidelines in accordance with the corporate governance rules of the Nasdaq Capital Market. The corporate governance guidelines will be available at our website at https://www.advasa.co.jp. The information contained on our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our securities.

**Limitation on Liability and Indemnification of Officers and Directors**

Our certificate of incorporation provides that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now exists or may in the future be amended. In addition, our certificate of incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, except to the extent such exemption from liability or limitation thereof is not permitted by the General Corporation Law of the State of Delaware.

We intend to enter into separate indemnification agreements with our directors and officers. Each indemnification agreement will provide, among other things, for indemnification to the fullest extent permitted by law and our amended and restated certificate of incorporation and bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements will provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our certificate of incorporation and bylaws.

Our certificate of incorporation also permits us to maintain insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. We intend to purchase a policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

We believe that these provisions and the insurance are necessary to attract and retain talented and experienced officers and directors.

Any repeal or amendment of provisions of our certificate of incorporation affecting indemnification rights, whether by our Board of Directors, stockholders or by changes in applicable law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing thereunder with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the provisions described above, 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 our payment of expenses incurred or paid by our director, officer or controlling person 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, 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 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.

**EXECUTIVE AND DIRECTOR COMPENSATION**

**Summary Compensation Table**

The following table provides information regarding the compensation paid by our subsidiaries during the year ended March 31, 2025 and 2024 to Grady Ryther, our Chief Executive Officer (principal executive officer). We refer to these individuals as our "named executive officers." No other executive officers received total compensation in excess of $100,000.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock**<br> **Awards ($)** | **Option**<br> **Awards ($)** | **Non- Equity**<br> **Incentive**<br> **Plan**<br> **Compensation**<br> **($)** | **Non- qualified Deferred Compensation Earnings ($)** | **All**<br> **Other**<br> **Compensation**<br> **($)** | **Total**<br> **($)** |
| Grady Ryther | 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Chief Executive Officer (principal executive officer) | 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | $- | $- |

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**Employment Agreements**

*Executive Employment Agreement with Grady Ryther*

On August 11, 2025, we entered into an Executive Employment Agreement with Grady Ryther, who serves as the Chief Executive Officer of Advasa Holdings, Inc. Mr. Ryther's agreement provides that he will be paid an annual salary of $120,000. Mr. Ryther is eligible to be paid bonuses as may be determined by our Board of Directors, and his agreement is subject to the terms and conditions described below in the section entitled "*Provisions Applicable to All Executive Employment Agreements*." A copy of the Employment Agreement with Mr. Ryther is filed herewith as Exhibit 10.2.

*Executive Employment Agreement with Katharyn Field*

On November 19, 2025, we entered into an Executive Employment Agreement with Katharyn Field, who serves as the Chief Financial Officer of Advasa Holdings, Inc. Ms. Field's agreement provides that he will be paid an annual base salary of $120,000. On the earlier to occur of (i) February 1, 2026 or (ii) the consummation of our initial public offering of our common stock pursuant to an underwritten offering pursuant to the Securities Act, the base salary shall be increased to $300,000 on an annual basis. Ms. Field is eligible to be paid bonuses as may be determined by our Board of Directors, and his agreement also has the terms and conditions which are described below in the section entitled "*Provisions Applicable to All Executive Employment Agreements*." A copy of the Employment Agreement with Ms. Field is filed herewith as Exhibit 10.3.

*Provisions Applicable to All Executive Employment Agreements*

Each of the Executive Employment Agreements described above include the following terms, unless otherwise noted below:

An initial term of three years, provided that the term of each agreement will automatically be extended for one or more additional terms of one year each unless either we or the applicable executive provides notice to the other of their desire to not so renew the initial term or renewal term (as applicable) at least 30 days prior to the expiration of then-current initial term or renewal term (as applicable). Each of the agreements provide that the applicable executive's employment shall be "at will," meaning that either applicable we or the executive may terminate the applicable executive's employment at any time and for any reason, subject to the other provisions of the agreement.

Each of the agreements provide that they may be terminated by us, either with or without "Cause", or by the applicable executive, either with or without "Good Reason".

For purposes of each agreement, "Cause" 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;● a violation of any of our material written rule or policy for which violation any employee may be terminated pursuant to our written policies reasonably applicable to an executive employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● misconduct by the applicable executive to our material detriment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the applicable executive's conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty to, a felony;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the applicable executive's gross negligence in the performance of the applicable executive's duties and responsibilities as described in the agreement; 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;● the applicable executive's material failure to perform the applicable executive's duties and responsibilities as described in the agreement (other than any such failure resulting from the applicable executive's incapacity due to physical or mental illness or any such failure subsequent to the applicable executive being delivered a notice of termination without Cause by us or delivering a notice of termination for Good Reason to us), in either case after written notice from the Board to the applicable executive of the specific nature of such material failure and the applicable executive's failure to cure such material failure within 10 days following receipt of such notice.

For purposes of each agreement, "Good Reason" 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;● at any time following a Change of Control (as defined below), a material diminution of compensation and benefits (taken as a whole) provided to the applicable executive immediately prior to a Change of Control;

&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 reduction in base salary or target or maximum bonus, other than as part of an across-the-board reduction in salaries of management 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;● the relocation of the applicable executive's principal executive office to a location more than 50 miles further from the applicable executive's principal executive office immediately prior to such relocation; 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;● a material breach by us of any of the terms and conditions of the agreement which we fail to correct within 10 days after we receive written notice from the applicable executive of such violation.

For purposes of each agreement a "Change of Control" will be deemed to have occurred if, after the effective date of the applicable agreement, (i) the beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of securities representing more than 50% of our combined voting power is acquired by any "person" as defined in sections 13(d) and 14(d) of the Exchange Act (other than us, any of our subsidiaries, or any trustee or other fiduciary holding securities under our employee benefit plan), (ii) the merger or consolidation with or into another corporation where our shareholders, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any) in substantially the same proportion as their ownership of the Company immediately prior to such merger or consolidation, or (iii) the sale or other disposition of all or substantially all of our assets to an entity, other than a sale or disposition by us of all or substantially all of our assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by our shareholders, immediately prior to the sale or disposition, in substantially the same proportion as their ownership immediately prior to such sale or disposition.

In the event that we terminate the term of the applicable agreement or the applicable executive's employment with Cause, or if the applicable executive terminates their agreement without Good Reason, then, subject to any other agreements with us with respect to other equity grants made to such executive, we expect that each of the agreements will provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we will pay to the applicable executive any unpaid base salary and benefits then owed or accrued, and any unreimbursed 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;● any unvested portion of any equity granted to the applicable executive under the applicable agreement or any other agreements with us will immediately be forfeited; 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;● all of the parties' rights and obligations under the agreement will cease, other than those rights or obligations which arose prior to the termination date or in connection with such termination, and subject to the survival provisions of the agreements.

Each of the agreements provides that, in the event that we terminate the term of the applicable agreement or the applicable executive's employment without Cause, or if the applicable executive terminates their agreement with Good Reason, then, subject to any other agreements with respect to other equity grants made to such executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● we will pay to the applicable executive any base salary, bonuses, and benefits then owed or accrued, and any unreimbursed 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;● any unvested portion of any equity granted to the applicable executive under the applicable agreement or any other agreements with us will, to the extent not already vested, be deemed automatically vested; 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;● all of the parties' rights and obligations under the agreement will cease, other than those rights or obligations which arose prior to the termination date or in connection with such termination, and subject to the survival provisions of the agreements.

Each of the agreements provides that, in the event of the applicable executive's death or total disability during the term of the applicable agreement, the term of the applicable agreement and the applicable executive's employment shall terminate on the date of death or total disability. In the event of such termination, our sole obligations to the applicable executive (or the applicable executive's estate) will be for unpaid base salary, accrued but unpaid bonus and benefits (then owed or accrued and owed in the future), a pro-rata bonus for the year of termination based on the applicable executive's target bonus for such year and the portion of such year in which the applicable executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective date of termination, and any unvested portion of any equity granted to the applicable executive under the applicable agreement or any other agreements with us will immediately be forfeited as of the termination date.

Each of the agreements provides that in the event that the term of the applicable agreement is not renewed by either party, any unvested portion of any equity granted to the applicable executive under the applicable agreement or any other agreements with us will immediately be forfeited as of the expiration of the term of the applicable agreement without any further action of the parties.

Each of the agreements provide that if it is determined that any payment provided to the applicable executive under the applicable agreement or otherwise, whether or not in connection with a Change of Control (a "Payment"), would constitute an "excess parachute payment" within the meaning of section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), such that the Payment would be subject to an excise tax under section 4999 of the Code (the "Excise Tax"), we will pay to the applicable executive an additional amount (the "Gross-Up Payment") such that the net amount of the Gross-Up Payment retained by the applicable executive after the payment of any Excise Tax and any federal, state and local income and employment tax on the Gross-Up Payment, shall be equal to the Excise Tax due on the Payment and any interest and penalties in respect of such Excise Tax.

During the term of the applicable agreement, each of the agreements provides that the applicable executive will be entitled to fringe benefits consistent with our practices, and to the extent that we provide similar benefits to our executive officers, and is entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the applicable executive in connection with the performance of the applicable executive's duties hereunder and in accordance with the our expense reimbursement policies and procedures.

Each of the agreements provides that, during the term of the applicable agreement, the applicable executive will be entitled to indemnification and insurance coverage for officers' liability, fiduciary liability and other liabilities arising out of the applicable executive's position with us in any capacity, in an amount not less than the highest amount available to any other executive, and such coverage and protections, with respect to the various liabilities as to which the applicable executive has been customarily indemnified prior to termination of employment, shall continue for at least six years following the end of the term of the applicable agreement. Any indemnification agreement entered into between us and the applicable executive shall continue in full force and effect in accordance with its terms following the termination of the applicable.

Each of the agreements contains customary confidentiality provisions, and customary provisions related to our ownership of intellectual property conceived or made by the applicable executive in connection with the performance of their duties under the applicable agreement (i.e., a "work-made-for-hire" provision).

Each of the agreements contains a non-compete provision which provides that, for the term of the applicable agreement and for a period of two years thereafter, the applicable executive shall not, directly or indirectly: (i) engage in any other business, association or relationship of any kind with any business which provides, in whole or in part, the same or similar services and/or products offered by the which directly or indirectly competes with our business; nor (ii) solicit or accept, or induce any person or entity to reduce goods or services to us, or in any manner assist others in the solicitation, acceptance, or inducement of, any business transactions with our existing and prospective clients, accounts, suppliers and/or other persons or entities with whom we have had business relationships (or whom we had specifically identified for a prospective business relationship). These restrictions extend to the geographic area in which we actively conducted business immediately prior to termination of the applicable agreement.

Each of the agreements, also contains a customary non-solicitation provision, in which the applicable executive agrees that, for the term of the applicable agreement and for a period of three years thereafter, the applicable executive will not, directly or indirectly solicit or discuss with any our employees the employment of such employee by any other commercial enterprise other than us, nor recruit, attempt to recruit, hire or attempt to hire any such employee on behalf of any commercial enterprise other than us, provided that this provision does not prohibit the applicable executive from undertaking a general recruitment advertisement provided that the foregoing is not targeted towards any person or entity identified above, or from hiring, employing or engaging any such person or entity who responds to such general recruitment advertisement.

Due to the application of various jurisdiction's laws, there is no assurance that any non-compete provisions or the non-solicitation provisions as set forth above will be enforced. We expect that each of the agreements which contain these provisions will contain a "blue pencil" provision that, in the event that a court determines that any of these restrictions are unenforceable, the parties to the agreement agreed that it is their desire that the court substitute an enforceable restriction in place of any restriction deemed unenforceable, and that the substitute restriction be deemed incorporated in the agreement and enforceable against the applicable executive.

Each of the agreements contains customary representations and warranties by the applicable executive, relating to the agreement, and any of our securities that may be issued to the executive, and contains other customary miscellaneous provisions relating to waivers, assignments, third party rights, survival of provisions following termination, severability, notices, waiver of jury trials and other provisions.

Each of the agreements provides that the agreement is governed by and construed and enforced in accordance with the internal laws of the State of Delaware, and for all purposes shall be construed in accordance with such laws, without giving effect to the choice of law provisions thereof. Each of the agreements provides that all legal proceedings concerning the applicable agreement will be in either (i) the courts of the State of New York and the federal courts of the United States of America in each case located in New York City, New York; or (ii) the Tokyo District Courts, provided that each agreement also includes a provision relating to any disputes being settled by arbitration, with such arbitration to take place in New York City, New York.

**Director Compensation** 

We and our subsidiaries did not pay any compensation or make any equity awards or non-equity awards to any of our directors during the year ended March 31, 2025. Directors may be reimbursed for travel and other expenses directly related to their activities as directors. Directors who serve as employees receive no additional compensation for their service as directors.

**Agreements with Independent Directors**

We have entered into or expect to enter into Independent Director Agreements (each, a "Director Agreement") with each of our independent directors, providing for certain matters related to each such person's service as an independent director of the Company.

Pursuant to the Director Agreement, each independent director agrees to serve as an independent director and to devote as much time as is reasonably necessary to perform director's duties as a director of the Company, including duties as a member of one or more committees of the Board, to which the director may hereafter be appointed. The director party to the Director Agreement agrees that he or she will not, without the prior notification to the Board, engage in any other business activity which could materially interfere with the performance of the Director's duties, services and responsibilities to us or which is in violation of the reasonable policies established from time to time by us, provided that the foregoing will not limit the applicable director's activities on behalf of any current employer and its affiliates the Board of Directors of any entities on which applicable director currently sits. The Director Agreements provide that the Board may require the resignation of the director if it determines that the director's other business activity materially interferes with the performance of the Director's duties, services and responsibilities to us.

The Director Agreements provide that the applicable director confirms that they are an "independent director" (as such term has been construed under Cayman Islands law with respect to directors of Cayman Islands companies and the OTC Markets, the NASDAQ Stock Exchange and the New York Stock Exchange), and the director will also provide certain customary representations and warranties as to such director's "accredited investor" status with respect to the receipt of any of our securities.

Each Director Agreement provides the compensation payable to the applicable director, which is expected to be as follows:

● Each director will be paid the sum of $120,000 annually for director's service as a director of the Company, to be paid $10,500 each calendar month, payable within 5 business days of the end of each calendar month, and with such amount for any partial calendar month being appropriately prorated.

● Each director shall be paid $4,000 annually for service as a member of the Audit Committee and an additional sum of $3,000 annually for service as the Chairman of the Audit Committee, with each of these payments to be paid quarterly in equal portions, within 5 business days of the end of each calendar quarter, and with any amount for any partial calendar quarter being appropriately prorated.

● Each director shall be paid $4,000 annually for service as a member of the Compensation Committee and an additional sum of $3,000 annually for service as the Chairman of the Compensation Committee, with each of these payments to be paid quarterly in equal portions, within 5 business days of the end of each calendar quarter, and with any amount for any partial calendar quarter being appropriately prorated.

● Each director shall be paid $3,000 annually for service as a member of the Nominating and Corporate Governance Committee and an additional sum of $3,000 annually for service as the Chairman of the Nominating and Corporate Governance Committee, with each of these payments to be paid quarterly in equal portions, within 5 business days of the end of each calendar quarter, and with any amount for any partial calendar quarter being appropriately prorated.

In addition, we may grant to director certain shares or other options or awards related thereto, as may be determined by the Board or a committee thereof.

During the term of the applicable independent director agreement, we will reimburse the applicable director for all reasonable out-of-pocket expenses incurred by the applicable director in attending any in-person meetings, provided that the applicable director complies with the generally applicable policies, practices and procedures for submission of expense reports, receipts or similar documentation of such expenses. Any reimbursements for allocated expenses (as compared to out-of-pocket expenses of the applicable director in excess of $500.00) must be approved in advance by us.

Each of the agreements contains customary confidentiality provisions, and customary provisions related to our ownership of intellectual property conceived or made by the applicable director in connection with the performance of their duties under the applicable agreement (i.e., a "work-made-for-hire" provision).

The Director Agreements include customary confidentiality provisions, and provisions related to the assignment of intellectual property rights to us. The Director Agreements contain customary miscellaneous provisions relating to successors and assigns, interpretation, enforcement, amendments and waivers. The Director Agreements are governed by Delaware law and are subject to jurisdiction in (i) the federal courts of the United States of America or the courts of the State of Florida, in each case located in Palm Beach County, Florida; or (ii) the Tokyo District Courts.

The term of the Director Agreements continue until the director resigns or is removed in accordance with the Articles, or the death of the Director.

A copy of the Form of Independent Director Agreement is filed herewith as Exhibit 10.4.

**Equity Incentive Plan**

***2025 Plan***

On October 27, 2025, shareholders and directors have adopted a share incentive plan. The purpose of the Advasa Holdings, Inc. 2025 Equity Inventive Plan (the "Plan") is to provide us with the ability to make certain grants of equity securities, or rights to receive equity securities, of the Company, for the purpose of attracting and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to our employees, directors and consultants, and to promote the success of our business. Recipients of awards under the Plan are referred to as "Participants."

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Awards, Cash-Based Awards and Other Stock-Based Awards, and as discussed below, each of which are referred to as "Awards"). Nonstatutory Stock Options, SARs, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to employees, directors and consultants/contractors, and Incentive Stock Options may be granted only to employees (all of whom may be referred to as "Service Providers"). Each Award will be evidenced by an Award agreement in the form as attached to the Plan for the particular form of Award, with may have such changes as the Administrator, in its sole discretion, will determine.

The Plan covers up to 72,000,000 shares of Common Stock ("Shares") which may be used for Awards. If an Award expires or becomes un-exercisable without having been exercised in full, is surrendered or forfeited, the unacquired Shares will become available for future grant or sale under the Plan (unless the Plan has terminated). There were 72,000,000 Shares available for award as of the date of this prospectus under the Plan.

The Plan will initially be administered by the Board, but the Board may also designate a committee of the Board to administer the Plan. The body administering the Plan at any time is referred to as the "Administrator." The Administrator will have general powers to implement and administer the Plan, including determining the value of Shares and the Award, to select the recipients of Awards, to approve the agreements related to Awards, and to determine the determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award, to modify any Awards made, and to make all other determinations deemed necessary or advisable for the operations of the Plan.

<u>Option Awards</u>

Options, which may be either an Incentive Stock Option or a Nonstatutory Stock Option, represent the right to acquire Shares for a specific exercise price. The two different forms of options have differing tax treatment under U.S. tax laws, and have different requirements and restrictions, and as recipients. Generally, Incentive Stock Options may only be issued to employees. Each option Award will have a term of 10 years, provided that the Administrator may modify this, or any other term related to an option Award or any other Award, as the Administrator may determine.

If a Participant ceases to be a Service Provider, other than upon the Participant's termination as the result of the Participant's death or disability, the Participant may exercise his or her Option within such period of time as is specified in the Award agreement, and, in the absence of a specified time in the Award agreement, the Option will remain exercisable for three months following the Participant's termination. Unless otherwise provided by the Administrator, if on the date of termination, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If a Participant ceases to be a Service Provider as a result of the Participant's disability, the Participant may exercise his or her Option within such period of time as is specified in the Award agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award agreement). In the absence of a specified time in the Award agreement, the Option will remain exercisable for 12 months following the Participant's termination. Unless otherwise provided by the Administrator, if on the date of termination, the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If a Participant dies while a Service Provider, the Option may be exercised following the Participant's death within such period of time as is specified in the Award agreement to the extent that the Option is vested on the date of death (but in no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award agreement), by the Participant's designated beneficiary or personal representative and, in the absence of a specified time in the Award agreement, the Option will remain exercisable for 12 months following Participant's death. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan.

<u>Stock Appreciation Rights</u>.

Stock Appreciation Rights ("SARs") represent the right to receive, upon exercise thereof, an amount in cash as set forth in the Plan and the applicable Award agreement, which are generally the increase in value, if any, of the Shares between the date of grant and the date of exercise of the applicable SAR. The per Share exercise price for the Shares that will determine the amount of the payment to be received upon exercise of an SAR will be determined by the Administrator and will be no less than 100% of the fair market value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of SARs granted under the Plan. Upon exercise of an SAR, a Participant will be entitled to receive payment from us in an amount determined by multiplying (i) the difference between the fair market value of a Share on the date of exercise over the exercise price; and (ii) the number of Shares with respect to which the SAR is exercised. At the discretion of the Administrator, the payment upon SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

<u>Restricted Stock.</u>

Awards under the Plan may be made in restricted stock, which are grants of Shares which are subject to vesting and forfeiture. A Participant receiving a grant of restricted stock may vote the applicable Shares prior to vesting and will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise, but may not sell or transfer the Shares until vested. The Administrator may determine the amount, vesting period and other terms and conditions of the restricted stock award.

<u>Restricted Stock Units</u>.

Restricted Stock Units ("RSUs") are units which may, once vested, be settled by us via the issuance of Shares, or via the payment of cash based on the value of the Shares at such time. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of RSUs that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals, applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. Participants have no voting rights with respect to Shares represented by RSU until the date of the issuance of such Shares. However, the Administrator may provide in the Award agreement evidencing any RSU that the Participant shall be entitled to dividend equivalent rights with respect to the payment of cash dividends on the Shares during the period beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated.

<u>Performance Units and Performance Shares</u>.

Performance Units and Performance Shares are Awards which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing. The Administrator will set performance objectives or other vesting provisions in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Service Providers. The time period during which the performance objectives or other vesting provisions must be met will be called the "Performance Period." The Administrator may also set performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals, applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion, as set forth in the Plan, with respect to the vesting or payment of Performance Units and Performance Shares. Participants have no voting rights with respect to Shares represented by Performance Share Awards until the date of the issuance of such Shares, if any. However, the Administrator, in its discretion, may provide in the Award evidencing any Performance Share Award that the Participant shall be entitled to dividend equivalent rights with respect to the payment of cash dividends on the Shares during the period beginning on the date the Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date on which the Performance Shares are settled or the date on which they are forfeited.

<u>Cash-Based Awards and Other Stock-Based Awards</u>.

The Plan also permits other cash-based Awards and stock-based Awards as the Administrator may determine, which may include equity-based or equity-related Awards not otherwise described by the terms of the Plan, in such amounts and subject to such terms and conditions as the Administrator shall determine.

<u>Form of Award Agreements</u>.

A form of Award agreement for a grant of Options, SARs, Restricted Stock, and Restricted Stock Units are attached to the Plan, provided that the Administrator has the discretion to modify such forms and to replace such forms with any other agreement as determined by the Administrator. In the event of a conflict between the terms of any Award agreement and the provisions in the body of the Plan, the terms of the Award agreement control.

<u>Additional Provisions</u>

As noted above, the Plan includes form agreements for Awards of Options, restricted stock, SARs and RSUs, and the Administrator generally has the power to modify the terms and conditions of these form agreements as the Administrator may determine.

The Plan provides that any Director who is not an employee (an "Outside Director") may not be granted, in any fiscal year, Awards with a grant date fair value (computed as of the date of grant in accordance with U.S. generally accepted accounting principles) of more than $300,000.

Unless the Administrator provides otherwise, vesting of Awards granted under the Plan will be suspended during any unpaid leave of absence. A Participant will not cease to be an employee in the case of (i) any leave of absence approved by us or (ii) transfers between locations of the Company or between the Company, its parent or subsidiaries. For purposes of Incentive Stock Options, no such leave may exceed three months, unless reemployment upon expiration of such leave is guaranteed by statute or contract.

Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant.

In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, share subdivision, share consolidation, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in our corporate structure affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award, and the numerical Share limits as set forth above. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the Plan) without a Participant's consent, including, without limitation, that (i) Awards will be assumed, or substantially equivalent awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant, that the Participant's Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant's rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant's rights, then such Award may be terminated by us without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing.

In the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and SARs, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions met, in all cases, unless specifically provided otherwise under the applicable Award agreement or other written agreement between the Participant and us or any of our Subsidiaries or Parents, as applicable. In addition, if an Option or SAR is not assumed or substituted in the event of a merger or change in control, the Administrator will notify the Participant in writing or electronically that the Option or SAR will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or SAR will terminate upon the expiration of such period.

In the event of a Change in Control, with respect to Awards granted to an Outside Director, the Outside Directors will fully vest in and have the right to exercise Options and/or SARs as to all of the Shares underlying such Award, including those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at 100% of target levels and all other terms and conditions met, unless specifically provided otherwise under the applicable Award agreement or other written agreement between the Participant and us or any of our subsidiaries or parents.

All Awards under the Plan will be subject to recoupment under any clawback policy that we are required to adopt pursuant to the listing standards of any national securities exchange or association on which our securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions in an Award agreement as the Administrator determines necessary or appropriate.

If the Participant's service to us or any of our affiliates as a service provider is terminated for any reason, then any Award which has not vested as of such time in accordance with its terms shall automatically be forfeited and cancelled and shall cease to vest, be exercisable or otherwise provide any benefit to Participant. This forfeiture provision may be amended in any Award agreement.

Members of the Board or the Administrator and any of our officers or employees or any of our affiliates to whom authority to act for the Board, the Administrator or the Company is delegated will be indemnified by us against all reasonable expenses, including attorneys' fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by us) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith, intentional misconduct, dishonesty, willful default or fraud in duties.

The Plan will be effective upon its adoption by the Board and will continue in effect for a term of 10 years from the date adopted by the Board, unless terminated as set forth in the Plan. The Administrator may at any time amend, alter, suspend or terminate the Plan. Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each Award agreement is governed by the laws of the Delaware, without regard to its conflict of law rules.

A copy of the Plan is filed herewith as Exhibit 10.1.

**Equity Compensation Plan Information**

The table below sets forth information as of March 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of**<br> **securities to be**<br> **issued upon**<br> **exercise of**<br> **outstanding**<br> **options,**<br> **warrants and**<br> **rights** | **Weighted-average**<br> **exercise price**<br> **of outstanding**<br> **options,**<br> **warrants and**<br> **rights** | **Number of**<br> **securities**<br> **remaining**<br> **available for**<br> **future issuance**<br> **under equity**<br> **compensation**<br> **plans**<br> **(excluding**<br> **securities**<br> **reflected in**<br> **column (a))** |
|  | (a) | (b) | (c) |
| Equity compensation plans approved by security holders |  |  |  |
| Equity compensation plans not approved by security holders |  |  |  |
| Total |  |  |  |

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Our Board of Directors and stockholders approved the 2025 Equity Incentive Plan (the "2025 Plan") on October 27, 2025. Under the 2025 Plan, 72,000,000 shares of Common Stock are authorized for issuance to our employees, directors and independent contractors (except those performing services in connection with the offer or sale of our securities in a capital raising transaction or promoting or maintaining a market for our securities) or our subsidiaries. The 2025 Plan authorizes equity-based and cash-based incentives for participants.

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

***Policies and Procedures for Related Party Transactions***

Under Item 404 of SEC Regulation S-K, a related person transaction is any actual or proposed transaction, arrangement or relationship or series of similar transactions, arrangements or relationships, including those involving indebtedness not in the ordinary course of business, to which we or our subsidiaries were or are a party, or in which we or our subsidiaries were or are a participant, in which the amount involved exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at year-end for the last two completed fiscal years and in which any of our directors, nominees for director, executive officers, beneficial owners of more than 5% of any class of our voting securities (a "significant shareholder"), or any member of the immediate family of any of the foregoing persons, had or will have a direct or indirect material interest.

We recognize that transactions between us and any of our directors or executives or with a third party in which one of our officers, directors or significant shareholders has an interest can present potential or actual conflicts of interest and create the appearance that our decisions are based on considerations other than the best interests of us and our stockholders.

The Audit Committee of the Board of Directors is charged with responsibility for reviewing, approving and overseeing any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K), including the propriety and ethical implications of any such transactions, as reported or disclosed to the Audit Committee by the independent auditors, employees, officers, members of the Board of Directors or otherwise, and to determine whether the terms of the transaction are not less favorable to us than could be obtained from an unaffiliated party.

From time to time, we engage in transactions with related parties. The related parties had material transactions for the six months ended September 30, 2025 and for the years ended March 31, 2025, 2024 and 2023 consist of the following:

<u>Name of Related Party</u> <u>Nature of Relationship at September 30, 2025</u> <br> LBH Inc. A company controlled by Asamitsu Kosugi, the principal shareholder of the Company

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **March 31,** | **March 31,** | **March 31,** |
|  | <br>Nature of transactions | **September 30,**<br>**2025** | **2025** | **2024** | **2023** |
| **Advance payments:** |  |  |  |  |  |
| LBH Inc | For working capital | $14023 | $13843 | $13722 | $— |

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***Indemnification Agreements***

We intend to enter into indemnification agreements with each of our directors and executive officers. These agreements, among other things, require us or will require us to indemnify each director and executive officer to the fullest extent permitted under the Delaware General Corporation Law, including indemnification of expenses such as attorneys' fees, judgments, fines and settlement amounts incurred by the director or executive officer in any action or proceeding, including any action or proceeding by or in right of us, arising out of the person's services as a director or executive officer. For further information, see "Description of Securities—Limitations on Liability and Indemnification Matters."

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The following table sets forth the number of shares of and percent of our Common Stock beneficially owned as of December 8, 2025 by all directors, our named executive officers, our directors and executive officers as a group, and persons or groups known by us to own beneficially 5% or more of our Common Stock, immediately prior to this offering, and immediately after the closing of this offering, as adjusted to reflect the sale of __________ shares of our Common Stock in this offering, which assumes the Representative exercises its over-allotment option in-full to purchase additional shares of our Common Stock.

Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. Unless we have indicated otherwise, each person named in the table has sole voting power and sole investment power for the shares listed opposite such person's name. For purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any shares of Common Stock that such person or any member of such group has the right to acquire within 60 days of December 8, 2025. For purposes of computing the percentage of outstanding shares of our Common Stock held by each person or group of persons named above, any shares that such person or persons has the right to acquire within 60 days of December 8, 2025, are deemed to be outstanding for such person, but not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially owned does not constitute an admission of beneficial ownership by any person. The share ownership numbers after this offering for the beneficial owners indicated below exclude any potential purchases that may be made by such persons in this offering. The business address of each of the beneficial owners listed below is c/o Advasa, Inc. 1-1-3 Otemachi Chiyoda-ku, Tokyo 100-0004, Japan.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Common Stock Beneficially**<br> **Owned Prior to this Offering<sup>(1)</sup>** | **Common Stock Beneficially**<br> **Owned Prior to this Offering<sup>(1)</sup>** | **Common Stock Beneficially**<br> **Owned After this Offering<sup>(2)</sup>** | **Common Stock Beneficially**<br> **Owned After this Offering<sup>(2)</sup>** |
| <br>**Name of Beneficial Owner** | **Shares** | **Percent** | **Shares** | **Percent** |
| **Directors and Executive Officers** |  |  |  |  |
| Grady Ryther*, Chief Executive Officer and Director* |  | -% |  |  |
| Katharyn Field, *Chief Financial Officer* |  | -% |  |  |
| Sultan Ali Rashed Lootah, *Nominee Independent Director* |  | -% |  |  |
| William Witherspoon, *Nominee Independent Director* |  | -% |  |  |
| All directors and officers as a group (4 persons) <sup>(3)</sup> |  | -% |  |  |
| **Principal Shareholders (more than 5%):** |  |  |  |  |
| Asamitsu Kosugi | 212705250 | 43.81% |  |  |
| Tatsuya Akimoto | 135454900 | 27.90% |  |  |
| Taiji Ito | 39000000 | 8.03% | 37473912<sup>(4)</sup>% |  |
| Uemera Holdings Co., Ltd. <sup>(5)</sup> | 28732860 | 5.92% |  |  |

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\* less than 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on 485,469,380 shares of our Common Stock outstanding as of December 8, 2025.

(2) Based on __________ shares of Common Stock issued and outstanding after this offering, which assumes the Representative exercises its over-allotment option in-full to purchase additional shares of our Common Stock.

(3) Includes the directors and named executive officers listed above.

(4) Assuming Mr. Taiji Ito, as one
 of the Selling Shareholders, will sell 1,526,088 shares constituting a part of the Resale Shares offered for sale by the Resale
 Prospectus after the completion of this offering.

(5) Represents shares held by Uemera Holdings Co., Ltd., a Japanese company. Yoshitada Uemura has sole voting and dispositive power over these shares of Common Stock. Therefore, he is deemed to be the beneficial owner of these shares of Common Stock. The address of Uemera Holdings Co., Ltd is 6-6 Oroshishinmachi, Shimonoseki, Yamaguchi, Japan.

**DESCRIPTION OF SECURITIES**

The following description of our capital stock is based upon our certificate of incorporation, as amended, our bylaws and applicable provisions of law, in each case as currently in effect. This discussion does not purport to be complete and is qualified in its entirety by reference to our certificate of incorporation, as amended, and our bylaws, copies of which are filed with the SEC as exhibits to the registration statement of which this prospectus is a part.

**Authorized Capital Stock**

We are authorized to issue 5,000,000,000 shares of Common Stock, par value $0.00001 per share, and 500,000,000 shares of preferred stock, par value $0.00001 per share.

On December 8, 2025, we had 485,469,380 shares of Common Stock issued and outstanding and no shares of preferred stock issued and outstanding. As of such date, there were 20 holders of record of our Common Stock and no holders of record of our preferred stock.

**Common Stock**

The holders of our Common Stock are entitled to one vote for each share held on all matters to be voted on by our stockholders. There shall be no cumulative voting.

Subject to the rights of holders of preferred stock, the holders of shares of our Common Stock are entitled to dividends when and as declared by the Board from funds legally available therefor if, as and when determined by our Board of Directors in their sole discretion, subject to provisions of law, and any provision of our certificate of incorporation, as amended from time to time. In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of our Common Stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of or provision for all of our debts and other liabilities. There are no preemptive, conversion or redemption privileges, nor sinking fund provisions with respect to the Common Stock.

All outstanding shares of Common Stock are, and the Common stock to be outstanding upon completion of this offering will be duly authorized, validly issued, fully paid and non-assessable.

**Preferred Stock**

Our certificate of incorporation authorizes our Board to issue up to 500,000,000 shares of preferred stock in one or more series, to determine the designations and the powers, preferences and rights and the qualifications, limitations and restrictions thereof, including the dividend rights, conversion or exchange rights, voting rights (including the number of votes per share), redemption rights and terms, liquidation preferences, sinking fund provisions and the number of shares constituting the series. Our Board of Directors could, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of Common Stock, and which could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, a majority of our outstanding voting stock.

**2025 Equity Incentive Plan**

As of the date of this prospectus, 72,000,000 shares of Common Stock are authorized for issuance pursuant to the Plan. There are currently no options outstanding under the Plan.

**Exclusive Forum Provision**

This choice of forum provision may limit a bondholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage such lawsuits against us and our directors, officers and employees. Alternatively, a court could find these provisions of our certificate of incorporation and our bylaws to be inapplicable or unenforceable in respect of one or more of the specified types of actions or proceedings, which may require us to incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business and financial condition.

**Fee Shifting Provision**

Section 7.4 of our bylaws provides that "[i]f any action is brought by any party against another party, relating to or arising out of these Bylaws, or the enforcement hereof, the prevailing party shall be entitled to recover from the other party reasonable attorneys' fees, costs and expenses incurred in connection with the prosecution or defense of such action, provided that the provisions of this sentence shall not apply with respect to "internal corporate claims" as defined in Section 109(b) of the DGCL."

Our bylaws provide that for this section, the term "attorneys' fees" or "attorneys' fees and costs" means the fees and expenses of our counsel and any other parties asserting a claim subject to Section 7.4 of the bylaws, which may include printing, photocopying, duplicating and other expenses, air freight charges, and fees billed for law clerks, paralegals and other persons not admitted to the bar but performing services under the supervision of an attorney, and the costs and fees incurred in connection with the enforcement or collection of any judgment obtained in any such proceeding.

We adopted the fee-shifting provision to eliminate or decrease nuisance and frivolous litigation. We intend to apply the fee-shifting provision broadly to all actions except for claims brought under the Exchange Act and Securities Act.

There is no set level of recovery required to be met by a plaintiff to avoid payment under this provision. Instead, whoever is the prevailing party is entitled to recover the reasonable attorneys' fees, costs and expenses incurred in connection with the prosecution or defense of such action. Any party who brings an action, and the party against whom such action is brought under Section 7.4 of our bylaws, which could include, but is not limited to former and current shareholders, our directors, officers, affiliates, legal counsel, expert witnesses and other parties, are subject to this provision. Additionally, any party who brings an action, and the party against whom such action is brought under Section 7.4 of our bylaws, which could include, but is not limited to former and current shareholders, our directors, officers, affiliates, legal counsel, expert witnesses and other parties, would be able to recover fees under this provision.

In the event you initiate or assert a claim against us, in accordance with the dispute resolution provisions contained in our Bylaws, and you do not, in a judgment prevail, you will be obligated to reimburse us for all reasonable costs and expenses incurred in connection with such claim, including, but not limited to, reasonable attorney's fees and expenses and costs of appeal, if any. Additionally, this provision in Section 7.4 of our bylaws could discourage shareholder lawsuits that might otherwise benefit us and our shareholders.

THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF COMMON STOCK OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE FEE SHIFTING PROVISION CONTAINED IN THE BYLAWS DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT.

**Anti-Takeover Effects of Certain Provisions of Our Certificate of Incorporation, as Amended, and Our Bylaws**

The provisions of our certificate of incorporation and our bylaws could make it more difficult to acquire us by means of a merger, tender offer, proxy contest, open market purchases, removal of incumbent directors and otherwise. These provisions, which are summarized below, are expected to discourage types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to first negotiate with us. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging takeover or acquisition proposals because negotiation of these proposals could result in an improvement of their terms.

*Removal of Directors.* Our certificate of incorporation and bylaws provide that directors may be removed prior to the expiration of their terms by the affirmative vote of the holders of not less than two-thirds (2/3) of the voting power of the issued and outstanding stock entitled to vote.

*Preferred Stock.* Our certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock with such rights and preferences as may be determined from time to time by our Board of Directors in their sole discretion. Our Board of Directors may, without stockholder approval, issue a series of preferred stock with dividends, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of our Common Stock.

*Amendment of Bylaws.* The certificate of incorporation and bylaws provide that the bylaws may be altered, amended or repealed by the Board of Directors by an affirmative vote of a majority of the Board of Directors at any regular meeting of the Board of Directors.

*Limitation of Liability*. The certificate of incorporation provides for the limitation of liability of, and provides indemnification to, our directors and officers.

*Special Stockholders Meeting*. The certificate of incorporation provides that a special meeting of the stockholders may only be called by a majority of the Board of Directors.

*Nominations of Directors*. The bylaws provide for advance notice procedures that stockholders must comply with in order to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders' meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of the Company.

**Transfer Agent** 

The transfer agent and registrar for our Common Stock is Vstock Transfer LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, NY 11598 and its telephone number is (212) 828-8436..

**SHARES ELIGIBLE FOR FUTURE SALE**

Before this offering, there has not been a public market for shares of our Common Stock. Future sales of substantial amounts of shares of our Common Stock, including shares issued upon the conversion of convertible notes, the exercise of outstanding options and warrants, in the public market after this offering, or the possibility of these sales occurring, could cause the prevailing market price for our Common Stock to fall or impair our ability to raise equity capital in the future.

Immediately following the closing of this offering, we will have _______________ shares of Common Stock issued and outstanding. In the event the Representative exercises its over-allotment option in full, we will have _______________ shares of Common Stock issued and outstanding. An aggregate of 3,000,000 Resale Shares will be eligible for immediate sale by the Selling Shareholders upon the completion of the offering of the Public Offering Common Stock. All of the Public Offering Common Stock and the Resale Shares will be freely tradable without restriction or further registration or qualification under the Securities Act unless such shares are purchased by affiliates or control persons.

Previously issued shares of Common Stock that were not offered and sold in this offering, or registered in the Resale Prospectus as well as shares issuable upon the exercise of warrants and subject to employee stock options, are or will be upon issuance, "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if such public resale is registered under the Securities Act or if the resale qualifies for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which are summarized below.

**Rule 144**

In general, a person who has beneficially owned restricted shares of our Common Stock for at least 12 months, or at least six months in the event we have been a reporting company under the Exchange Act for at least 90 days before the sale, would be entitled to sell such securities, provided that such person is not deemed to be an affiliate of ours at the time of sale or to have been an affiliate of ours at any time during the 90 days preceding the sale. A person who is an affiliate of ours at such time would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of shares that does not exceed the greater of the following:

● 1% of the number of shares of our Common Stock then outstanding; or

● 1% of the average weekly trading volume of our Common Stock during the four calendar weeks preceding the filing by such person of a notice on Form 144 with respect to the sale;

provided that, in each case, we are subject to the periodic reporting requirements of the Exchange Act for at least 90 days before the sale. Rule 144 trades must also comply with the manner of sale, notice and other provisions of Rule 144, to the extent applicable.

**Rule 701**

In general, Rule 701 allows a stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of ours during the immediately preceding 90 days to sell those shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling shares pursuant to Rule 701.

**Lock-Up Agreements**

See "Underwriting—Lock-Up Agreements."

**MATERIAL U.S. FEDERAL TAX CONSIDERATIONS FOR**

**NON-U.S. HOLDERS OF COMMON STOCK**

The following is a summary of certain material U.S. federal income and estate tax consequences to a non-U.S. holder (as defined below) of the purchase, ownership and disposition of our Common Stock as of the date hereof. Except where noted, this summary deals only with Common Stock that is held as a capital asset.

A "non-U.S. holder" means a beneficial owner of our Common Stock (other than an entity treated as a partnership for U.S. federal income tax purposes) that is not, for U.S. federal income tax purposes, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ an individual citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ a trust if it (1) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

This summary is based upon provisions of the Code, and the Treasury Regulations promulgated thereunder, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income and estate tax consequences different from those summarized below. We cannot assure you that such a change in law will not alter significantly the U.S. federal income and estate tax considerations we describe in this summary. This summary does not address all aspects of U.S. federal income and estate taxes and does not deal with foreign, state, local or other tax considerations that may be relevant to non-U.S. holders in light of their particular circumstances. In addition, it does not represent a detailed description of the U.S. federal income and estate tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws (including if you are a U.S. expatriate, foreign pension fund, financial institution, insurance company, tax-exempt organization, trader, broker or dealer in securities "controlled foreign corporation," "passive foreign investment company," a partnership or other pass-through entity for U.S. federal income tax purposes (or an investor in such a pass-through entity), a person who acquired shares of our Common Stock as compensation or otherwise in connection with the performance of services, or a person who has acquired shares of our Common Stock as part of a straddle, hedge, conversion transaction or other integrated investment).

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) holds our Common Stock, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our Common Stock, you should consult your tax advisors.

**If you are considering the purchase of our Common Stock, you should consult your own tax advisors concerning the particular U.S. federal income and estate tax consequences to you of the purchase, ownership and disposition of our Common Stock, as well as the consequences to you arising under other U.S. federal tax laws and the laws of any other taxing jurisdiction.**

**Distributions**

As discussed above under "Dividend Policy," we do not currently anticipate paying cash dividends on shares of our Common Stock in the foreseeable future. If we make distributions of cash or other property (other than certain pro rata distributions of our stock) in respect of our Common Stock, the distribution will generally be treated as a dividend for U.S. federal income tax purposes to the extent it is paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Any portion of a distribution that exceeds our current and accumulated earnings and profits generally will be treated first as a tax-free return of capital to the extent of the non-U.S. holder's adjusted tax basis in our Common Stock, causing a reduction in the adjusted tax basis of a non-U.S. holder's Common Stock, but not below zero. To the extent the amount of the distribution exceeds our current and accumulated earnings and profits and a non-U.S. holder's adjusted basis in our Common Stock, the excess will be treated as described below under "— Gain on Disposition of Common Stock."

Dividends paid to a non-U.S. holder of our Common Stock generally will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the non-U.S. holder) are not subject to such withholding tax, provided certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net income basis in the same manner as if the non-U.S. holder were a "United States person" as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A non-U.S. holder of our Common Stock who wishes to claim the benefit of an applicable treaty rate and avoid backup withholding, as discussed below, for dividends will be required (a) to provide the applicable withholding agent with a properly executed Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or other applicable form) certifying under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if our Common stock is held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable U.S. Treasury regulations. Special certification and other requirements apply to certain non-U.S. holders that are pass-through entities rather than corporations or individuals.

A non-U.S. holder of our Common Stock eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the Internal Revenue Service. Non-U.S. holders are urged to consult their own tax advisors regarding their entitlement to the benefits under any applicable income tax treaty.

**Gain on Disposition of Common Stock**

Subject to the discussion of backup withholding below, any gain realized by a non-U.S. holder on the sale or other taxable disposition of our Common Stock generally will not be subject to U.S. federal income tax unless:

● the gain is effectively connected with a trade or business of the non-U.S. holder in the United States (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment of the non-U.S. holder);

● the non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of the disposition, and certain other conditions are met; or

● we are or have been a "United States real property holding corporation" for U.S. federal income tax purposes and certain other conditions are met.

A non-U.S. holder described in the first bullet point immediately above will be subject to tax on the gain derived from the sale under regular graduated U.S. federal income tax rates. In addition, if any non-U.S. holder described in the first bullet point immediately above is a foreign corporation, the gain realized by such non-U.S. holder may be subject to the branch profits tax at a 30% rate (or such lower rate as may be specified by an applicable income tax treaty). An individual non-U.S. holder described in the second bullet point immediately above will be subject to a tax equal to 30% (or such lower rate as may be specified by an applicable income tax treaty) on the gain derived from the sale, which may be offset by U.S. source capital losses, even though the individual is not considered a resident of the United States, provided that the individual has timely filed U.S. federal income tax returns with respect to such losses.

We believe we are not, and have not been at any time since formation, and do not anticipate becoming a "United States real property holding corporation" for U.S. federal income tax purposes.

**Federal Estate Tax**

Common Stock held by an individual non-U.S. holder at the time of death will be included in such holder's gross estate for U.S. federal estate tax purposes, unless an applicable estate tax treaty provides otherwise.

**Information Reporting and Backup Withholding**

We must report annually to the Internal Revenue Service and to each non-U.S. holder the amount of distributions paid to such holder and the tax withheld with respect to such distributions, regardless of whether withholding was required. Copies of the information returns reporting such distributions and any withholding may also be made available to the tax authorities in the country in which the non-U.S. holder resides under the provisions of an applicable income tax treaty.

A non-U.S. holder will not be subject to backup withholding on dividends received if such holder certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that such holder is a U.S. person as defined under the Code), or such holder otherwise establishes an exemption.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition of our Common Stock made within the United States or conducted through certain U.S.-related financial intermediaries, unless the beneficial owner certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a U.S. person as defined under the Code), or such owner otherwise establishes an exemption.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability provided the required information is timely furnished to the Internal Revenue Service.

**Additional Withholding Requirements**

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends paid on our Common Stock to (i) a "foreign financial institution" (as specifically defined in the Code) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a "non-financial foreign entity" (as specifically defined in the Code) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial U.S. beneficial owners of such entity (if any). If a dividend payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under "— Distributions," the withholding under FATCA may be credited against, and therefore reduce, such other withholding tax. While withholding under FATCA would have also applied to payments of gross proceeds from the sale or other disposition of our Common Stock on or after January 1, 2019, recently proposed Treasury Regulations eliminate such withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. You should consult your own tax advisors regarding these requirements and whether they may be relevant to your ownership and disposition of our Common Stock.

**UNDERWRITING**

We expect to enter into an underwriting agreement with the Representative, with respect to the shares of Common Stock in this offering. 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 the number of shares of Common Stock as indicated below.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares**<br> **of Common Stock** |
| Spartan Capital Securities, LLC | [●] |
|  | [●] |
| Total | [●] |

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The underwriters are offering the shares of Common Stock subject to their acceptance of the shares of Common Stock from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the 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 obligated to take and pay for all of the shares of Common Stock offered by this prospectus if any such shares of Common Stock are taken. However, the underwriters are not required to take or pay for the shares of Common Stock covered by the underwriters' option to purchase additional shares of Common Stock described below.

**Over-Allotment Option**

We have granted the underwriters an over-allotment option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the underwriters to purchase a maximum of _______ additional shares of Common Stock at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of Common Stock as the number listed next to the underwriter's name in the preceding table bears to the total number of shares of Common Stock listed next to the names of all underwriters in the preceding table.

**Underwriting Discounts and Expenses**

The underwriters have advised us that they propose to offer the 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. The underwriters may allow, and certain dealers may reallow, a discount from the concession to certain brokers and dealers. After this offering, the public offering price, concession, and reallowance to dealers may be changed by the Representative. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The shares of Common Stock 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.

The following table shows the public offering price, underwriting discount, and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the underwriters of the over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total <br> Without<br> Over-<br> Allotment<br> Option** | **Total With <br> Full Over-<br> Allotment <br> Option** |
| Public offering price | $— | $— | $— |
| Underwriting discounts<sup>(1)</sup> | $— | $— | $— |
| Proceeds, before expenses, to us | $— | $— | $— |

---

(1) Represents an underwriting discount equal to 8% per share. The fees do not include the expense reimbursement provisions described below. Underwriting discounts to be paid by us are calculated based on the assumption that no investors in this offering are introduced by us.

We have agreed to pay to the underwriters by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to 1% of the gross proceeds received by us from the sale of the shares.

We have agreed to pay expenses relating to the offering, including: (i) our legal and accounting fees and disbursements; (ii) the costs of preparing, printing, mailing, and delivering the registration statement, the preliminary and final prospectus contained therein and amendments thereto, post-effective amendments and supplements thereto, and the underwriting agreement and related documents (all in such quantities as the Representative may reasonably require); (iii) the costs of preparing and printing stock certificates and warrant certificates; (iv) the costs of any "due diligence" meetings; (v) all reasonable and documented fees and expenses for conducting a net road show presentation; (vi) all filing fees and communication expenses relating to the registration of the shares to be sold in the offering with the SEC and the filing of the offering materials with FINRA; (vii) the reasonable and documented fees and disbursements of the Representative's counsel; (viii) background checks of the Company's officers and directors; (ix) preparation of bound volumes and mementos in such quantities as the Representative may reasonably request; (x) transfer taxes, if any, payable upon the transfer of securities from us to the Representative; and (xi) the fees and expenses of the transfer agent, clearing firm, and registrar for the shares; provided that the actual accountable expenses of the Representative shall not exceed $250,000. We are required to supply the Representative and its counsel, at our cost, with a reasonable number of bound volumes of the offering materials within a reasonable time after the closing of this offering as well as commemorative tombstones.

We paid an expense deposit of $75,000 to the Representative, upon the execution of letter of intent between us and the Representative, and we will pay an additional $30,000 upon receipt of comments from the SEC as to the public filing of the registration statement of which this prospectus forms a part, for the Representative's anticipated out-of-pocket expenses. Upon the closing of this offering, we will pay an additional $75,000 to the Representative for closing costs. Any expense deposits will be returned to us to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts referred to above, will be approximately $_______, including a maximum aggregate reimbursement of $_______ of Representative's accountable expenses.

In addition, we agreed, during the engagement period of the Representative or until the consummation of this offering, whichever is earlier, not to negotiate with any other broker-dealer relating to a possible private and/or public offering of the securities without the written consent of the Representative, provided that the Representative is reasonably proceeding in good faith with preparation for this offering. Until the Underwriting Agreement is signed, we or the Representative may at any time terminate its further participation in this offering for any reason whatsoever, and we agree to reimburse the Representative for its actual reasonable accountable out-of-pocket expenses, up to a maximum of $250,000, incurred prior to the termination, less any advance and amounts previously paid to the Representative in reimbursement for such expenses; provided, however, that such fees shall be subject to FINRA Rule 5110(f)(2)(D)(ii) and shall not apply if and to the extent the Representative has advised us of the Representative's inability or unwillingness to proceed with this offering.

**Participation in Future Offerings**

Until 12 months from the commencement of sales of the offering, the underwriters shall have a right of first refusal to act on our behalf as the lead underwriter or co-bookrunning manager for any U.S. public underwriting or private placement of equity and debt securities, of us or our U.S. subsidiaries and successors.

**Listing**

Our Common Stock have been approved for listing on the Nasdaq under the symbol "ADBT", subject to official notice of issuance.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

**Lock-Up Agreements**

We have agreed not to, for a period of 180 days from the effective date of the registration statement of which this prospectus is a part, offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our shares of Common Stock or securities that are substantially similar to our shares of Common Stock, including any options or warrants to purchase our shares of Common Stock, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our shares of Common Stock or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), without the prior written consent of the underwriters.

Moreover, all of our directors and officers, and all but one of our shareholders have agreed, subject to certain exceptions (as set forth below), not to offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, except in this offering, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock for 180 days from the date of the underwriting agreement ("Lock-Up Period"), to be entered into between the Company and the Representative, without the consent of the Representative. See "Underwriting" for more information.

The exceptions to the lock-up agreements are that our executive officers and directors, and holders of 5% or more of our common stock (each a "Lock-Up Party") may transfer our common stock or securities convertible into or exchangeable or exercisable for our common stock (the "Lock-Up Securities") without the prior written consent of the Representative in connection with: (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; provided that no filing under Section 13 of the Exchange Act, or other public announcement shall be required or shall be voluntarily made during the Lock-Up Period in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities (i) as a bona fide gift, or for bona fide estate planning purposes, (ii) to an immediate family member (as defined below) or to any trust for the direct or indirect benefit of the Lock-Up Party or an immediate family member of the Lock-Up Party, or (iii) by will or intestacy or to a family member or trust for the benefit of the Lock-Up Party or a family member (for purposes of this Lock-Up Agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the Lock-Up Party, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the Lock-Up Party, as the case may be; (e) if the Lock-Up Party is a corporation, partnership, limited liability company, trust, or other business entity, transfers or distributions of Lock-Up Securities to current or former general or limited partners, managers or members, stockholders, other equity holders or direct or indirect affiliates, including such entities under common control, (within the meaning of Rule 405 under the Securities Act) of the Lock-Up Party or to the estates of any of the foregoing; (f) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, settlement agreement or other court order; (g) any transfer of Lock-Up Securities to us pursuant to arrangements under which we have the option to repurchase such shares or a right of first refusal with respect to transfers of such shares or in connection with the death, disability or termination of employment or service; (h) the sale by the Company (on behalf of the Lock-Up Party) of up to such number of Lock-Up Securities solely necessary to raise funds to satisfy our income and payroll tax withholding obligations in connection with the vesting, exercise or settlement of restricted stock units held by the Lock-Up Party that are outstanding as of the date hereof; (i), no other Shares were sold and that the Lock-Up Party's securities are subject to a lock-up agreement with the Representative; (j) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by our Board of Directors and made to all holders of our capital stock involving a Change of Control (as defined below) of the Company (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the Lock-Up Party's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement; or (k) transfers of Lock-Up Securities to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (b), (c), (d), (e) and (g) above; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c), (d), (e) and (j), it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the terms of this Lock-Up Agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party hereto; (ii) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act and the Exchange Act) to make, and shall agree not to voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of the Lock-Up Period; (iii) in the case of any transfer pursuant to the foregoing clauses (e), (f) or (g), it shall be a condition to any such transfer that no public filing, report or announcement shall be voluntarily made and if any filing under Section 13 of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Lock-Up Securities in connection with such transfer or distribution shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer; and (iv) the Lock-Up Party notifies the Representative at least two (2) business days prior to the proposed transfer or disposition.

In addition, the foregoing restrictions shall not apply to (i) the exercise or vesting of stock options or other equity awards granted pursuant to the Company's equity incentive plans; provided that it shall apply to any of the Lock-Up Party's shares of common stock issued upon such exercise and (ii) the conversion or exercise of convertible debt or warrants; provided that it shall apply to any of the Lock-Up Party's shares of common stock issued upon such conversion or exercise.

The Representative has no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the Representative may base its decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

**Pricing of the Offering**

Prior to this offering, there has been no public market for our Common Stock. The initial public offering price of the Common Stock will be negotiated between us and the underwriters. Among the factors to be considered in determining the initial public offering price of the Common Stock, in addition to the prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

**Electronic Offer, Sale, and Distribution of Common Stock**

A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members, if any, participating in this offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of shares of Common Stock to selling group members for sale to their online brokerage account holders. The shares of Common Stock to be sold pursuant to internet distributions will be allocated 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, and should not be relied upon by investors.

**Price Stabilization, Short Positions, and Penalty Bids**

In connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our shares of Common Stock. 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 shares of Common Stock to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares of Common Stock compared to the price available under the option to purchase additional shares of Common Stock. 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 shares of Common Stock in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our shares of Common Stock in this offering because such underwriter repurchases those shares of Common Stock in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our shares of Common Stock in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our shares of Common Stock at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq, in the over-the-counter market, or otherwise.

**Passive Market Making**

In connection with this offering, the underwriters may engage in passive market making transactions in our shares of Common Stock on the 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 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 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 the shares of Common Stock, or the possession, circulation or distribution of this prospectus or any other material relating to us or the shares of Common Stock, where action for that purpose is required. Accordingly, the shares of 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 the shares of 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.

***Australia***. This prospectus is not a product disclosure statement, prospectus, or other type of disclosure document for the purposes of Corporations Act 2001 (Commonwealth of Australia) (the "Act") and does not purport to include the information required of a product disclosure statement, prospectus, or other disclosure document under Chapter 6D.2 of the Act. No product disclosure statement, prospectus, disclosure document, offering material, or advertisement in relation to the offer of the shares of Common Stock has been or will be lodged with the Australian Securities and Investments Commission or the Australian Securities Exchange.

Accordingly, (1) the offer of the shares of Common Stock under this prospectus may only be made to persons: (i) to whom it is lawful to offer the shares of Common Stock without disclosure to investors under Chapter 6D.2 of the Act under one or more exemptions set out in Section 708 of the Act, and (ii) who are "wholesale clients" as that term is defined in section 761G of the Act, (2) this prospectus may only be made available in Australia to persons as set forth in clause (1) above, and (3) by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and the offeree agrees not to sell or offer for sale any of the shares of Common Stock sold to the offeree within 12 months after their issue except as otherwise permitted under the Act.

***Canada.*** The shares of Common Stock may not be offered, sold, or distributed, directly or indirectly, in any province or territory of Canada other than the provinces of Ontario and Quebec or to or for the benefit of any resident of any province or territory of Canada other than the provinces of Ontario and Quebec, and only on a basis that is pursuant to an exemption from the requirement to file a prospectus in such province, and only through a dealer duly registered under the applicable securities laws of such province or in accordance with an exemption from the applicable registered dealer requirements.

***Cayman Islands.*** This prospectus does not constitute a public offer of the shares of Common Stock, whether by way of sale or subscription, in the Cayman Islands. The Underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any shares of Common Stock to any member of the public in the Cayman Islands.

***European Economic Area.*** In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the shares of Common Stock to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the shares of Common Stock that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the shares of Common Stock to the public in that Relevant Member State at any time,

● to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

● to any legal entity that has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

● to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive; or

● in any other circumstances that do not require the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of shares of Common Stock shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of shares of Common Stock to the public" in relation to any shares of Common Stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of Common Stock to be offered so as to enable an investor to decide to purchase or subscribe the shares of Common Stock, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

***Hong Kong***. The shares of Common Stock may not be offered or sold in Hong Kong by means of this prospectus or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies (Cap.32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the shares of Common Stock may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to shares of Common Stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

***Israel***. This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus may be distributed only to, and is directed only at, investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds; provident funds; insurance companies; banks; portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange Ltd., underwriters, each purchasing for their own account; venture capital funds; entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors. Qualified investors shall be required to submit written confirmation that they fall within the scope of the Addendum.

***Japan***. The shares of Common Stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan, and shares of Common Stock will not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to any exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.

***Malaysia***. The shares have not been and may not be approved by the Securities Commission Malaysia, or SC, and this document has not been and will not be registered as a prospectus with the SC under the Malaysian capital markets and services act of 2007, or CMSA. Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this document except to persons falling within any of paragraphs 2(g)(i) to (xi) of schedule 5 of the CMSA and distributed only by a holder of a capital markets services license who carries on the business of dealing in securities and subject to the issuer having lodged this prospectus with the SC within seven days from the date of the distribution of this prospectus in Malaysia. The distribution in Malaysia of this document is subject to Malaysian laws. Save as aforementioned, no action has been taken in Malaysia under its securities laws in respect of this document. This document does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the approval of the SC or the registration of a prospectus with the SC under the CMSA.

***People's Republic of China***. This prospectus may not be circulated or distributed in the PRC, and the shares of Common Stock may not be offered or sold, and will not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

***Singapore***. This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our shares of Common Stock may not be circulated or distributed, nor may our shares of Common Stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or SFA, (ii) to a relevant person or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where our shares of Common Stock are subscribed or purchased under Section 275 by a relevant person which is: (a) a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor; shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares of Common Stock under Section 275 of the SFA, except: (1) to an institutional investor (for corporations under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

***Taiwan*.** The shares of Common Stock have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing, or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the shares of Common Stock in Taiwan.

***United Kingdom*.** An offer of the shares of Common Stock may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

All applicable provisions of the FSMA with respect to anything done by the underwriters in relation to the shares of Common Stock must be complied with in, from or otherwise involving the United Kingdom.

**LEGAL MATTERS**

The validity of the securities covered by the registration statement of which this prospectus is a part has been passed upon for us by Anthony, Linder & Cacomanolis, PLLC, West Palm Beach, Florida. Certain legal matters relating to this offering will be passed upon for the representative by Pryor Cashman LLP, New York, New York.

As of the date of this prospectus, Anthony, Linder & Cacamonolis, PLLC owns 1,000,000 shares of Common Stock. Anthony, Linder & Cacomanolis, PLLC received these shares of Common Stock as consideration for rendering legal services to Taiji Ito, who received these shares of Common Stock from the Company as founders shares at a price of $0.000001 per share, for an aggregate of $1.00.

**EXPERTS**

The consolidated financial statements of Advasa Holdings, Inc. for the fiscal years ended March 31, 2025 and 2024, included in this prospectus have been so included in reliance on the report of Bush & Associates CPA LLC ("Bush & Associates"), an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Bush & Associates is located at 9555 S Eastern Ave., Suite 280, Las Vegas, Nevada 89123.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of Common Stock offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith. For further information about us and the shares of Common Stock offered hereby, we refer you to the registration statement and the exhibits and schedules filed thereto. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. Upon completion of this offering, we will be required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. You may obtain information on the operation of the public reference rooms by calling the SEC at 1-800-SEC-0330. The SEC also maintains an Internet website that contains reports, proxy statements and other information about registrants, like us, that file electronically with the SEC. The address of that site is *www.sec.gov*.

**ADVASA HOLDINGS, INC.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| [Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and March 31, 2024](#a_026) | F-2 |
| [Consolidated Statements of Operations for the Six Months Ended September 30, 2025 and 2024 (Unaudited)](#a_027) | F-3 |
| [Consolidated Statements of Comprehensive Income (Loss) for the Six Months Ended September 30, 2025 and 2024 (Unaudited)](#a_028) | F-4 |
| [Consolidated Statements of Stockholders' Equity for the Six Months Ended September 30, 2025 and 2024 (Unaudited)](#a_029) | F-5 |
| [Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2025 and 2024 (Unaudited)](#a_030) | F-6 |
| [Notes to Consolidated Financial Statements for the Six Months Ended September 30, 2025 and 2024 (Unaudited)](#a_031) | F-7 |

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_032) (PCAOB firm ID 6797) | F-18 |
| [Consolidated Balance Sheets as of March 31, 2025 and 2024](#a_033) | F-19 |
| [Consolidated Statements of Operations for the Fiscal Years Ended March 31, 2025 and 2024](#a_034) | F-20 |
| [Consolidated Statements of Comprehensive Income (Loss) For the Fiscal Years Ended March 31, 2025 and 2024](#a_035) | F-21 |
| [Consolidated Statements of Stockholders' Equity for the Fiscal Years Ended March 31, 2025 and 2024](#a_036) | F-22 |
| [Consolidated Statements of Cash Flows for the Fiscal Years Ended March 31, 2025 and 2024](#a_037) | F-23 |
| [Notes to Consolidated Financial Statements for the Fiscal Years Ended March 31, 2025 and 2024](#a_038) | F-24 |

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**Advasa Holdings, Inc.**

**Consolidated Balance Sheets**

**As of September 30, 2025 (unaudited) and March 31, 2025 (audited)**

**(in thousands, except share and per share data)**

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| | | |
|:---|:---|:---|
|  | **September 30,** | **March 31,** |
|  | **2025** | **2025** |
|  | **(unaudited)** | **(audited)** |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $7003 | $5178 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 6758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 23978 | 23290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 37739 | 28468 |
| Non-current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 20 | 30 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 9 | 9 |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other assets | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $37775 | $28514 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $12877 | $10106 |
| &nbsp;&nbsp;&nbsp;Payable due to related party | 716 | 707 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 2121 | 292 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 20 | 20 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 188 | 186 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 1171 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 17093 | 12737 |
| Non-current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10 |
| &nbsp;&nbsp;&nbsp;Non-current portion of long-term debt | 596 | 681 |
| &nbsp;&nbsp;&nbsp;Convertible bonds | 13515 | 13340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 31204 | 26768 |
| Equity: |  |  |
| Preferred stock, $0.000001 per value – 500,000,000 shares authorized as of September 30, 2025 and March 31, 2025; No shares issued or outstanding as of September 30, 2025 and March 31, 2025. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Common stock, $0.000001 par value – 5,000,000,000 shares authorized as of September 30, 2025 and March 31, 2025; 485,469,380 shares issued and outstanding as of September 30, 2025 and, 410,469,430 shares issued and outstanding as of March 31, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 15771 | 15771 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (8581) | (13282) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1035) | (994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 6155 | 1495 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 416 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 6571 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities & Equity | $37775 | $28514 |

---

The accompanying notes are an integral part of the consolidated financial statements.

\*The number of shares issued and outstanding presented above is adjusted retrospectively to reflect the 1 for 10 sub-division effected on December 4, 2025.

**Advasa Holdings, Inc.**

**Consolidated Statements of Operations**

**For the Six Months Ended September 30, 2025 and 2024**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| Revenue | $11731 | $82 |
| Cost of revenue | 4051 | 87 |
| Gross profit | 7680 | (5) |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 593 | 252 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 594 | 253 |
| Profit (loss) from operations | 7086 | (258) |
| Other income, net | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest expenses | (76) | (78) |
| Profit (Loss) before income taxes | 7016 | (336) |
| Income tax expense | 2149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net income (loss) | 4867 | (336) |
| Less: Net (income) loss attributable to noncontrolling interests | (166) | 11 |
| Net income (loss) attributable to stockholders | $4701 | $(325) |
| Net income (loss) per share attributable to common stockholders, basic and diluted | $0.010 | $(0.001) |
| Weighted-average number of common stocks outstanding used to compute net income (loss) per share, basic and diluted\* | 455387003 | 410469430 |

---

The accompanying notes are an integral part of the consolidated financial statements.

\* Giving retroactive effect to the 1 for 10 sub-division effected on December 4, 2025.

**Advasa Holdings, Inc.**

**Consolidated Statements of Comprehensive Income (Loss)**

**For the Six Months Ended September 30, 2025 and 2024**

**(unaudited)**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| Net income (loss) | $4867 | $(336) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation adjustments | (42) | 26 |
| Total other comprehensive (loss) income | (42) | 26 |
| Comprehensive income (loss) | 4825 | (310) |
| Less: Comprehensive (income) loss attributable to noncontrolling interest | (164) | 11 |
| Comprehensive income (loss) attributable to stockholders | $4661 | $(299) |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Advasa Holdings, Inc.**

**Consolidated Statements of Stockholders' Equity**

**For the Six Months Ended September 30, 2025 and 2024**

**(unaudited)**

**(in thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Class** | **Stock Class** | | | | | | |
|  | **Common Stocks** | **Common Stocks** | | | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income (loss)** | **Total**<br>**Stockholders'**<br>**Equity** |<br>**Noncontrolling**<br>**interest** |<br>**Total**<br>**Equity** |
| **Balance, March 31, 2024** | 410469430 | $— | $15771 | $(14420) | $(1019) | $332 | $211 | $543 |
| Other comprehensive loss, net of tax |  |  |  |  | 25 | 25 | 1 | 26 |
| Net loss |  |  |  | (325) |  | (325) | (11) | (336) |
| **Balance, September 30, 2024** | 410469430 |  | 15771 | (14745) | (994) | 32 | 201 | 233 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Stock Class** | **Stock Class** | | | | | | |
|  | **Common Stocks** | **Common Stocks** | | | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income (loss)** | **Total**<br>**Stockholders'**<br>**Equity** |<br>**Noncontrolling**<br>**interest** |<br>**Total**<br>**Equity** |
| **Balance, March 31, 2025** | 410469430 | $— | $15771 | $(13282) | $(994) | $1495 | $251 | $1746 |
| Issuance of shares | 75000000 |  |  |  |  |  |  |  |
| Share redemption | (50) |  |  |  |  |  |  |  |
| Other comprehensive loss, net of tax |  |  |  |  | (41) | (41) | (1) | (42) |
| Net income |  |  |  | 4701 |  | 4701 | 166 | 4867 |
| **Balance, September 30, 2025** | 485469380 | $— | $15771 | $(8581) | $(1035) | $6155 | $416 | $6571 |

---

The accompanying notes are an integral part of the consolidated financial statements.

The number of shares issued and outstanding presented above is adjusted retrospectively to reflect the 1 for 10 sub-division effected on December 4, 2025.

**Advasa Holdings, Inc.**

**Consolidated Statements of Cash Flows**

**For the Six Months Ended September 30, 2025 and 2024**

**(unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $4867 | $(336) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Noncash lease expenses | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1 | 1 |
| Gain on cancellation of stock acquisition rights | (2) |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (387) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 2674 | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 1849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (10) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (279) | 236 |
| Net cash provided by (used in) operating activities | 1879 | (455) |
| **Cash flows from financing activities** |  |  |
| Repayments of debt | (95) | (95) |
| Payment for deferred offering costs | (2) | 0 |
| Net cash used in financing activities | (97) | (95) |
| Effect of exchange rate change on cash and cash equivalents | 43 | 17 |
| Net change in cash and cash equivalents | 1825 | (533) |
| Cash and cash equivalents at beginning of period | 5178 | 551 |
| Cash and cash equivalents at end of period | $7003 | $18 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $76 | $78 |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | $300 | $— |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Advasa Holdings, Inc.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(in thousands, except share and per share data)**

**1. Organization, Nature of Business**

Advasa Holdings, Inc. (the "Company") was incorporated on February 4, 2025 in Delaware to act as the holding company of Advasa, Co., Ltd. ("Advasa Japan"), which was incorporated in Tokyo, Japan on April 12, 2017 and specialized in Earned Wage Access ("EWA") and employee benefits payment services. Advasa Japan operates the proprietary service "FUKUPE", a welfare payment platform that allows employees to instantly access their earned wages before the standard payday.

At incorporation, the Company issued five shares of common stock with par value of $0.00001. On August 29, 2025, as part of its reorganization, the Company entered into a share exchange agreement with Advasa Japan and Advasa Japan's shareholders to acquire 96.6% ownership interest in Advasa Japan. The Company acquired 5,000 shares of Advasa Japan's ordinary shares from its shareholders in exchange for the Company's 41,046,938 shares of common stock.

3.4% of Advasa Japan's preferred shareholder did not participate in the share exchange and retained their equity interest of Advasa Japan. These interests are reflected as a noncontrolling interest at historical book value.

The reorganization involves entities under common control. Under the guidance in ASC 805-50, for transactions between entities under common control, the assets, liabilities, and results of operations are recognized at their carrying amounts on the date of the restructuring, which required retrospective combination of the Company and Advasa Japan. The Company's consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods presented rather than from the incorporation. This includes a retrospective presentation for all equity related disclosures, which were under common control throughout the relevant periods as a single economic enterprise although legal parent-subsidiary relationship were not established.

**2. Summary of Significant Accounting Policies**

 ****

***Basis of Presentation***

The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The unaudited interim consolidated financial statements are condensed and should be read in conjunction with the Company's latest annual financial statements. The interim disclosures generally do not repeat those in the annual statements.

The unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company's financial position, results of operations, shareholders' equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be expected for the full year ending March 31, 2026 or any other future interim periods.

As an emerging growth company, the Jumpstart Our Business Startups Act allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to delay adoption of certain new or revised accounting standards. As a result, the Company's unaudited financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

On November 20, 2025, the Company's Board of Directors approved a sub-division of the Company's issued and outstanding common stock at a ratio of 1:10, which became effective on December 4, 2025. The Company believes it is appropriate to reflect the above transactions on a retroactive basis in accordance with ASC 260. All references made to share or per share amounts herein have been retroactively adjusted to reflect the 1:10 sub-division.

***Basis of Consolidation***

The Company consolidates an entity in which it has a controlling financial interest: Advasa, Co., Ltd. Intercompany balances and transactions have been eliminated in consolidation.

For purposes of clarity and ease of presentation, all dollar amounts in these consolidated financial statements have been rounded to the nearest whole number. However, the underlying data used in the calculations is not rounded, and the totals presented may differ by a small amount due to rounding. These differences are considered immaterial and do not affect the overall financial position or results of operations.

 ****

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenue and expense during the reporting period. These estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future and include, but are not limited to, useful lives of intangible assets, impairment of long-lived assets, the carrying value of operating lease right-of-use assets, allowance for credit loss on accounts receivable, and valuation allowance against net deferred tax assets. Actual results could differ from those estimates.

 ****

***Revenue Recognition***

The Company applies ASC Topic 606, *Revenue from Contracts with Customers* ("ASC 606") for all periods presented in the consolidated financial statements. To determine the appropriate amount of revenue to be recognized in accordance with ASC 606, the Company follows a five-step model as follows:

1 – Identification of the contract with a customer

2 – Identification of the performance obligation in the contract

3 – Determination of the transaction price

4 – Allocation of the transaction price to the performance obligation in the contract

5 – Recognition of revenue when, or as, a performance obligation is satisfied

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price is generally fixed. None of the Company's contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to government entities.

**Earned Wage Access ("EWA") services**

The Company provides EWA services to its corporate customers where EWA enables employees of participating employers to access earned but unpaid wages prior to their scheduled pay date. The Company delivers its EWA solution hosted on the Company's system. Customers do not obtain possession of the Company's software or the right to run the software on their own infrastructure. Instead, customers access the platform solely through a user interface or through API connections that facilitate data transfer and automate payroll-related workflows. The API connectivity supports the delivery of the hosted service but does not grant the customer a license to the Company's intellectual property.

Revenue from EWA services is derived primarily from fixed, per-transaction fee (i.e., usage-based withdrawal fees) paid by employees who choose to access their wages early. These fees are collected at the time of disbursement and are recognized as revenue when service is provided, which coincides with the point in time when the employee receives the wage advance. (i.e., when payment to the employee is completed).

**Software license revenue**

The Company generates software license revenue from contracts that provide customers with time-based rights to access the Company's software platform and related intellectual property over contractual terms. These arrangements typically include access to the software and when-and-if available updates and enhancements. Because the software license is not distinct from these ongoing updates and support, the Company account for them together as a single performance obligation.

The nature of this performance obligation is to provide continuous access to the Company's software and related intellectual property over the contract term. Accordingly, the Company recognizes software license revenue over time in accordance with ASC 606, as the customer simultaneously receives and consumes the benefits of the Company's performance as the Company provides access to the software and related updates. The Company uses a time-elapsed (straight-line) measure of progress over the contract term because the Company's performance obligation is to stand ready to provide access evenly throughout the term and the customer benefits from access to the software and related updates on a substantially ratable basis.

**Software maintenance services**

The Company provides software maintenance services under contracts that require the Company to perform maintenance inspections to ensure the continued proper operation of the customer's software system throughout the contract term. These services include periodic inspections, technical support, corrective actions, and access to software updates and enhancements made available during the service period.

The maintenance services represent a single stand-ready obligation to provide continuous support and ensure the software remains in operating condition. Because customers receive and consume the benefits of these services evenly throughout the contract period, revenue from software maintenance services is recognized on a straight-line basis over time.

Sometimes software maintenance revenue includes a one-time maintenance order related to a software update. Although the arrangement involved a specific update, it required the Company to provide related maintenance activities over a defined period. As a result, the revenue associated with such order is recognized over the applicable service period in a manner consistent with our stand-ready performance obligation under ASC 606.

From time to time, the Company engages subcontractors for performing services. The Company assesses and records revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified vendors, (ii) has the discretion to select the vendors and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by its customers.

 ****

***Segment Information***

The Company currently operates business as one operating segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer ("CEO"), who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company's CODM evaluates financial information as a whole for the purpose of assessing financial performance and making operating decisions.

 ****

***Concentration of Customers and Vendors***

The balance sheet items that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. The Company monitors and manages the overall exposure of its cash balances to individual financial institutions on an ongoing basis. The Company continuously evaluates the credit worthiness of its customers' financial condition and generally does not require collateral. The Company incurred no losses from such accounts and management considers the risk of loss to be minimal.

For the six months ended September 30, 2025 and 2024, there was one customer who accounted for more than 10% of the Company's total revenue in both periods. As of September 30, 2025 and March 31, 2025, there was one customer who accounted for more than 10% of the Company's total accounts receivable in both periods.

For the six months ended September 30, 2025 and 2024, there were four suppliers and five suppliers, respectively, who accounted for more than 10% of the Company's total purchase in the respective periods. As of September 30 and March 31, 2025, there was one supplier and there were three suppliers, respectively, who accounted for more than 10% of the Company's total accounts payable in the respective period.

 ****

***Cash and Cash Equivalents***

The Company considers all highly liquid short-term investments purchased with an initial maturity date of three months or less to be cash equivalents.

 ****

***Accounts Receivable, Net***

Accounts receivable primarily consist of the amounts billed and currently due from customers, net of an allowance for credit losses, if recorded. When the Company has an unconditional right to payment, subject only to the passage of time, the right is treated as receivable. The Company's accounts receivable balances are unsecured, bearing no interest. Fees billed in advance of the related contractual term represent contract liabilities and are presented as deferred revenue.

At each balance sheet date, the Company recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist.

The allowance estimate is derived from a review of the Company's historical losses on the aging of receivables. This estimate is adjusted for management's assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by the Company. The Company believes historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as the Company's customers' composition have remained constant. The Company did not record the allowance for credit loss for the six months ended September 30, 2025 and the fiscal years ended March 31, 2025.

The Company writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery. The Company did not have any write-offs of receivable during the six months ended September 30, 2025 and the fiscal years ended March 31, 2025.

 ****

***Deferred Offering Costs***

The Company capitalizes certain legal, accounting and other third-party fees that are directly related to an equity financing that is likely to be successfully completed, until such financing is consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds received as a result of the financing. Should a planned equity financing be abandoned, terminated, or significantly delayed, the deferred offering costs are immediately written off to operating expenses in the Consolidated Statements of Operations in the period of determination.

 ****

***Intangible Assets, Net***

Intangible assets consist of trademark and internally developed software and are stated at cost, less accumulated amortization. Amortization costs are recorded using the straight-line method over the estimated useful life of ten years for trademark and five years for software.

***Impairment or Disposal of Long-Lived Assets***

Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if the carrying amount is not recoverable when compared to the Company's undiscounted cash flows, and the impairment loss is measured based on the difference between the carrying amount and fair value. Long-lived assets held for sales are reported at the lower of cost or fair value less costs to sell.

 ****

***Leases***

Leases are comprised of operating leases for office space. In accordance with FASB ASC Topic 842, *Leases*, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets (ROU), current portion of operating lease liabilities, and non-current operating lease liabilities in the Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

For leases with terms greater than 12 months, the Company records a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, or the Company's collateralized incremental borrowing rate. The implicit rate within the Company's leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. The Company estimates its incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. For those contracts that include fixed rental payments for both the use of the asset ("lease costs") as well as for other occupancy or service costs relating to the asset ("non-lease costs"), the Company generally includes both the lease costs and non-lease costs in the measurement of the lease asset and liability.

The Company accounts for each lease and any non-lease components associated with that lease as a single lease component for all asset classes. Lease expenses for the Company's operating leases are recognized on a straight-line basis over the lease term except for variable lease costs, which are expensed as incurred.

 ****

***Fair Value Measurements***

The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis in accordance with ASC Topic 820 *Fair Value Measurement* ("ASC 820"). ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

ASC 820 also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The U.S. GAAP established a hierarchy framework to classify the fair value based on the observability of significant inputs to the measurement.

The levels of the fair value hierarchy are as follows:

Level 1: Quoted price in an active market for identical assets or liabilities.

Level 2: Quoted prices for similar assets and liabilities in active markets or inputs that are observable.

Level 3: Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The carrying amounts of the Company's financial instruments, such as cash, accounts receivable, accounts payable and payable due to related party approximate fair values due to the short-term nature of these instruments.

***Debt Issuance Costs***

Direct costs incurred in connection with financing such as legal fees are classified as debt issuance costs. The Company capitalized these costs and reported the amounts as a direct deduction from the carrying amount of the financial statement line item for which those costs relate. The capitalized debt issuance costs are amortized over the life of the underlying debt obligation utilizing the straight-line methods.

***Advertising and Marketing Costs***

Advertising and marketing costs are expensed as incurred and are included in selling, general and administrative expenses in the Consolidated Statement of Operations. For the six months ended September 30, 2025 and 2024, these costs were nil and nil, respectively.

 ****

***Net Income (Loss) per Share***

Basic net income (loss) per common stock is calculated by dividing the net income (loss) by the weighted-average number of common stocks outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per common stock is computed by dividing the net income (loss) by the weighted-average number of common stocks and potentially dilutive securities outstanding for the period determined using the treasury stock method.

 ****

***Recently Issued Accounting Pronouncements***

The following Accounting Standards Updates ("ASUs") were issued by the Financial Accounting Standards Board ("FASB") which relate to or could relate to the Company as concerns the Company's normal ongoing operations or the industry in which the Company operates.

In July 30, 2025, the FASB issued ASU No. 2025-05 Financial Instruments - Credit Losses (Topic 326): *Measurement of Credit Losses for Accounts Receivable and Contract Assets*. This ASU provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The requirements are effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and entities should apply the amendments prospectively. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): *Disaggregation of Income Statement Expenses*. This ASU requires public business entities to disclose, for interim and annual reporting periods, additional information about certain income statement expense categories. The requirements are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Entities are permitted to apply either the prospective or retrospective transition methods. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*. The standard requires entities to disclose specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. It also requires entities to disclose certain information about income taxes paid and other disclosures related to income and income tax expense from continuing operations. The standard is effective for fiscal years beginning after December 15, 2024 for public business entities and for fiscal years beginning after December 15, 2025 for all other entities. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic *280*): *Improvements to Reportable Segment Disclosures* to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this guidance did not have any impact on the Company's segment reporting.

**3. Prepaid expenses and other current assets**

As of September 30, 2025 and March 31, 2025, repaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **March 31,** |
|  | **2025** | **2025** |
| Advance payments | $23316 | $23015 |
| Deferred offering costs | 549 | 210 |
| Deposits | 1 | 1 |
| Prepaid expenses | 44 | 64 |
| Other | 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $23978 | $23290 |

---

**4. Intangible assets, Net**

As of September 30, 2025 and March 31, 2025, intangible assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **March 31,** |
|  | **2025** | **2025** |
| Trademark | $19 | $19 |
| Software | 137 | 136 |
| Total intangible assets | 156 | 155 |
| Less: Accumulated amortization | (147) | (146) |
| &nbsp;&nbsp;&nbsp;Total intangible assets, net | $9 | $9 |

---

The Company recognized amortization expenses on intangible assets of $1 and $1 for the six months ended September 30, 2025 and 2024, respectively.

**5*.* Leases**

The Company has an operating lease for its office space. As of September 30, 2025 and March 31, 2025, the following amounts were recorded in the Consolidated Balance Sheets relating to the Company's operating lease.

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **March 31,** |
|  | **2025** | **2025** |
| **Right-of-Use Assets** |  |  |
| Operating lease assets | $20 | $30 |
| **Lease Liabilities** |  |  |
| Operating lease liabilities - Current | $20 | $20 |
| Operating lease liabilities - Non-current | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $10 |

---

The following table summarizes the contractual maturities of operating lease liabilities as of September 30, 2025:

---

| | |
|:---|:---|
| **Fiscal year ending March 31,** | |
| 2026 (remaining) | $10 |
| 2027 | 10 |
| Total lease payments | 20 |
| Less amounts representing interest | - |
| Present value of lease payments | 20 |
| Less: current portion | (20) |
| Non-current lease liabilities | $— |

---

The following table illustrates information for the Company's operating lease as of and for the six months ended September 30, 2025 and the fiscal years ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **March 31,** |
|  | **2025** | **2025** |
| Total operating lease cost | $10 | $20 |
| Cash paid for amounts included in the measurement of the operating lease liability | $10 | $20 |
| Weighted average remaining lease term (years) | 1 | 1.5 |
| Weighted average discount rate | 1.72% | 1.72% |

---

The Company did not have significant sublease income or variable lease cost for the six months ended September 30, 2025 and the fiscal years ended March 31, 2025.

**6. Commitments and Contingencies**

 ****

***Guarantees and Commitments***

There were no commitments under certain purchase or guarantee arrangements as of September 30, 2025 and March 31, 2025.

 ****

***Legal Matters***

From time to time, in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. There were no such material matters as of and for the six months ended September 30, 2025 and the fiscal years ended March 31, 2025.

 ****

***Indemnification***

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with third parties. To date, the Company has not paid any material claims or been required to defend any material actions related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

**7. Borrowings**

The following tables summarize the Company's borrowings as of September 30, 2025 and March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Interest <br> rate** |  | **Maturity** | **Outstanding Balance** |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | $155 |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | 155 |
| Lender 2 | 1.26% | Fixed rate | February 29, 2029 | 164 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 77 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 233 |
| &nbsp;&nbsp;&nbsp;Total outstanding principal balance |  |  |  | 784 |
| Less: Current portion |  |  |  | (188) |
| &nbsp;&nbsp;&nbsp;Long-term portion |  |  |  | $596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Interest rate** |  | **Maturity** | **Outstanding Balance** |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | $168 |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | 168 |
| Lender 2 | 1.26% | Fixed rate | February 29, 2029 | 195 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 84 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 252 |
| &nbsp;&nbsp;&nbsp;Total outstanding principal balance |  |  |  | 867 |
| Less: Current portion |  |  |  | (186) |
| &nbsp;&nbsp;&nbsp;Long-term portion |  |  |  | $681 |

---

The following table summarizes the contractual obligations relating to the Company's borrowings as of September 30, 2025.

---

| | |
|:---|:---|
| **Fiscal year ending March 31,** | |
| 2026 (remaining) | $98 |
| 2027 | 194 |
| 2028 | 187 |
| 2029 | 123 |
| 2030 | 122 |
| Thereafter | 79 |
| Total | $803 |

---

**8. Convertible Bonds**

On March 14, 2022, Advasa Japan, the Company's subsidiary, issued JPY1,000,000, approximately $8,475, aggregate principal amount of convertible bonds denominated in Japanese yen at par with a third-party investor for working capital purpose. The convertible bonds are unsecured, bear interest of 1.0% per annum and mature on March 31, 2027. The bonds are convertible for Series B preferred shares of Advasa Japan between April 1, 2022 to March 31, 2027 at a conversion price of JPY9,804, approximately $83, per common share. If fully converted, convertible bonds would result in the issuance of approximately 102 new shares of Advasa Japan.

On November 16, 2022, Advasa Japan issued JPY1,000,000, approximately $7,164, aggregate principal amount of convertible bonds denominated in Japanese yen at par with a third-party investor for working capital purpose. The convertible bonds are unsecured, bear interest of 1.0% per annum and mature on March 31, 2027. The bonds are convertible for Series B preferred shares of Advasa Japan between December 1, 2022 to November 30, 2027 at a conversion price of JPY38,828, approximately $278, per common share. If fully converted, convertible bonds would result in the issuance of approximately 25 new shares of Advasa Japan.

The conversion feature represents an equity instrument in Advasa Japan, and any potential dilution affects only the subsidiary's capital structure, not that of the Company.

**9*.* Net Income (Loss) per Share**

The following table sets forth the computation of basic and diluted net income (loss) per share:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| Basic and Diluted Net Incone/(Loss) Per Common Share: |  |  |
| Net income/(loss) attributable | $4701 | $(325) |
| Weighted average common shares outstanding – basic and diluted | 455387003 | 410469430 |
| Net income (loss) per common share – basic and diluted | $0.010 | $(0.001) |

---

On March 14, 2022 and November 14, 2022, Advasa Japan, the Company's subsidiary, issued convertible bonds. Because the bonds are convertible into the subsidiary's equity, and not into the parent's common stock, and the subsidiary's preferred shares do not participate in the earnings of the parent, these instruments are not considered potentially dilutive in the computation of diluted earning per share at the consolidated level under ASC 260. Accordingly, no adjustments to net income attributable to common stockholders or weighted-average shares outstanding were made for earnings per share purposes.

**11. Stockholders' Equity**

**Preferred Stock**

As of September 30, 2025, the Company has authorized 500,000,000 shares of preferred stock with rights and preferences, including voting rights, to be designated from time to time by the board of directors. There were no shares of preferred stock issued or outstanding as of September 30, 2025.

**Common Stock**

As of September 30, 2025, the Company has authorized 5,000,000,000 shares of common stock. Each holder of common stock shall be entitled to one vote for each share held as of the record date and shall be entitled to receive dividends, when, as and if declared by the stockholders' meeting or the Board of Directors. The total common stock issued and outstanding as of September 30, 2025 was 485,469,380 shares.

**12. Revenue**

<u>Disaggregation of Revenue</u>

The tables below reflect revenue by major source and timing of transfer of goods and services for the six months ended September 30, 2025 and 2024. The Company had no revenue derived from geographical regions outside of Japan during the six months ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| Earned Wage Access services | $6 | $7 |
| Software license revenue | 1145 |  |
| Software maintenance | 10580 | 75 |
| Total | $11731 | $82 |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| <u><u>Timing of transfer of goods and services</u></u> |  |  |
| Point in time | $6 | $7 |
| Over time | 11725 | 75 |
| **Total** | $11731 | $82 |

---

**13. Cost of Revenue**

<u>Disaggregation of Cost of revenue</u>

The table below reflects cost of revenue by major source for the six months ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended September 30,** | **Six Months Ended September 30,** |
|  | **2025** | **2024** |
| Earned Wage Access services | $5 | $2 |
| Software license revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| Software maintenance | 4046 | 81 |
| Total | $4051 | $87 |

---

**14. Related Party**

The related parties that had material balances and transactions as of September 30, 2025 and March 31, 2025 and for the six months ended September 30, 2025 and 2024 consist of the following:

<u>Name of Related Party</u> <u>Nature of Relationship at September 30, 2025</u> <br> LBH Inc. A company controlled by Asamitsu Kosugi, the principal shareholder of the Company

The Company had the following related party transactions as of and for the six months ended September 30, 2025 and the fiscal years ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Nature of transaction** | **September 30,**<br>**2025** | **March 31,**<br>**2025** |
| **Advance payments:** |  |  |  |
| LBH Inc | For working capital | $14023 | $13843 |

---

**15. Subsequent Events**

The Company has evaluated subsequent events after the balance sheet date through December 8, 2025, the date the financial statements were available for issuance. Management has determined that no significant events or transactions have occurred subsequent to the balance sheet date other than the event disclosed below that require both recognition and disclosure in the financial statements.

On November 20, 2025, the Company's Board of Directors approved a sub-division of the Company's issued and outstanding common stock at a ratio of 1:10, which became effective on December 4, 2025. The Company believes it is appropriate to reflect the above transactions on a retroactive basis in accordance with ASC 260. All references made to share or per share amounts herein have been retroactively adjusted to reflect the 1:10 sub-division.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and the Board of Directors of

Advasa Holdings, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheet of Advasa Holdings, Inc. (the "Company") as of March 31, 2025, and 2024, and the related consolidated statements of operations and comprehensive loss, stockholders' equity and cash flows for the years then ended, 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 March 31, 2025, and 2024, and the results of its operations and its cash flows for the years then ended 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 these financial statements based on our audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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 audit 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 audit provides a reasonable basis for our opinion.

**Critical Audit Matters**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.

*/s/ Bush & Associates CPA LLC*

We have served as the Company's auditor since 2025

Henderson, Nevada

September 4, 2025

PCAOB ID Number 6797

**Advasa Holdings, Inc.**

**Consolidated Balance Sheets**

**As of March 31, 2025 and 2024**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $5178 | $551 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 23290 | 22912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 28468 | 23463 |
| Non-current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 30 | 10 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 9 | 11 |
| &nbsp;&nbsp;&nbsp;Other assets | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $28514 | $23491 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $10106 | $7738 |
| &nbsp;&nbsp;&nbsp;Payable due to related party | 707 | 701 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 20 | 10 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 186 | 184 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 1426 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 12737 | 8868 |
| Non-current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 10 |  |
| &nbsp;&nbsp;&nbsp;Non-current portion of long-term debt | 681 | 859 |
| &nbsp;&nbsp;&nbsp;Convertible bonds | 13340 | 13223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 26768 | 22950 |
| Commitments and Contingencies (Footnote 6) |  |  |
| Equity: |  |  |
| Preferred stock, $0.00001 per value – 500,000,000 shares authorized as of March 31, 2025 and 2024; No shares issued or outstanding as of March 31, 2025 and 2024\* |  |  |
| Common stock, $0.00001 par value – 5,000,000,000 shares authorized as of March 31, 2025 and 2024; 410,469,430 shares issued and outstanding as of March 31, 2025 and 2024\* |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 15771 | 15771 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (13282) | (14421) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (994) | (1019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | 1495 | 331 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 251 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 1746 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $28514 | $23491 |

---

The accompanying notes are an integral part of the consolidated financial statements.

\* The number of shares authorized and issued and outstanding presented above is adjusted retrospectively to reflect the 1 for 10 stock split effected on December 4, 2025.

**Advasa Holdings, Inc.**

**Consolidated Statements of Operations**

**For the Fiscal Years Ended March 31, 2025 and 2024**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Revenue | $10044 | $10524 |
| Cost of revenue | 7756 | 9173 |
| Gross profit | 2288 | 1351 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, General and Administrative Expenses | 763 | 1234 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 765 | 1236 |
| Profit from operations | 1523 | 115 |
| Other income (expenses), net | 1 | 1 |
| Interest expenses | (148) | (149) |
| Profit (Loss) before income taxes | 1376 | (33) |
| Income tax expense | 197 |  |
| Net Income (Loss) | 1179 | (33) |
| Less: Net (income) loss attributable to noncontrolling interests | (40) | 1 |
| Net income (loss) attributable to stockholders | $1139 | $(32) |
| Net income (loss) per share attributable to common stockholders, basic and diluted | $0.0028 | $(0.0001) |
| Weighted-average number of common stocks outstanding used to compute net income (loss) per share, basic and diluted\* | 410469430 | 410469430 |

---

The accompanying notes are an integral part of the consolidated financial statements.

\* Giving retroactive effect to the 10-for-1 forward stock split effected on December 4, 2025.

**Advasa Holdings, Inc.**

**Consolidated Statements of Comprehensive Income (Loss)**

**For the Fiscal Years Ended March 31, 2025 and 2024**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Net income (loss) | $1179 | $(33) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation adjustments | 26 | (79) |
| Total other comprehensive income (loss) | 26 | (79) |
| Comprehensive income (loss) | 1205 | (112) |
| Less: Comprehensive (income) loss attributable to noncontrolling interest | (41) | 4 |
| Comprehensive income (loss) attributable to stockholders | $1164 | $(108) |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Advasa Holdings, Inc.**

**Consolidated Statements of Stockholders' Equity**

**For the Fiscal Years Ended March 31, 2025 and 2024**

**(in thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Attributable to Advasa Holdings, Inc.** | **Equity Attributable to Advasa Holdings, Inc.** | **Equity Attributable to Advasa Holdings, Inc.** | **Equity Attributable to Advasa Holdings, Inc.** | **Equity Attributable to Advasa Holdings, Inc.** | **Equity Attributable to Advasa Holdings, Inc.** | | |
|  | **Stock Class** | **Stock Class** | | | | | | |
|  | **Common Stocks** | **Common Stocks** | | | | | | |
|  | **Shares\*** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** |<br>**Accumulated**<br>**deficit** | **Accumulated**<br> **other**<br> **comprehensive**<br>**income**<br>**(loss)** | **Total**<br>**Stockholders'**<br>**Equity** |<br>**Non**<br>**controlling**<br>**interest** |<br>**Total**<br>**Equity** |
| **Balance, March 31, 2023** | 410469430 | $— | $15771 | $(14389) | $(943) | $439 | $214 | $653 |
| Other comprehensive loss, net of tax |  |  |  |  | (76) | (76) | (3) | (79) |
| Net loss |  |  |  | (32) |  | (32) | (1) | (33) |
| **Balance, March 31, 2024** | 410469430 |  | 15771 | (14421) | (1019) | 331 | 210 | 541 |
| Other comprehensive income, net of tax |  |  |  |  | 25 | 25 | 1 | 26 |
| Net income |  |  |  | 1139 |  | 1139 | 40 | 1179 |
| **Balance, March 31, 2025** | 410469430 | $— | $15771 | $(13282) | $(994) | $1495 | $251 | $1746 |

---

The accompanying notes are an integral part of the consolidated financial statements.

The number of shares issued and outstanding presented above is adjusted retrospectively to reflect the 10-for-1 forward stock split effected on December 4, 2025.

**Advasa Holdings, Inc.**

**Consolidated Statements of Cash Flows**

**For the Fiscal Years Ended March 31, 2025 and 2024**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $1179 | $(33) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Noncash lease expenses | 20 | 21 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (173) | (21245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 2259 | 7797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable due to related party | 287 | (742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (20) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 1168 | 233 |
| Net cash provided by (used in) operating activities | 4723 | (13987) |
| **Cash flows from investing activity:** |  |  |
| Proceeds from sales of investment | - | 459 |
| Net cash provided by investing activity | - | 459 |
| **Cash flows from financing activity** |  |  |
| Repayments of debt | (182) | (191) |
| Net cash used in financing activity | (182) | (191) |
| Effect of exchange rate change on cash and cash equivalents | 86 | (1389) |
| Net change in cash and cash equivalents | 4627 | (15108) |
| Cash and cash equivalents at beginning of period | 551 | 15659 |
| Cash and cash equivalents at end of period | $5178 | $551 |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Advasa Holdings, Inc.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**For the Fiscal Years Ended March 31, 2025 and 2024**

**(in thousands, except share and per share data)**

**1. Organization, Nature of Business**

Advasa Holdings, Inc. (the "Company") was incorporated on February 4, 2025 in Delaware to act as the holding company of Advasa, Co., Ltd. ("Advasa Japan"), which was incorporated in Tokyo, Japan on April 12, 2017 and specialized in Earned Wage Access ("EWA") and employee benefits payment services. Advasa Japan operates the proprietary service "FUKUPE", a welfare payment platform that allows employees to instantly access their earned wages before the standard payday.

At incorporation, the Company issued five shares of common stock with par value of $0.00001. On August 29, 2025, as part of its reorganization, the Company entered into a share exchange agreement with Advasa Japan and Advasa Japan's shareholders to acquire 96.6% ownership interest in Advasa Japan. The Company acquired 5,000 shares of Advasa Japan's ordinary shares from its shareholders in exchange for the Company's 41,046,938 shares of common stock.

3.4% of Advasa Japan's preferred shareholder did not participate in the share exchange and retained their equity interest of Advasa Japan. These interests are reflected as a noncontrolling interest at historical book value.

The reorganization involves entities under common control. Under the guidance in ASC 805-50, for transactions between entities under common control, the assets, liabilities, and results of operations are recognized at their carrying amounts on the date of the restructuring, which required retrospective combination of the Company and Advasa Japan. The Company's consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods presented rather than from the incorporation. This includes a retrospective presentation for all equity related disclosures, which were under common control throughout the relevant periods as a single economic enterprise although legal parent-subsidiary relationship were not established.

**2. Summary of Significant Accounting Policies**

 ****

***Basis of Presentation***

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC").

As an emerging growth company, the Jumpstart Our Business Startups Act allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to delay adoption of certain new or revised accounting standards. As a result, the Company's consolidated financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

 ****

***Basis of Consolidation***

The Company consolidates an entity in which it has a controlling financial interest: Advasa, Co., Ltd. Intercompany balances and transactions have been eliminated in consolidation.

 ****

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenue and expense during the reporting period. These estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future and include, but are not limited to, useful lives of intangible assets, impairment of long-lived assets, the carrying value of operating lease right-of-use assets, allowance for credit loss on accounts receivable, and valuation allowance against net deferred tax assets. Actual results could differ from those estimates.

***Revenue Recognition***

The Company applies ASC Topic 606, *Revenue from Contracts with Customers* ("ASC 606") for all periods presented in the consolidated financial statements. To determine the appropriate amount of revenue to be recognized in accordance with ASC 606, the Company follows a five-step model as follows:

1 – Identification of the contract with a customer

2 – Identification of the performance obligation in the contract

3 – Determination of the transaction price

4 – Allocation of the transaction price to the performance obligation in the contract

5 – Recognition of revenue when, or as, a performance obligation is satisfied

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price is generally fixed. None of the Company's contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to government entities.

**Earned Wage Access ("EWA") services**

The Company provides EWA services to its corporate customers where EWA enables employees of participating employers to access earned but unpaid wages prior to their scheduled pay date. The Company delivers its EWA solution hosted on the Company's system. Customers do not obtain possession of the Company's software or the right to run the software on their own infrastructure. Instead, customers access the platform solely through a user interface or through API connections that facilitate data transfer and automate payroll-related workflows. The API connectivity supports the delivery of the hosted service but does not grant the customer a license to the Company's intellectual property. Revenue from EWA services is derived primarily from fixed, per-transaction fee (i.e., wage-based withdrawal fee) paid by employees who choose to access their wages early. These fees are collected at the time of disbursement and are recognized as revenue when service is provided, which coincides with the point in time when the employee receives the wage advance. (i.e., when payment to the employee is completed).

**Software license revenue**

The Company generates software license revenue from contracts that provide customers with time-based rights to access the Company's software platform and related intellectual property over contractual terms. These arrangements typically include access to the software and when-and-if available updates and enhancements. Because the software license is not distinct from these ongoing updates and support, the Company account for them together as a single performance obligation.

The nature of this performance obligation is to provide continuous access to the Company's software and related intellectual property over the contract term. Accordingly, the Company recognizes software license revenue over time in accordance with ASC 606, as the customer simultaneously receives and consumes the benefits of the Company's performance as the Company provides access to the software and related updates. The Company uses a time-elapsed (straight-line) measure of progress over the contract term because the Company's performance obligation is to stand ready to provide access evenly throughout the term and the customer benefits from access to the software and related updates on a substantially ratable basis.

**Software maintenance services**

The Company provides software maintenance services under contracts that require the Company to perform maintenance inspections to ensure the continued proper operation of the customer's software system throughout the contract term. These services include periodic inspections, technical support, corrective actions, and access to software updates and enhancements made available during the service period.

The maintenance services represent a single stand-ready obligation to provide continuous support and ensure the software remains in operating condition. Because customers receive and consume the benefits of these services evenly throughout the contract period, revenue from software maintenance services is recognized on a straight-line basis over time.

Sometimes software maintenance revenue includes a one-time maintenance order related to a software update. Although the arrangement involved a specific update, it required the Company to provide related maintenance activities over a defined period. As a result, the revenue associated with such order is recognized over the applicable service period in a manner consistent with our stand-ready performance obligation under ASC 606.

From time to time, the Company engages subcontractors for performing services. The Company assesses and records revenue on a gross basis as a principal versus on a net basis as an agent in the presentation of revenues and expenses. The Company has concluded that gross reporting is appropriate because the Company (i) has the risk of identifying and hiring qualified vendors, (ii) has the discretion to select the vendors and establish their price and duties, and (iii) bears the risk for services that are not fully paid for by its customers.

 ****

***Segment Information***

The Company currently operates business as one operating segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer ("CEO"), who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company's CODM evaluates financial information as a whole for the purpose of assessing financial performance and making operating decisions.

 ****

***Concentration of Customers and Vendors***

The balance sheet items that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. The Company monitors and manages the overall exposure of its cash balances to individual financial institutions on an ongoing basis. The Company continuously evaluates the credit worthiness of its customers' financial condition and generally does not require collateral. The Company incurred no losses from such accounts and management considers the risk of loss to be minimal.

For the fiscal years ended March 31, 2025 and 2024, there were two customers and there was one customer, respectively, who accounted for more than 10% of the Company's total revenue in the respective periods. As of March 31, 2025, there was one customer who accounted for more than 10% of the Company's total accounts receivable. As of March 31, 2024, there were no customer who accounted for more than 10% of the Company's total accounts receivable.

For the fiscal years ended March 31, 2025 and 2024, there was one supplier and there were three suppliers, respectively, who accounted for more than 10% of the Company's total purchase in the respective periods. As of March 31, 2025 and 2024, there was one supplier and there were three suppliers, respectively, who accounted for more than 10% of the Company's total accounts payable in the respective period.

 ****

***Cash and Cash Equivalents***

The Company considers all highly liquid short-term investments purchased with an initial maturity date of three months or less to be cash equivalents.

 ****

***Accounts Receivable, Net***

Accounts receivable primarily consist of the amounts billed and currently due from customers, net of an allowance for credit losses, if recorded. When the Company has an unconditional right to payment, subject only to the passage of time, the right is treated as receivable. The Company's accounts receivable balances are unsecured, bearing no interest. Fees billed in advance of the related contractual term represent contract liabilities and are presented as deferred revenue.

At each balance sheet date, the Company recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist.

The allowance estimate is derived from a review of the Company's historical losses on the aging of receivables. This estimate is adjusted for management's assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by the Company. The Company believes historical loss information is a reasonable starting point in which to calculate the expected allowance for credit losses as the Company's customers' composition have remained constant. The Company did not record the allowance for credit loss for the fiscal years ended March 31, 2025 and 2024.

The Company writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery. The Company did not have any write-offs of receivable during the fiscal years ended March 31, 2025 and 2024.

 ****

***Deferred Offering Costs***

The Company capitalizes certain legal, accounting and other third-party fees that are directly related to an equity financing that is likely to be successfully completed, until such financing is consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds received as a result of the financing. Should a planned equity financing be abandoned, terminated, or significantly delayed, the deferred offering costs are immediately written off to operating expenses in the Consolidated Statements of Operations in the period of determination.

 ****

***Intangible Assets, Net***

Intangible assets consist of trademark and internally developed software and are stated at cost, less accumulated amortization. Amortization costs are recorded using the straight-line method over the estimated useful life of ten years for trademark and five years for software.

 ****

***Impairment or Disposal of Long-Lived Assets***

Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if the carrying amount is not recoverable when compared to the Company's undiscounted cash flows, and the impairment loss is measured based on the difference between the carrying amount and fair value. Long-lived assets held for sales are reported at the lower of cost or fair value less costs to sell.

 ****

***Leases***

Leases are comprised of operating leases for office space. In accordance with FASB ASC Topic 842, *Leases*, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets (ROU), current portion of operating lease liabilities, and non-current operating lease liabilities in the Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date.

For leases with terms greater than 12 months, the Company records a right-of-use asset and a lease liability representing the present value of future lease payments. The discount rate used to measure the lease asset and liability is determined at the beginning of the lease term using the rate implicit in the lease, or the Company's collateralized incremental borrowing rate. The implicit rate within the Company's leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. The Company estimates its incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. For those contracts that include fixed rental payments for both the use of the asset ("lease costs") as well as for other occupancy or service costs relating to the asset ("non-lease costs"), the Company generally includes both the lease costs and non-lease costs in the measurement of the lease asset and liability.

The Company accounts for each lease and any non-lease components associated with that lease as a single lease component for all asset classes. Lease expenses for the Company's operating leases are recognized on a straight-line basis over the lease term except for variable lease costs, which are expensed as incurred.

 ****

***Fair Value Measurements***

The Company reports financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis in accordance with ASC Topic 820 *Fair Value Measurement* ("ASC 820"). ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

ASC 820 also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The U.S. GAAP established a hierarchy framework to classify the fair value based on the observability of significant inputs to the measurement.

The levels of the fair value hierarchy are as follows:

Level 1: Quoted price in an active market for identical assets or liabilities.

Level 2: Quoted prices for similar assets and liabilities in active markets or inputs that are observable.

Level 3: Inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The carrying amounts of the Company's financial instruments, such as cash, accounts receivable, accounts payable and payable due to related party approximate fair values due to the short-term nature of these instruments.

***Debt Issuance Costs***

Direct costs incurred in connection with financing such as legal fees are classified as debt issuance costs. The Company capitalized these costs and reported the amounts as a direct deduction from the carrying amount of the financial statement line item for which those costs relate. The capitalized debt issuance costs are amortized over the life of the underlying debt obligation utilizing the straight-line methods.

***Advertising and Marketing Costs***

Advertising and marketing costs are expensed as incurred and are included in selling, general and administrative expenses in the Consolidated Statement of Operations. For the fiscal years ended March 31, 2025 and 2024, these costs were nil and $80, respectively.

 ****

***Income Taxes***

The Company accounts for income taxes under the asset and liability method in accordance with ASC Topic 740, *Income Taxes*, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the differences between the financial statement and tax basis of assets, liabilities and net operating loss by using enacted tax rate in effect for the fiscal year in which the differences are expected to reverse. The effect of a change in tax rate on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that these assets are believed to be more likely than not to be realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.

The Company files tax returns in the tax jurisdictions of Japan. Tax benefits for uncertain tax positions are based upon management's evaluation of the information available at the reporting date. To be recognized in the financial statements, a tax benefit must be at least more likely than not of being fitosustained based on technical merits. The benefit for positions meeting the recognition threshold is measured as the largest benefit more likely than not of being realized upon settlement with a taxing authority that has full knowledge of all relevant information.

 ****

***Net Income (Loss) per Share***

Basic net income (loss) per common stock is calculated by dividing the net income (loss) by the weighted-average number of common stocks outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per common stock is computed by dividing the net income (loss) by the weighted-average number of common stocks and potentially dilutive securities outstanding for the period determined using the treasury stock method.

 ****

***Recently Issued Accounting Pronouncements***

The following Accounting Standards Updates ("ASUs") were issued by the Financial Accounting Standards Board ("FASB") which relate to or could relate to the Company as concerns the Company's normal ongoing operations or the industry in which the Company operates.

In November 2024, the FASB issued ASU No. 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): *Disaggregation of Income Statement Expenses*. This ASU requires public business entities to disclose, for interim and annual reporting periods, additional information about certain income statement expense categories. The requirements are effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Entities are permitted to apply either the prospective or retrospective transition methods. The Company is currently evaluating the impact that the adoption of this ASU will have on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*. The standard requires entities to disclose specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. It also requires entities to disclose certain information about income taxes paid and other disclosures related to income and income tax expense from continuing operations. The standard is effective for fiscal years beginning after December 15, 2024 for public business entities and for fiscal years beginning after December 15, 2025 for all other entities. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic *280*): *Improvements to Reportable Segment Disclosures* to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this guidance did not have any impact on the Company's segment reporting.

**3. Prepaid expenses and other current assets**

As of March 31, 2025 and 2024, repaid expenses and other current assets consisted of the following:

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| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| Advance payments | $23015 | $22814 |
| Deposits | 1 | 34 |
| Deferred offering costs | 210 |  |
| Prepaid expenses | 64 | 64 |
| &nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $23290 | $22912 |

---

During the fiscal years ended March 31, 2025 and 2024, the Company provided non-interest bearing, on-demand advances to a related party to support operating activities. These advances are repayable to the Company at the Company's request.

**4. Intangible assets, Net**

As of March 31, 2025 and 2024, intangible assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| Trademark | $19 | $19 |
| Software | 136 | 136 |
| Total intangible assets | 155 | 155 |
| Less: Accumulated amortization | (146) | (144) |
| &nbsp;&nbsp;&nbsp;Total intangible assets, net | $9 | $11 |

---

The Company recognized amortization expenses on intangible assets of $2 and $2 during the fiscal years ended March 31, 2025 and 2024, respectively.

**5*.* Leases**

The Company has an operating lease for its office space. As of March 31, 2025 and 2024, the following amounts were recorded in the Consolidated Balance Sheets relating to the Company's operating lease.

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| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| **Right-of-Use Assets** |  |  |
| Operating lease assets | $30 | $10 |
| **Lease Liabilities** |  |  |
| Operating lease liabilities - Current | $20 | $10 |
| Operating lease liabilities - Non-current | $10 | $— |

---

The following table summarizes the contractual maturities of operating lease liabilities as of March 31, 2025:

---

| | |
|:---|:---|
| 2026 | $20 |
| 2027 | 10 |
| Total lease payments | 30 |
| Less amounts representing interest | - |
| Present value of lease payments | 30 |
| Less: current portion | (20) |
| Non-current lease liabilities | $10 |

---

The following table illustrates information for the Company's operating lease as of and for the fiscal years ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| Total operating lease cost | $20 | $21 |
| Cash paid for amounts included in the measurement of the operating lease liability | $20 | $21 |
| Weighted average remaining lease term (years) | 1.5 | 0.5 |
| Weighted average discount rate | 1.72% | 1.72% |

---

The Company did not have significant sublease income or variable lease cost for the fiscal years ended March 31, 2025 and 2024.

**6. Commitments and Contingencies**

 ****

***Guarantees and Commitments***

There were no commitments under certain purchase or guarantee arrangements as of March 31, 2025 and 2024.

 ****

***Legal Matters***

From time to time, in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. There were no such material matters as of and for the fiscal years ended March 31, 2025 and 2024.

 ****

***Indemnification***

In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with third parties. To date, the Company has not paid any material claims or been required to defend any material actions related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

**7. Borrowings**

The following tables summarize the Company's borrowings as of March 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Interest <br> rate** |  | **Maturity** | **Outstanding Balance** |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | $168 |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | 168 |
| Lender 2 | 1.26% | Fixed rate | February 29, 2029 | 195 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 84 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 252 |
| &nbsp;&nbsp;&nbsp;Total outstanding principal balance |  |  |  | 867 |
| Less: Current portion |  |  |  | (186) |
| &nbsp;&nbsp;&nbsp;Long-term portion |  |  |  | $681 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2024** | **March 31, 2024** | **March 31, 2024** | **March 31, 2024** |
|  | **Interest <br> rate** |  | **Maturity** | **Outstanding Balance** |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | $196 |
| Lender 1 | 2.00% | Fixed rate | November 29, 2030 | 196 |
| Lender 2 | 0.36% | Fixed rate | February 29, 2029 | 260 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 98 |
| Lender 3 | 1.90% | Fixed rate | November 25, 2030 | 293 |
| &nbsp;&nbsp;&nbsp;Total outstanding principal balance |  |  |  | 1043 |
| Less: Current portion |  |  |  | (184) |
| &nbsp;&nbsp;&nbsp;Long-term portion |  |  |  | $859 |

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The following table summarizes the contractual obligations relating to the Company's borrowings as of March 31, 2025 (in thousand).

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| | |
|:---|:---|
| **Year ending March 31,** | |
| 2026 | $196 |
| 2027 | 192 |
| 2028 | 184 |
| 2029 | 121 |
| 2030 | 33 |
| Thereafter | 165 |
| Total | $891 |

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**8. Convertible Bonds**

On March 14, 2022, Advasa Japan, the Company's subsidiary, issued JPY1,000,000, approximately $8,475, aggregate principal amount of convertible bonds denominated in Japanese yen at par with a third-party investor for working capital purpose. The convertible bonds are unsecured, bear interest of 1.0% per annum and mature on March 31, 2027. The bonds are convertible for Series B preferred shares of Advasa Japan between April 1, 2022 to March 31, 2027 at a conversion price of JPY9,804, approximately $83, per common share. If fully converted, convertible bonds would result in the issuance of approximately 102 new shares of Advasa Japan.

On November 16, 2022, Advasa Japan issued JPY1,000,000, approximately $7,164, aggregate principal amount of convertible bonds denominated in Japanese yen at par with a third-party investor for working capital purpose. The convertible bonds are unsecured, bear interest of 1.0% per annum and mature on March 31, 2027. The bonds are convertible for Series B preferred shares of Advasa Japan between December 1, 2022 to November 30, 2027 at a conversion price of JPY38,828, approximately $278, per common share. If fully converted, convertible bonds would result in the issuance of approximately 25 new shares of Advasa Japan.

The conversion feature represents an equity instrument in Advasa Japan, and any potential dilution affects only the subsidiary's capital structure, not that of the Company.

**9*.* Net Income (Loss) per Share**

The following table sets forth the computation of basic and diluted net income (loss) per share:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Basic and Diluted Net Income (Loss) Per Common Share: |  |  |
| Net income (loss) attributable | $1139 | $(32) |
| Weighted average common shares outstanding – basic and diluted | 410469430 | 410469430 |
| Net income (loss) per common share – basic and diluted | $0.0028 | $(0.0001) |

---

On March 14, 2022 and November 14, 2022, Advasa Japan, the Company's subsidiary, issued convertible bonds. Because the bonds are convertible into the subsidiary's equity, and not into the parent's common stock, and the subsidiary's preferred shares do not participate in the earnings of the parent, these instruments are not considered potentially dilutive in the computation of diluted earning per share at the consolidated level under ASC 260. Accordingly, no adjustments to net income attributable to common stockholders or weighted-average shares outstanding were made for earnings per share purposes.

**10. Income Taxes** 

The component of loss before income taxes for the fiscal years ended March 31, 2025 and 2024 was as follow:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Japan | $1376 | $(33) |

---

The components of income tax expense for the fiscal years ended March 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Current | $197 | $— |
| Deferred |  |  |
| &nbsp;&nbsp;&nbsp;Total | $197 | $— |

---

A reconciliation of income tax expense to the amount of income tax expense at the statutory rate in Japan for the fiscal years ended March 31, 2025 and 2024 is as follows:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Income tax benefit at the statutory rate | 30.62% | 30.62% |
| Increase (reduction) in taxes resulting from: |  |  |
| Non-deductible expenses | -0.01% | -2.57% |
| &nbsp;&nbsp;&nbsp;Change in valuation allowance | 0.83% | -35.86% |
| &nbsp;&nbsp;&nbsp;Corporate inhabitant tax | -0.83% | 7.48% |
| &nbsp;&nbsp;&nbsp;Permanent differences | -4.58% | 0.00% |
| &nbsp;&nbsp;&nbsp;Utilization of net operating loss carryforwards | -13.38% | 0.00% |
| &nbsp;&nbsp;&nbsp;Other | 1.69% | 0.34% |
| Income tax expense | 14.34% | 0.00% |

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The tax effects of temporary differences that gave rise to a significant portion of the deferred tax assets and liabilities at March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liability | $9 | $3 |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforwards | 3561 | 3530 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and reserves | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Other | 11 |  |
| Total deferred tax assets | 3582 | 3534 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 9 | 3 |
| &nbsp;&nbsp;&nbsp;Other |  | 1 |
| Total deferred tax liabilities | 9 | 4 |
| Less: Valuation allowance | (3573) | (3530) |
| Net deferred tax assets (liabilities) | $— | $— |

---

As of March 31, 2025, the Company had net operating loss carryforwards of $11,693 which expire from 2032 through 2034 and may be able to offset future income tax liabilities.

The Company has evaluated the positive and negative evidence bearing upon the realizability of its net deferred tax assets. Due to the Company's history of net losses and the difficulty in predicting future results, the Company concluded it was not more likely than not that the deferred tax assets would be utilized. Accordingly, the Company has established a full valuation allowance against net deferred tax assets as of March 31, 2025 and 2024. Significant management judgment is required in determining the Company's deferred tax assets and liabilities and valuation allowances for purposes of assessing its ability to realize any future benefit from its net deferred tax assets. The Company intends to maintain this valuation allowance until sufficient positive evidence exists to support the reversal of the valuation allowance. Income tax expense recorded in the future will be reduced to the extent that sufficient positive evidence materializes to support a reversal of, or decrease in, the Company's valuation allowance.

The net changes in the total valuation allowance for net deferred tax assets for the fiscal years ended Marcj 31, 2025 and 2024 consist of the following:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Valuation allowance at beginning of year | $3530 | $4008 |
| &nbsp;&nbsp;&nbsp;Additions (deductions) | 43 | (478) |
| Valuation allowance at end of year | $3573 | $3530 |

---

For the fiscal years ended March 31, 2025 and 2024, the Company had no uncertain tax positions anticipated to significantly increase or decrease within 12 months.

Interest and penalties related to income tax matters are recognized as a component of selling, general and administrative expenses in the Consolidated Statements of Operations, if applicable. The Company did not have any interest or penalties associated with any uncertain tax benefits that have been accrued or recognized as of and for the fiscal years ended March 31, 2025 and 2024.

The Company files tax returns within Japan. As of the reporting date, the Company is not currently, or has it been, under income tax examination but maybe subject to examination in the future. The tax authorities could perform tax examination on years as early as the tax year ended March 31, 2024.

**11. Stockholders' Equity**

**Preferred Stock**

As of March 31, 2025, the Company has authorized 500,000,000 shares of preferred stock with rights and preferences, including voting rights, to be designated from time to time by the board of directors. There were no shares of preferred stock issued or outstanding as of March 31, 2025.

**Common Stock**

As of March 31, 2025, the Company has authorized 5,000,000,000 shares of common stock. Each holder of common stock shall be entitled to one vote for each share held as of the record date and shall be entitled to receive dividends, when, as and if declared by the stockholders' meeting or the Board of Directors. The total common stock issued and outstanding as of March 31, 2025 was 410,469,430 shares.

**12. Revenue**

<u>Disaggregation of Revenue</u>

The tables below reflect revenue by major source and timing of transfer of goods and services for the fiscal years ended March 31, 2025 and 2024. The Company had no revenue derived from geographical regions outside of Japan during the fiscal years ended March 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Earned Wage Access services | $13 | $16 |
| Software license revenue | 3671 | 8595 |
| Software maintenance | 6360 | 1913 |
| Total | $10044 | $10524 |

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| <u>Timing of transfer of goods and services</u> |  |  |
| Point in time | $13 | $16 |
| Over time | 10031 | 10508 |
| **Total** | $10044 | $10524 |

---

**13. Cost of Revenue**

<u>Disaggregation of Cost of revenue</u>

The table below reflects cost of revenue by major source for the fiscal years ended March 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,** | **Fiscal Year Ended March 31,** |
|  | **2025** | **2024** |
| Earned Wage Access services | $6 | $6 |
| Software license revenue | 4 | 1854 |
| Software maintenance | 7746 | 7313 |
| Total | $7756 | $9173 |

---

**14. Related Party**

The related parties that had material balances and transactions as of and for the fiscal years ended March 31, 2025 and 2024 consist of the following:

<u>Name of Related Party</u> <u>Nature of Relationship at March 31, 2025</u> <br> LBH Inc. A company controlled by Asamitsu Kosugi, the principal shareholder of the Company

The Company had the following related party transactions as of and for the fiscal years ended March 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | | **March 31,** | **March 31,** |
|  | <br>Nature of transactions | **2025** | **2024** |
| **Advance payments:** |  |  |  |
| LBH Inc. | For working capital | $13843 | $13722 |

---

**15. Subsequent Events**

The Company has evaluated subsequent events after the balance sheet date through September 4, 2025, the date the financial statements were available for issuance. Management has determined that no significant events or transactions have occurred subsequent to the balance sheet date other than the event disclosed below that require both recognition and disclosure in the financial statements.

On June 13, 2025, the Company issued 7,500,000 shares of common stock to four founders at the price of $0.00001 per share, for an aggregate of $75.00.

On August 29, 2025, five shares of common stock originally issued at the incorporation were redeemed for $1.00 per share, for an aggregate of $5.00.

On November 20, 2025, the Company's Board of Directors approved a forward stock split of the Company's issued and outstanding common stock at a ratio of 1:10, which became effective on December 4, 2025. The Company believes it is appropriate to reflect the above transactions on a retroactive basis in accordance with ASC 260. All references made to share or per share amounts herein have been retroactively adjusted to reflect the 1:10 forward stock split.

**Shares of Common Stock**

![](forms-1_001.jpg)

**Advasa Holdings, Inc.**

 **PROSPECTUS**

**Spartan Capital Securities, LLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025

Through and including , 2025 (the 25<sup>th</sup> day after the date of this offering), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

RESALE PROSPECTUS ALTERNATE PAGES

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the United States Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion, dated December 8, 2025**

**PRELIMINARY PROSPECTUS**

***3,000,000***  ***Shares of Common Stock***

![](forms-1_008.jpg)

**Advasa Holdings, Inc.**

This prospectus relates to the resale of 3,000,000 shares of common stock, par value $0.0001 per share, of the Company ("Resale Shares"), by the selling shareholders ("Selling Shareholders") named in this prospectus ("Resale Prospectus"). The Company will not receive any of the proceeds from the sale of the Resale Shares. Prior to this offering, there has been no public market for our Common Stock.

The sale of the Resale Shares in the resale offering will occur only after the closing of the initial public offering under the prospectus to be used for the public offering of Common Stock (the "Public Offering Prospectus"). The sales price to the public of the Resale Shares will initially be fixed at the same initial public offering price of the Common Stock offered in the Public Offering Prospectus. Once, and if, our Common Stock is listed on Nasdaq and begins trading, the Resale Shares may be sold after the closing of the initial public offering at prevailing market prices, prices related to prevailing market prices or at privately negotiated prices. The Company will not receive any proceeds from the sale of any of the 3,000,000 Resale Shares. The offering of the Resale Shares will terminate at the earlier of such time as all of the Resale Shares have been sold pursuant to the registration statement and the date on which it is no longer necessary to maintain the registration of the Resale Shares as a result of such Common Stock being permitted to be offered and resold without restriction pursuant to the provisions of Rule 144 of the Securities Act, and the offering of the Resale Shares may extend for a longer period of time than the offering of shares of Common Stock in the public offering.

The Selling Shareholders and any broker-dealers or agents that are involved in selling the Resale Shares offered under the Resale Prospectus are deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales.

We intend to apply to list our Common Stock on The Nasdaq Capital Market (the "Nasdaq") under the symbol "ADBT".

Unless otherwise noted, the share and per share information in this prospectus have been adjusted to give effect to the ten-for-one (10-for-1) forward stock split ("Forward Stock Split") of our outstanding common stock, which was effective on December 4, 2025.

**Investing in our Common Stock involves a high degree of risk. Before buying any shares, you should carefully read the discussion of the material risks of investing in our Common Stock under the heading "*Risk Factors*" beginning on page 12.**

We are an "emerging growth company" under the federal securities laws and, as such, we 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 and a Smaller Reporting Com*pany."

On ______________, 2025, the registration statement containing this Resale Prospectus and the Public Offering Prospectus was declared effective by the Securities and Exchange Commission. On _____________, 2025, we closed on the initial public offering of ___________ shares of common stock (not including _______ shares of common stock issuable upon exercise of the underwriters' over-allotment option) at the public offering price of $____ per share of common stock under the Public Offering Prospectus through the underwriters named on the cover page of the Public Offering Prospectus. We received approximately $____ million in net proceeds from the initial public offering (assuming no exercise of the underwriters' over-allotment option) after payment of underwriting discounts and commissions and estimated expenses of the offering

**Neither the U.S. Securities and Exchange Commission nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is , 2025**

**THE OFFERING**

---

| | |
|:---|:---|
| **Securities offered by the Selling Shareholder** | 3,000,000 shares of Common Stock. |
| **Common Stock outstanding immediately prior to the commencement of this Resale Offering** | [______] shares of Common Stock, assuming no exercise of the underwriter's over-allotment option (or [______] shares of Common Stock, assuming full exercise of the underwriter's over-allotment option). |
| **Use of proceeds** | The Company will not receive any of the proceeds from the sale of the Resale Shares. |
| **Risk Factors** | Investing in our Common Stock is highly speculative and involves a high degree of risk. As an investor you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 12 of the Public Offering Prospectus. |

---

**USE OF PROCEEDS**

The Company will not receive any of the proceeds from the sale of the Resale Shares. In addition, the underwriter will not receive any compensation from the sale of the Resale Shares. The Selling Shareholders will receive all of the net proceeds from the sales of their Resale Shares under this prospectus. The Company has agreed to bear the expenses relating to the registration of the Resale Shares for the Selling Shareholder.

**SELLING SHAREHOLDERS**

The following table sets forth the name of the Selling Shareholders, the number of the Resale Shares that each of the Selling Shareholders beneficially owned prior to the offering under this prospectus and the maximum number of our Common Stock that may be offered for resale for the account of each of the Selling Shareholders pursuant to the Public Offering Prospectus and the Resale Prospectus. The table also provides information regarding the number and percentage of the Resale Shares beneficially owned by the Selling Shareholders after the offering of the shares as adjusted to reflect the assumed sale of all of the Common Stock offered under the Public Offering Prospectus and the Resale Prospectus.

The Selling Shareholders, Taiji Ito, Spirit Advisors LLC, Atsushi Saisho and Anthony, Linder & Cacomanolis, PLLC are not a broker-dealer or an affiliate of a broker-dealer. For the Common Stock to be offered by the Selling Shareholders, the Selling Shareholders do not have an agreement or understanding with the Company to distribute any of the Resale Shares being registered. The Selling Shareholders may offer for sale from time to time any or all of the Resale Shares. The table below assumes that the Selling Shareholders will sell all of the Resale Shares offered for sale by the Resale Prospectus.

Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Common Stock beneficially owned by a person listed below and the percentage ownership of such person, Common Stock underlying options, warrants, or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person.

The Company may require the Selling Shareholders to suspend the sales of the Resale Shares offered by this prospectus upon the occurrence of any event that makes any statement in this prospectus or the related registration statement untrue in any material respect or that requires the changing of statements in these documents in order to make statements in those documents not misleading.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of the Selling Shareholder** | **Common <br> Stock <br> Beneficially <br> Owned <br> Prior to <br> Offering<sup>(1)</sup>** | **Percentage <br> Ownership <br> Prior to Resale<br> Offering<sup>(2)</sup>** | **Maximum <br> Number <br> of Resale <br> Shares to <br> be Sold<sup>(3)</sup>** | **Number of <br> Common <br> Stock <br> Owned <br> After Resale<br> Offering** | **Percentage <br> Ownership <br> After Resale<br> Offering<sup>(2)</sup>** |
| Taiji Ito<sup>(4)</sup> | 39000000% |  | 1526088 | 37473912% |  |
| Spirit Advisors LLC<sup>(5)</sup> | 15000000% |  | 586956 | 14413044% |  |
| Atsushi Saisho<sup>(6)</sup> | 15000000% |  | 586956 | 14413044% |  |
| Anthony, Linder & Cacomanolis, PLLC<sup>(7)</sup> | 1000000% |  | 300000 | 700000% |  |

---

(1) For the purpose of this table only, the offering refers to the resale of Common Stock by the Selling Shareholders listed above, assuming the closing of our initial public offering.

(2) Based on ___________ shares of Common Stock issued and outstanding immediately after the completion of the underwritten public offering, assuming the underwriter does not exercise the over-allotment option.

(3) This number represents all of the shares of Common Stock that the Selling Shareholders may resell, as applicable, all of which the Company agreed to register.

(4) On June 13, 2025, the Company issued 40,000,000 shares of Common Stock to Taiji Ito as founders shares at a price of $0.000001 per share, for an aggregate of $40.00. On November 18, 2025, Taiji Ito transferred 1,000,000 of his shares to Anthony, Linder & Cacomanolis, PLLC ("ALC") as consideration for services rendered by ALC pursuant to a Consulting Agreement, dated November 18, 2025, between Mr. Ito and ALC. The principal address of Taiji Ito is c/o Advasa, Inc. 1-1-3 Otemachi Chiyoda-ku, Tokyo 100-0004, Japan.

(5) On June 13, 2025, the Company issued 15,000,000 shares of Common Stock to Spirit Advisors LLC as founders shares at a price of $0.000001 per share, for an aggregate of $15.00. The principal address of Spirit Advisors LLC is c/o Advasa, Inc. 1-1-3 Otemachi Chiyoda-ku, Tokyo 100-0004, Japan. Robert Yu has voting and dispositive control over the Common Stock shares held by 477 Madison Avenue, 6th floor , New York, NY 10022.

(6) On June 13, 2025, the Company issued 15,000,000 shares of Common Stock to Atsushi Saisho as founders shares at a price of $0.000001 per share, for an aggregate of $15.00. The principal address of Atsushi Saisho is c/o Advasa, Inc. 1-1-3 Otemachi Chiyoda-ku, Tokyo 100-0004, Japan.

(7) On November 18, 2025, Taiji Ito transferred 1,000,000 of his shares to ALC as consideration for services rendered by ALC to Mr. Ito pursuant to a Consulting Agreement, dated November 18, 2025, between Mr. Ito and ALC. The principal address of ALC is 1700 Palm Beach Lakes Blvd., Suite 820, West Palm Beach, Florida, 33401.

**PLAN OF DISTRIBUTION**

The Selling Shareholders and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, after the effective date of the registration statement of which this Resale Prospectus forms a part, sell any or all of the Common Stock being offered under this Resale Prospectus on any stock exchange, market or trading facility on which our Common Stock are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Shareholders will not offer for sale the Resale Shares covered by the Resale Prospectus until such time as the Common Stock is listed on Nasdaq. Once, and if, our Common Stock is listed on Nasdaq and begin trading, the Selling Shareholders may sell the Resale Shares covered by the Resale Prospectus from time to time, at market prices prevailing at the time of sale, at prices related to market prices, at a fixed price or prices subject to change or at negotiated prices, or in any manner permitted by the Securities Act, including any one or more of the following ways:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the Resale Shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resales by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● to cover short sales made after the date that the registration statement of which this prospectus is a part is declared effective by the SEC;

● broker-dealers may agree with the Selling Shareholders to sell a specified number of the Resale Shares at a stipulated price per share;

● a combination of any of these methods of sale; and

● any other method permitted pursuant to applicable law.

The Common Stock may also be sold under Rule 144 under the Securities Act of 1933, as amended, if available for the Selling Shareholders, rather than under this prospectus. Each of the Selling Shareholders has the sole and absolute discretion not to accept any purchase offer or make any sale of Common Stock if they deem the purchase price to be unsatisfactory at any particular time.

The Selling Shareholders may pledge the Resale Shares to their brokers under the margin provisions of customer agreements. If the Selling Shareholders default on a margin loan, the broker may, from time to time, offer and sell the pledged Resale Shares.

Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of the Resale Shares, from the purchaser) in amounts to be negotiated, which commissions as to a particular broker or dealer may be in excess of customary commissions to the extent permitted by applicable law.

If sales of the Resale Shares offered under the Resale Prospectus are made to broker-dealers as principals, the Company would be required to file a post-effective amendment to the registration statement of which the Resale Prospectus forms a part. In the post-effective amendment, the Company would be required to disclose the names of any participating broker- dealers and the compensation arrangements relating to such sales.

The Selling Shareholders and any broker-dealers or agents that are involved in selling the Resale Shares offered under the Resale Prospectus are deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales. Commissions received by these broker-dealers or agents and any profit on the resale of the Resale Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell the Resale Shares offered under the Resale Prospectus unless and until the Company sets forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to the Resale Prospectus or, if required, in a replacement prospectus included in a post-effective amendment to the registration statement of which the Resale Prospectus forms a part.

The Selling Shareholders and any other persons participating in the sale or distribution of the Resale Shares offered under the Resale Prospectus will be subject to applicable provisions of the Exchange Act, and the rules and regulations under that act, including Regulation M. These provisions may restrict activities of, and limit the timing of purchases and sales of any of the Resale Shares by, the Selling Shareholders or any other person. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. All of these limitations may affect the marketability of the securities.

The Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions. In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of the Resale Shares in the course of hedging transactions, broker-dealers or other financial institutions may engage in short sales of the Resale Shares in the course of hedging the positions they assume with the Selling Shareholders. The Selling Shareholders may also sell the Resale Shares short and redeliver the securities to close out such short positions. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions which require the delivery to such broker-dealer or other financial institution of the Resale Shares offered by the Resale Prospectus, which shares such broker-dealer or other financial institution may resell pursuant to such prospectus, as supplemented or amended to reflect such transaction to the extent required. The Selling Shareholders may also pledge the Resale Shares offered hereby to a broker-dealer or other financial institution, and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged Resale Shares pursuant to the Resale Prospectus, as supplemented or amended to reflect such transaction to the extent required.

The Selling Shareholders may enter into derivative transactions with third parties or sell the Resale Shares to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell the Resale Shares covered by the Resale Prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use the Resale Shares pledged by the Selling Shareholders or borrowed from the Selling Shareholders or others to settle those sales or to close out any related open borrowings of stock and may use such Resale Shares received from the Selling Shareholders in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in the Resale Prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment).

The Company may authorize underwriters, dealers and agents to solicit from third parties offers to purchase the Resale Shares under contracts providing for payment and delivery on future dates. The applicable prospectus supplement will describe the material terms of these contracts, including any conditions to the purchasers' obligations, and will include any required information about commissions the Company may pay for soliciting these contracts.

Such underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to other underwriters a portion of the underwriting discount received by it because the representatives have repurchased the Common Stock sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions may have the effect of preventing or retarding a decline in the market price of the Common Stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the Common Stock. As a result, the price of the Common Stock may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued at any time.

The Resale Shares covered by the Resale Prospectus may also be sold in private transactions or under Rule 144 under the Securities Act rather than pursuant to such prospectus.

If any of the Resale Shares are transferred other than pursuant to a sale under the Resale Prospectus, then subsequent holders could not use the Resale Prospectus until a post-effective amendment or prospectus supplement is filed, naming such holders. The Company offers no assurance as to whether the Selling Shareholders will sell all or any portion of the Resale Shares.

The Company has agreed to pay all fees and expenses it incurs incident to the registration of the Resale Shares being offered under the Resale Prospectus. However, the Selling Shareholders and purchasers are responsible for paying any discounts, and similar selling expenses they incur.

The Company and the Selling Shareholders have agreed to indemnify one another against certain losses, damages and liabilities arising in connection with the Resale Prospectus, including liabilities under the Securities Act.

**[Alternate Page for Resale Prospectus]**

**LEGAL MATTERS**

The validity of the shares of common stock covered by this prospectus will be passed upon by Anthony, Linder & Cacamonolis, PLLC.

As of the date of this prospectus, Anthony, Linder & Cacamonolis, PLLC owns 1,000,000 shares of Common Stock. Anthony, Linder & Cacomanolis, PLLC received these shares of Common Stock as consideration for rendering legal services to Taiji Ito, who received these shares of Common Stock from the Company as founders shares at a price of $0.000001 per share, for an aggregate of $1.00.

**3,000,000** **COMMON STOCK SHARES**

**TO BE SOLD BY THE SELLING SHAREHOLDERS**

![](forms-1_009.jpg)

**Advasa Holdings, Inc.**

**PROSPECTUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

Until [●], 2025 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**Part II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table indicates the expenses to be incurred in connection with this offering described in this registration statement, other than underwriting discounts and commissions, all of which will be paid by us. All amounts are estimated except the SEC registration fee, the Financial Industry Regulatory Authority, Inc. ("FINRA"), filing fee and the Nasdaq Capital Market listing fee.

---

| | |
|:---|:---|
| **Description** | **Amount** |
| U.S. Securities and Exchange Commission registration fee | $3262.61 |
| Financial Industry Regulatory Authority filing fee | 1793.75 |
| Nasdaq Capital Market entry fee | 75000.00 |
| Accounting fees and expenses | 200000.00 |
| Legal fees and expenses | 250000.00 |
| Other accountable expenses | 250000.00 |
| Printing expenses | 6000.00 |
| Non-accountable expenses | 50000.00 |
| Miscellaneous | 10943.64 |
| **Total** | $847000.00 |

---

**Item 14. Indemnification of Directors and Officers.**

Section 145 of the General Corporation Law of the State of Delaware provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement in connection with specified actions, suits and proceedings whether civil, criminal, administrative, or investigative, other than a derivative action by or in the right of the corporation, if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. A similar standard is applicable in the case of derivative actions, except that indemnification extends only to expenses, including attorneys' fees, incurred in connection with the defense or settlement of such action and the statute requires court approval before there can be any indemnification where the person seeking indemnification has been found liable to the corporation. The statute provides that it is not exclusive of other indemnification that may be granted by a corporation's certificate of incorporation, bylaws, disinterested director vote, stockholder vote, agreement or otherwise.

Our certificate of incorporation provides that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now exists or may in the future be amended. In addition, our certificate of incorporation provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, except to the extent such exemption from liability or limitation thereof is not permitted by the General Corporation Law of the State of Delaware.

We intend to enter into separate indemnification agreements with our directors and officers. Each indemnification agreement will provide, among other things, for indemnification to the fullest extent permitted by law and our amended and restated certificate of incorporation and bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements will provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our certificate of incorporation and bylaws.

Our certificate of incorporation also permits us to maintain insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. We intend to purchase a policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

We believe that these provisions and the insurance are necessary to attract and retain talented and experienced officers and directors.

Any repeal or amendment of provisions of our certificate of incorporation affecting indemnification rights, whether by our Board of Directors, stockholders or by changes in applicable law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing thereunder with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.

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 of expenses incurred or paid by a director, officer or controlling person in a successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to the 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.

**Item 15. Recent Sales of Unregistered Securities.**

Set forth below is information regarding unregistered securities issued by us since January 2025. Also included is the consideration received by us for such unregistered securities and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed.

On February 5, 2025, we issued 50 shares of Common Stock to Taiji Ito, sole incorporator of Advasa Holdings, Inc., for $0.10 per share for a total subscription of $5.00.

On June 13, 2025, we issued the following founders shares to the following founders of Advasa Holdings, Inc.: (i) 40,000,000 shares of Common Stock to Taiji Ito at a price of $0.000001 per share, for an aggregate of $40.00; (ii) 15,000,000 shares of Common Stock to Spirit Advisors at a price of $0.000001 per share, for an aggregate of $15.00; (iii) 5,000,000 shares of Common Stock to Gaku Yoneta at a price of $0.000001 per share, for an aggregate of $5.00; and (iv) 15,000,000 shares of Common Stock to Atsushi Saisho at a price of $0.000001 per share, for an aggregate of $15.00.

On August 29, 2025, we issued 410,469,380 shares of our Common Stock to the existing holders of common shares of Advasa (Japan) in exchange for all outstanding common shares of the existing stockholders of Advasa (Japan), who held 96.6% of the issued and outstanding capital stock of Advasa (Japan).

On August 29, 2025, we redeemed the 50 shares of Common Stock issued to Taiji Ito, as sole incorporator of Advasa Holdings, Inc., for $0.10 per share for a total subscription of $5.00.

On November 20, 2025, the Company's Board of Directors approved a forward stock split of the Company's issued and outstanding common stock at a ratio of 10-for-1, which became effective on December 4, 2025. As of December 4, 2025 and immediately prior to the Stock Split, there were 48,546,938 shares of common stock issued and outstanding. As a result of the Stock Split, the Company has 485,469,380 shares of common stock issued and outstanding.

The offer and sale of all securities listed in this Item 15 was made to a limited number of accredited investors in reliance upon exemptions from the registration requirements pursuant to Section 4(a)(2) under the Securities Act and Regulation D promulgated under the Securities Act. Individuals who purchased securities as described above represented their intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were affixed to the share certificates issued in such transactions.

**Item 16. Exhibits and Financial Statement Schedules.**

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| | | |
|:---|:---|:---|
|  | (a) | Exhibits. |
| Exhibit<br> Number |  | Description of Exhibit |
| 1.1\*\* |  | Form of Underwriting Agreement |
| 3.1\* |  | [Certificate of Incorporation of Advasa Holdings, Inc. filed with Secretary of State of Delaware](ex3-1.htm) |
| 3.2\* |  | [Certificate of Amendment to Certificate of Incorporation of Advasa Holdings, Inc. for Forward Split and Authorized Shares](ex3-2.htm) |
| 3.3\* |  | [Bylaws of Advasa Holdings, Inc.](ex3-3.htm) |
| 5.1\* |  | [Opinion of Anthony, Linder & Cacomanolis, PLLC](ex5-1.htm) |
| 10.1†\* |  | [Advasa Holdings, Inc. 2025 Stock Incentive Plan](ex10-1.htm) |
| 10.2†\* |  | [Employment Agreement, dated as of August 11, 2025, between Grady Ryther and Advasa Holdings, Inc.](ex10-2.htm) |
| 10.3†\* |  | [Employment Agreement, dated as of November 19, 2025, between Katharyn Field and Advasa Holdings, Inc.](ex10-3.htm) |
| 10.4†\* |  | [Form of Independent Director Agreement](ex10-4.htm) |
| 10.5†\* |  | [Form of Indemnification Agreement.](ex10-5.htm) |
| 10.6\* |  | [Redemption Agreement dated as of August 29, 2025, between Taiji Ito and Advasa Holdings, Inc.](ex10-6.htm) |
| 10.7\* |  | [English translation of Software License Agreement, dated as of April 1, 2024, between FTS Co., Ltd. and ADVASA Co., Ltd.](ex10-7.htm) |
| 10.8\* |  | [English translation of Software Maintenance Agreement, dated as of April 1, 2024, between Qpo Co., Ltd. and ADVASA Co., Ltd.](ex10-8.htm) |
| 10.9\* |  | [English translation of API Connection Agreement, dated as of July 21, 2021, between GMO Aozora Net Bank, Ltd. and ADVASA Co., Ltd.](ex10-9.htm) |
| 10.10\* |  | [English translation of Basic API License Agreement, dated as of March 18, 2019, between Seven Bank, Ltd. and ADVASA Co., Ltd.](ex10-10.htm) |
| 10.11\* |  | [English translation of Business Matching Agreement between AEON Bank, Ltd. and ADVASA Co., Ltd.](ex10-11.htm) |
| 21.1\* |  | [List of Subsidiaries of Advasa Holdings, Inc.](ex21-1.htm) |
| 23.1\* |  | [Consent of Independent Registered Public Accounting Firm](ex23-1.htm) |
| 23.2\* |  | [Consent of Anthony, Linder & Cacomanolis, PLLC (included in Exhibit 5.1)](ex5-1.htm) |
| 24.1\* |  | [Power of Attorney (included on signature page)](#poa) |
| 99.1\* |  | [Consent of Independent Director Nominee Sultan Ali Rashed Lootah](ex99-1.htm) |
| 99.2\* |  | [Consent of Independent Director Nominee William Witherspoon](ex99-2.htm) |
| 107\* |  | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith <br> \*\* To be filed by amendment. <br> † Includes management contracts and compensation plans and arrangements

(b) Financial Statement Schedules. Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

**Item 17. Undertakings.**

Insofar as indemnification for liabilities arising under the Securities Act "may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rule 415 Offering. The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(i) The undersigned Registrant hereby undertakes that it will:

a. for determining any liability under the Securities Act of 1933, 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 under Rule 424(b)(1), or (4) or 497(h) under the Securities Act of 1933 as part of this registration statement as of the time the SEC declared it effective.

b. for determining any liability under the Securities Act of 1933, treat each post-effective amendment that contains a form of prospectus as a new registration statement for the securities offered in the registration statement, and that offering of the securities at that time as the initial bona fide offering of those securities.

That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C, 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.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant has duly caused this registration statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Tokyo, Japan, on this December 8, 2025.

---

| | |
|:---|:---|
| **ADVASA HOLDINGS, INC.** | **ADVASA HOLDINGS, INC.** |
| By: | */s/ Grady Ryther* |
|  | Grady Ryther |
|  | Chief Executive Officer and Director |

---

**POWER OF ATTORNEY**

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Grady Ryther as his or her true and lawful attorney-in-fact and agents, each with the full power of substitution, for him or her in his or her name, place or stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments), and to sign any registration statement for the same offering covered by this Registration Statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended, and all post-effective amendments thereto, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, this registration statement on Form S-1 has been signed by the following persons in the capacities held on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Grady Ryther* | Chief Executive Officer and a Director | December 8, 2025 |
| Grady Ryther | (principal executive officer) |  |
| */s/ Katharyn Field* | Chief Financial Officer | December 8, 2025 |
| Katharyn Field | (principal financial and accounting officer) |  |

---

## Exhibit 3.1

**Exhibit 3.1**

Certificate of Incorporation

of

Advasa Holdings, Inc.

The undersigned incorporator, in order to form a corporation under the General Corporation Law of the State of Delaware (the "DGCL"), certifies as follows:

Section 1. <u>Name</u>. The name of the corporation is Advasa Holdings, Inc. (the "Corporation").

Section 2. <u>Incorporator</u><u>; Registered Office and Agent</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Incorporator</u>.
 The name and mailing address of the incorporator are: Taiji Ito, 4F 1-2-7 Motoakasaka, Minato-ku,
 Tokyo, Japan. The powers of the incorporator are to terminate upon the filing of this Certificate
 of Incorporation with the Secretary of State of the State of Delaware, and the initial director
 of the Corporation shall be as set forth in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Registered Agent</u>. The name and address of the registered agent of the Corporation in the State of
 Delaware is Corporate Creations Network Inc., 1521 Concord Pike Suite 201 Wilmington, DE
 19803, New Castle County, or such other agent and address as the Board of Directors of the
 Corporation (the "Board") shall from time to time select.

Section 3. <u>Purpose; Business and Powers</u>. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the DGCL, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation may at any time exercise such rights, privileges, and powers, when not inconsistent
 with the purposes and object for which this Corporation is organized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Corporation shall have the power to have succession by its corporate name in perpetuity,
 or until dissolved and its affairs wound up according to law.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall have the power to sue and be sued in any court of law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation shall have the power to make contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Corporation shall have the power to hold, purchase and convey real and personal estate and
 to mortgage or lease any such real and personal estate with its franchises. The power to
 hold real and personal estate shall include the power to take the same by devise or bequest
 in the State of Delaware, or in any other state, territory or country.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation shall have the power to appoint such officers and agents as the affairs of the
 Corporation shall requite and allow them suitable compensation.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Corporation shall have the power to make bylaws not inconsistent with the constitution or
 laws of the United States, or of the State of Delaware, for the management, regulation and
 government of its affairs and property, the transfer of its stock, the transaction of its
 business and the calling and holding of meetings of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Corporation shall have the power to wind up and dissolve itself, or be wound up or dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Corporation shall have the power to adopt and use a common seal or stamp, or to not use such
 seal or stamp and if one is used, to alter the same. The use of a seal or stamp by the Corporation
 on any corporate documents is not necessary. The Corporation may use a seal or stamp, if
 it desires, but such use or non-use shall not in any way affect the legality of the document.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Corporation shall have the power to borrow money and contract debts when necessary for the
 transaction of its business, or for the exercise of its corporate rights, privileges or franchises,
 or for any other lawful purpose of its incorporation; to issue bonds, promissory notes, bills
 of exchange, debentures and other obligations and evidence of indebtedness, payable at a
 specified time or times, or payable upon the happening of a specified event or events, whether
 secured by mortgage, pledge or otherwise, or unsecured, for money borrowed, or in payment
 for property purchased, or acquired, or for another lawful object.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Corporation shall have the power to guarantee, purchase, hold, sell, assign, transfer, mortgage,
 pledge or otherwise dispose of the shares of the capital stock of, or any bonds, securities

 of Delaware, or any other state or government and, while the owner of such stock, bonds,
 securities or evidence of indebtedness, to exercise all the rights, powers and privileges
 of ownership, including the right to vote, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 Corporation shall have the power to purchase, hold, sell and transfer shares of its own capital
 stock and use therefore its capital, capital surplus, surplus or other property or fund.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 Corporation shall have the power to conduct business, have one or more offices and hold,
 purchase, mortgage and convey real and personal property in the State of Delaware and in
 any of the several states, territories, possessions and dependencies of the United States,
 the District of Columbia and in any foreign country.

&nbsp;&nbsp;&nbsp;&nbsp;(n) The
 Corporation shall have the power to do all and everything necessary and proper for the accomplishment
 of the objects enumerated in its Certificate of Incorporation, or any amendments thereof,
 or necessary or incidental to the protection and benefit of the Corporation and, in general,
 to carry on any lawful business necessary or incidental to the attainment of the purposes
 of the Corporation, whether or not such business is similar in nature to the purposes set
 forth in the Certificate of Incorporation of the Corporation, or any amendment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Corporation shall have the power to make donations for the public welfare or for charitable,
 scientific or educational purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(p) The
 Corporation shall have the power to enter partnerships, general or limited, or joint ventures,
 in connection with any lawful activities.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Notwithstanding
 Section 141(a) of the DGCL, the Corporation shall have the power to make contracts with one
 or more current or prospective stockholders (or one or more beneficial owners of stock),
 in its or their capacity as such, in exchange for such minimum consideration as determined
 by the Board (which may include inducing stockholders or beneficial owners of stock to take,
 or refrain from taking, one or more actions); provided that no provision of such contract
 shall be enforceable against the Corporation to the extent such contract provision is contrary
 to this
 Certificate of Incorporation or would be contrary to
 the laws of the State of Delaware (other than Section 115 of the DGCL) if included in this
 Certificate of Incorporation . Without limiting the
 provisions that may be included in any such contracts, the Corporation may agree to: (a)
 restrict or prohibit itself from taking actions specified in the contract, (b) require the
 approval or consent of one or more persons or bodies before the Corporation may take actions
 specified in the contract (which persons or bodies may include the Board or one or more current
 or future directors, stockholders or beneficial owners of stock of the corporation), and
 (c) covenant that the Corporation or one or more persons or bodies will take, or refrain
 from taking, actions specified in the contract (which persons or bodies may include the Board
 or one or more current or future directors, stockholders or beneficial owners of stock of
 the Corporation). The Board is specifically authorized and empowered to enter into a contract
 and take such actions as set forth in the first sentence of this Section 3(q), as further
 clarified in the second sentence of this Section 3(q).

Section 4. <u>Capital Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Classes and Number of Shares</u>. The total number of shares of all classes of stock, which
 the Corporation shall have authority to issue shall be five hundred million (500,000,000)
 shares of common stock, par value of $0.00001 per share (the "Common Stock")
 and fifty million (50,000,000) shares of preferred stock, par value of $0.00001 per share
 (the "Preferred Stock").

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Powers and Rights of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Preemptive Right</u>. No shareholders of the Corporation holding Common Stock shall have any preemptive
 or other right to subscribe for any additional unissued or treasury shares of stock or for
 other securities of any class, or for rights, warrants or options to purchase stock, or for
 scrip, or for securities of any kind convertible into stock or carrying stock purchase warrants
 or privileges unless so authorized by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Voting Rights and Powers</u>. With respect to all matters upon which stockholders are entitled
 to vote or to which stockholders are entitled to give consent, the holders of the outstanding
 shares of the Common Stock shall be entitled to cast thereon one (1) vote in person or by
 proxy for each share of the Common Stock standing in his/her name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Cash Dividends</u>. Subject to the rights of holders of Preferred Stock, holders of Common
 Stock shall be entitled to receive such cash dividends as may be declared thereon by the
 Board from time to time out of assets of funds of the Corporation legally available therefore;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Other Dividends and Distributions</u>. The Board may issue shares of the Common Stock in the form
 of a distribution or distributions pursuant to a stock dividend or split-up of the shares
 of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Other Rights</u>. Except as otherwise required by the DGCL and as may otherwise be provided
 in this Certificate of Incorporation, each share of the Common Stock shall have identical
 powers, preferences and rights, including rights in liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Classes of Preferred Stock</u>. The powers, preferences, rights, qualifications, limitations and
 restrictions pertaining to the Preferred Stock, or any series thereof, shall be such as may
 be fixed, from time to time, by the Board in its sole discretion, authority to do so being
 hereby expressly vested in the Board. The authority of the Board with respect to each such
 series of Preferred Stock will include, without limiting the generality of the foregoing,
 the determination of any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 number of shares of any series and the designation to distinguish the shares of such series
 from the shares of all other series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 voting powers, if any, of the shares of such series and whether such voting powers are full
 or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 redemption provisions, if any, applicable to such series, including the redemption price
 or prices to be paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether
 dividends, if any, will be cumulative or noncumulative, the dividend rate or rates of such
 series and the dates and preferences of dividends on such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 rights of such series upon the voluntary or involuntary dissolution of, or upon any distribution
 of the assets of, the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 provisions, if any, pursuant to which the shares of such series are convertible into, or
 exchangeable for, shares of any other class or classes or of any other series of the same
 or any other class or classes of stock, or any other security, of the Corporation or any
 other corporation or other entity, and the rates or other determinants of conversion or exchange
 applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 right, if any, to subscribe for or to purchase any securities of the Corporation or any other
 corporation or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 provisions, if any, of a sinking fund applicable to such series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 other relative, participating, optional or other powers, preferences or rights, and any qualifications,
 limitations or restrictions thereof, of such series.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of the Common Stock and the Preferred Stock</u>. The Board may from time to time authorize
 by resolution the issuance of any or all shares of the Common Stock and the Preferred Stock
 herein authorized in accordance with the terms and conditions set forth in this Certificate
 of Incorporation for such purposes, in such amounts, to such persons, corporations, or entities,
 for such consideration and in the case of the Preferred Stock, in one or more series, all
 as the Board in its discretion may determine and without any vote or other action by the
 stockholders, except as otherwise required by law. The Board, from time to time, also may
 authorize, by resolution, options, warrants and other rights convertible into Common or Preferred
 stock (collectively "securities"). The securities must be issued for such consideration,
 including cash, property, or services, as the Board may deem appropriate, subject to the
 requirement that the value of such consideration be no less than the par value of the shares
 issued. Any shares issued for which the consideration so fixed has been paid or delivered
 shall be fully paid stock and the holder of such shares shall not be liable for any further
 call or assessment or any other payment thereon, provided that the actual value of such consideration
 is not less that the par value of the shares so issued. The Board may issue shares of the
 Common Stock in the form of a distribution or distributions pursuant to a stock dividend
 or split-up of the shares of the Common Stock only to the then holders of the outstanding
 shares of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cumulative Voting</u>. Except as otherwise required by applicable law, there shall be no cumulative
 voting on any matter brought to a vote of stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>One Class</u>. Except as otherwise required by the DGCL, this Certificate of Incorporation, or
 any designation for a class of Preferred Stock (which may provide that an alternate vote
 is required), (i) all shares of capital stock of the Corporation shall vote together as one
 class on all mattes submitted to a vote of the shareholders of the Corporation; and
 (ii) the affirmative vote of a majority of the voting power of all outstanding shares of
 voting stock entitled to vote in connection with the applicable matter shall be required
 for approval of such matter.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Section 242(b)(2) Election</u>. For the avoidance of doubt, the intent of Section 1(f) is, and the
 operation of Section 1(f) shall be, that, without limitation, (i) the number of authorized
 shares of 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 stock
 of the Corporation entitled to vote irrespective of Section 242(b)(2) of the DGCL, with no
 vote of any holders of a particular class of stock, voting as a separate class, being required;
 and (ii) unless otherwise set forth in a certificate of designations for the applicable class
 of Preferred Stock, the number of authorized shares of any class of Preferred 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 stock of the Corporation entitled to
 vote irrespective of Section 242(b)(2) of the DGCL, with no vote of any holders of a particular
 class of stock, voting as a separate class, being required.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Additional Vote</u>. The Common Stock shall not be entitled to vote on any amendment to a
 certificate of designations for any class of Preferred Stock if the holders of such affected
 class of Preferred Stock are entitled to vote on the amendment. No series or class or Preferred
 Stock shall be entitled to vote on any amendment to a certificate of designations for any
 other series or class of Preferred Stock if the holders of such other affected series or
 class of Preferred Stock are entitled to vote on the amendment.

Section 5. <u>Adoption of Bylaws</u>. In the furtherance and not in limitation of the powers conferred by statute and subject to Section 6, the Board is expressly authorized to adopt, repeal, rescind, alter or amend in any respect the bylaws of the Corporation (the "Bylaws").

Section 6. <u>Shareholder Amendment of Bylaws</u>. Notwithstanding Section 5, the Bylaws may also be adopted, repealed, rescinded, altered or amended in any respect by the stockholders of the Corporation, but only by the affirmative vote of the holders of a majority of the voting power of all outstanding shares of voting stock, regardless of class and voting together as a single voting class.

Section 7. <u>Board of Directors</u>. The business and affairs of the Corporation shall be managed by and under the direction of the Board. The first Board shall initially consist of one person. The initial director of the Corporation shall be Taiji Ito and his address is 4F 1-2-7 Motoakasaka, Minato-ku, Tokyo, Japan. Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any class or series of Preferred Stock, the number of directors of the Corporation may be amended from time to time as set forth in the Bylaws. The exact number of directors shall be fixed from time to time by the Board pursuant to resolution adopted by a majority of the full Board. Directors need not be stockholders.

Section 8. <u>Powers of Board</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 furtherance and not in limitation of the powers conferred by the laws of the DGCL, the Board
 is expressly authorized and empowered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 make, alter, amend, and repeal the Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject
 to the applicable provisions of the Bylaws then in effect, to determine, from time to time,
 whether and to what extent, and at what times and places, and under what conditions and regulations,
 the accounts and books of the Corporation, or any of them, shall be open to stockholder inspection,
 provided that no stockholder shall have any right to inspect any of the accounts, books or
 documents of the Corporation, except as permitted by law, unless and until authorized to
 do so by resolution of the Board or of the stockholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 authorize and issue, without stockholder consent, obligations of the Corporation, secured
 and unsecured, under such terms and conditions as the Board, in its sole discretion, may
 determine, and to pledge or mortgage, as security therefore, any real or personal property
 of the Corporation, including after-acquired property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 determine whether any and, if so, what part of the earned surplus of the Corporation shall
 be paid in dividends to the stockholders, and to direct and determine other use and disposition
 of any such earned surplus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 fix, from time to time, the amount of the profits of the Corporation to be reserved as working
 capital or for any other lawful purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To
 establish bonus, profit-sharing, stock option, or other types of incentive compensation plans
 for the employees, including officers and directors, of the Corporation, and to fix the amount
 of profits to be shared or distributed, and to determine the persons to participate in any
 such plans and the amount of their respective participations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to
 designate, by resolution or resolutions passed by a majority of the whole Board, one or more
 committees, each consisting of two or more directors, which, to the extent permitted by law
 and authorized by the resolution or the Bylaws, shall have and may exercise the powers of
 the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To
 provide for the reasonable compensation of its own members by Bylaw, and to fix the terms
 and conditions upon which such compensation will be paid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 addition to the powers and authority hereinbefore, or by statute, expressly conferred upon
 it, the Board may exercise all such powers and do all such acts and things as may be exercised
 or done by the Corporation, subject, nevertheless, to the provisions of the laws of the State
 of Delaware, of this Certificate of Incorporation, and of the Bylaws of the Corporation.

Section 9. <u>Interested Directors</u>. No contract or transaction between this Corporation and any of its directors, or between this Corporation and any other corporation, firm, association, or other legal entity shall be invalidated by reason of the fact that the director of the Corporation has a direct or indirect interest, pecuniary or otherwise, in such corporation, firm, association, or legal entity, or because the interested director was present at the meeting of the Board which acted upon or in reference to such contract or transaction, or because he participated in such action, provided that: (1) the interest of each such director shall have been disclosed to or known by the Board and a disinterested majority of the Board shall have, nonetheless, ratified and approved such contract or transaction (such interested director or directors may be counted in determining whether a quorum is present for the meeting at which such ratification or approval is given); or (2) the conditions of Section 144 of the DGCL are met.

Section 10. <u>Term of Board of Directors</u>. Except as otherwise required by applicable law, each director shall serve for a term ending on first anniversary of their date of election, provided that, notwithstanding the foregoing provisions of this Section 10 each director shall serve until their successor is elected and qualified or until his death, resignation or removal. All directors shall have equal standing. Notwithstanding the foregoing provisions of this Section 10, no decrease in the authorized number of directors shall shorten the term of any incumbent director; and additional directors, elected in connection with rights to elect such additional directors under specified circumstances, which may be granted to the holders of any class or series of Preferred Stock, shall not be included in any class, but shall serve for such term or terms and pursuant to such other provisions as are specified in the resolution of the Board establishing such class or series.

Section 11. <u>Vacancies on Board of Directors</u>. Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any class or series of Preferred Stock, newly created directorships resulting from any increase in the number of directors, or any vacancies on the Board resulting from death, resignation, removal, or other causes, shall be filled solely by the quorum of the Board. Any director elected in accordance with the preceding sentence shall hold office for the remainder of the full term of directors in which the new directorship was created or the vacancy occurred and until such director's successor shall have been elected and qualified or until such director's death, resignation or removal, whichever first occurs.

Section 12. <u>Removal of Directors</u>. Except as may otherwise be provided in connection with rights to elect additional directors under specified circumstances, which may be granted to the holders of any class or series of Preferred Stock, any director may be removed from office only by the affirmative vote of the holders of not less than two-thirds (2/3) of the voting power of the issued and outstanding stock entitled to vote. Failure of an incumbent director to be nominated to serve an additional term of office shall not be deemed a removal from office requiring any stockholder vote.

Section 13. <u>Stockholder Action</u>. Any action required or permitted to be taken by the stockholders of the Corporation must be effective at a duly called annual meeting or at a special meeting of stockholders of the Corporation, unless such action requiring or permitting stockholder approval is approved by a majority of the directors, in which case such action may be authorized or taken by the written consent of the holders of outstanding shares of voting stock having not less than the minimum voting power that would be necessary to authorize or take such action at a meeting of stockholders at which all shares entitled to vote thereon were present and voted, provided all other requirements of applicable law and this Certificate of Incorporation have been satisfied.

Section 14. <u>Special Stockholder Meetings</u>. Special meetings of the stockholders of the Corporation for any purpose or purposes may be called at any time by a majority of the Board. Special meetings may not be called by any other person or persons. Each special meeting shall be held at such date and time as is requested by Board, within the limits fixed by law.

Section 15. <u>Location of Stockholder Meetings</u>. Meetings of stockholders of the Corporation may be held within or without the State of Delaware, as the Bylaws may provide. The books of the Corporation may be kept (subject to any provision of the DGCL) outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws.

Section 16. <u>Private Property of Stockholders</u>. The private property of the stockholders shall not be subject to the payment of corporate debts to any extent whatever and the stockholders shall not be personally liable for the payment of the Corporation's debts.

Section 17. <u>Amendments</u>. The Corporation reserves the right to adopt, repeal, rescind, alter or amend in any respect any provision contained in this Certificate of Incorporation in the manner now or hereafter prescribed by applicable law and all rights conferred on stockholders herein granted subject to this reservation.

Section 18. <u>Term of Existence</u>. The Corporation is to have perpetual existence.

Section 19. <u>Liability of Directors and Officers</u>. To the maximum extent permitted by the DGCL, no director or officer (as defined in Section 102(b)(7) of the DGCL) of this Corporation shall have personal liability to the Corporation or any of its stockholders for monetary damages for breach of any fiduciary duty, including without limitation, the duty of care, as a director or officer involving any act or omission of any such director or officer, provided that the foregoing provision shall not eliminate or limit the liability (i) of a director or officer for any breach of the director's or officer's duty of loyalty to the Corporation or its stockholders, (ii) of a director or officer for acts or omissions not in good faith or, which involve intentional misconduct or a knowing violation of law, (iii) of a director under Section 174 of the DGCL (or any successor statute or section thereto); (iv) of a director or officer for any transaction from which the director or officer derived an improper personal benefit; or (v) of an officer in any action by or in the right of the Corporation. Any repeal or modification of this Section 19 by the stockholders of the Corporation shall be prospective only and shall not adversely affect any limitation on the personal liability of a director or officer of the Corporation for acts or omissions prior to such repeal or modification.

Section 20. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification in Actions, Suits or Proceedings other than Those by or in the Right of the Corporation.* Subject to Section 20(c) and Section 20(j), the Corporation shall, to the fullest extent
 permitted by the DGCL and applicable Delaware law as in effect at any time, indemnify, hold
 harmless and defend any person who: (i) was or is a director or officer of the Corporation
 or was or is a director or officer of a direct or indirect wholly owned subsidiary of the
 Corporation, and (ii) was or is a party or is threatened to be made a party to, or was or
 is otherwise directly involved in (including as a witness), any threatened, pending or completed
 action, suit or proceeding, whether civil, criminal, administrative or investigative (other
 than an action by or in the right of the Corporation) by reason of the fact that such person
 was or is a director or officer of the Corporation or any direct or indirect wholly owned
 subsidiary of the Corporation, or was or is serving at the request of the Corporation as
 a director, officer, employee, partner, member or agent of another corporation, partnership,
 limited liability company, joint venture, trust, employee benefit plan or other enterprise,
 whether the basis of such proceeding is alleged action in an official capacity or in any
 other capacity, against expenses (including attorneys' fees), judgments, fines and
 amounts paid in settlement actually and reasonably incurred by such person in connection
 with such action, suit or 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 Corporation,
 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 action, suit or proceeding
 by judgment, order, settlement, conviction, or upon a plea or 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 Corporation, 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;(b) *Indemnification in Actions, Suits or Proceedings by or in the Right of the Corporation.* Subject to Section
 20(c) and Section 20(j), the Corporation shall indemnify, hold harmless and defend any person
 who: (i) was or is a director or officer of the Corporation or was or is a director or officer
 of a direct or indirect wholly owned subsidiary of the Corporation, and (ii) was or is a
 party or is threatened to be made a party to, or was or is otherwise directly involved in
 (including as a witness), any threatened, pending or completed action or suit by or in the
 right of the Corporation to procure a judgment in its favor by reason of the fact that such
 person was or is a director or officer of the Corporation or any direct or indirect wholly
 owned subsidiary of the Corporation, or was or is serving at the request of the Corporation
 as a director, officer, employee, partner, member or agent of another corporation, partnership,
 limited liability company, joint venture, trust, employee benefit plan or other enterprise,
 and whether the basis of such action, suit or proceeding is alleged action in an official
 capacity or in any other capacity, against expenses (including attorneys' fees) actually
 and reasonably incurred by such person in connection with the defense or settlement of such
 action or suit 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 Corporation; 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 Corporation unless and only to the extent
 that the Courts in the State of Delaware or the court in which such action or suit 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 in the State of Delaware or such other court shall deem
 proper.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Authorization of Indemnification.* Any indemnification or defense under this Section 20 (unless ordered
 by a court) shall be made by the Corporation only as authorized in the specific case upon
 a determination that indemnification of the director or officer is proper in the circumstances
 because such person has met the applicable standard of conduct set forth in Section 20(a)
 or Section 20(b), as the case may be. Such determination shall be made, with respect to a
 person who is a director or officer at the time of such determination,: (i) by directors
 constituting the Board Voting Majority and who are not parties to such action, suit or proceeding,
 even though less than a quorum, or (ii) by a committee of such directors designated by the
 Board Voting Majority, even though less than a quorum, or (iii) if there are no such directors,
 or if such directors so direct, by independent legal counsel in a written opinion, or (iv)
 by the stockholders. Such determination shall be made, with respect to former directors and
 officers, by any person or persons having the authority to act on the matter on behalf of
 the Corporation. To the extent, however, that a present or former director or officer of
 the Corporation has been successful on the merits or otherwise in defense of any action,
 suit or proceeding set forth in Section 20(a) or Section 20(b) 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, without the
 necessity of authorization in the specific case.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Good Faith Defined.* For purposes of any determination under Section 20(b), a person shall
 be deemed to have acted in good faith and in a manner such person reasonably believed to
 be in or not opposed to the best interests of the Corporation, or, with respect to any criminal
 action or proceeding, to have had no reasonable cause to believe such person's conduct
 was unlawful, if such person's action is based on good faith reliance on the records
 or books of account of the Corporation or another enterprise, or on information supplied
 to such person by the officers of the Corporation or another enterprise in the course of
 their duties, or on the advice of legal counsel for the Corporation or another enterprise
 or on information or records given or reports made to the Corporation or another enterprise
 by an independent certified public accountant or by an appraiser or other expert selected
 with reasonable care by the Corporation or another enterprise. The term "another enterprise"
 as used in this Section 20(d) shall mean any other corporation or any partnership, limited
 liability company, joint venture, trust, employee benefit plan or other enterprise of which
 such person was or is serving at the request of the Corporation as a director, officer, employee,
 partner, member or agent. The provisions of this Section 20(d) shall not be deemed to be
 exclusive or to limit in any way the circumstances in which a person may be deemed to have
 met the applicable standard of conduct set forth in Section 20(a) or Section 20(b), as the
 case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Expenses Payable in Advance.* Expenses, including attorneys' fees, incurred by a current
 or former director or officer in defending any action, suit or proceeding described in Section
 20(a) or Section 20(b) shall be paid by the Corporation in advance of the final disposition
 of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such
 director or officer to repay such amount if it shall ultimately be determined that such person
 is not entitled to be indemnified by the Corporation as authorized in this Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Non-exclusivity of Indemnification and Advancement of Expenses.* The indemnification, defense and advancement
 of expenses provided by or granted pursuant to this Section 20 shall not be deemed exclusive
 of any other rights to which those seeking indemnification or advancement of expenses may
 be entitled under the Certificate, any 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, it being the policy of the Corporation that
 indemnification of the persons specified in Section 20(a) or Section 20(b) shall be made
 to the fullest extent permitted by applicable law. The provisions of this Section 20 shall
 not be deemed to preclude the indemnification of, or advancement of expenses to, any person
 who is not specified in Section 20(a) or Section 20(b) but whom the Corporation has the power
 or obligation to indemnify under the provisions of the DGCL or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Insurance.* The Corporation may purchase and maintain insurance on behalf of any person who was or is
 a director, officer, employee or agent of the Corporation, or a direct or indirect wholly
 owned subsidiary of the Corporation, or was or is serving at the request of the Corporation,
 as a director, officer, employee, partner, member or agent of another corporation, partnership,
 limited liability company, joint venture, trust, employee benefit plan 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 Corporation
 would have the power or the obligation to indemnify, hold harmless or defend such person
 against such liability under the provisions of this Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;(h) *Certain Definitions.* For purposes of this Section 20 references to the "Corporation"
 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 was or is a director, officer, employee or agent
 of such constituent corporation, or was or is serving at the request of such constituent
 corporation as a director, officer, employee, partner, member or agent of another corporation,
 partnership, limited liability company, joint venture, trust, employee benefit plan or other
 enterprise, shall stand in the same position under the provisions of this Section 20 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 Section 20, references to "fines" shall include any excise taxes assessed
 on a person with respect of any employee benefit plan; and references to "serving
 at the request of the Corporation" shall include any service as a director, officer,
 employee or agent of the Corporation 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 Corporation" as referred to in this Section 20.

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Survival of Indemnification and Advancement of Expenses.* The indemnification, defense and advancement
 of expenses provided by, or granted pursuant to, this Section 20 shall, unless otherwise
 provided when authorized or ratified, continue as to a person who has ceased to be a director
 or officer and shall inure to the benefit of the heirs, executors and administrators of such
 a person.

&nbsp;&nbsp;&nbsp;&nbsp;(j) *Limitation on Indemnification.* Notwithstanding anything contained in this Section 20 to the contrary,
 except for proceedings to enforce rights to indemnification and defense under this Section
 20 (which shall be governed by Section 20(k)(ii)), the Corporation shall not be obligated
 under this Section 20 to indemnify, hold harmless or defend any director, officer, employee
 or agent in connection with a proceeding (or part thereof) initiated by such person unless
 such proceeding (or part thereof) was authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(k) *Contract Rights.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 obligations of the Corporation under this Section 20 to indemnify, hold harmless and defend
 a person who was or is a director or officer of the Corporation or was or is a director or
 officer of a direct or indirect wholly owned subsidiary of the Corporation, including the
 duty to advance expenses, shall be considered a contract between the Corporation and such
 person, and no modification or repeal of any provision of this Section 20 shall affect, to
 the detriment of such person, such obligations of the Corporation in connection with a claim
 based on any act or failure to act occurring before such modification or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 a claim under Section 20(a), Section 20(b) or Section 20(e) is not paid in full by the Corporation
 within 90 days after a written claim has been received by the Corporation, except in the
 case of a claim for an advancement of expenses, in which case the applicable period shall
 be 45 days, the person making such claim may at any time thereafter bring suit against the
 Corporation to recover the unpaid amount of the claim. To the fullest extent permitted by
 applicable law, if successful in whole or in part in any such suit, or in a suit brought
 by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking,
 such person shall be entitled to be paid also the expense of prosecuting or defending such
 suit. In (i) any suit brought by such person to enforce a right to indemnification hereunder
 (but not in a suit brought by such person to enforce a right to an advancement of expenses)
 it shall be a defense, and (ii) in any suit brought by the Corporation to recover an advancement
 of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to
 recover such expenses upon a final adjudication that such person has not met any applicable
 standard for indemnification set forth in the DGCL. Neither the failure of the Corporation
 (including its directors who are not parties to such action, a committee of such directors,
 independent legal counsel or its Stockholders) to have made a determination prior to the
 commencement of such suit that indemnification of such person is proper in the circumstances
 because such person has met the applicable standard of conduct set forth in the DGCL, nor
 an actual determination by the Corporation (including its directors who are not parties to
 such action, a committee of such directors, independent legal counsel or its Stockholders)
 that such person has not met such applicable standard of conduct, shall create a presumption
 that such person has not met the applicable standard of conduct or, in the case of such a
 suit brought by such person, be a defense to such suit.

&nbsp;&nbsp;&nbsp;&nbsp;(l) *Indemnification Agreements.* Without limiting the generality of the foregoing, the Corporation shall have
 the express authority to enter into such agreements as the Board deems appropriate for the
 indemnification of present or future directors and officers of the Corporation in connection
 with their service to, or status with, the Corporation or any other corporation, entity or
 enterprise with whom such person is serving at the express written request of the Corporation.

Section 22. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Incorporation and shall not be deemed to limit or affect any of the provisions hereof.

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Incorporation as of 28<sup>th</sup> day of January, 2025.

---

| | |
|:---|:---|
| Sole Incorporator | Sole Incorporator |
| By: | */s/Taiji Ito* |
|  | Taiji Ito |
|  | Sole Incorporator |

---

## Exhibit 3.2

**Exhibit 3.2**

CERTIFICATE OF AMENDMENT TO

CERTIFICATE OF INCORPORATION

OF

Advasa Holdings, Inc.

Advasa Holdings, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the "Corporation"), does hereby certify as follows:

1. The name of the corporation is Advasa Holdings, Inc. The date of filing of the original Certificate of Incorporation of the Corporation (the "Certificate") with the Secretary of State of the State of Delaware is February 4, 2025.

2. This Certificate of Amendment to Certificate of Incorporation (this "Certificate of Amendment") amends the Certificate, and a new Section 4(i) is hereby added as a new subsection of Section 4 of the Certificate, immediately following Section 4(h) of the Certificate, and providing as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Forward Stock Split</u>. Upon the effectiveness of this Certificate of Amendment (the "Effective Time"), each one (1) share of the Common Stock issued and outstanding at the Effective Time (collectively, the "Pre-Split Common Stock") shall automatically and without any action on the part of the holder thereof be reclassified such that each one (1) share of Pre-Split Common Stock shall become ten (10) shares of Common Stock (the "Forward Stock Split"). Each certificate that immediately prior to the Effective Time represented shares of Pre-Split Common Stock ("Old Certificates"), shall thereafter represent that number of shares of Common Stock into which the shares of Common Stock represented by the Old Certificate shall have been reclassified as a result of the Forward Stock Split. The par value per share of Common Stock shall not be affected by the Forward Stock Split.

3. At the Effective Time, Section 4(a) of the Certificate is hereby amended and restated in its entirety to provide as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Classes and Number of Shares</u>. The total number of shares of all classes of stock which the Corporation
 shall have authority to issue shall be five billion (5,000,000,000) shares of common stock,
 par value of $0.00001 per share (the "Common Stock") and five hundred million
 (500,000,000) shares of preferred stock, par value of $0.00001 per share (the "Preferred
 Stock").

4. The remaining provisions of the Certificate not affected by the aforementioned amendment shall remain in full force and shall not be affected by this Certificate of Amendment.

5. This Certificate of Amendment and the actions set forth herein has been duly approved and adopted by the Board of Directors of the Corporation on November 20, 2025, and this Certificate of Amendment and the actions set forth herein have been approved by the stockholders of the Corporation on November 20, 2025, in accordance with the provisions of Sections 141, 228, 242 and 245 of the General Corporation Law of the State of Delaware.

6. The foregoing amendment will be effective upon filing with the Secretary of State of the State of Delaware.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by its duly authorized officer this 20<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| By: | */s/ Grady Ryther* |
| Name: | Grady Ryther |
| Title: | Chief Executive Officer |

---

## Exhibit 3.3

**Exhibit 3.3**

**BYLAWS** 

**Of**

**Advasa Holdings, Inc.**

**a Delaware corporation**

Adopted 5 February 2025

1. *Offices*.
 Advasa Holdings, Inc. (the "Corporation") may have an office or offices, and
 keep the books and records of the Corporation, except as may otherwise be required by applicable
 law, at such other place or places, either within or without the State of Delaware, as the
 Board may from time to time determine or the business of the Corporation may require.

2. *Meetings of Stockholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. *Annual Meetings.* The annual meetings of stockholders for the election of directors and for such
 other business as may be stated in the notice of the meeting shall be held at such time and
 date and place as the Board, by resolution, shall determine and as set forth in the notice
 of the meeting and shall be held at such place, either within or without the State of Delaware.
 If the date of the annual meeting shall fall upon a legal holiday, the meeting shall be held
 on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. *Deferred Meeting for Election of Directors, etc.* If the annual meeting of stockholders for the
 election of directors and the transaction of other business is not held within the time specified
 in Section 2.1, the Board shall call a special meeting of stockholders for the election of
 directors and the transaction of other business as soon thereafter as convenient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. *Other Special Meetings.* A special meeting of stockholders (other than a special meeting for
 the election of directors), unless otherwise prescribed by statute, may only be called by
 the Board and may be called at any time by the Board. At any special meeting of stockholders,
 only such business may be transacted as is related to the purpose(s) of such meeting set
 forth in the notice thereof given pursuant to Section 2.5 or in any waiver of notice thereof
 given pursuant to Section 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. *Fixing Record Date.* For the purpose of determining the stockholders entitled to notice of or
 to vote at any meeting of stockholders or any adjournment thereof, or to express consent
 to corporate action in writing without a meeting, or for the purpose of determining stockholders
 entitled to receive payment of any dividend or other distribution or allotment of any rights,
 or 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 may fix, in advance, a date as of
 the record date for any such determination of stockholders. Such date shall not be more than
 sixty (60) nor less than ten (10) days before the date of such meeting nor more than sixty
 (60) days prior to any other action. If no such record date is fixed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 record date for the determination of stockholders entitled to notice of or 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 no 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 record date for determining stockholders entitled to express consent to corporate action
 in writing without a meeting, when no prior action by the Board is necessary, shall be the
 day on which the first written consent is expressed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 record date for determining stockholders for any purpose other than those specified in Sections
 2.4(a) and Section 2.4(b) shall be at the close of business on the day on which the Board
 adopts the resolution relating thereto.

When a determination of stockholders entitled to notice of, or to vote at, any meeting of stockholders has been made as provided in this Section 2.4, such determination shall apply to any adjournment thereof, unless the Board fixes a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. *Notice of Meetings of Stockholders; Location.* Except as otherwise provided in Section 2.4
 and Section 2.6, whenever under any provision of the Delaware General Corporation Law (as
 the same may be amended and supplemented from time to time, and including any successor provision
 thereto, the "DGCL"), the Certificate of Incorporation of the Corporation (as
 the same may be amended, supplemented and/or restated from time to time, the "Certificate")
 or these Bylaws, stockholders are required or permitted to take any action at a meeting,
 written notice shall be given stating the place, date and hour of the meeting and, in the
 case of a special meeting, the purpose(s) for which the meeting is called. Except as otherwise
 provided by any provision of the DGCL, a copy of the notice of any meeting shall be given,
 personally or by mail, not less than 10 nor more than 60 days before the date of the meeting,
 to each stockholder entitled to notice of, or to vote at, such meeting. If mailed, such notice
 shall be deemed to be given when deposited in the United States Mail, postage prepaid, directed
 to the stockholder at his address as it appears on the records of the Corporation. An affidavit
 of the Secretary or an Assistant Secretary or of the transfer agent of the Corporation that
 the notice required by this Section 2.5 has been given shall, in the absence of fraud, be
 prima facie evidence of the facts stated therein. When a meeting is adjourned to another
 time or place, notice need not be given of the adjourned meeting if the time and place thereof
 are announced at the meeting at which the adjournment is taken and, at the adjourned meeting,
 any business may be transacted that might have been transacted at the meeting originally
 called. If, however, the adjournment is for more than 60 days or if, after the adjournment,
 a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall
 be given to each stockholder of record entitled to vote at the meeting. The Board may designate
 the place of meeting for any meeting of Stockholders. If no designation is made by the Board,
 the place of meeting shall be the principal executive offices of the Corporation. The Board
 may, in its sole discretion, determine that the meeting shall not be held at any place, but
 may instead be held solely by means of remote communication as authorized by the DGCL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. *Waivers of Notice.* Whenever notice is required to be given to the stockholders under any provision
 of the DGCL, or the Certificate or these Bylaws, a written waiver thereof, signed by a stockholder
 entitled to notice, whether before or after the time stated therein, shall be deemed equivalent
 to notice. Attendance of a stockholder at a meeting shall constitute a waiver of notice of
 such meeting, except when the stockholder 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. *Quorum of Stockholders; Adjournment; Postponement.* The holders of a majority of the
 voting power, present, in person or represented by proxy, shall be necessary and sufficient
 to constitute a quorum for the transaction of any business at such meeting, except where
 otherwise provided by any provision of the DGCL. When a quorum is once present to organize
 a meeting of stockholders, it is not broken by the subsequent withdrawal of any stockholders.
 The Chairman, or the holders of a majority of the shares of stock present in person or represented
 by proxy at any meeting of stockholders, including an adjournment meeting, whether or not
 a quorum is present, may adjourn such meeting to another time and place. Any previously scheduled
 meeting of stockholders may be postponed, and any previously scheduled special meeting of
 Stockholders may be canceled, by the Board upon public notice given prior to the time previously
 scheduled for such meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. *Voting; Proxies.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 otherwise provided in the Certificate, every stockholder of record shall be entitled at every
 meeting of stockholders to one vote for each share of capital stock standing in his name
 on the record of stockholders determined in accordance with Section 2.4. If the Certificate
 provides for more or less than one vote for any share on any matter, every reference in these
 Bylaws or any provision of the DGCL, to a majority or other proportion of stock shall refer
 to such majority or other proportion of the votes of such stock. The provisions of the DGCL
 shall apply in determining whether any shares of capital stock may be voted and the persons,
 if any entitled to vote such shares, but the Corporation shall be protected in treating the
 persons in whose names shares of capital stock stand on the record of stockholders as owners
 thereof for all purposes.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 any uncontested election of directors, each person receiving a majority of the votes cast
 shall be deemed elected. For purposes of this paragraph, a 'majority of the votes cast'
 shall mean that the number of votes cast 'for' a director must exceed the number
 of votes cast 'against' that director (with 'abstentions' and 'broker
 non-votes' not counted as a vote cast with respect to that director). In any contested
 election of directors, the persons receiving a plurality of the votes cast, up to the number
 of directors to be elected in such election, shall be deemed elected. The Board may, but
 need not, establish policies and procedures regarding the nomination, election and resignation
 of directors, which policies and procedures may: (i) include a condition to nomination by
 the Board for election or re-election as a director that an individual agree to tender, if
 elected or re-elected, an irrevocable offer of resignation conditioned on: (A) failing to
 receive the required vote for re-election at the next meeting at which such person would
 face re-election and (B) acceptance of the resignation by the Board, (ii) require: (A) if
 one exists, the Corporation's nominating and governance committee or other committee
 designated by the Board (the "Nominating and Governance Committee") to make a
 recommendation to the Board on whether to accept or reject the resignation, or whether other
 action should be taken and (B) the Board to act on the Nominating and Governance Committee's
 recommendation and publicly disclose its decision and the rationale behind it within 90 days,
 to the extent practicable, from the date of the certification of the election results. A
 "contested election" is one in which: (i) the Secretary receives a notice that
 a Stockholder has nominated a person for election to the Board in compliance with the advance
 notice requirements for stockholder nominees for director set forth in Section and (ii) such
 nomination has not been withdrawn by such stockholder on or before the 10<sup>th</sup> day
 before the Corporation first mails its notice of meeting for such meeting to the stockholders.
 An "uncontested election" is any election other than a contested election. All
 elections of directors shall be by written ballot unless otherwise provided in the Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 to each matter submitted to a vote of the stockholders (other than the election of directors),
 except as otherwise provided by law or by the Certificate or by these Bylaws, such matter
 shall be decided by a majority of the votes cast on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 voting on any other question on which a vote by ballot is required by law, the voting shall
 be by ballot. Each ballot shall be signed by the stockholder voting or by his proxy and shall
 state the number of shares voted. Every stockholder entitled to vote at a meeting of stockholders
 or to express consent or dissent to corporate action in writing without a meeting may authorize
 another person(s) to act for him by proxy. Any proxy to be used at a meeting of stockholders
 must be delivered to the Secretary of the Corporation or his or her representative at the
 principal executive offices of the Corporation at or before the time of the meeting. The
 validity and enforceability of any proxy shall be determined in accordance with the provisions
 of the DGCL. The Chairman shall fix and announce at the meeting the date and time of the
 opening and the closing of the polls for each matter upon which the stockholders will vote
 at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. *Nomination of Directors.* Only persons who are nominated in accordance with the procedures set forth
 in these Bylaws shall be eligible for election as directors. Nominations of persons for election
 to the Board may be made at a meeting of stockholders at which directors are to be elected
 only (a) by or at the direction of the Board or (b) by any stockholder of the Corporation
 entitled to vote for the election of directors at a meeting who complies with the notice
 procedures set forth in Section 2.10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. *Notices of Business or Nominations for Director.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 director nominations or other business to be properly brought before an annual meeting of
 stockholders by a stockholder, a stockholder's notice must include the following information
 and/or documents, as applicable: (A) the name and address of the stockholder giving the notice,
 as they appear on the Corporation's books, and of the beneficial owner of stock of
 the Corporation, if any, on whose behalf such nomination or proposal of other business is
 made (such beneficial owner, the "Beneficial Owner"); (B) representations
 that, as of the date of delivery of such notice, such stockholder is a holder of record of
 stock of the Corporation and is entitled to vote at such meeting and intends to appear in
 person or by proxy at such meeting to propose and vote for such nomination and any such other
 business; (C) as to each person whom the stockholder proposes to nominate for election
 or re-election as a director (a "Stockholder Nominee"): (1) all information relating
 to such Stockholder Nominee that is required to be disclosed in solicitations of proxies
 for election of directors in an election contest, or is otherwise required, in each case
 pursuant to Regulation 14A under the Securities Exchange Act of 1934 (as amended from time
 to time, the "Exchange Act") or any successor provision thereto, including such
 Stockholder Nominee's written consent to being named in the proxy statement as a nominee
 and to serving as a director if elected and to being named in the Corporation's proxy
 statement and form of proxy if the Corporation so determines, (2) a statement whether such
 Stockholder Nominee, if elected, intends to tender, promptly following such Stockholder Nominee's
 election or re-election, an irrevocable offer of resignation effective upon such Stockholder
 Nominee's failure to receive the required vote for re-election at the next meeting
 at which such Stockholder Nominee would face re-election and upon acceptance of such resignation
 by the Board; and (3) such other information as may be reasonably requested by the Corporation;
 (D) as to any other business that the stockholder proposes to bring before the meeting: (1)
 a brief description of such business, (2) the text of the proposal (including the text of
 any resolutions proposed for consideration and, if such business includes a proposal to amend
 these Bylaws, the text of the proposed amendment) and (3) the reasons for conducting such
 business at the meeting; and (E) in all cases: (1) the name of each individual, firm,
 corporation, limited liability company, partnership, trust or other entity (including any
 successor thereto, a "Person") with whom the stockholder, any Beneficial Owner,
 any Stockholder Nominee and the respective affiliates and associates (as defined under Regulation
 12B under the Exchange Act or any successor provision thereto) of such stockholder, Beneficial
 Owner and/or Stockholder Nominee (each of the foregoing, including, for the avoidance of
 doubt, the Stockholder, Beneficial Owner and/or Stockholder Nominee, a "Stockholder
 Group Member") either is acting in concert with respect to the Corporation or has any
 agreement, arrangement or understanding (whether written or oral) for the purpose of acquiring,
 holding, voting (except pursuant to a revocable proxy given to such Person in response to
 a public proxy solicitation made generally by such Person to all holders of common stock
 of the Corporation) or disposing of any capital stock of the Corporation or to cooperate
 in obtaining, changing or influencing the control of the Corporation (except independent
 financial, legal and other advisors acting in the ordinary course of their respective businesses)
 (each Person described in this clause (1), including each Stockholder Group Member, a "Covered
 Person"), and a description, and, if in writing, a copy, of each such agreement, arrangement
 or understanding, (2) a list of the class, series and number of shares of capital stock of
 the Corporation that are beneficially owned or owned of record by each Covered Person, together
 with documentary evidence of such record or beneficial ownership, (3) a list of all derivative
 securities (as defined in Rule 16a-1 under the Exchange Act or any successor provision thereto)
 and other derivatives or similar arrangements to which any Covered Person is a counterparty
 and relating to any shares of capital stock of the Corporation, a description of all economic
 terms of all such derivative securities and other derivatives or similar arrangements and
 copies of all agreements and other documents relating to each of such derivative securities
 and other derivatives or similar arrangements, (4) a list of all transactions by any Covered
 Person involving any shares of capital stock of the Corporation or any derivative securities
 (as defined under Rule 16a-1 under the Exchange Act or any successor provision thereto) or
 other derivatives or similar arrangements related to any shares of capital stock of the Corporation
 entered into or consummated within 60 days prior to the date of such notice, (5) details
 of all other material interests of each Covered Person in such nomination or proposal or
 shares of capital stock of the Corporation (including any rights to dividends or performance-related
 fees based on any increase or decrease in the value of such shares of capital stock) and
 (6) a representation as to whether any Covered Person intends or is part of a group which
 intends to deliver a proxy statement and/or form of proxy to, in the case of a nomination
 or nominations, at least the percentage of the Corporation's outstanding capital stock
 reasonably believed by the Covered Person to be sufficient to elect the nominee or nominees
 proposed to be nominated by the stockholder and, in the case of a proposal, holders of at
 least the percentage of the Corporation's outstanding capital stock required to elect
 any Stockholder Nominee or approve such proposal (such representation, the "Solicitation
 Representation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 notice delivered by or on behalf of any Stockholder under this Section 2.10 shall be deemed
 to be not in compliance with this Section 2.10 and not be effective if: (x) such notice does
 not include all of the information, documents and representations required under this Section
 2.10, (y) after delivery of such notice, any information or document required to be included
 in such notice changes or is amended, modified or supplemented, as applicable, prior to the
 date of the relevant meeting and such information and/or document is not delivered to the
 Corporation by way of a further written notice as promptly as practicable following the event
 causing such change in information or amendment, modification or supplement, as applicable,
 and in any case where such event occurs within 45 days of the date of the relevant meeting,
 within five business days after such event or (z) any Covered Person does not act in accordance
 with the representation set forth in the Solicitation Representation; provided, however,
 that the Board shall have the authority to waive any such non-compliance if the Board determines
 that such action is appropriate in the exercise of its fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Section 2.10(b), in the event that the number of directors to be elected to the Board is
 increased effective at the next annual meeting and there is no Public Announcement (as defined
 below) specifying the size of the increased Board made by the Corporation at least 100 days
 prior to the first anniversary of the preceding year's annual meeting, a stockholder's
 notice required by this Section 2.10 shall also be considered timely, but only with respect

 at the principal executive offices of the Corporation not later than the close of business
 on the 10<sup>th</sup> day following the day on which such Public Announcement is first made
 by the Corporation and such notice otherwise complies with the requirements of this Section
 2.10. To be timely, a stockholder's notice must be delivered to the Secretary at the
 principal executive offices of the Corporation not less than 90 days nor more than 120 days
 prior to the first anniversary of the preceding year's annual meeting; provided,
 however, that in the event that the date of the annual meeting is advanced by more than 30
 days, or delayed by more than 90 days, from such anniversary date, or if no annual meeting
 was held in the preceding year, notice by a stockholder to be timely must be so delivered
 not earlier than the 120<sup>th</sup> day prior to such annual meeting and not later than
 the close of business on the later of the 90<sup>th</sup> day prior to such annual meeting
 and the 10<sup>th</sup> day following the day on which the Public Announcement of the date
 of such meeting is first made by the Corporation. In no event shall the Public Announcement
 of an adjournment or postponement of an annual meeting commence a new time period for the
 giving of a Stockholder's notice as described in this Section 2.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Public
 Announcement" shall mean disclosure in a press release reported by the Dow Jones News
 Service, Associated Press or comparable national news service or in a document publicly filed
 by the Corporation with the Securities and Exchange Commission pursuant to Section 13, Section
 14 or Section 15(d) of the Exchange Act or any document delivered to all Stockholders (including
 any quarterly income statement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. *Selection and Duties of Inspectors at Meeting of Stockholders.* The Board, in advance of any meeting
 of stockholders, may appoint one or more inspectors to act at the meeting or any adjournment
 thereof. If inspectors are not so appointed, the person presiding at such meeting may and,
 on the request of any stockholder entitled to vote thereat shall, appoint one or more inspectors.
 In case any person appointed fails to appear or act, the vacancy may be filled by appointment
 made by the Board in advance of the meeting or at the meeting by the person presiding thereat.
 Each inspector, before entering upon the discharge of his duties, shall take and sign an
 oath faithfully to execute the duties of inspector at such meeting with strict impartiality
 and according to the best of his ability. The inspector(s) shall determine the number of
 shares outstanding and the voting power of each, the shares represented at the meeting, the
 existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots
 or consents, hear and determine all challenges and questions arising in connection with the
 right to vote, count and tabulate all votes, ballots or consents, determine the result, and
 shall do such acts as are proper to conduct the election or vote with fairness to all stockholders.
 On the request of the person presiding at the meeting or any stockholder entitled to vote
 thereat, the inspector(s) shall make a report in writing of any challenge, question or matter
 determined by him or them and execute a certificate of any fact found by him or them. Any
 report or certificate made by the inspector(s) shall be prima facie evidence of the facts
 stated and of the vote as certified by him or them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. *Organization.* At every meeting of stockholders, the Chief Executive Officer or, in the absence of the Chief
 Executive Officer, a President or a Vice President, and in case more than one Vice President
 shall be present, that Vice President designated by the Board (or in the absence of any such
 designation, the most senior Vice President, based on age, present) shall act as chairman
 of the meeting. In case none of the officers above designated to act as chairman or secretary
 of the meeting, respectively, shall be present, a chairman or a secretary of the meeting,
 as the case may be, may be chosen by a majority of the voting power present at such meeting,
 which includes the voting power which is present in person or represented by proxy and entitled
 to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. *Order of Business.* The order of business at all meetings of stockholders shall be as determined
 by the chairman of the meeting, but the order of business to be followed at any meeting at
 which a quorum is present may be changed by a majority of the votes cast at such meeting
 by the holders of shares of capital stock present, in person or represented by proxy and
 entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. *Action Without Meeting.* Unless otherwise provided by the Certificate or these Bylaws, any action
 required to be taken at any annual or special meeting of stockholders, or any action which
 may be taken at any annual or special meeting, may be taken without a meeting, without prior
 notice and without a vote if a consent in writing setting forth the action so taken is signed
 by the stockholders holding at least a majority of the voting power, except that if a different
 proportion of voting power is required for such action at a meeting, then that proportion
 of written consents is required. Every written consent shall bear the date of signature of
 each stockholder who signs the consent and no written consent shall be effective to take
 the corporate action referred to therein unless, within 60 days of the date the earliest
 dated consent is delivered to the Corporation, a written consent or consents signed by a
 sufficient number of holders to take action are delivered to the Corporation in the manner
 prescribed herein. An electronic transmission consenting to an action to be taken and transmitted
 by a stockholder or proxyholder, or by a person or persons authorized to act for a stockholder
 or proxyholder, shall be deemed to be written, signed and dated for the purposes of this
 Section 2.14 to the extent permitted by law. Any such consent shall be delivered in accordance
 with the DGCL. Prompt notice of the taking of the corporate action without a meeting by less
 than unanimous written consent shall be given to those stockholders who have not consented
 in writing or electronic transmission and who, if the action had been taken at a meeting,
 would have been entitled to notice of the meeting if the record date of such meeting had
 been the date that written consents signed by a sufficient number of stockholders or members
 to take the action were delivered to the Corporation as provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. *Copies, Etc.* Any copy, facsimile or other reliable reproduction of a consent in writing may be
 substituted or used in lieu of the original writing for any and all purposes for which the
 original writing could be used, provided that such copy, facsimile or other reproduction
 shall be a complete reproduction of the entire original writing

3. *Directors.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. *Number and Term.* Except as provided by any provision of the DGCL, the number of directors shall
 initially be one (1) or such other number of persons as the majority of the full Board, by
 resolution, may from time to time determine. The directors shall, except for filling vacancies
 (whether resulting from an increase in the number of directors, resignations, removals or
 otherwise), be elected at the annual meeting of the stockholders and each director shall
 be elected to serve until his successor is elected and qualifies. Directors need not be stockholders.
 No decrease in the number of directors constituting the Board shall shorten the term of any
 incumbent director. The members of the Board may elect a chairman of the Board (the "Chairman")
 by a vote of a majority vote of all directors (which may include the vote of the person so
 elected).

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. *Resignations.* Any director, member of a committee or other officer may resign at any time. Such resignation
 shall be made in writing and shall take effect at the time specified therein and, if no time
 be specified, at the time of its receipt by the Chief Executive Officer or Secretary. The
 acceptance of a resignation shall not be necessary to make it effective.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. *Vacancies.* Except as may otherwise be provided in connection with rights to elect additional directors
 under specified circumstances, which may be granted to the holders of any class or series
 of preferred stock, if the position of any director becomes vacant (whether resulting from
 an increase in the number of directors, resignations, removals or otherwise), the remaining
 directors in office, though less than a quorum, by a majority vote, may appoint any qualified
 person to fill such vacancy, who shall hold office for the unexpired term and until his successor
 shall be duly chosen.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. *Removal.* Other than with respect to any director(s) who are named by a class of preferred stock of
 the Corporation, which may be removed and replaced either for or without cause at any time
 solely by the holders of such class of preferred stock, any director(s) may be removed by
 the affirmative vote of the holders of not less than a majority of the voting power of the
 issued and outstanding stock entitled to vote, at a special meeting of the stockholders called
 for that purpose and the vacancies thus created may be filled, at the meeting held for the
 purpose of removal, by the majority affirmative vote of the holders of all of the voting
 power of the issued and outstanding stock entitled to vote.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. *Increase or Decrease of Number.* The number of directors may be increased or decreased only by
 the affirmative vote of a majority of the directors, though less than a quorum. Any newly
 created directorships may be filled in the same manner as a vacancy.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. *Powers.* The business and affairs of the Corporation shall be managed by or under the direction of
 the Board, except as otherwise provided by applicable law or by the Certificate. If any such
 provision is made in the Certificate, the powers and duties imposed upon the Board by applicable
 law shall be exercised or performed to such extent and by such person or persons as shall
 be provided in the Certificate. The Board shall exercise all of the powers of the Corporation
 except such as are by law, or by the Certificate of the Corporation or by these Bylaws, conferred
 upon or reserved to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. *Conference Call.* Members of the Board or any committee designated by such Board may participate
 in a meeting of the Board or such committee by means of telephone conference or similar communication
 equipment by means of which all persons participating in the meeting can hear each other
 and participation pursuant to this Section 3.7 shall constitute presence at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. *Committees.* The Board may, by resolution(s) passed by a majority of the whole Board, designate one or
 more committees, each committee to consist of one (1) or more of the directors of the Corporation.
 The Board 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 any member or such committee or committees, the member or members
 thereof present at any such meeting and not disqualified from voting, whether or not he or
 they constitute a quorum, may unanimously appoint another member of the Board 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 or in these Bylaws, shall have and may exercise
 all the powers and authority of the Board in the management of the business and affairs of
 the Corporation, but no such committee shall have the power or authority in reference to
 amending the Certificate, adopting an agreement of merger or consolidation, recommending
 to the stockholders the sale, lease or exchange of all or substantially all of the Corporation's
 property and assets, recommending to the stockholders a dissolution of the Corporation or
 a revocation of a dissolution, or amending these Bylaws of the Corporation and, unless the
 resolution, these Bylaws or the Certificate expressly so provide, no such committee shall
 have the power or authority to declare a dividend or to authorize the issuance of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. *Meetings.* Meetings of the Board, regular or special, may be held at any place within or without the
 State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 the day when, and at the place where, the annual meeting of stockholders for the election
 of directors is held, and as soon as practicable thereafter, the Board may hold its annual
 meeting, without notice of such meeting, for the purposes or organization, election of officers
 and transaction of other business. The annual meeting of the Board may be held at any other
 time and place specified in a notice given as provided in this Section 3.9 for special meetings
 of the Board or in a waiver of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Regular
 meetings of the directors may be held without notice at such place and time as shall be determined
 from time to time by resolution of the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Special
 meetings of the Board may be called by the Chief Executive Officer or by the Secretary on
 the written request of any two or more directors on at least ten (10) days' notice
 to each director and shall be held at such place(s) as may be determined by the directors,
 or as shall be stated in the call of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anything
 in these Bylaws or in any resolution adopted by the Board to the contrary notwithstanding,
 notice of any meeting of the Board need not be given to any director who submits a signed
 waiver of such notice, whether before or after such meeting, or who attends such meeting
 without protesting, prior thereto or at its commencement, the lack of notice to him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. *Quorum.* A majority of the directors in office from time to time shall constitute a quorum for the
 transaction of business. If at any meeting of the Board there shall be less than a quorum
 present, a majority of those present may adjourn the meeting from time to time until a quorum
 is obtained and no further notice thereof need be given, other than by announcement at the
 meeting which shall be so adjourned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. *Compensation.* Unless otherwise restricted by the Certificate, the Board shall have the authority to fix
 the compensation of the directors. The directors may be paid their expenses, if any, of attendance
 at each meeting of the Board and may be paid a fixed sum for attendance at each meeting of
 the Board or paid a stated salary or paid other compensation as director. No such payment
 shall preclude any director from serving the Corporation in any other capacity and receiving
 compensation therefor. Members of special or standing committees may be allowed compensation
 for attending committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. *Action Without Meeting.* Any action required or permitted to be taken at any meeting of the Board,
 or of any committee thereof, may be taken without a meeting if a written consent thereto
 is signed by all members of the Board, or of such committee, as the case may be, and such
 written consent is filed with the minutes of proceedings of the Board or committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. *Telephone Meeting.* Any one or more members of the Board or any committee thereof may participate
 in a meeting of the Board or such committee by means of a telephone conference or similar
 communications equipment allowing all persons participating in the meeting to hear each other
 at the same time. Participation by such means shall constitute presence in person at such
 meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. *Annual Report.* As soon as practicable after the close of each fiscal year, a report of the business
 and affairs of the Corporation to the shareholders shall be made under the direction of the
 Board, unless the Board determines, in its reasonable discretion, that such a report is not
 reasonably required.

4. *Officers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. *Officers.* The Board may elect or appoint a Chief Executive Officer and such other officers as it may
 determine. The Board may designate one or more Vice Presidents as Executive Vice Presidents
 and may use descriptive words or phrases to designate the standing, seniority or area of
 special competence of the Vice Presidents elected or appointed by it. Each officer shall
 hold his office until his successor is elected and qualified or until his earlier death,
 resignation or removal in the manner provided in Section 4.2. Any two or more offices may
 be held by the same person. The Board may require any officer to give a bond or other security
 for the faithful performance of his duties, in such amount and with such sureties as the
 Board may determine. All officers as between themselves and the Corporation shall have such
 authority and perform such duties in the management of the Corporation as may be provided
 in these Bylaws or as the Board may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. *Removal of Officers.* Any officer elected or appointed by the Board may be removed by the Board
 with or without cause. The removal of an officer without cause shall be without prejudice
 to his contract rights, if any. The election or appointment of an officer shall not of itself
 create contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. *Resignations.* Any officer may resign at any time by notifying the Board, the Chief Executive Officer or
 the Secretary in writing. Such resignation shall take effect at the date of receipt of such
 notice or at such later time as is therein specified and, unless otherwise specified, the
 acceptance of such resignation shall not be necessary to make it effective. The resignation
 of an officer shall be without prejudice to the contract rights of the Corporation, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. *Vacancies.* A vacancy in any office because of death, resignation, removal, disqualification or any other
 cause shall be filled for the unexpired portion of the term in the manner prescribed in these
 Bylaws for the regular election or appointment to such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. *Compensation.* Salaries or other compensation of the officers may be fixed from time to time by the Board.
 No officer shall be prevented from receiving a salary or other compensation by reason of
 the fact that he is also a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. *Chief Executive Officer.* The Chief Executive Officer shall have general supervision and direction
 of the business and affairs of the Corporation, subject to control of the Board, and shall
 report directly to the Board, and shall have supervisory responsibility over officers operating
 and discharging their responsibilities. The Chief Executive Officer shall perform all such
 other duties which are commonly incident to the capacity of Chief Executive Officer or which
 are delegated to him or her by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. *President.* The President shall have general supervision and direction of the business and affairs of
 the Corporation as directed by the Chief Executive Officer. The President may, if present,
 preside at all meetings of the stockholders. He may, with the Secretary or the Treasurer
 or an Assistant Secretary or an Assistant Treasurer, sign certificates for shares of the
 Corporation. He may sign and execute, in the name of the Corporation, deeds, mortgages, bonds,
 contracts and other instruments, except in cases where the signing and execution thereof
 shall be expressly delegated by the Board or by these Bylaws to some other officer or agent
 of the Corporation, or shall be required by law otherwise to be signed or executed, and,
 in general, he shall perform all duties incident to the office of President and such other
 duties as from time to time may be assigned to him by the Board. If there is no President,
 the Chief Executive Officer shall perform the President's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. *Principal Financial Officer.* The Principal Financial Officer shall perform all the powers and duties
 of the office of the principal financial officer and in general have overall supervision
 of the financial operations of the Corporation. The Principal Financial Officer shall, when
 requested, counsel with and advise the other officers of the Corporation and shall perform
 such other duties as he may agree with the Chief Executive Officer or as the Board may from
 time to time determine. If there is no Principal Financial Officer, the Chief Executive Officer
 shall perform the Principal Financial Officer's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. *Executive Vice Presidents.* At the request of the President or, in his absence, at the request of
 the Board, the Executive Vice Presidents shall (in such order as may be designated by the
 Board or, in the absence of any such designation, in order of seniority based on age) perform
 all of the duties of the President and, so acting, shall have all the powers of and be subject
 to all restrictions upon the President. Any Executive Vice President may also, with the Secretary
 or the Treasurer or an Assistant Secretary or an Assistant Treasurer, sign certificates for
 shares of the Corporation, may sign and execute in the name of the Corporation deeds, mortgages,
 bonds, contracts or other instruments authorized by the Board, except in cases where the
 signing and execution thereof shall be expressly delegated by the Board or by these Bylaws
 to some other officer or agent of the Corporation, or shall be required by law otherwise
 to be signed or executed, and shall perform such other duties as from time to time may be
 assigned to him by the Board or the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. *Secretary.* The Secretary, if present, shall act as Secretary of all meetings of the stockholders and
 of the Board and shall keep the minutes thereof in the proper book(s) to be provided for
 that purpose; he shall see that all notices required to be given by the Corporation
 are duly given and served; he may, with the Chief Executive Officer or a Vice President,
 sign certificates for shares of the Corporation; he shall be custodian of the seal of
 the Corporation, if any, and may seal with the seal of the Corporation or a facsimile thereof,
 if any, all certificates for shares of capital stock of the Corporation and all documents;
 he shall have charge of the stock ledger and also of the other books, records and papers
 of the Corporation relating to its organization and management as a Corporation and shall
 see that the reports, statements and other documents required by law are properly kept and
 filed; and shall, in general, perform all duties incident to the office of Secretary
 and such other duties as from time to time may be assigned to him by the Board or the Chief
 Executive Officer. If there is no Secretary, the Chief Executive Officer shall perform the
 Secretary's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. *Treasurer.* The Treasurer shall have charge and custody of, and be responsible for, all funds, securities
 and notes of the Corporation; receive and give receipts for monies due and payable to
 the Corporation from any sources whatsoever; deposit all such monies in the name of
 the Corporation in such banks, trust companies or other depositories as shall be selected
 in accordance with these Bylaws; against proper vouchers, cause such funds to be disbursed
 by checks or drafts on the authorized depositories of the Corporation signed in such manner
 as shall be determined in accordance with any provisions of these Bylaws, and be responsible
 for the accuracy of the amounts of all monies to disbursed; regularly enter or cause
 to be entered in books to be kept by him or under his direction full and adequate account
 of all monies received or paid by him for the account of the Corporation; have the right
 to require, from time to time, reports or statements giving such information as he may desire
 with respect to any and all financial transactions of the Corporation from the officers or
 agents transacting the same; render to the Chief Executive Officer or the Board, whenever
 the Chief Executive Officer or the Board, respectively, shall require him so to do, an account
 of the financial conditions of the Corporation and of all his transactions as Treasurer;
 exhibit at all reasonable times his books of account and other records to any of the directors
 upon application at the office of the Corporation where such books and records are kept;
 and, in general, perform all duties incident to the office of Treasurer and such other duties
 as from time to time may be assigned to him by the Chief Executive Officer or the Board;
 and he may sign with the Chief Executive Officer or a Vice President certificates for shares
 of the capital stock of the Corporation. If there is no Treasurer, the Chief Executive Officer
 shall perform the Treasurer's functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. *Assistant Secretaries and Assistant Treasurers.* Assistant Secretaries and Assistant Treasurers
 shall perform such duties as shall be assigned to them by the Secretary or by the Treasurer,
 respectively, or by the Board or the Chief Executive Officer. Assistant Secretaries and Assistant
 Treasurers may, with the Chief Executive Officer or a Vice President, sign certificates for
 shares of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. *Additional Matters.* The Chief Executive Officer, the President and the Principal Financial Officer
 of the Corporation shall have the authority to designate employees of the Corporation to
 have the title of Vice President, Assistant Vice President, Assistant Treasurer, Assistant
 Controller or Assistant Secretary. Any employee so designated shall have the powers and duties
 determined by the officer making such designation. The persons upon whom such titles are
 conferred shall not be deemed officers of the Corporation unless elected by the Board.

5. *Contracts, Checks, Drafts, Bank Accounts, etc.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. *Execution of Contracts.* The Board may authorize any officer, employee or agent, in the name and
 on behalf of the Corporation, to enter into any contract or execute and satisfy any instrument,
 and any such authority may be general or confined to specific instances, or otherwise limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. *Loans.* The Chief Executive Officer or any other officer, employee or agent authorized by these Bylaws
 or by the Board may effect loans and advances at any time for the Corporation from any bank,
 trust company or other institutions or from any firm, corporation or individual and for such
 loans and advances may make, execute and deliver promissory notes, bonds or other certificates
 or evidence of indebtedness of the Corporation and, when authorized by the Board to do so,
 may pledge and hypothecate or transfer any securities or the property of the Corporation
 as security for any such loans or advances. Such authority conferred by the Board may be
 general or confined to specific instances or otherwise limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. *Checks, Drafts, etc.* All checks, drafts and other orders for the payment of money out of the
 funds of the Corporation and all notes or other evidence of indebtedness of the Corporation
 shall be signed on behalf of the Corporation in such manner as shall from time to time be
 determined by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. *Deposits.* The funds of the Corporation not otherwise employed shall be deposited from time to time
 to the order of the Corporation in such banks, trust companies or other depositories as the
 Board may select or as may be selected by an officer, employee or agent of the Corporation
 to whom such power may from time to time be delegated by the Board.

6. *Stocks and Dividends.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. *Certificates Representing Shares.* The shares of the Corporation shall not be certificated unless required
 by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. *Transfer of Shares.* Transfers of shares of capital stock of the Corporation shall be made only
 on the books of the Corporation by the holder thereof or by his duly authorized attorney
 appointed by a power of attorney duly executed and filed with the Secretary or a transfer
 agent of the Corporation and on surrender of any certificate(s) representing such shares
 of capital stock, if they exist, properly endorsed for transfer and upon payment of all necessary
 transfer taxes and such other instruments of transfer as requested by the Corporation. A
 person in whose name shares of capital stock shall stand on the books of the Corporation
 shall be deemed the owner thereof to receive dividends, to vote as such owner and for all
 other purposes as respects the Corporation, its stockholders and creditors for any purpose,
 except to render the transferee liable for the debts of the Corporation to the extent provided
 by law, until such transfer shall have been entered on the books of the Corporation by an
 entry showing from and to whom transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. *Registered Stockholders and Addresses of Stockholders.* The Corporation shall be entitled to recognize
 the exclusive right of a person registered on its records as the owner of shares of capital
 stock to receive dividends and to vote as such owner, and shall not be bound to recognize
 any equitable or other claim to or interest in such share or shares of capital stock on the
 part of any other person, whether or not it shall have express or other notice thereof, except
 as otherwise provided by applicable law. Each stockholder shall designate to the Secretary
 or transfer agent of the Corporation an address at which notices of meetings and all other
 corporate notices may be given to such person, and, if any stockholder fails to designate
 such address, corporate notices may be given to such person by mail directed to such person
 at such person's post office address, if any, as the same appears on the stock record
 books of the Corporation or at such person's last known post office address or as otherwise
 provided by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. *Transfer and Registry Agents.* The Corporation may from time to time maintain one or more transfer
 offices or agents and registry offices or agents at such place(s) as may be determined from
 time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. *Lost, Destroyed, Stolen and Mutilated Certificates.* The holder of any shares shall immediately
 notify the Corporation of any loss, destruction, theft or mutilation of the certificate representing
 such shares and the Corporation may issue a new certificate to replace the certificate alleged
 to have been lost, destroyed, stolen or mutilated. The Board may, in its discretion, as a
 condition to the issue of any such new certificate, require the owner of the lost, destroyed,
 stolen or mutilated certificate, or his legal representatives, to make proof satisfactory
 to the Board of such loss, destruction, theft or mutilation and to advertise such fact in
 such manner as the Board may require, and to give the Corporation and its transfer agents
 and registrars, or such of them as the Board may require, a bond in such form, in such sums
 and with such surety or sureties as the Board may direct, to indemnify the Corporation and
 its transfer agents and registrars against any claim that may be made against any of them
 on account of the continued existence of any such certificate so alleged to have been lost,
 destroyed, stolen or mutilated and against any expense in connection with such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. *Regulations.* The Board may make rules and regulations as it may deem expedient, not inconsistent with
 these Bylaws or with the Certificate, concerning the issue, transfer and registration of
 certificates representing shares of its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. *Restriction on Transfer of Stock.* A written restriction on the transfer or registration of transfer
 of capital stock of the Corporation, if permitted by the provisions of the DGCL, and noted
 conspicuously on the certificate representing such capital stock, if such certificate exists,
 may be enforced against the holder of the restricted capital stock of any successor or transferee
 of the holder including an executor, administrator, trustee, guardian or other fiduciary
 entrusted with like responsibility for the person or estate of the holder. Unless noted conspicuously
 on the certificate representing such capital stock, a restriction, even though permitted
 by the provisions of the DGCL, as the same may be amended and supplements, shall be ineffective
 except against a person with actual knowledge of the restriction. A restriction on the transfer
 or registration of transfer of capital stock of the Corporation may be imposed either by
 the Certificate or by an agreement among any number of stockholders or among such stockholders
 and the Corporation. No restriction so imposed shall be binding with respect to capital stock
 issued prior to the adoption of the restriction unless the holders of such capital stock
 are parties to an agreement or voted in favor of the restriction. Except to the extent that
 the Corporation has obtained an opinion of counsel acceptable to the Corporation that transfer
 restrictions are not required under applicable securities laws, or has otherwise satisfied
 itself that such transfer restrictions are not required, any certificates representing shares
 of the Corporation shall bear a legend on the face of the certificate, or on the reverse
 of the certificate if a reference to the legend is contained on the face, which reads substantially
 as follows:

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES, (B) THIS CORPORATION RECEIVES AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THIS CORPORATION STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (C) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. *Dividends, Surplus, etc.* Subject to the provisions of the Certificate and of law, the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may
 declare and pay dividends or make other distributions on the outstanding shares of capital
 stock in such amounts and at such time to times as, in its discretion, the conditions of
 the affairs of the Corporation shall render advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 use and apply, in its discretion, any of the surplus of the Corporation in purchasing or
 acquiring any shares of capital stock of the Corporation, or purchase warrants therefor,
 in accordance with law, or any of its bonds, debentures, notes, scrip or other securities
 or evidence of indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 set aside from time to time out of such surplus or net profits such sum(s) as, in its discretion,
 it may think proper, as a reserve fund to meet contingencies, or for equalizing dividends
 or for the purpose of maintaining or increasing the property or business of the Corporation,
 or for any other purpose it may think conducive to the best interests of the Corporation.

7. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. *Seal*.
 The Board shall have the power by resolution to adopt, make and use a corporate seal and
 to alter the form of such seal from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. *Fiscal Year.* The fiscal year of the Corporation shall be determined, and may be changed, by
 resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. *Books and Records.* The Corporation shall: (1) Keep as permanent records minutes of all meetings
 of its stockholders and the Board, a record of all actions taken by the stockholders or the
 Board without a meeting, and a record of all actions taken by a committee of the Board exercising
 the authority of the Board on behalf of the Corporation; (2) Maintain appropriate accounting
 records; (3) Maintain a record of its stockholders, in a form that permits preparation
 of a list of the names and addresses of all stockholders, in alphabetical order by class
 of shares showing the number and class of shares held by each; provided, however, such
 record may be maintained by an agent of the Corporation; (4) Maintain its records in
 written form or in another form capable of conversion into written form within a reasonable
 time; and (5) Keep a copy of the following records (subject to any provision of the
 DGCL) outside the State of Delaware at such place or places as may be designated from time
 to time by the Board: (a) the Certificate as currently in effect; (b) these Bylaws and
 all amendments thereto as currently in effect; (c) the minutes of all meetings of stockholders
 and records of all action taken by stockholders; (d) the Corporation's financial
 statements for the past three years; (e) all written communications to stockholders
 generally within the past three years; (f) a list of the names and business addresses
 of the current Directors and officers; and (g) the most recent annual report delivered
 to the Delaware Secretary of State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. *Forum Selection; Attorneys' Fees.* Unless the Corporation consents in writing to
 the selection of an alternative forum, the sole and exclusive forum for (i) any derivative
 action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim
 of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation
 to the Corporation or the Corporation's stockholders, (iii) an action asserting a claim
 arising pursuant to any provision of the DGCL, or (iv) any action asserting a claim governed
 by the internal affairs doctrine shall be a state or federal court located within the state
 of Delaware, in all cases subject to the court's having personal jurisdiction over
 the indispensable parties named as defendants. If any action is brought by any party against
 another party, relating to or arising out of these Bylaws, or the enforcement hereof, the
 prevailing party shall be entitled to recover from the other party reasonable attorneys'
 fees, costs and expenses incurred in connection with the prosecution or defense of such action,
 provided that the provisions of this sentence shall not apply with respect to "internal
 corporate claims" as defined in Section 109(b) of the DGCL. For purposes of these Bylaws,
 the term "attorneys' fees" or "attorneys' fees and costs"
 shall mean the fees and expenses of counsel to the Corporation and any other parties asserting
 a claim as set forth in the initial paragraph of this Section 7.4, which may include printing,
 photocopying, duplicating and other expenses, air freight charges, and fees billed for law
 clerks, paralegals and other persons not admitted to the bar but performing services under
 the supervision of an attorney, and the costs and fees incurred in connection with the enforcement
 or collection of any judgment obtained in any such proceeding. The provisions of this Section
 7.4 shall survive the entry of any judgment, and shall not merge, or be deemed to have merged,
 into any judgment. Notwithstanding the foregoing, the exclusive forum provision will not

 as amended, the Securities Act of 1933, as amended, or any claim for which the federal courts
 have exclusive or concurrent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. *Subject to Law and Certificate of Incorporation*. All powers, duties and responsibilities provided
 for in these Bylaws, whether or not explicitly so qualified, are qualified by the provisions
 of the Certificate and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. *Facsimile Signatures.* In addition to the provisions for use of facsimile signatures elsewhere specifically
 authorized in these Bylaws, facsimile signatures of any officer or officers of the Corporation
 may be used at any time unless otherwise restricted by the Board or a committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. *Time Periods.* In applying any provision of these Bylaws which requires that an act be done
 or not be done a specified number of days prior to an event or that an act be done during
 a period of a specified number of days prior to an event, calendar days shall be used, the
 day of the doing of the act shall be excluded, and the day of the event shall be included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. *Electronic Transmission.* For purposes of these Bylaws, "electronic transmission" means
 any form of communication, not directly involving the physical transmission of paper, that
 creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and
 that may be directly reproduced in paper form by such a recipient through an automated process.

8. *Indemnification.* The Corporation shall have the rights and obligations related to indemnification as set forth
 in the Certificate.

9. *Amendments*.
 These Bylaws may be altered or repealed and Bylaws may be made at any annual meeting of the
 stockholders or at any special meeting thereof, if notice of the proposed alteration or repeal
 of Bylaw or Bylaws to be made be contained in the notice of such special meeting, by the
 affirmative vote of a majority of the voting power of the capital stock issued and outstanding
 and entitled to vote thereat, or by the affirmative vote of a majority of the Board at any
 regular meeting of the Board, or at any special meeting of the Board, if notice of the proposed
 alteration or repeal, or Bylaw or Bylaws to be made, be contained in the notice of such meeting,
 or by a written consent in lieu of a meeting as set forth herein.

 

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

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

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| | |
|:---|:---|
| ***LAURA ANTHONY, ESQ.***<br> ***CRAIG D. LINDER, ESQ.\****<br> ***JOHN CACOMANOLIS, ESQ.\*\****<br>***Associates and OF COUNSEL:***<br> ***JOSEPHINE CARINO, ESQ.\*\*\****<br> ***CHAD FRIEND, ESQ., LLM***<br> ***MICHAEL R. GEROE, ESQ., CIPP/US\*\*\*\****<br> ***JESSICA HAGGARD, ESQ. \*\*\*\*\****<br> ***PETER P. LINDLEY, ESQ., CPA, MBA***<br> ***JOHN LOWY, ESQ.\*\*\*\*\*\****<br> ***STUART REED, ESQ.***<br> ***LAZARUS ROTHSTEIN, ESQ.***<br> ***SVETLANA ROVENSKAYA, ESQ.\*\*\*\*\*\*\****<br> ***HARRIS TULCHIN, ESQ. \*\*\*\*\*\*\*\**** | **<u>WWW.ALCLAW.COM</u>**<br> **<u>WWW.SECURITIESLAWBLOG.COM</u>**<br>***DIRECT E-MAIL: LANTHONY@ALCLAW.COM***<br>|

---

\*licensed in CA, FL and NY

\*\*licensed in FL and NY

\*\*\* licensed in CA

\*\*\*\*licensed in CA, DC, MO and NY

\*\*\*\*\* licensed in MO

\*\*\*\*\*\*licensed in NY and NJ

\*\*\*\*\*\*\*licensed in NY and NJ

\*\*\*\*\*\*\*\*licensed in CA and HI (inactive in HI)

December 8, 2025

Advasa Holdings, Inc.

1-2-7 Moto-Akasake

Minato-ku, Tokyo, 107-0051 Japan

Re: <u>Advasa Holdings, Inc. - Registration Statement on Form S-1</u>

Ladies and Gentlemen:

We have acted as counsel for Advasa Holdings, Inc., a Delaware corporation (the "Company") in connection with the preparation and filing of a certain Registration Statement on Form S-1(as amended, the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement relates to: (a) the proposed offering and sale by the Company of up to $8,625,000 worth of shares (including $1,125,000 worth of shares subject to the underwriters' exercise of their over-allotment option) (the "Primary Shares") of the Company's common stock, par value 0.00001 per share (the "Common Stock") and (b) the resale by the selling stockholders (the "Selling Stockholders") set forth in the Registration Statement (including the prospectus constituting part thereof (the "Resale Prospectus") of 3,000,000 shares of Common Stock (the "Resale Shares").

We understand that the Primary Shares are proposed to be offered for sale to the public as described in the Registration Statement and pursuant to an underwriting agreement, substantially in the form to be filed as an exhibit to the Registration Statement, to be entered into by the Company and the representative (the "Underwriting Agreement"). The Resale Shares are proposed to be sold by the Selling Stockholders from time to time in accordance with the Plan of Distribution contained in the Resale Prospectus.

As counsel to the Company, we have examined the originals or copies of such documents, corporate records and other instruments and undertaken such further inquiry as we have deemed necessary or appropriate for purposes of this opinion, including, but not limited to, the Registration Statement, corporate resolutions authorizing the issuance of the Primary Shares and the Resale Shares and the Certificate of Incorporation and Bylaws of the Company, including amendments thereto. In such examination, we have assumed the following: (a) the authenticity of original documents and the genuineness of all signatures; (b) the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us; (c) the conformity to the originals of all documents submitted to us as copies; (d) the genuineness of all signatures contained in the records, documents, instruments and certificates we have reviewed; and (e) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

**1700 PALM BEACH LAKES BLVD., SUITE 820 ● WEST PALM BEACH, FLORIDA ● 33401 ● PHONE: 561-514-0936**

Based on and subject to the foregoing, we are of the opinion that upon the effectiveness of the Registration Statement: (a) the Primary Shares have been duly authorized by all necessary corporate action of the Company and, when issued, delivered and paid for as contemplated in the Registration Statement and in accordance with the terms of the Underwriting Agreement, the Primary Shares will be validly issued, fully paid and non-assessable; and (b) the Resale Shares are duly authorized by all necessary corporate action of the Company and are validly issued, fully paid and nonassessable.

Notwithstanding anything in this letter which might be construed to the contrary, our opinion expressed herein is limited to the General Corporation Law of the State of Delaware and the Federal laws of the United States of America. We express no opinion with respect to the applicability to, or the effect on, the subject transactions of the laws of any other jurisdiction or as to any matters of municipal law or the laws of any local agencies. The opinion expressed herein is based upon the General Corporation Law of the State of Delaware and Federal laws of the United States of America in effect on the date hereof and as of the effective date of the Registration Statement, and we assume no obligation to revise or supplement this opinion after the effective date of the Registration Statement should such law be changed by legislative action, judicial decision, or otherwise. Except as expressly set forth in our opinion above: (i) we express no opinion as to whether the laws of any other jurisdiction are applicable to the subject matter hereof and (ii) we express no opinion as to compliance with any other federal or state law, rule or regulation relating to securities, or to the sale or issuance thereof.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm appearing under the caption "Legal Matters" in the prospectus that forms a part of the Registration Statement. In giving this 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 promulgated thereunder.

Sincerely yours,

---

| |
|:---|
| */s/ Laura E. Anthony* |
| Laura E. Anthony, |
| For the Firm |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>Advasa Holdings, Inc.</u>**

**<u>2025 Equity Incentive Plan</u>**

**<u>Adopted 27 October 2025</u>**

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
| Article I. Purposes and Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 Purposes of this Plan; Structure. | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 Definitions. | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03 Additional Interpretations. | 6 |
| Article II. Stock Subject to this Plan; Administration. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 Stock Subject to this Plan. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 Administration of this Plan. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 Eligibility. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 Indemnification. | 9 |
| Article III. Awards. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 Stock Options. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 Stock Appreciation Rights. | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 Restricted Stock. | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 Restricted Stock Units. | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 Performance Units and Performance Shares. | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06 Cash-Based Awards and Other Stock-Based Awards. | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.07 Form of Award Agreements. | 19 |
| Article IV. Additional Provisions Applicable to this Plan and Awards | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 Outside Director Compensation Limit. | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 Compliance With Code Section 409A. | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 Leaves of Absence/Transfer Between Locations. | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 Limited Transferability of Awards. | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 Adjustments; Dissolution, Merger, Etc. | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 Tax Withholding. | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 Compliance with Securities Laws. | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 No Effect on Employment or Service. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 Repurchase Rights. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 Fractional Shares. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11 Forfeiture Events. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.12 Date of Grant. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.13 Term of Plan. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.14 Amendment and Termination of this Plan. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.15 Conditions Upon Issuance of Shares. | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.16 Shareholder Approval. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.17 Retirement and Welfare Plans. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.18 Beneficiary Designation. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.19 Severability. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.20 No Constraint on Corporate Action. | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.21 Unfunded Obligation. | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.22 Choice of Law. | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.23 Substitution Stock-Based Awards. | 27 |

---

---

| | |
|:---|:---|
| <u>Exhibits</u> | <u>Exhibits</u> |
| Exhibit A | Form of Award Agreement for Options |
| Exhibit B | Form of Award Agreement for Stock Appreciation Rights |
| Exhibit C | Form of Award Agreement for Restricted Stock |
| Exhibit D | Form of Award Agreement for Restricted Stock Units |

---

i

**Advasa Holdings, Inc. 2025 Equity Incentive Plan**

**Article I. <u>Purposes and Definitions</u>**

**Section 1.01 <u>Purposes of this Plan; Structure.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 purposes of this Plan are (i) to attract and retain the best available personnel for positions
 of substantial responsibility, (ii) to provide additional incentive to Employees, Directors
 and Consultants, and (ii) to promote the success of the Company's business.

(b) This
 Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation
 Rights, Restricted Stock, Restricted Stock Units, Performance Awards, Cash-Based Awards and
 Other Stock-Based Awards.

**Section 1.02 <u>Definitions.</u>** In addition to the other terms defined herein, as used herein the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Administrator"
 means the Board or any of its Committees as will be administering this Plan, in accordance
 with ‎Section 2.02.

(b) "Affiliate"
 means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
 by, or under common Control with such Person.

(c) "Applicable
 Laws" means the legal and regulatory requirements relating to the administration of
 equity-based awards, including but not limited to the related issuance of shares of Common
 Stock, including but not limited to under U.S. federal and state corporate laws, U.S. federal
 and state securities laws, the Code, any stock exchange or quotation system on which the
 Common Stock is listed or quoted and the applicable laws of any non-U.S. country or jurisdiction
 where Awards are, or will be, granted under this Plan.

(d) "Award"
 means, individually or collectively, a grant under this Plan of Options, Stock Appreciation
 Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares,
 or Cash-Based Award or Other Stock-Based Award granted under this Plan.

(e) "Award
 Agreement" means the written or electronic agreement setting forth the terms and provisions
 applicable to each Award granted under this Plan, which Award Agreement shall be is subject
 to the terms and conditions of this Plan.

(f) "Board"
 means the Board of Directors of the Company.

(g) "Cash-Based
 Award" means an Award denominated in cash and granted pursuant to ‎Section 3.06.

(h) "Change
 in Control" means, except as may be otherwise prescribed by the Administrator in an
 Award Agreement made under this Plan or as otherwise provided in another plan or agreement
 applicable to the Participant, the occurrence of any of the following events, subject to
 the provisions of ‎Section 1.03:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Change in Ownership of the Company</u>. A change in the ownership of the Company which occurs on
 the date that any one person, or more than one person acting as a group ("Person"),
 acquires ownership of the stock of the Company that, together with the stock held by such
 Person, constitutes more than fifty percent (50%) of the total voting power of the stock
 of the Company; provided, however, that for purposes of this ‎Section 1.02(h)(i), the
 acquisition of additional stock by any one Person, who immediately prior to such acquisition
 is considered to own more than fifty percent (50%) of the total voting power of the stock
 of the Company will not be considered a Change in Control. Further, if the shareholders of
 the Company immediately before such change in ownership continue to retain immediately after
 the change in ownership, in substantially the same proportions as their ownership of shares
 of the Company's voting stock immediately prior to the change in ownership, direct
 or indirect beneficial ownership of fifty percent (50%) or more of the total voting power
 of the stock of the Company or of the ultimate parent entity of the Company, such event shall
 not be considered a Change in Control under this ‎Section 1.02(h)(i). For this purpose,
 indirect beneficial ownership shall include, without limitation, an interest resulting from
 ownership of the voting securities of one or more corporations or other business entities
 which own the Company, as the case may be, either directly or through one or more subsidiary
 corporations or other business entities.

(ii) <u>Board Turnover</u>. Individuals who, as of the Effective Date, constitute the Board (the "Incumbent
 Board" as modified by this ‎Section 1.02(h)(ii)) cease for any reason to constitute
 at least a majority of the Board; provided, however, that any individual becoming a
 Director subsequent to the Effective Date whose election, or nomination for election by the
 Company's stockholders, was approved by a vote of at least a majority of the Directors
 then comprising the Incumbent Board (either by specific vote or by approval of the proxy
 statement of the Company in which such person is named as a nominee for Director, without
 objection to such nomination) shall be considered as though such individual were a member
 of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
 assumption of office occurs as a result of an actual or threatened election contest or the
 use of any proxy access procedures in the Company's organizational documents with respect
 to the election or removal of Directors or other actual or threatened solicitation of proxies
 or consents by or on behalf of a Person other than the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Change in Ownership of a Substantial Portion of the Company's Assets</u>. A change in the
 ownership of a substantial portion of the Company's assets which occurs on the date
 that any Person acquires (or has acquired during the twelve (12) month period ending on the
 date of the most recent acquisition by such person or persons) assets from the Company that
 have a total gross fair market value equal to or more than fifty percent (50%) of the total
 gross fair market value of all of the assets of the Company immediately prior to such acquisition
 or acquisitions; provided, however, that for purposes of this ‎Section 1.02(h)(iii),
 the following will not constitute a change in the ownership of a substantial portion of the
 Company's assets: (A) a transfer to an entity that is controlled by the Company's
 shareholders immediately after the transfer, or (B) a transfer of assets by the Company to:
 (1) a shareholder of the Company (immediately before the asset transfer) in exchange for
 or with respect to the Company's stock, (2) an entity, fifty percent (50%) or more
 of the total value or voting power of which is owned, directly or indirectly, by the Company,
 (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total
 value or voting power of all the outstanding stock of the Company, or (4) an entity, at least
 fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly,
 by a Person described in clause (B)(3) of this ‎Section 1.02(h)(iii). For purposes of
 this ‎Section 1.02(h)(iii), gross fair market value means the value of the assets of
 the Company, or the value of the assets being disposed of, determined without regard to any
 liabilities associated with such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reorganization, Merger or Consolidation</u>. A consummation of a reorganization, merger or consolidation
 (a "Business Combination"), excluding, however, such a Business Combination pursuant
 to which: (A) the individuals and entities who were the beneficial owners of the total voting
 power of the stock of the Company immediately prior to such Business Combination beneficially
 own, directly or indirectly, more than 50% of, respectively, the then-outstanding shares
 of common stock and the combined voting power of the then outstanding voting securities entitled
 to vote generally in the election of directors, as the case may be, of the entity resulting
 from such Business Combination (including, without limitation, an entity that as a result
 of such transaction owns the Company or all or substantially all of the Company's assets
 either directly or through one or more subsidiaries); (B) no Person (excluding any Person
 who immediately prior to such Business Combination is considered to own more than fifty percent
 (50%) of the total voting power of the stock of the Company) beneficially owns, directly
 or indirectly, more than 50% of the combined voting power of the then outstanding securities
 entitled to vote generally in the election of directors of the entity resulting from such
 Business Combination; and (C) at least a majority of the members of the board of directors
 of the corporation resulting from such Business Combination were members of the Incumbent
 Board at the time of the execution of the initial agreement, or of the action of the Board,
 providing for such Business Combination.

(v) <u>Liquidation or Dissolution</u>. Approval by the Company's stockholders of a complete liquidation
 or dissolution of the Company, except pursuant to a Business Combination that complies with
 clauses (A), (B) and (C) of ‎Section 1.02(h)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;(i) "Code"
 means the Internal Revenue Code of 1986, as amended, and reference to a specific section
 of the Code or regulation thereunder shall include such section or regulation, any valid
 regulation promulgated under such section, and any comparable provision of any future legislation
 or regulation amending, supplementing or superseding such section or regulation.

(j) "Committee"
 means a committee of Directors or of other individuals satisfying Applicable Laws appointed
 by the Board, or by a duly authorized committee of the Board, in accordance with ‎Section
 2.02.

(k) "Common
 Stock" means the common stock, par value $0.00001 per share, of the Company, or any
 other class of stock into which the common stock is reclassified after the date of this Plan.

(l) "Company"
 means Advasa Holdings, Inc., a Delaware corporation, or any successor thereto.

(m) "Consultant"
 means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary
 to render bona fide services to such entity, provided the services (i) are not in connection
 with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly
 promote or maintain a market for the Company's securities, in each case, within the
 meaning of Form S-8 promulgated under the Securities Act, and provided further, that a Consultant
 will include only those persons to whom the issuance of Shares may be registered under Form
 S-8 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(n) "Control"
 of a Person means the possession, directly or indirectly, of the power to direct or cause
 the direction of the management and policies of such Person, whether through the ownership
 of voting securities, by contract, or otherwise." Controlled", "Controlling"
 and "under common Control with" have correlative meanings. Without limiting the
 foregoing a Person (the "Controlled Person") shall be deemed Controlled by (a)
 any other Person (the "10% Owner") (i) owning beneficially, as meant in Rule
 13d-3 under the Exchange Act, securities entitling such Person to cast 10% or more of the
 votes for election of directors or equivalent governing authority of the Controlled Person
 or (ii) entitled to be allocated or receive 10% or more of the profits, losses, or distributions
 of the Controlled Person; (b) an officer, director, general partner, partner (other than
 a limited partner), manager, or member (other than a member having no management authority
 that is not a 10% Owner) of the Controlled Person; or (c) a spouse, parent, lineal descendant,
 sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law
 of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the
 Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

(o) "Director"
 means a member of the Board.

(p) "Disability"
 means, except as otherwise provided by the Administrator in the applicable Award Agreement,
 total and permanent disability as defined in Code Section 22(e)(3), provided that in the
 case of Awards other than Incentive Stock Options, the Administrator in its discretion may
 determine whether a permanent and total disability exists in accordance with uniform and
 non-discriminatory standards adopted by the Administrator from time to time.

(q) "Dividend
 Equivalent Right" means the right of a Participant, granted at the discretion of the
 Administrator or as otherwise provided by this Plan, to receive a credit for the account
 of such Participant in an amount equal to the cash dividends paid on one Share for each Share
 represented by an Award held by such Participant.

(r) "Effective
 Date" means the date of approval and adoption of this Plan by the Board and the shareholders
 of the Company.

(s) "Employee"
 means any person, including Officers and Directors, employed by the Company or any Parent
 or Subsidiary of the Company, provided that neither service as a Director nor payment of
 a director's fee by the Company will be sufficient to constitute "employment"
 by the Company or any Parent or Subsidiary of the Company.

(t) "Exchange
 Act" means the Securities Exchange Act of 1934, as amended.

(u) "Fair
 Market Value" means, as of any date, the value of Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the Common Stock is listed on any established stock exchange or a national market system
 (other than an over-the counter market, which will not be considered an established stock
 exchange of national market system for the purposes of this definition), including without
 limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global
 Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will
 be the closing sales price for such stock (or, if no closing sales price was reported on
 that date, as applicable, on the last trading date such closing sales price was reported)
 as quoted on such exchange or system on the day of determination, as reported in The Wall
 Street Journal or such other source as the Administrator deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the Common Stock is regularly quoted by a recognized securities dealer but selling prices
 are not reported, the Fair Market Value of a Share will be the mean between the high bid
 and low asked prices for the Common Stock on the day of determination (or, if no bids and
 asks were reported on that date, as applicable, on the last trading date such bids and asks
 were reported), as reported in The Wall Street Journal or such other source as the Administrator
 deems reliable;

(iii) In
 the absence of an established market for the Common Stock, the Fair Market Value will be
 determined in good faith by the Administrator; and

(iv) The
 Administrator is authorized to adopt another fair market value pricing method provided such
 method is stated in the applicable Award Agreement and is in compliance with the fair market
 value pricing rules set forth in Code Section 409A.

(v) "Fiscal Year" means the fiscal year of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(w) "Incentive
 Stock Option" means an Option that by its terms qualifies and is otherwise intended
 to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations
 promulgated thereunder.

(x) "Nonstatutory
 Stock Option" means an Option that by its terms does not qualify or is not intended
 to qualify as an Incentive Stock Option.

(y) "Officer"
 means a person who is an officer of the Company within the meaning of Section 16 of the Exchange
 Act and the rules and regulations promulgated thereunder.

(z) "Option"
 means a stock option granted pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(aa) "Outside
 Director" means a Director who is not an Employee.

(bb) "Other
 Stock-Based Award" means an Award denominated in Shares and granted pursuant to ‎Section
 3.06.

(cc) "Parent"
 means a "parent corporation," whether now or hereafter existing, as defined in
 Code Section 424(e).

(dd) "Participant"
 means the holder of an outstanding Award.

(ee) "Performance
 Award" means an Award of Performance Shares or Performance Units.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) "Performance
 Share" means an Award denominated in Shares which may be earned in whole or in part
 upon attainment of performance goals or other vesting criteria as the Administrator may determine
 pursuant to ‎Section 3.05.

(gg) "Performance
 Unit" means an Award which may be earned in whole or in part upon attainment of performance
 goals or other vesting criteria as the Administrator may determine and which may be settled
 for cash, Shares or other securities or a combination of the foregoing pursuant to ‎Section
 3.05.

(hh) "Period
 of Restriction" means the period during which the transfer of Shares of Restricted
 Stock are subject to restrictions and therefore, the Shares are subject to a substantial
 risk of forfeiture. Such restrictions may be based on the passage of time, the achievement
 of target levels of performance, or the occurrence of other events as determined by the Administrator.

(ii) "Person"
 means an individual, corporation, partnership (including a general partnership, limited partnership
 or limited liability partnership), limited liability company, association, trust or other
 entity or organization, including a government, domestic or foreign, or political subdivision
 thereof, or an agency or instrumentality thereof.

(jj) "Plan"
 means this 2025 Equity Incentive Plan.

(kk) "Restricted
 Stock" means Shares issued pursuant to an Award of Restricted Stock under ‎Section
 3.03, or issued pursuant to the early exercise of an Option.

(ll) "Restricted
 Stock Unit" means a bookkeeping entry representing an amount equal to the Fair Market
 Value of one Share, granted pursuant to ‎Section 3.04. Each Restricted Stock Unit represents
 an unfunded and unsecured obligation of the Company.

(mm) "Rule
 16b-3" means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect
 when discretion is being exercised with respect to this Plan.

(nn) "Section
 16(b)" means Section 16(b) of the Exchange Act.

(oo) "Securities
 Act" means the Securities Act of 1933, as amended.

(pp) "Service
 Provider" means an Employee, Director or Consultant.

(qq) "Share"
 means a share of the Common Stock, as adjusted in accordance with ‎Section 4.05.

(rr) "Stock
 Appreciation Right" means an Award, granted alone or in connection with an Option,
 that pursuant to ‎Section 3.02 is designated as a Stock Appreciation Right.

(ss) "Subsidiary"
 means a "subsidiary corporation," whether now or hereafter existing, as defined
 in Code Section 424(f).

**Section 1.03 <u>Additional Interpretations.</u>** For purposes of ‎Section 1.02(h), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. For the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction.

**Article II. <u>Stock Subject to this Plan; Administration.</u>**

**Section 2.01 <u>Stock Subject to this Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of ‎Section 2.01(b) and ‎Section 4.05, the maximum aggregate number
 of Shares that may be subject to Awards and issued or transferred under this Plan is 7,200,000
 shares of Common Stock ("Shares"). The Shares may be authorized but unissued,
 or reacquired Common Stock.

(b) If
 an Award expires or becomes un-exercisable without having been exercised in full or, with
 respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares,
 is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased
 Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased
 Shares) which were subject thereto will become available for future grant or sale under this
 Plan (unless this Plan has terminated). With respect to Stock Appreciation Rights, only Shares
 actually issued pursuant to a Stock Appreciation Right will cease to be available under this
 Plan; all remaining Shares under Stock Appreciation Rights will remain available for future
 grant or sale under this Plan (unless this Plan has terminated). Shares that have actually
 been issued under this Plan under any Award will not be returned to this Plan and will not
 become available for future distribution under this Plan; provided, however, that if Shares
 issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares
 or Performance Units are repurchased by the Company or are forfeited to the Company due to
 the failure to vest, such Shares will become available for future grant under this Plan.
 Shares used to pay the exercise price of an Award or to satisfy the tax withholdings related
 to an Award will become available for future grant or sale under this Plan. To the extent
 an Award under this Plan is paid out in cash rather than Shares, such cash payment will not
 result in reducing the number of Shares available for issuance under this Plan. Notwithstanding
 the foregoing and, subject to adjustment as provided in ‎Section 4.05, the maximum number
 of Shares that may be issued upon the exercise of Incentive Stock Options will equal the
 aggregate Share number stated in ‎Section 2.01(a), plus, to the extent allowable under
 Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become
 available for issuance under this Plan pursuant to this ‎Section 2.01(b).

(c) The
 Company, during the term of this Plan, will at all times reserve and keep available such
 number of Shares as will be sufficient to satisfy the requirements of this Plan.

**Section 2.02 <u>Administration of this Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Administrative Bodies*. To the extent required by Applicable Laws, the Compensation Committee of the
 Board shall administer this Plan. To the extent permitted by Applicable Laws different Committees
 with respect to different groups of Service Providers may administer this Plan.

(ii) *Rule 16b-3*. To the extent desirable to qualify transactions hereunder as exempt under Rule
 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements
 for exemption under Rule 16b-3.

(iii) *Other Administration*. Other than as provided above, this Plan will be administered by (A) the
 Board or (B) a Committee, which Committee will be constituted to satisfy Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Powers of the Administrator*. Subject to the provisions of this Plan, and in the case of a Committee,
 subject to the specific duties delegated by the Board to such Committee, the Administrator
 will have the authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 determine the Fair Market Value;

(ii) to
 select the Service Providers to whom Awards may be granted hereunder;

(iii) to
 determine the number of Shares to be covered by each Award granted hereunder;

(iv) to
 approve forms of Award Agreements for use under this Plan;

(v) to
 determine the terms and conditions, not inconsistent with the terms of this Plan, of any
 Award granted hereunder, with such terms and conditions including, but not being limited
 to, the exercise price, the time or times when Awards may be exercised (which may be based
 on performance criteria), any vesting acceleration or waiver of forfeiture restrictions,
 and any restriction or limitation regarding any Award or the Shares relating thereto, based
 in each case on such factors as the Administrator will determine;

(vi) to
 determine whether an Award will be settled in Shares, cash, other property or in any combination
 thereof;

(vii) to
 construe and interpret the terms of this Plan and Awards granted pursuant to this Plan;

(viii) to
 prescribe, amend and rescind rules and regulations relating to this Plan, including rules
 and regulations relating to sub-plans established for the purpose of satisfying applicable
 non-U.S. laws or for qualifying for favorable tax treatment under applicable non-U.S. laws;

(ix) to
 modify or amend each Award (subject to ‎Section 4.14(b)), including but not limited to
 the discretionary authority to extend the post-termination exercisability period of Awards;
 provided, however, that in no case will an Option or Stock Appreciation Right be extended
 beyond its original maximum term;

(x) to
 allow Participants to satisfy tax withholding obligations in a manner prescribed in ‎Section
 4.06(b);

(xi) to
 authorize any person to execute on behalf of the Company any instrument required to effect
 the grant of an Award previously granted by the Administrator;

(xii) to
 allow a Participant to defer the receipt of the payment of cash or the delivery of Shares
 that otherwise would be due to such Participant under an Award, to the extent permitted under
 Code Section 409A;

(xiii) to
 correct any defect, supply any omission or reconcile any inconsistency in this Plan or any
 Award Agreement and to make all other determinations and take such other actions with respect
 to this Plan or any Award as the Administrator may deem advisable to the extent not inconsistent
 with the provisions of this Plan or applicable law; and

(xiv) to
 make all other determinations deemed necessary or advisable for administering this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Option or Stock Appreciation Right Repricing*. Except in connection with a corporate transaction
 or event described in ‎Section 4.05(a) or in connection with a Change in Control, the
 terms of outstanding Awards may not be amended to reduce the exercise price of outstanding
 Options or Stock Appreciation Rights, or cancel outstanding "underwater" Options
 or Stock Appreciation Rights (including following a Participant's voluntary surrender
 of "underwater" Options or Stock Appreciation Rights) in exchange for cash, other
 awards or Options or Stock Appreciation Rights with an exercise price that is less than the
 exercise price of the original Options or Stock Appreciation Rights, as applicable, without
 approval of the Company's stockholders. This ‎Section 2.02(c) is intended to prohibit
 the repricing of "underwater" Options and Stock Appreciation Rights and will
 not be construed to prohibit the adjustments provided for in ‎Section 4.05(a). Notwithstanding
 any provision of this Plan to the contrary, this ‎Section 2.02(c) may not be amended
 without approval of the Company's stockholders.

(d) *Effect of Administrator's Decision*. The Administrator's decisions, determinations
 and interpretations will be final and binding on all Participants and any other holders of
 Awards and will be given the maximum deference permitted by Applicable Laws

**Section 2.03 <u>Eligibility.</u>** Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

**Section 2.04 <u>Indemnification.</u>** In addition to such other rights of indemnification as they may have as members of the Board or the Administrator or as officers or employees of the Company or any of its Affiliates, to the extent permitted by applicable law, members of the Board or the Administrator and any officers or employees of the Company or any of its Affiliates to whom authority to act for the Board, the Administrator or the Company is delegated shall be indemnified by the Company against all reasonable expenses, including attorneys' fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with this Plan, or any right granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same.

**Article III. <u>Awards</u>.**

**Section 3.01 <u>Stock Options.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Options*. Subject to the terms and provisions of this Plan, the Administrator, at any
 time and from time to time, may grant Options in such amounts as the Administrator, in its
 sole discretion, will determine.

(b) *Option Agreement*. Each Award of an Option will be evidenced by an Award Agreement that will
 specify the exercise price, the term of the Option, the number of Shares subject to the Option,
 the exercise restrictions, if any, applicable to the Option, and such other terms and conditions
 as the Administrator, in its sole discretion, will determine.

(c) *Limitations*.
 Each Option will be designated in the Award Agreement as either an Incentive Stock Option
 or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent
 that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
 Options are exercisable for the first time by the Participant during any calendar year (under
 all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars
 ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this
 ‎Section 3.01(c), Incentive Stock Options will be taken into account in the order in
 which they were granted, the Fair Market Value of the Shares will be determined as of the
 time the Option with respect to such Shares is granted, and the calculation will be performed
 in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

(d) *Term of Option*. The term of each Option will be stated in the Award Agreement. In the case
 of any Option, the term will be no more than ten (10) years from the date of grant thereof.
 In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive
 Stock Option is granted, owns stock representing more than ten percent (10%) of the total
 combined voting power of all classes of stock of the Company or any Parent or Subsidiary,
 the term of the Incentive Stock Option will be five (5) years from the date of grant or such
 shorter term as may be provided in the Award Agreement.

(e) *Option Exercise Price and Consideration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exercise Price</u>. The per Share exercise price for the Shares to be issued pursuant to the exercise
 of an Option will be determined by the Administrator, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 the case of an Incentive Stock Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) granted
 to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing
 more than ten percent (10%) of the voting power of all classes of stock of the Company or
 any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten
 percent (110%) of the Fair Market Value per Share (or the fair market value per Share as
 determined in accordance with Treas. Reg. 1.409A-1(b)(5)(iv)(A)) on the date of grant;

(B) granted
 to any Employee other than an Employee described in ‎Section 3.01(e)(i)‎(1)‎(A),
 the per Share exercise price will be no less than one hundred percent (100%) of the Fair
 Market Value per Share on the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than
 one hundred percent (100%) of the Fair Market Value per Share on the date of grant (or the
 fair market value per Share as determined in accordance with Treas. Reg. 1.409A-1(b)(5)(iv)(A)).

(3) Notwithstanding
 the foregoing provisions of this ‎Section 3.01(e), Options may be granted with a per
 Share exercise price of less than one hundred percent (100%) of the Fair Market Value per
 Share on the date of grant pursuant to a transaction described in, and in a manner consistent
 with, Code Section 424(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Waiting Period and Exercise Dates</u>. At the time an Option is granted, the Administrator will fix
 the period within which the Option may be exercised and will determine any conditions that
 must be satisfied before the Option may be exercised.

(iii) <u>Form of Consideration</u>. The Administrator will determine the acceptable form of consideration
 for exercising an Option, including the method of payment. In the case of an Incentive Stock
 Option, the Administrator will determine the acceptable form of consideration at the time
 of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory
 note, to the extent permitted by Applicable Laws; (4) other Shares, provided that such Shares
 have a Fair Market Value on the date of surrender equal to the aggregate exercise price of
 the Shares as to which such Option will be exercised and provided further that accepting
 such Shares will not result in any adverse accounting consequences to the Company, as the
 Administrator determines in its sole discretion; (5) to the extent permitted by Applicable
 Laws, consideration received by the Company under a broker assisted (or other) cashless exercise
 program (whether through a broker or otherwise) implemented by the Company in connection
 with this Plan; (6) by net exercise; (7) such other consideration and method of payment for
 the issuance of Shares to the extent permitted by Applicable Laws; or (8) any combination
 of the foregoing methods of payment. In making its determination as to the type of consideration
 to accept, the Administrator will consider if acceptance of such consideration may be reasonably
 expected to benefit the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Exercise of Option*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Procedure for Exercise; Rights as a Shareholder</u>. Any Option granted hereunder will be exercisable
 according to the terms of this Plan and at such times and under such conditions as determined
 by the Administrator and set forth in the Award Agreement. An Option may not be exercised
 for a fraction of a Share. An Option will be deemed exercised when the Company receives:
 (i) notice of exercise (in such form as the Administrator may specify from time to time)
 from the person entitled to exercise the Option, and (ii) full payment for the Shares with
 respect to which the Option is exercised (together with applicable tax withholding). Full
 payment may consist of any consideration and method of payment authorized by the Administrator
 and permitted by the Award Agreement and this Plan. Shares issued upon exercise of an Option
 will be issued in the name of the Participant or, if requested by the Participant, in the
 name of the Participant and his or her spouse. Until the Shares are issued (as evidenced
 by the appropriate entry on the books of the Company or of a duly authorized transfer agent
 of the Company), no right to vote or receive dividends or any other rights as a shareholder
 will exist with respect to the Shares subject to an Option, notwithstanding the exercise
 of the Option. The Company will issue (or cause to be issued) such Shares promptly after
 the Option is exercised. No adjustment will be made for a dividend or other right for which
 the record date is prior to the date the Shares are issued, except as provided in ‎Section
 4.05. Exercising an Option in any manner will decrease the number of Shares thereafter available,
 both for purposes of this Plan and for sale under the Option, by the number of Shares as
 to which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Termination of Relationship as a Service Provider</u>. If a Participant ceases to be a Service Provider,
 other than upon the Participant's termination as the result of the Participant's
 death or Disability, the Participant may exercise his or her Option within such period of
 time as is specified in the Award Agreement to the extent that the Option is vested on the
 date of termination (but in no event later than the expiration of the term of such Option
 as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement,
 the Option will remain exercisable for three (3) months following the Participant's
 termination. Unless otherwise provided by the Administrator, if on the date of termination
 the Participant is not vested as to his or her entire Option, the Shares covered by the unvested
 portion of the Option will revert to this Plan. If after termination the Participant does
 not exercise his or her Option within the time specified by the Administrator, the Option
 will terminate, and the Shares covered by such Option will revert to this Plan.

(iii) <u>Disability of Participant</u>. If a Participant ceases to be a Service Provider as a result of the Participant's
 Disability, the Participant may exercise his or her Option within such period of time as
 is specified in the Award Agreement to the extent the Option is vested on the date of termination
 (but in no event later than the expiration of the term of such Option as set forth in the
 Award Agreement). In the absence of a specified time in the Award Agreement, the Option will
 remain exercisable for twelve (12) months following the Participant's termination.
 Unless otherwise provided by the Administrator, if on the date of termination the Participant
 is not vested as to his or her entire Option, the Shares covered by the unvested portion
 of the Option will revert to this Plan. If after termination the Participant does not exercise
 his or her Option within the time specified herein, the Option will terminate, and the Shares
 covered by such Option will revert to this Plan.

(iv) <u>Death of Participant</u>. If a Participant dies while a Service Provider, the Option may be exercised
 following the Participant's death within such period of time as is specified in the
 Award Agreement to the extent that the Option is vested on the date of death (but in no event
 may the option be exercised later than the expiration of the term of such Option as set forth
 in the Award Agreement), by the Participant's designated beneficiary, provided such
 beneficiary has been designated prior to Participant's death in a form acceptable to
 the Administrator. If no such beneficiary has been designated by the Participant, then such
 Option may be exercised by the personal representative of the Participant's estate
 or by the person(s) to whom the Option is transferred pursuant to the Participant's
 will or in accordance with the laws of descent and distribution. In the absence of a specified
 time in the Award Agreement, the Option will remain exercisable for twelve (12) months following
 Participant's death. Unless otherwise provided by the Administrator, if at the time
 of death Participant is not vested as to his or her entire Option, the Shares covered by
 the unvested portion of the Option will immediately revert to this Plan. If the Option is
 not so exercised within the time specified herein, the Option will terminate, and the Shares
 covered by such Option will revert to this Plan. .

**Section 3.02 <u>Stock Appreciation Rights.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Stock Appreciation Rights*. Subject to the terms and conditions of this Plan, a Stock
 Appreciation Right may be granted to Service Providers at any time and from time to time
 as will be determined by the Administrator, in its sole discretion.

(b) *Number of Shares*. The Administrator will have complete discretion to determine the number of
 Shares subject to any Award of Stock Appreciation Rights.

(c) *Exercise Price and Other Terms*. The per Share exercise price for the Shares that will determine
 the amount of the payment to be received upon exercise of a Stock Appreciation Right as set
 forth in ‎Section 3.02(f) will be determined by the Administrator and will be no less
 than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
 Otherwise, the Administrator, subject to the provisions of this Plan, will have complete
 discretion to determine the terms and conditions of Stock Appreciation Rights granted under
 this Plan. Stock Appreciation Rights which have become exercisable may be exercised by delivery
 of written or electronic notice of exercise to the Company in accordance with the terms of
 the Award Agreement, specifying the number of Stock Appreciation Rights to be exercised and
 the date on which such Stock Appreciation Rights were awarded and vested.

(d) *Stock Appreciation Right Agreement*. Each Stock Appreciation Right grant will be evidenced by
 an Award Agreement that will specify the exercise price, the term of the Stock Appreciation
 Right, the conditions of exercise, and such other terms and conditions as the Administrator,
 in its sole discretion, will determine.

(e) *Expiration of Stock Appreciation Rights*. A Stock Appreciation Right granted under this Plan will
 expire upon the date determined by the Administrator, in its sole discretion, and set forth
 in the Award Agreement. Notwithstanding the foregoing, the rules of ‎Section 3.01(d)
 relating to the maximum term and ‎Section 3.01(f) relating to exercise also will apply
 to Stock Appreciation Rights.

(f) *Payment of Stock Appreciation Right Amount*. Upon exercise of a Stock Appreciation Right, a Participant
 will be entitled to receive payment from the Company in an amount determined by multiplying
 (i) the difference between the Fair Market Value of a Share on the date of exercise over
 the exercise price; and (ii) the number of Shares with respect to which the Stock Appreciation
 Right is exercised. At the discretion of the Administrator, the payment upon Stock Appreciation
 Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

(g) *Deemed Exercise of Stock Appreciation Rights*. If, on the date on which a Stock Appreciation
 Rights would otherwise terminate or expire, the Stock Appreciation Right by its terms remains
 exercisable immediately prior to such termination or expiration and, if so exercised, would
 result in a payment to the holder of such Stock Appreciation Right, then any portion of such
 Stock Appreciation Right which has not previously been exercised shall automatically be deemed
 to be exercised as of such date with respect to such portion.

**Section 3.03 <u>Restricted Stock.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Restricted Stock*. Subject to the terms and provisions of this Plan, the Administrator,
 at any time and from time to time, may grant Shares of Restricted Stock to Service Providers
 in such amounts as the Administrator, in its sole discretion, will determine.

(b) *Restricted Stock Agreement*. Each Award of Restricted Stock will be evidenced by an Award Agreement
 that will specify the Period of Restriction, the number of Shares granted, and such other
 terms and conditions as the Administrator, in its sole discretion, will determine. Unless
 the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted
 Stock until the restrictions on such Shares have lapsed.

(c) *Transferability*.
 Except as provided in this ‎Section 3.03 or as the Administrator determines, Shares of
 Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated
 or hypothecated until the end of the applicable Period of Restriction.

(d) *Other Restrictions*. The Administrator, in its sole discretion, may impose such other restrictions
 on Shares of Restricted Stock as it may deem advisable or appropriate.

(e) *Removal of Restrictions*. Except as otherwise provided in this ‎Section 3.03, Shares of Restricted
 Stock covered by each Restricted Stock grant made under this Plan will be released from escrow
 as soon as practicable after the last day of the Period of Restriction or at such other time
 as the Administrator may determine. The Administrator, in its discretion, may accelerate
 the time at which any restrictions will lapse or be removed.

(f) *Voting Rights*. During the Period of Restriction, Service Providers holding Shares of Restricted
 Stock granted hereunder may exercise full voting rights with respect to those Shares, unless
 the Administrator determines otherwise.

(g) *Dividends and Other Distributions*. During the Period of Restriction, Service Providers holding
 Shares of Restricted Stock will be entitled to receive all dividends and other distributions
 paid with respect to such Shares, unless the Administrator provides otherwise. If any such
 dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions
 on transferability and forfeitability as the Shares of Restricted Stock with respect to which
 they were paid.

**Section 3.04 <u>Restricted Stock Units.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant*.
 Restricted Stock Units may be granted at any time and from time to time as determined by
 the Administrator. After the Administrator determines that it will grant Restricted Stock
 Units under this Plan, it will advise the Participant in an Award Agreement of the terms,
 conditions, and restrictions related to the grant, including the number of Restricted Stock
 Units.

(b) *Vesting Criteria and Other Terms*. The Administrator will set vesting criteria in its discretion,
 which, depending on the extent to which the criteria are met, will determine the number of
 Restricted Stock Units that will be paid out to the Participant. The Administrator may set
 vesting criteria based upon the achievement of Company-wide, divisional, business unit, or
 individual goals (including, but not limited to, continued employment or service), applicable
 federal or state securities laws, or any other basis determined by the Administrator in its
 discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Earning Restricted Stock Units*. Upon meeting the applicable vesting criteria, the Participant
 will be entitled to receive a payout as determined by the Administrator or as set forth in
 the applicable Award Agreement. Notwithstanding the foregoing, at any time after the grant
 of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive
 any vesting criteria that must be met to receive a payout.

(d) *Form and Timing of Payment*. Payment of earned Restricted Stock Units will be made as soon
 as practicable after the date(s) determined by the Administrator and set forth in the Award
 Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock
 Units in cash, Shares, or a combination of both.

(e) *Voting Rights, Dividend Equivalent Rights and Distributions*. Participants shall have no voting
 rights with respect to Shares represented by Restricted Stock Units until the date of the
 issuance of such shares (as evidenced by the appropriate entry on the books of the Company
 or of a duly authorized transfer agent of the Company). However, the Administrator, in its
 discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award
 that the Participant shall be entitled to Dividend Equivalent Rights with respect to the
 payment of cash dividends on Stock during the period beginning on the date such Award is
 granted and ending, with respect to each share subject to the Award, on the earlier of the
 date the Award is settled or the date on which it is terminated. Dividend Equivalent Rights,
 if any, shall be paid by crediting the Participant with a cash amount or with additional
 whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as
 determined by the Administrator. The number of additional Restricted Stock Units (rounded
 to the nearest whole number), if any, to be credited shall be determined by dividing (a)
 the amount of cash dividends paid on the dividend payment date with respect to the number
 of Shares represented by the Restricted Stock Units previously credited to the Participant
 by (b) the Fair Market Value per Share on such date. Such cash amount or additional Restricted
 Stock Units shall be subject to the same terms and conditions and shall be settled in the
 same manner and at the same time as the Restricted Stock Units originally subject to the
 Restricted Stock Unit Award.

(f) *Cancellation*.
 On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be
 forfeited to the Company.

**Section 3.05 <u>Performance Units and Performance Shares.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Issuance*.
 Performance Awards may be granted to Service Providers at any time and from time to time,
 as will be determined by the Administrator, in its sole discretion. The Administrator will
 have complete discretion in determining the number of Performance Units and Performance Shares
 granted to each Participant.

(b) *Value of Performance Units/Shares*. Each Performance Unit will have an initial value that is
 established by the Administrator on or before the date of grant. Each Performance Share will
 have an initial value equal to the Fair Market Value of a Share on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Performance Objectives and Other Terms*. The Administrator will set performance objectives or other
 vesting provisions (including, without limitation, continued status as a Service Provider)
 in its discretion which, depending on the extent to which they are met, will determine the
 number or value of Performance Units/Shares that will be paid out to the Service Providers.
 The time period during which the performance objectives or other vesting provisions must
 be met will be called the "Performance Period." Each Performance Award will be
 evidenced by an Award Agreement that will specify the Performance Period, and such other
 terms and conditions as the Administrator, in its sole discretion, will determine.

(d) *Performance Targets and Goals*. The Administrator may set performance objectives based upon the achievement
 of Company-wide, divisional, business unit or individual goals (including, but not limited
 to, continued employment or service), applicable federal or state securities laws, or any
 other basis determined by the Administrator in its discretion ("Performance Goals").
 Performance Goals shall be established by the Administrator on the basis of targets to be
 attained ("Performance Targets") with respect to one or more measures of business
 or financial performance (each, a "Performance Measure"), subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Performance Measures</u>  *.*** Performance Measures shall be calculated in accordance with the
 Company's financial statements, or, if such measures are not reported in the Company's
 financial statements, they shall be calculated in accordance with generally accepted accounting
 principles, a method used generally in the Company's industry, or in accordance with
 a methodology established by the Administrator prior to the grant of the Performance Award.
 As specified by the Administrator, Performance Measures may be calculated with respect to
 the Company and its Subsidiaries consolidated therewith for financial reporting purposes,
 one or more Subsidiaries or such division or other business unit of any of them selected
 by the Administrator. Unless otherwise determined by the Administrator prior to the grant
 of the Performance Award, the Performance Measures applicable to the Performance Award shall
 be calculated prior to the accrual of expense for any Performance Award for the same Performance
 Period and excluding the effect (whether positive or negative) on the Performance Measures
 of any change in accounting standards or any unusual or infrequently occurring event or transaction,
 as determined by the Administrator, occurring after the establishment of the Performance
 Goals applicable to the Performance Award. If the Administrator determines that a change
 in the business, operations, corporate structure or capital structure of the Company, or
 the manner in which it conducts its business, or other events or circumstances render the
 Performance Measures unsuitable, the Administrator may in its discretion modify such Performance
 Measures or the goals or actual levels of achievement regarding the Performance Measures,
 in whole or in part, as the Administrator deems appropriate and equitable. Performance Measures
 may be based upon one or more of the following, as determined by the Administrator, or such
 criteria as the Administrator may determine: (1) revenue; (2) sales; (3) expenses; (4) operating
 income; (5) gross margin; (6) operating margin; (7) earnings before any one or more of: stock-based
 compensation expense, interest, taxes, depreciation and amortization; (8) pre-tax profit;
 (9) net operating income; (10) net income; (11) economic value added; (12) free cash flow;
 (13) operating cash flow; (14) balance of cash, cash equivalents and marketable securities;
 (15) stock price; (16) earnings per share; (17) return on shareholder equity; (18) return
 on capital; (19) return on assets; (20) return on investment; (21) total shareholder return;
 (22) employee satisfaction; (23) employee retention; (24) market share; (25) customer satisfaction;
 (26) product development; (27) research and development expenses; (28) completion of an identified
 special project; and (29) completion of a joint venture or other corporate transaction.

(ii) <u>Performance Targets.</u> Performance Targets may include a minimum, maximum, target level and intermediate
 levels of performance. A Performance Target may be stated as an absolute value, an increase
 or decrease in a value, or as a value determined relative to an index, budget or other standard
 selected by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Earning of Performance Units/Shares*. After the applicable Performance Period has ended, the holder
 of Performance Units/Shares will be entitled to receive a payout of the number of Performance
 Units/Shares earned by the Participant over the Performance Period, to be determined as a
 function of the extent to which the corresponding performance objectives or other vesting
 provisions have been achieved. After the grant of a Performance Unit/Share, the Administrator,
 in its sole discretion, may reduce or waive any performance objectives or other vesting provisions
 for such Performance Unit/Share.

(f) *Form and Timing of Payment of Performance Units/Shares*. Payment of earned Performance Units
 or Performance Shares will be made at the time provided for in the applicable Award Agreement.
 The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the
 form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of
 the earned Performance Units/Shares at the close of the applicable Performance Period) or
 in a combination thereof.

(g) *Cancellation of Performance Units/Shares*. On the date set forth in the Award Agreement, all unearned
 or unvested Performance Units or Performance Shares will be forfeited to the Company, and
 again will be available for grant under this Plan.

(h) *Voting Rights; Dividend Equivalent Rights and Distributions*. Participants shall have no voting
 rights with respect to Shares represented by Performance Share Awards until the date of the
 issuance of such Shares, if any (as evidenced by the appropriate entry on the books of the
 Company or of a duly authorized transfer agent of the Company). However, the Administrator,
 in its discretion, may provide in the Award Agreement evidencing any Performance Share Award
 that the Participant shall be entitled to Dividend Equivalent Rights with respect to the
 payment of cash dividends on Stock during the period beginning on the date the Award is granted
 and ending, with respect to each share subject to the Award, on the earlier of the date on
 which the Performance Shares are settled or the date on which they are forfeited. Such Dividend
 Equivalent Rights, if any, shall be credited to the Participant either in cash or in the
 form of additional whole Performance Shares as of the date of payment of such cash dividends
 on Stock, as determined by the Administrator. The number of additional Performance Shares
 (rounded to the nearest whole number), if any, to be so credited shall be determined by dividing
 (a) the amount of cash dividends paid on the dividend payment date with respect to the number
 of Shares represented by the Performance Shares previously credited to the Participant by
 (b) the Fair Market Value per Share on such date. Dividend Equivalent Rights, if any, shall
 be accumulated and paid to the extent that the related Performance Shares become nonforfeitable.
 Settlement of Dividend Equivalent Rights may be made in cash, Shares, or a combination thereof
 as determined by the Administrator, and may be paid on the same basis as settlement of the
 related Performance Share. Dividend Equivalent Rights shall not be paid with respect to Performance
 Units.

**Section 3.06 <u>Cash-Based Awards and Other Stock-Based Awards.</u>** Cash-Based Awards and Other Stock-Based Awards shall be evidenced by Award Agreements in such form as the Administrator shall establish. Such Award Agreements may incorporate all or any of the terms of this Plan by reference and shall comply with and be subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Cash-Based Awards.* Subject to the provisions of this Plan, the Administrator, at any
 time and from time to time, may grant Cash-Based Awards to Participants in such amounts and
 upon such terms and conditions, including the achievement of performance criteria, as the
 Administrator may determine.

(b) *Grant of Other Stock-Based Awards.* The Administrator may grant other types of equity-based
 or equity-related Awards not otherwise described by the terms of this Plan (including the
 grant or offer for sale of unrestricted securities, stock-equivalent units, stock appreciation
 units, securities or debentures convertible into common stock or other forms determined by
 the Administrator) in such amounts and subject to such terms and conditions as the Administrator
 shall determine. Other Stock-Based Awards may be made available as a form of payment in the
 settlement of other Awards or as payment in lieu of compensation to which a Participant is
 otherwise entitled. Other Stock-Based Awards may involve the transfer of actual Shares to
 Participants, or payment in cash or otherwise of amounts based on the value of a Share and
 may include, without limitation, Awards designed to comply with or take advantage of the
 applicable local laws of jurisdictions other than the United States.

(c) *Value of Cash-Based and Other Stock-Based Awards.* Each Cash-Based Award shall specify a monetary
 payment amount or payment range as determined by the Administrator. Each Other Stock-Based
 Award shall be expressed in terms of Shares or units based on such Shares, as determined
 by the Administrator. The Administrator may require the satisfaction of such Service requirements,
 conditions, restrictions or performance criteria, including, without limitation, Performance
 Goals as described in ‎Section 3.05, as shall be established by the Administrator and
 set forth in the Award Agreement evidencing such Award. If the Administrator exercises its
 discretion to establish performance criteria, the final value of Cash-Based Awards or Other
 Stock-Based Awards that will be paid to the Participant may depend on the extent to which
 the performance criteria are met. The establishment of performance criteria with respect
 to the grant or vesting of any Cash-Based Award or Other Stock-Based Award intended to result
 in Performance-Based Compensation shall follow procedures substantially equivalent to those
 applicable to Performance Awards set forth in ‎Section 3.05.

(d) *Payment or Settlement of Cash-Based Awards and Other Stock-Based Awards.* Payment or settlement,
 if any, with respect to a Cash-Based Award or an Other Stock-Based Award shall be made in
 accordance with the terms of the Award, in cash, Shares or other securities or any combination
 thereof as the Administrator determines. The determination and certification of the final
 value with respect to any Cash-Based Award or Other Stock-Based Award intended to result
 in Performance-Based Compensation shall comply with the requirements applicable to Performance
 Awards set forth in ‎Section 3.05. To the extent applicable, payment or settlement with
 respect to each Cash-Based Award and Other Stock-Based Award shall be made in compliance
 with the requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Voting Rights; Dividend Equivalent Rights and Distributions.* Participants shall have no voting
 rights with respect to Shares represented by Other Stock-Based Awards until the date of the
 issuance of such Shares (as evidenced by the appropriate entry on the books of the Company
 or of a duly authorized transfer agent of the Company), if any, in settlement of such Award.
 However, the Administrator, in its discretion, may provide in the Award Agreement evidencing
 any Other Stock-Based Award that the Participant shall be entitled to Dividend Equivalent
 Rights with respect to the payment of cash dividends on Stock during the period beginning
 on the date such Award is granted and ending, with respect to each share subject to the Award,
 on the earlier of the date the Award is settled or the date on which it is terminated. Such
 Dividend Equivalent Rights, if any, shall be paid in accordance with the provisions set forth
 in ‎Section 3.04(e). Dividend Equivalent Rights shall not be granted with respect to
 Cash-Based Awards.

(f) *Nontransferability of Cash-Based Awards and Other Stock-Based Awards.* Prior to the payment or settlement
 of a Cash-Based Award or Other Stock-Based Award, the Award shall not be subject in any manner
 to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or
 garnishment by creditors of the Participant or the Participant's beneficiary, except
 transfer by will or by the laws of descent and distribution. The Administrator may impose
 such additional restrictions on any Shares issued in settlement of Cash-Based Awards and
 Other Stock-Based Awards as it may deem advisable, including, without limitation, minimum
 holding period requirements, restrictions under applicable federal securities laws, under
 the requirements of any stock exchange or market upon which such Shares are then listed and/or
 traded, or under any state securities laws or foreign law applicable to such Shares.

**Section 3.07 <u>Form of Award Agreements.</u>** A form of Award Agreement for a grant of Options is attached hereto as Exhibit A, a form of Award Agreement for a grant of Stock Appreciation Rights is attached hereto as Exhibit B, a form of Award Agreement for a grant of Restricted Stock is attached hereto as Exhibit C; and a form of Award Agreement for a grant of Restricted Stock Units is attached hereto as Exhibit D, provided that the Administrator shall have the discretion to modify such forms and to replace such forms with any other agreement as determined by the Administrator. In the event of a conflict between the terms of any Award Agreement and the provisions in the body of this Plan, the terms of the Award Agreement shall control.

**Article IV. <u>Additional Provisions Applicable to this Plan and Awards</u>**

**Section 4.01 <u>Outside Director Compensation Limit.</u>** Notwithstanding anything to the contrary contained in this Plan, in no event will any Outside Director in any one calendar year be granted compensation, including cash compensation, for such service having an aggregate maximum value (measured at the date of grant, as applicable, and calculating the value of any Awards based on the grant date fair value for financial reporting purposes) in excess of $750,000; provided, however, that this limit shall not apply to distributions of previously deferred compensation under a deferred compensation plan maintained by the Company or compensation received by the Director in his or her capacity as an executive officer or employee of the Company.

**Section 4.02 <u>Compliance With Code Section 409A.</u>** Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. This Plan and each Award Agreement under this Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company have any obligation under the terms of this Plan to reimburse a Participant for any taxes or other costs that may be imposed on Participant as a result of Section 409A.

**Section 4.03** **<u>Leaves of Absence/Transfer Between Locations.</u>** Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1<sup>st</sup>) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

**Section 4.04 <u>Limited Transferability of Awards.</u>** Unless determined otherwise by the Administrator in compliance with Code Section 409A, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.

**Section 4.05 <u>Adjustments; Dissolution, Merger, Etc.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Adjustments*.
 In the event that any extraordinary cash dividend, stock dividend, recapitalization, stock
 split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, split-off,
 spin-out, combination, repurchase, or exchange of Shares or other securities of the Company,
 other change in the corporate structure of the Company, partial or complete liquidation or
 distribution of assets, issuance of rights or warrants to purchase securities, or any other
 corporate transaction having an effect similar to any of the foregoing occurs, the Administrator,
 to the extent equitably required in order to prevent diminution or enlargement of the benefits
 or potential benefits intended to be made available under this Plan, will adjust the number
 and class of shares of stock that may be delivered under this Plan and/or the number, class,
 and price of shares of stock covered by each outstanding Award, other Award terms, and the
 numerical Share limits of ‎Section 2.01; provided, however, that any such adjustment
 to the number of Shares that may be issued with respect to Incentive Stock Options set forth
 in ‎Section 2.01(b) will be made only if and to the extent that such adjustment would
 not cause any Option intended to qualify as an Incentive Stock Option to fail to so qualify.

(b) *Dissolution or Liquidation*. In the event of the proposed dissolution or liquidation of the Company,
 the Administrator will notify each Participant as soon as practicable prior to the effective
 date of such proposed transaction. To the extent it has not been previously exercised, an
 Award will terminate immediately prior to the consummation of such proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Change in Control*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the event of a merger of the Company with or into another corporation or other entity or
 a Change in Control, each outstanding Award will be treated as the Administrator determines
 (subject to the provisions of ‎Section 4.05(c)(ii)) without a Participant's consent,
 including, without limitation, that (i) Awards will be assumed, or substantially equivalent
 awards will be substituted, by the acquiring or succeeding corporation (or an Affiliate thereof)
 with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written
 notice to a Participant, that the Participant's Awards will terminate upon or immediately
 prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will
 vest and become exercisable, realizable, or payable, or restrictions applicable to an Award
 will lapse, in whole or in part prior to or upon consummation of such merger or Change in
 Control, and, to the extent the Administrator determines, terminate upon or immediately prior
 to the effectiveness of such merger or Change in Control; (iv) (A) Award(s) will terminate
 in exchange for an amount of cash and/or property, if any, equal to the amount that would
 have been attained upon the exercise of such Award(s) or realization of the Participant's
 rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt,
 if as of the date of the occurrence of the transaction the Administrator determines in good
 faith that no amount would have been attained upon the exercise of such Award(s) or realization
 of the Participant's rights, then such Award(s) may be terminated by the Company without
 payment), or (B) Award(s) will be replaced with other rights or property selected by the
 Administrator in its sole discretion; or (v) any combination of the foregoing. In taking
 any of the actions permitted under this ‎Section 4.05(c), the Administrator will not
 be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the
 same type, similarly.

(ii) In
 the event of a Change in Control where the successor corporation does not assume or substitute
 for the Award (or portion thereof), a Participant who is not an Outside Director will fully
 vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation
 Rights, including Shares as to which such Awards would not otherwise be vested or exercisable,
 all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect
 to Awards with performance-based vesting, all performance goals or other vesting criteria
 will be deemed achieved at one hundred percent (100%) of target levels and all other terms
 and conditions met, in all cases, unless specifically provided otherwise under the applicable
 Award Agreement or other written agreement between the Participant and the Company or any
 of its Subsidiaries or Parents, as applicable. In addition, if an Option or Stock Appreciation
 Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator
 will notify the Participant in writing or electronically that the Option or Stock Appreciation
 Right will be exercisable for a period of time determined by the Administrator in its sole
 discretion, and the Option or Stock Appreciation Right will terminate upon the expiration
 of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For
 the purposes of this ‎Section 4.05(c) and ‎Section 4.05(d), unless otherwise provided
 in an applicable Award Agreement, an Award (for purposes of this ‎Section 4.05(c)(iii),
 a "Replaced Award") will be considered assumed or substituted if the award immediately
 after such replacement or substitution: (A) is of the same or a substantially similar type
 as the Replaced Award; (B) has a value at least equal to the value of the Replaced Award;
 (C) either is denominated in cash or relates to publicly traded equity securities of the
 Company or its successor in the Change in Control or another entity that is affiliated with
 the Company or its successor following the Change in Control; (D) if the Participant holding
 the Replaced Award is subject to U.S. federal income tax under the Code, has tax consequences
 to such Participant under the Code that are generally no less favorable to such Participant
 than the tax consequences of the Replaced Award (provided that the Company does not guarantee
 any particular tax treatment with respect to any assumption or substitution award described
 in this ‎Section 4.05(c)(iii)); and (E) has other terms and conditions which are generally
 no less favorable to the Participant holding the Replaced Award than the terms and conditions
 of the Replaced Award (including the provisions that would apply in the event of a subsequent
 termination of employment or change in control). An assumption or substitution award described
 in this ‎Section 4.05(c)(iii) may be granted only to the extent it does not result in
 the Replaced Award or such replacement or substitution award failing to comply with or be
 exempt from Code Section 409A. Without limiting the generality of the foregoing, the assumption
 or substitution award may take the form of a continuation of the Replaced Award if the requirements
 of the two preceding sentences are satisfied. The determination of whether the conditions
 of this ‎Section 4.05(c)(iii) are satisfied will be made by the Committee, as constituted
 immediately before the Change in Control, in its sole discretion.

(iv) Notwithstanding
 anything in this ‎Section 4.05(c) to the contrary, and unless otherwise provided in an
 Award Agreement, if an Award that vests, is earned or paid-out under an Award Agreement is
 subject to Code Section 409A and if the change in control definition contained in the Award
 Agreement does not comply with the definition of "change of control" for purposes
 of a distribution under Code Section 409A, then any payment of an amount that is otherwise
 accelerated under this Section 4.05(c will be delayed until the earliest time that such payment
 would be permissible under Code Section 409A without triggering any penalties applicable
 under Code Section 409A.

(v) The
 Administrator may, without affecting the number of Shares reserved or available hereunder,
 authorize the issuance or assumption of benefits under this Plan in connection with any merger,
 consolidation, acquisition of property or stock, or reorganization upon such terms and conditions
 as it may deem appropriate, subject to compliance with Code Section 409A and any other applicable
 provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Outside Director Awards*. In the event of a Change in Control, with respect to Awards granted
 to an Outside Director, the Outside Directors will fully vest in and have the right to exercise
 Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including
 those Shares which would not otherwise be vested or exercisable, all restrictions on Restricted
 Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based
 vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred
 percent (100%) of target levels and all other terms and conditions met, unless specifically
 provided otherwise under the applicable Award Agreement or other written agreement between
 the Participant and the Company or any of its Subsidiaries or Parents, as applicable.

**Section 4.06 <u>Tax Withholding.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Withholding Requirements*. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise
 thereof) or such earlier time as any tax withholding obligation is due, the Company will
 have the power and the right to deduct or withhold, or require a Participant to remit to
 the Company, an amount sufficient to satisfy federal, state, local, non-U.S. or other taxes
 (including the Participant's FICA obligation) required to be withheld with respect
 to such Award (or exercise thereof).

(b) *Withholding Arrangements*. The Administrator, in its sole discretion and pursuant to such procedures
 as it may specify from time to time, and subject to Applicable Laws, may permit a Participant
 to satisfy such tax withholding obligation, in whole or in part by such methods as the Administrator
 shall determine, including, without limitation, (i) paying cash, (ii) electing to have the
 Company withhold otherwise deliverable cash or Shares having a fair market value equal to
 the minimum statutory amount required to be withheld or such greater amount as the Administrator
 may determine if such amount would not have adverse accounting consequences, as the Administrator
 determines in its sole discretion, (iii) delivering to the Company already-owned Shares having
 a fair market value equal to the minimum statutory amount required to be withheld or such
 greater amount as the Administrator may determine, in each case, provided the delivery of
 such Shares will not result in any adverse accounting consequences, as the Administrator
 determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable
 to the Participant through such means as the Administrator may determine in its sole discretion
 (whether through a broker or otherwise) equal to the amount required to be withheld, or (v)
 any combination of the foregoing methods of payment. The amount of the withholding requirement
 will be deemed to include any amount which the Administrator agrees may be withheld at the
 time the election is made, not to exceed the amount determined by using the maximum federal,
 state or local marginal income tax rates applicable to the Participant with respect to the
 Award on the date that the amount of tax to be withheld is to be determined or such greater
 amount as the Administrator may determine if such amount would not have adverse accounting
 consequences, as the Administrator determines in its sole discretion. The fair market value
 of the Shares to be withheld or delivered will be determined as of the date that the taxes
 are required to be withheld.

**Section 4.07 <u>Compliance with Securities Laws.</u>** The grant of Awards and the issuance of Shares pursuant to any Award shall be subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under the Securities Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award, or (b) in the opinion of legal counsel to the Company, the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance and sale of any shares under this Plan shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

**Section 4.08 <u>No Effect on Employment or Service.</u>** Neither this Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant's relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable, nor will they interfere in any way with the Participant's right or the right of the Company and its Subsidiaries or Parents, as applicable to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

**Section 4.09 <u>Repurchase Rights.</u>** Shares issued under this Plan may be subject to one or more repurchase options, or other conditions and restrictions as determined by the Administrator in its discretion at the time the Award is granted. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior to the receipt of Shares hereunder and shall promptly present to the Company any and all certificates representing Shares acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

**Section 4.10 <u>Fractional Shares.</u>** The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award.

**Section 4.11 <u>Forfeiture Events.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 Award Agreement (or any part thereof) may provide for the cancellation or forfeiture of an
 award or the forfeiture and repayment to the Company of any gain or earnings related to an
 award, or other provisions intended to have a similar effect, upon such terms and conditions
 as may be determined by the Administrator in accordance with (i) any Company clawback or
 recoupment policy or policies as adopted from time to time, including any policy that is
 adopted to comply with the requirements of any applicable laws, rules, regulations, stock
 exchange listing standards or otherwise (in each case, the "Clawback Policy"),
 or (ii) any applicable laws that impose mandatory clawback or recoupment requirements under
 the circumstances set forth in such laws, including as required by the Sarbanes-Oxley Act
 of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or other applicable
 laws, rules, regulations, or stock exchange listing standards, as may be in effect from time
 to time, and which may operate to create additional rights for the Company with respect to
 awards and the recovery of amounts relating thereto. By accepting awards under the Plan,
 the Participants consent to be bound by the terms of the Clawback Policy, if applicable,
 and agree and acknowledge that they are obligated to cooperate with, and provide any and
 all assistance necessary to, the Company in its efforts to recover or recoup any award, any
 gains or earnings related to any award, or any other amount paid under the Plan or otherwise
 subject to clawback or recoupment pursuant to such laws, rules, regulations, stock exchange
 listing standards or Company policy. Such cooperation and assistance shall include, but is
 not limited to, executing, completing and submitting any documentation necessary to facilitate
 the recovery or recoupment by the Company from the Participant of any such amounts, including
 from the Participant's accounts or from any other compensation, to the extent permissible
 under Code Section 409A. The Administrator may impose such other clawback, recovery or recoupment
 provisions in an Award Agreement as the Administrator determines necessary or appropriate,
 including but not limited to a reacquisition right regarding previously acquired Shares or
 other cash or property. Unless this ‎Section 4.11 is specifically mentioned and waived
 in an Award Agreement or other document, no recovery of compensation under a clawback policy
 or otherwise will be an event that triggers or contributes to any right of a Participant
 to resign for "good reason" or "constructive termination" (or similar
 term) under any agreement with the Company or a Subsidiary or Parent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 any other provision of this Plan, if the Participant's service to the Company or any
 of its Affiliates as a Service Provider is terminated or ceases for any reason, then any
 Award which has not vested as of such time in accordance with its terms shall automatically
 be forfeited and cancelled and shall cease to vest, be exercisable or otherwise provide any
 benefit to Participant, provided that such provision may be modified in any Award Agreement.

(c) The
 Administrator may specify in an Award Agreement that the Participant's rights, payments,
 and may specify in an Award Agreement that the Participant's rights, payments, and
 benefits with respect to an Award will be subject to reduction, cancellation, forfeiture,
 or recoupment upon the occurrence of additional of specified events as determined by the
 Administrator, in addition to any otherwise applicable vesting or performance conditions
 of an Award.

**Section 4.12 <u>Date of Grant.</u>** The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.

**Section 4.13 <u>Term of Plan.</u>** This Plan will become effective upon the Effective Date. It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under ‎Section 4.14.

**Section 4.14 <u>Amendment and Termination of this Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment and Termination*. The Administrator may at any time amend, alter, suspend or terminate
 this Plan.

(b) *Shareholder Approval*. The Company will obtain shareholder approval of any Plan amendment to the extent
 necessary and desirable to comply with Applicable Laws.

(c) *Effect of Amendment or Termination*. No amendment, alteration, suspension or termination of this
 Plan will materially impair the rights of any Participant, unless mutually agreed otherwise
 between the Participant and the Administrator, which agreement must be in writing and signed
 by the Participant and the Company, except in the case of adjustments made pursuant to ‎Section
 4.05. Termination of this Plan will not affect the Administrator's ability to exercise
 the powers granted to it hereunder with respect to Awards granted under this Plan prior to
 the date of such termination.

**Section 4.15 <u>Conditions Upon Issuance of Shares.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Legal Compliance*. Shares will not be issued pursuant to the exercise of an Award unless the
 exercise of such Award and the issuance and delivery of such Shares will comply with Applicable
 Laws and will be further subject to the approval of counsel for the Company with respect
 to such compliance.

(b) *Investment Representations*. As a condition to the exercise of an Award, the Company may require
 the person exercising such Award to represent and warrant at the time of any such exercise
 that the Shares are being purchased only for investment and without any present intention
 to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
 is required.

**<u>Section 4.16 Shareholder Approval.</u>** This Plan will be presented for approval by the shareholders of the Company within twelve (12) months after the date this Plan is adopted by the Board. Such shareholder approval will be obtained in the manner and to the degree required under Applicable Laws. No Option granted under this Plan may be treated as an Incentive Stock Option if this Plan is not approved by shareholders of the Company within twelve (12) months after the date this Plan is adopted by the Board.

**Section 4.17** **<u>Retirement and Welfare Plans.</u>** Neither Awards made under this Plan nor Shares or cash paid pursuant to such Awards may be included as "compensation" for purposes of computing the benefits payable to any Participant under the Company's or any of its Affiliates' retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant's benefit.

**Section 4.18 <u>Beneficiary Designation.</u>** Subject to local laws and procedures, each Participant may file with the Company a written designation of a beneficiary who is to receive any benefit under this Plan to which the Participant is entitled in the event of such Participant's death before he or she receives any or all of such benefit. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the Participant's lifetime. If a married Participant designates a beneficiary other than the Participant's spouse, the effectiveness of such designation may be subject to the consent of the Participant's spouse. If a Participant dies without an effective designation of a beneficiary who is living at the time of the Participant's death, the Company will pay any remaining unpaid benefits to the Participant's legal representative.

**Section 4.19** **<u>Severability.</u>** If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of this Plan shall not in any way be affected or impaired thereby.

**Section 4.20 <u>No Constraint on Corporate Action.</u>** Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the Company's or any of its Affiliate's right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit the right or power of the Company any of its Affiliates to take any action which such entity deems to be necessary or appropriate.

**Section 4.21** **<u>Unfunded Obligation.</u>** Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to this Plan shall be considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. Neither the Company nor any of its Affiliates shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any of its Affiliates and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant's creditors in any assets of the Company or any of its Affiliates. The Participants shall have no claim against the Company or any of its Affiliates for any changes in the value of any assets which may be invested or reinvested by the Company with respect to this Plan.

**Section 4.22 <u>Choice of Law.</u>** Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of this Plan and each Award Agreement, and any and all claims, proceedings or causes of action relating to this Plan or any Award Agreement or arising from this this Plan or any Award Agreement or the transactions contemplated herein or therein, including, without limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed, governed and enforced under and solely in accordance with the substantive and procedural laws of the State of Delaware, in each case as in effect from time to time and as the same may be amended from time to time, and as applied to agreements performed wholly within the State of Delaware.

**Section 4.23 <u>Substitution Stock-Based Awards.</u>** Notwithstanding anything in this Plan to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards
 may be granted under this Plan in substitution for or in conversion of, or in connection
 with an assumption of, stock options, stock appreciation rights, restricted stock, restricted
 stock units or other stock or stock-based awards held by awardees of an entity engaging in
 a corporate acquisition or merger transaction with the Company or any Subsidiary of the Company.
 Any conversion, substitution or assumption will be effective as of the close of the merger
 or acquisition, and, to the extent applicable, will be conducted in a manner that complies
 with Code Section 409A. The Awards so granted may reflect the original terms of the awards
 being assumed or substituted or converted for and need not comply with other specific terms
 of this Plan, and may account for Common Stock substituted for the securities covered by
 the original awards and the number of shares subject to the original awards, as well as any
 exercise or purchase prices applicable to the original awards, adjusted to account for differences
 in stock prices in connection with the transaction.

(b) In
 the event that a company acquired by the Company or any Subsidiary of the Company or with
 which the Company or any Subsidiary of the Company merges has shares available under a pre-existing
 plan previously approved by shareholders and not adopted in contemplation of such acquisition
 or merger, the shares available for grant pursuant to the terms of such plan (as adjusted,
 to the extent appropriate, to reflect such acquisition or merger) may be used for Awards
 made after such acquisition or merger under this Plan; provided, however, that Awards
 using such available shares may not be made after the date awards or grants could have been
 made under the terms of the pre-existing plan absent the acquisition or merger, and may only
 be made to individuals who were not employees or directors of the Company or any Subsidiary
 of the Company prior to such acquisition or merger.

(c) Any
 Common Stock that is issued or transferred by, or that is subject to any awards that are
 granted by, or become obligations of, the Company under ‎Section 4.23(a) or ‎Section
 4.23(b) will not reduce the shares of Common Stock available for issuance or transfer under
 this Plan or otherwise count against the limit contained in ‎Section 2.01, except as
 otherwise provided in this Plan. In addition, no shares of Common Stock subject to an award
 that is granted by, or becomes an obligation of, the Company under ‎Section 4.23(a) or
 ‎Section 4.23(b), will be added to the aggregate limit contained in Section 2.01 of this
 Plan.

\*\*\*

**Exhibit A**

**Form of Option Award Agreement**

**Advasa Holdings, Inc.**

**Option Award Agreement**

This grant of an Award to purchase Shares is made pursuant to this Option Award Agreement (this "Agreement") as of [_______________] (the "Effective Date") by Advasa Holdings, Inc., a Delaware corporation (the "Company") under the Advasa Holdings, Inc. 2025 Equity Incentive Plan (the "Plan"), to [__________________] (the "Participant"). Under applicable provisions of the Internal Revenue Code of 1986, as amended, the Option is treated as *[an incentive option][a non-qualified option]*.

***By signing this cover sheet, you hereby accept the Option (as defined below) and agree to all of the terms and conditions described in this Agreement and in the Plan.***

Participant Name:   <br>Signature:  

---

| |
|:---|
| Advasa Holdings, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of Option is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE OPTIONS GRANTED TO YOU.**

**\*\*\***

1. <u>Grant</u>.
 As of the Effective Date, the Company grants to the Participant an option (the "Option")
 to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate
 of [________________] shares of Common Stock, (the "Option Shares"), at the purchase
 price of $[____________] per share (the "Option Price") pursuant to the terms
 and conditions of the Plan. Any capitalized, but undefined, term used in this Agreement shall
 have the meaning ascribed to it in this Plan. The Participant shall have the cumulative right
 to exercise the Option, and the Option is only exercisable, with respect to the following
 number of Option Shares on or after the following dates, subject to earlier vesting and forfeiture
 as set forth in the Plan:

---

| | |
|:---|:---|
| **Date** | **Number of Options Vested and Shares Which May be Acquired** |

---

The Administrator may, in its sole discretion, accelerate the date on which the Participant may purchase Option Shares. Any capitalized, but undefined, term used in this Agreement shall have the meaning ascribed to it in this Plan.

2. <u>Term</u>.
 The Option granted hereunder shall expire in all events at 5:00 p.m., Eastern time on [______________],
 unless sooner terminated as provided herein or in the Plan.

3. <u>Change in Accounting Treatment</u>. If the Administrator finds that a change in the financial accounting
 treatment for options granted under this Agreement or the Plan adversely affects the Company
 or, in the determination of the Administrator, may adversely affect the Company in the foreseeable
 future, the Administrator may, in its discretion, set an accelerated termination date for
 the Option. In such event, the Administrator may take whatever other action, including acceleration
 of any exercise provisions, it deems necessary.

4. <u>Blackout Periods</u>. The Administrator reserves the right to suspend or limit the Participant's
 rights to exercise and sell Shares acquired through the exercise of Options to comply with
 Applicable Requirements and any Company's insider trading policy, any Applicable Law,
 or at any other times that it deems appropriate.

5. <u>Transfers</u>.
 Except as otherwise provided herein or in any separate provisions applicable to this Option,
 the Option is transferable by the Participant only by will or pursuant to the laws of descent
 and distribution in the event of the Participant's death, in which event the Option
 may be exercised by the heirs or legal representatives of the Participant as set forth in
 this Plan. Any attempt at assignment, transfer, pledge or disposition of the Option contrary
 to the provisions hereof or the levy of any execution, attachment or similar process upon
 the Option shall be null and void and without effect. Any exercise of the Option by a Person
 other than the Participant shall be accompanied by appropriate proofs of the right of such
 person to exercise the Option.

6. <u>Adjustments on Changes in Common Stock</u>. In the event that, prior to the delivery by the Company of
 all of the Option Shares in respect of which the Option is granted, there shall be an increase
 or decrease in the number of issued shares of Common Stock of the Company as a result of
 a subdivision or consolidation of Shares or other capital adjustment, or the payment of a
 stock dividend or other increase or decrease in such Shares, effected without receipt of
 consideration by the Company, the remaining number of Option Shares still subject to the
 Option and the Option Price therefor shall be adjusted in a manner determined by the Administrator
 so that the adjusted number of Option Shares and the adjusted Option Price shall be the substantial
 equivalent of the remaining number of Option Shares still subject to the Option and the Option
 Price thereof prior to such change. For purposes of this Section 7 no adjustment shall be
 made as a result of the issuance of Common Stock upon the conversion of other securities
 of the Company which are convertible into Shares.

7. <u>Legal Requirements</u>. If the listing, registration or qualification of the Option Shares upon
 any securities exchange or under any federal or state law, or the consent or approval of
 any governmental regulatory body is necessary as a condition of or in connection with the
 purchase of such Option Shares, the Company shall not be obligated to issue or deliver the
 certificates representing the Option Shares as to which the Option has been exercised unless
 and until such listing, registration, qualification, consent or approval shall have been
 effected or obtained. If registration is considered unnecessary by the Company or its counsel,
 the Company may cause a legend to be placed on the Option Shares being issued calling attention
 to the fact that they have been acquired for investment and have not been registered.

8. <u>Administration</u>.
 The Option has been granted pursuant to, and is subject to the terms and provisions of, this
 Plan. All questions of interpretation and application of this Plan and the Option shall be
 determined by the Administrator, and such determination shall be final, binding and conclusive.
 The Option shall not be treated as an incentive stock option (as such term is defined in
 section 422(b) of the Code) for federal income tax purposes unless expressly indicated as
 same hereupon.

9. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to
 be unenforceable in any respect, it is the intention of the parties to this Agreement that
 this Agreement be deemed, without further action on the part of the parties hereto, modified,
 amended and limited to the extent necessary to render the same valid and enforceable. It
 is further the parties' intent that all provisions not deemed to be overbroad shall
 be given their full force and effect. You acknowledge that you are freely, knowingly and
 voluntarily entering into this Agreement after having an opportunity for consultation with
 your own independent counsel.

10. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal
 executive office, and any notice to be given to the Participant shall be addressed to the
 Participant at the address then appearing on the personnel or other records of the Company,
 or at such other address as either party hereafter may designate in writing to the other.
 Any such notice shall be deemed to have been duly given when deposited in the United States
 mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
 or certification fees prepaid.

11. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company
 or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
 at any time for any reason whatsoever.

12. <u>Choice of Law; Jurisdiction</u>. This Agreement, and any and all claims, proceedings or causes of
 action relating to this Agreement or arising from this Agreement or the transactions contemplated
 herein, including, without limitation, tort claims, statutory claims and contract claims,
 shall be interpreted, construed, governed and enforced under and solely in accordance with
 the substantive and procedural laws of the State of Delaware, in each case as in effect from
 time to time and as the same may be amended from time to time, and as applied to agreements
 performed wholly within the State of Delaware. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING
 OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE
 OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED STATES, IN EACH CASE LOCATED IN PALM BEACH
 COUNTY, FLORIDA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH
 COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

13. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time
 to time, to provide for payment or withholding of such income or other taxes as may be required
 by law to be paid or withheld in connection with the Options and exercise thereof.

\*\*\*

**Exhibit B**

**Form of Stock Appreciation Right Award Agreement**

**Advasa Holdings, Inc.**

**Stock Appreciation Rights Award Agreement**

---

| | | |
|:---|:---|:---|
| **Number of SARs** | **Grant Date** | **Vesting Schedule** |

---

**Exercise Price: $_______________ per share of Common Stock**

Advasa Holdings, Inc., a Delaware corporation (the "Company"), hereby grants to [_________] (the "Participant", also referred to as "you") Stock Appreciation Rights (the "SARs"), pursuant to the terms of this Stock Appreciation Rights Award Agreement (this "Agreement") and the Advasa Holdings, Inc. 2025 Equity Incentive Plan (the "Plan").

***By signing this cover sheet, you agree to all of the terms and conditions described in this Agreement and in the Plan.***

Participant:   <br>Signature:  

---

| |
|:---|
| Advasa Holdings, Inc. |
| By: |
| Name: |
| Title: |

---

***This is not a stock certificate or a negotiable instrument. This grant of SAR is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the***

***Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY**

**WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE SAR GRANTED TO YOU.**

**\*\*\***

**Advasa Holdings, Inc.**

**STOCK APPRECIATION RIGHTS AWARD AGREEMENT**

1. <u>SAR/Nontransferability</u>.
 This Agreement evidences the grant to you on the Grant Date set forth on the cover page of
 this Agreement the Stock Appreciation Rights as set forth therein (the "SARs")
 pursuant to the Plan. These SARs represent the right to receive, upon exercise thereof, an
 amount in cash as set forth in this Plan. These SARs will NOT be credited with dividends
 to the extent dividends are paid on the Common Stock of the Company. Your SARs may not be
 transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise,
 nor may the SARs be made subject to execution, attachment or similar process. Any capitalized,
 but undefined, term used in this Agreement shall have the meaning ascribed to it in this
 Plan.

2. <u>The Plan</u>. The SARs are issued in accordance with and is subject to and conditioned upon all
 of the terms and conditions of this Agreement and this Plan as amended from time to time;
 provided, however, that no future amendment or termination of this Plan shall, without your
 consent, alter or impair any of your rights or obligations under this Plan, all of which
 are incorporated by reference in this Agreement as if fully set forth herein.

3. <u>Cash Value Determination upon Vesting and Exercise</u>. Subject to the terms and conditions set
 forth in this Agreement, the SARs covered by this grant shall vest on the vesting date set
 forth on the cover page of this Agreement, subject to earlier vesting and forfeiture as set
 forth in the Plan. The payment of the value of the SARs shall be made no later than ten (10)
 days following exercise. The payment of amounts with respect to the SARs is subject to the
 provisions of this Plan and to interpretations, regulations and determinations concerning
 this Plan as established from time to time by the Administrator in accordance with the provisions
 of this Plan, including, but not limited to, provisions relating to (i) rights and obligations
 with respect to withholding taxes, (ii) capital or other changes of the Company and (iii)
 other requirements of applicable law.

4. <u>No Shareholder Rights</u>. SARs are not Shares. Neither the Participant, nor any Person entitled
 to exercise the Participant's rights in the event of the Participant's death,
 shall have any of the rights and privileges of a holder of Shares.

5. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to
 be unenforceable in any respect, it is the intention of the parties to this Agreement that
 this Agreement be deemed, without further action on the part of the parties hereto, modified,
 amended and limited to the extent necessary to render the same valid and enforceable. It
 is further the parties' intent that all provisions not deemed to be overbroad shall
 be given their full force and effect. You acknowledge that you are freely, knowingly and
 voluntarily entering into this Agreement after having an opportunity for consultation with
 your own independent counsel.

6. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal
 executive office, and any notice to be given to the Participant shall be addressed to the
 Participant at the address then appearing on the personnel or other records of the Company,
 or at such other address as either party hereafter may designate in writing to the other.
 Any such notice shall be deemed to have been duly given when deposited in the United States
 mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
 or certification fees prepaid.

7. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company
 or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
 at any time for any reason whatsoever.

8. <u>Choice of Law; Jurisdiction</u>. This Agreement, and any and all claims, proceedings or causes of
 action relating to this Agreement or arising from this Agreement or the transactions contemplated
 herein, including, without limitation, tort claims, statutory claims and contract claims,
 shall be interpreted, construed, governed and enforced under and solely in accordance with
 the substantive and procedural laws of the State of Delaware, in each case as in effect from
 time to time and as the same may be amended from time to time, and as applied to agreements
 performed wholly within the State of Delaware. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING
 OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE
 OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED STATES, IN EACH CASE LOCATED IN PALM BEACH
 COUNTY, FLORIDA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH
 COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

9. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time
 to time, to provide for payment or withholding of such income or other taxes as may be required
 by law to be paid or withheld in connection with the SARs.

\*\*\*

**Exhibit C**

**Form of Restricted Stock Award Agreement** 

**Advasa Holdings, Inc.** 

**Restricted Stock Award Agreement** 

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Grant Date** | **Vesting Schedule** |

---

Advasa Holdings, Inc., a Delaware corporation (the "Company"), hereby grants to [_________] (the "Participant", also referred to as "you") shares of Restricted Stock (the "Shares"), pursuant to the terms of this Restricted Stock Award Agreement (this "Agreement") and the Advasa Holdings, Inc. 2025 Equity Incentive Plan (the "Plan").

***By signing this cover sheet, you agree to all of the terms and conditions described in this Agreement and the Plan.***

Participant:   <br>Signature:  

---

| |
|:---|
| Advasa Holdings, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of Shares is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the***

***Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY**

**WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE SHARES GRANTED TO YOU.**

**\*\*\***

**Advasa Holdings, Inc.**

**RESTRICTED STOCK AWARD AGREEMENT**

1. <u>Award</u>.
 This Agreement evidences the grant to Participant on the Grant Date set forth on the cover
 page of this Agreement the shares of Restricted Stock as set forth therein (the "Shares")
 pursuant to the Plan. Any capitalized, but undefined, term used in this Agreement shall have
 the meaning ascribed to it in this Plan.

2. <u>Non-Transferability of the Shares</u>. Your Shares may not be transferred, assigned, pledged or hypothecated,
 whether by operation of law or otherwise, nor may the Shares be made subject to execution,
 attachment or similar process. Except as may be required by federal income tax withholding
 provisions or by the tax laws of any state, your interests (and the interests of your beneficiaries,
 if any) under this Agreement are not subject to the claims of your creditors and may not
 be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated,
 or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber,
 charge or otherwise dispose of any right to benefits payable hereunder shall be void. Your
 rights to your Shares are no greater than that of other general, unsecured creditors of the
 Company.

3. <u>Vesting</u>.
 Subject to the terms and conditions set forth in this Agreement, the Shares covered by this
 grant shall vest on the vesting date set forth on the cover page of this Agreement, subject
 to earlier vesting and forfeiture as set forth in the Plan.

4. <u>Delivery of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting</u>.
 Shares that vest (together with any payment due pursuant to the terms herein in respect of
 such Shares) shall be delivered to Participant (or the person to whom ownership rights may
 have passed by will or the laws of descent and distribution), on or as soon as administratively
 practicable after, the date of such vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certain Limitations</u>. Notwithstanding the foregoing provisions of this Section 4, delivery of
 Shares, if any, by reason of Participant's termination of employment shall be delayed
 until the six (6) month anniversary of the date of Participant's termination of employment
 to the extent necessary to comply with Code Section 409A(a)(B)(i), and the determination
 of whether or not there has been a termination of Participant's employment with the
 Company shall be made by the Administrator consistent with the definition of "separation
 from service" (as that phrase is used for purposes of Code Section 409A, and as set
 forth in Treasury Regulation Section 1.409A-1(h)).

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Withholding Taxes</u>. Participant shall be responsible to pay to the Company the amount of withholding
 taxes as determined by the Company with respect to the date the Shares are delivered. If
 Participant does not arrange for payment of the applicable withholding taxes by providing
 such amount to the Company in cash prior to the date established by the Company as the deadline
 for such payment, Participant shall be treated as having elected to relinquish to the Company
 a portion of the Shares that would otherwise have been transferred to Participant having
 a fair market value, based on the Fair Market Value of the Common Stock on the business day
 immediately preceding the date of delivery of the Shares, equal to the amount of such applicable
 withholding taxes, in lieu of paying such amount to the Company in cash. Participant authorizes
 the Company to withhold in accordance with applicable law from any compensation payable to
 him or her any taxes required to be withheld for federal, state or local law in connection
 with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Legal Requirements</u>. If the listing, registration or qualification of Shares deliverable in
 respect of any Shares upon any securities exchange or under any federal or state law, or
 the consent or approval of any governmental regulatory body is necessary as a condition of
 or in connection with the issuance of such Shares, the Company shall not be obligated to
 issue or deliver such Shares unless and until such listing, registration, qualification,
 consent or approval shall have been effected or obtained. If registration is considered unnecessary
 by the Company or its counsel, the Company may cause a legend to be placed on any Shares
 being issued calling attention to the fact that they have been acquired for investment and
 have not been registered. The Administrator may from time to time impose any other conditions
 on the Shares it deems necessary or advisable to ensure that Shares are issued and resold
 in compliance with the Securities Act of 1933, as amended.

7. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to
 be unenforceable in any respect, it is the intention of the parties to this Agreement that
 this Agreement be deemed, without further action on the part of the parties hereto, modified,
 amended and limited to the extent necessary to render the same valid and enforceable. It
 is further the parties' intent that all provisions not deemed to be overbroad shall
 be given their full force and effect. You acknowledge that you are freely, knowingly and
 voluntarily entering into this Agreement after having an opportunity for consultation with
 your own independent counsel.

8. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal
 executive office, and any notice to be given to the Participant shall be addressed to the
 Participant at the address then appearing on the personnel or other records of the Company,
 or at such other address as either party hereafter may designate in writing to the other.
 Any such notice shall be deemed to have been duly given when deposited in the United States
 mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
 or certification fees prepaid.

9. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company
 or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
 at any time for any reason whatsoever.

10. <u>Choice of Law; Jurisdiction</u>. This Agreement, and any and all claims, proceedings or causes of
 action relating to this Agreement or arising from this Agreement or the transactions contemplated
 herein, including, without limitation, tort claims, statutory claims and contract claims,
 shall be interpreted, construed, governed and enforced under and solely in accordance with
 the substantive and procedural laws of the State of Delaware, in each case as in effect from
 time to time and as the same may be amended from time to time, and as applied to agreements
 performed wholly within the State of Delaware. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING
 OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE
 OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED STATES, IN EACH CASE LOCATED IN PALM BEACH
 COUNTY, FLORIDA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH
 COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

11. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time
 to time, to provide for payment or withholding of such income or other taxes as may be required
 by law to be paid or withheld in connection with the Restricted Stock.

\*\*\*

**Exhibit D**

**Form of Restricted Unit Award Agreement**

**Advasa Holdings, Inc.** 

**Restricted Unit Award Agreement**

---

| | | |
|:---|:---|:---|
| **Number of Restricted Stock Units** | **Grant Date** | **Vesting Schedule/Performance Period/Performance Vesting Requirements** |

---

Advasa Holdings, Inc., a Delaware corporation (the "Company"), hereby grants to [_________] (the "Participant", also referred to as "you") the Restricted Stock Units (the "Restricted Stock Units" or "RSUs"), pursuant to the terms of this Restricted Unit Award Agreement (this "Agreement") and the Advasa Holdings, Inc. 2025 Equity Incentive Plan (the "Plan").

***By signing this cover sheet, you agree to all of the terms and conditions described in this Agreement and the Plan.***

Participant:   <br>Signature:  

---

| |
|:---|
| Advasa Holdings, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of RSUs is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the***

***Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY**

**WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE RSUs GRANTED TO YOU.**

**\*\*\***

**Advasa Holdings, Inc.**

**RESTRICTED UNIT AWARD AGREEMENT**

1. <u>Award</u>.
 This Agreement evidences the grant to Participant on the Grant Date set forth on the cover
 page of this Agreement the Restricted Stock Units as set forth therein (the "Restricted
 Stock Units" or "RSUs") pursuant to the Plan. As used herein, the term
 "Restricted Stock Unit" or "RSU" shall mean a non-voting unit of
 measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding
 Share solely for purposes of this Plan and this Agreement. The Restricted Stock Units shall
 be used solely as a device for the determination of the payment to eventually be made to
 the Participant if such Restricted Stock Units vest pursuant to this Award Agreement. The
 Restricted Stock Units shall not be treated as property or as a trust fund of any kind. Any
 capitalized, but undefined, term used in this Agreement shall have the meaning ascribed to
 it in this Plan.

2. <u>Non-Transferability of the RSUs</u>. Your RSUs may not be transferred, assigned, pledged or hypothecated, whether
 by operation of law or otherwise, nor may the RSUs be made subject to execution, attachment
 or similar process. Except as may be required by federal income tax withholding provisions
 or by the tax laws of any state, your interests (and the interests of your beneficiaries,
 if any) under this Agreement are not subject to the claims of your creditors and may not
 be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated,
 or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber,
 charge or otherwise dispose of any right to benefits payable hereunder shall be void. Your
 rights to your RSUs are no greater than that of other general, unsecured creditors of the
 Company.

3. <u>Vesting</u>.
 Subject to the terms and conditions set forth in this Agreement, the RSUs covered by this
 grant shall vest on the vesting date set forth on the cover page of this Agreement and subject
 to the satisfaction or attainment of the performance criteria set forth therein, if any,
 provided the Participant is employed by the Company on the date of vesting, subject to earlier
 vesting and forfeiture as set forth in the Plan. The Administrator may not accelerate vesting
 of Restricted Stock Units for any reason.

4. <u>Dividends</u>.
 Participant shall not be entitled to any cash, securities or property that would have been
 paid or distributed as dividends with respect to the RSUs subject to this Agreement prior
 to the date the RSUs are delivered to Participant; provided, however, that the Company shall
 keep a hypothetical account in which any such items shall be recorded, and shall pay to Participant
 the amount of such dividends (in cash or in kind as determined by the Company) on the same
 date that the RSUs to which such payments or distributions relate are required to be delivered
 under this Agreement.

5. <u>Timing and Manner of Payment on RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 or as soon as administratively practical following the vesting event pursuant to this Agreement
 (and in all events not later than two and one-half (2½) months after such vesting
 event), the Company shall deliver to the Participant a number of Shares (either by delivering
 one or more certificates for such Shares or by entering such Shares in book entry form, as
 determined by the Company in its discretion) equal to the number of Shares subject to the
 RSU that vest on the Vesting Date, less any withholding or expenses as set forth herein,
 or may settle the RSU in cash or other payment as provided in this Plan, as determined by
 the Administrator. The Company's obligation to deliver Shares or otherwise make payment
 with respect to vested RSUs is subject to the condition precedent that the Participant or
 other person entitled under this Plan to receive any Shares or payment with respect to the
 vested RSUs deliver to the Company any representations or other documents or assurances required
 pursuant to this Plan. The Participant shall have no further rights with respect to any RSUs
 that are paid or that terminate pursuant to this Agreement or this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certain Limitations</u>. Notwithstanding the foregoing provisions of this Section 5, delivery of
 Shares or other payment, if any, with respect to RSUs by reason of Participant's termination
 of employment shall be delayed until the six (6) month anniversary of the date of Participant's
 termination of employment to the extent necessary to comply with Code Section 409A(a)(B)(i),
 and the determination of whether or not there has been a termination of Participant's
 employment with the Company shall be made by the Administrator consistent with the definition
 of "separation from service" (as that phrase is used for purposes of Code Section
 409A, and as set forth in Treasury Regulation Section 1.409A-1(h)).

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Rights of Participant</u>. Participant shall have none of the rights of a shareholder at any time
 prior to the delivery of any Shares pursuant to the RSUs subject to this Agreement, except
 as expressly set forth in this Plan or herein.

7. <u>Withholding Taxes</u>. Participant shall be responsible to pay to the Company the amount of withholding
 taxes as determined by the Company with respect to the date the RSUs are settled. If Participant
 does not arrange for payment of the applicable withholding taxes by providing such amount
 to the Company in cash prior to the date established by the Company as the deadline for such
 payment, Participant shall be treated as having elected to relinquish to the Company a portion
 of the Shares that would otherwise have been transferred to Participant having a fair market
 value, based on the Fair Market Value of the Common Stock on the business day immediately
 preceding the date of delivery of the Shares, equal to the amount of such applicable withholding
 taxes, in lieu of paying such amount to the Company in cash, or an amount in cash if the
 RSU is settled in cash. Participant authorizes the Company to withhold in accordance with
 applicable law from any compensation payable to him or her any taxes required to be withheld
 for federal, state or local law in connection with this Agreement.

8. <u>Legal Requirements</u>. If the listing, registration or qualification of Shares deliverable in
 respect of an RSU upon any Securities Exchange or any Applicable Requirement, or the consent
 or approval of any governmental regulatory body is necessary as a condition of or in connection
 with the issuance of such Shares, the Company shall not be obligated to issue or deliver
 such Shares unless and until such Applicable Requirements shall have been effected or obtained.
 If registration is considered unnecessary by the Company or its counsel, the Company may
 cause a legend to be placed on any Shares being issued calling attention to the fact that
 they have been acquired for investment and have not been registered. The Administrator may
 from time to time impose any other conditions on the Shares it deems necessary or advisable
 to ensure that Shares are issued and resold in compliance with the Securities Act of 1933,
 as amended.

9. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to
 be unenforceable in any respect, it is the intention of the parties to this Agreement that
 this Agreement be deemed, without further action on the part of the parties hereto, modified,
 amended and limited to the extent necessary to render the same valid and enforceable. It
 is further the parties' intent that all provisions not deemed to be overbroad shall
 be given their full force and effect. You acknowledge that you are freely, knowingly and
 voluntarily entering into this Agreement after having an opportunity for consultation with
 your own independent counsel.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal
 executive office, and any notice to be given to the Participant shall be addressed to the
 Participant at the address then appearing on the personnel or other records of the Company,
 or at such other address as either party hereafter may designate in writing to the other.
 Any such notice shall be deemed to have been duly given when deposited in the United States
 mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration
 or certification fees prepaid.

11. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company
 or any Affiliate to terminate the Participant in its applicable capacity as a Service Provider
 at any time for any reason whatsoever.

12. <u>Choice of Law; Jurisdiction</u>. This Agreement, and any and all claims, proceedings or causes of
 action relating to this Agreement or arising from this Agreement or the transactions contemplated
 herein, including, without limitation, tort claims, statutory claims and contract claims,
 shall be interpreted, construed, governed and enforced under and solely in accordance with
 the substantive and procedural laws of the State of Delaware, in each case as in effect from
 time to time and as the same may be amended from time to time, and as applied to agreements
 performed wholly within the State of Delaware. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING
 OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE COURTS OF THE STATE
 OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED STATES, IN EACH CASE LOCATED IN PALM BEACH
 COUNTY, FLORIDA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH
 COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

13. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time
 to time, to provide for payment or withholding of such income or other taxes as may be required
 by law to be paid or withheld in connection with the RSUs.

\*\*\*

## Exhibit 10.2

**Exhibit 10.2**

**Executive Employment Agreement**

Dated as of August 11, 2025

This Executive Employment Agreement (the "Agreement") dated as of the date first set forth above (the "Effective Date") is entered into by and between Advasa Holdings, Inc., a Delaware corporation (the "Company") and Grady Ryther (the "Executive"). The Company and Executive may collectively be referred to as the "Parties" and each individually as a "Party".

WHEREAS, the Company now desires to employ the Executive as the Chief Executive Officer of the Company and the Executive desires to serve in such capacity on behalf of the Company, in each case subject to the terms and conditions herein;

NOW, THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby agree as follows:

Section 1. <u>Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>.
 The term of this Agreement (the "Initial Term") shall begin as of the Effective
 Date and shall end on the earlier of (i) the third (3<sup>rd</sup>) annual anniversary of
 the Effective Date and (ii) the time of the termination of the Executive's employment
 in accordance with Section 3. The Initial Term and any Renewal Term (as defined below) shall
 automatically be extended for one or more additional terms of one (1) year each (each a "Renewal
 Term" and together with the Initial Term, the "Term"), unless either the
 Company or Executive provides notice to the other Party of their desire to not so renew the
 Initial Term or Renewal Term (as applicable) at least thirty (30) days prior to the expiration
 of the then-current Initial Term or Renewal Term, as applicable. Executive's employment
 with the Company shall be "at will," meaning that either Executive or the Company
 may terminate Executive's employment at any time and for any reason, subject to Section
 3. Any contrary representations that may have been made to Executive are superseded by this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties</u>.
 The Company hereby appoints Executive, and Executive shall serve, as the Chief Executive
 Officer of the Company and shall report to the Board of Directors of the Company (the "Board")
 and to such other persons as designated by the Board. The Executive shall have such duties
 and responsibilities as are consistent with Executive's position with the Company.
 In addition, the Executive shall perform all other duties and accept all other responsibilities
 incident to such position as may reasonably assigned to Executive by the Board.

Section 2. <u>Compensation and Other Benefits</u>. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to the Executive the salary and bonuses, and shall provide the benefits, as set forth in this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. The Company shall pay to the Executive an annual base salary of $120,000, payable
 on a monthly basis commencing on the Effective Date (as the same may be adjusted herein,
 the "Base Salary"). The Base Salary shall be paid in accordance with the Company's
 payroll policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>.
 The Executive shall be eligible to receive any discretionary bonuses as determined by the
 Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fringe Benefits.</u> During the Term, the Executive shall be entitled to fringe benefits consistent
 with the practices of the Company, and to the extent the Company provides similar benefits
 to the Company's executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Business Expenses</u>. The Executive shall be entitled to reimbursement for all reasonable and necessary
 out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection
 with the performance of Executive's duties hereunder and in accordance with the Company's
 expense reimbursement policies and procedures.

Section 3. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition of Cause</u>. For purposes hereof, "Cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 violation of any material written rule or policy of the Company for which violation any employee
 may be terminated pursuant to the written policies of the Company reasonably applicable to
 an executive employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) misconduct
 by the Executive to the material detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Executive's conviction (by a court of competent jurisdiction, not subject to further
 appeal) of, or pleading guilty to, a felony;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Executive's gross negligence in the performance of Executive's duties and responsibilities
 to the Company as described in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Executive's material failure to perform Executive's duties and responsibilities
 to the Company as described in this Agreement (other than any such failure resulting from
 the Executive's incapacity due to physical or mental illness or any such failure subsequent
 to the Executive being delivered a notice of termination without Cause by the Company or
 delivering a notice of termination for Good Reason to the Company), in either case after
 written notice from the Board to the Executive of the specific nature of such material failure
 and the Executive's failure to cure such material failure within 10 days following
 receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition of Good Reason</u>. For purposes hereof, "Good Reason" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 any time following a Change of Control (as defined below), a material diminution by the Company
 of compensation and benefits (taken as a whole) provided to the Executive immediately prior
 to a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 reduction in Base Salary or target or maximum bonus, other than as part of an across-the-board
 reduction in salaries of management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 relocation of the Executive's principal executive office to a location more than 50
 miles further from the Executive's principal executive office immediately prior to
 such relocation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 material breach by the Company of any of the terms and conditions of this Agreement which
 the Company fails to correct within 10 days after the Company receives written notice from
 Executive of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Definition of Change of Control</u>. A "Change of Control" shall be deemed to have occurred
 if, after the Effective Date, (i) the beneficial ownership (as defined in Rule 13d-3 under
 the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of securities
 representing more than 50% of the combined voting power of the Company is acquired by any
 "person" as defined in sections 13(d) and 14(d) of the Exchange Act (other than
 the Company, any subsidiary of the Company, or any trustee or other fiduciary holding securities
 under an employee benefit plan of the Company), (ii) the merger or consolidation of the Company
 with or into another corporation where the shareholders of the Company, immediately prior
 to the consolidation or merger, would not, immediately after the consolidation or merger,
 beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly
 or indirectly, shares representing in the aggregate 50% or more of the combined voting power
 of the securities of the corporation issuing cash or securities in the consolidation or merger
 (or of its ultimate parent corporation, if any) in substantially the same proportion as their
 ownership of the Company immediately prior to such merger or consolidation, or (iii) the
 sale or other disposition of all or substantially all of the Company's assets to an
 entity, other than a sale or disposition by the Company of all or substantially all of the
 Company's assets to an entity, at least 50% of the combined voting power of the voting
 securities of which are owned directly or indirectly by shareholders of the Company, immediately
 prior to the sale or disposition, in substantially the same proportion as their ownership
 of the Company immediately prior to such sale or disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Company</u>. The Company may terminate the Term and Executive's employment hereunder
 at any time, with or without Cause, subject to the terms and conditions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. In the event that the Company terminates the Term or Executive's employment
 hereunder with Cause, then in such event, subject to Section 3(i), (i) the Company shall
 pay to Executive any unpaid Base Salary and benefits then owed or accrued, and any unreimbursed
 expenses, pursuant to the terms of Section 2(e), incurred by the Executive in each case through
 the termination date, and each of which shall be paid within 10 days following the termination
 date; (ii) any unvested portion of any equity granted to Executive hereunder or under the
 Award Agreement or any other agreements with the Company (collectively, the "Equity
 Grants") shall immediately be forfeited as of the termination date without any further
 action of the Parties; and (iii) all of the Parties' rights and obligations hereunder
 shall thereafter cease, other than such rights or obligations which arose prior to the termination
 date or in connection with such termination, and subject to Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Without Cause</u>. In the event that the Company terminates the Term or Executive's employment
 hereunder without Cause, then in such event, subject to Section 3(i), (i) the Company shall
 pay to Executive any Base Salary, bonuses, and benefits then owed or accrued, and any unreimbursed
 expenses incurred by the Executive in each case through the termination date, and each of
 which shall be paid within 10 days following the termination date; (ii) the Company shall
 pay to Executive, in one lump sum, an amount equal to the Base Salary that would have been
 paid to Executive for the remainder of the Initial Term (if such termination occurs during
 the Initial Term) or Renewal Term (if such termination occurs during a Renewal Term), as
 applicable, which shall be paid within 10 days following the termination date; (iii) any
 Equity Grant already made to Executive shall, to the extent not already vested, be deemed
 automatically vested; and (iv) all of the Parties' rights and obligations hereunder
 shall thereafter cease, other than such rights or obligations which arose prior to the termination
 date or in connection with such termination, and subject to Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by the Executive</u>. The Executive may terminate the Term and resign from Executive's
 employment hereunder at any time, with or without Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>With Good Reason</u>. In the event that Executive terminates the Term or resigns from Executive's
 employment hereunder with Good Reason, the Company shall pay to Executive the amounts, and
 Executive shall, subject to Section 3(i), be entitled to such benefits (including without
 limitation any vesting of unvested shares under any Equity Grant), that would have been payable
 to Executive or which Executive would have received had the Term and Executive's employment
 been terminated by the Company without Cause pursuant to Section 3(d)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Without Good Reason</u>. In the event that Executive terminates the Term or resigns from Executive's
 employment hereunder without Good Reason, the Company shall pay to Executive the amounts,
 and Executive shall be entitled, subject to Section 3(i), to such benefits (including without
 limitation any vesting of unvested shares under any Equity Grant), that would have been payable
 to Executive or which Executive would have received had the Term and Executive's employment
 been terminated by the Company with Cause pursuant to Section 3(d)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination by Death or Disability</u>. In the event of the Executive's death or total disability
 (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code"))
 during the Term, the Term and Executive's employment shall terminate on the date of
 death or total disability. In the event of such termination, the Company's sole obligations
 hereunder to the Executive (or the Executive's estate) shall be for unpaid Base Salary,
 accrued but unpaid bonus and benefits then owed, a pro-rata bonus for the year of termination
 based on the Executive's target bonus for such year and the portion of such year in
 which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon
 through the effective date of termination, each of which shall be paid within 10 days following
 the date of the Executive's termination, and any unvested portion of any Equity Grants
 shall immediately be forfeited as of the termination date without any further action of the
 Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Renewal</u>.
 In the event that the Term is not renewed by either Party pursuant to the provisions of Section
 1(a), any unvested portion of any Equity Grants shall immediately be forfeited as of the
 expiration of the Term without any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Change of Control.</u> In the event that a Change of Control occurs during the Term, any unvested
 portion of any Equity Grants shall, to the extent not already vested, be deemed automatically
 vested immediately without any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conflict</u>.
 In the event of a conflict between the terms and conditions herein and those in any other
 agreement or contract between the Company and the Executive with respect to any Equity Grants
 granted to Executive, the terms and conditions of such other agreement or contract shall
 control.

Section 4. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Anything
 in this Agreement to the contrary notwithstanding, if it is determined that any payment or
 benefit provided to the Executive under this Agreement or otherwise, whether or not in connection
 with a Change of Control (a "Payment"), would constitute an "excess parachute
 payment" within the meaning of section 280G of the Code, such that the Payment would
 be subject to an excise tax under section 4999 of the Code (the "Excise Tax"),
 the Company shall pay to the Executive an additional amount (the "Gross-Up Payment")
 such that the net amount of the Gross-Up Payment retained by the Executive after the payment
 of any Excise Tax and any federal, state and local income and employment tax on the Gross-Up
 Payment, shall be equal to the Excise Tax due on the Payment and any interest and penalties
 in respect of such Excise Tax. For purposes of determining the amount of the Gross-Up Payment,
 Executive shall be deemed to pay federal income tax and employment taxes at the highest marginal
 rate of federal income and employment taxation in the calendar year in which the Gross-Up
 Payment is to be made and state and local income taxes at the highest marginal rate of taxation
 in the state and locality of Executive's residence (or, if greater, the state and locality
 in which Executive is required to file a nonresident income tax return with respect to the
 Payment) in the calendar year in which the Gross-Up Payment is to be made, net of the maximum
 reduction in federal income taxes that may be obtained from the deduction of such state and
 local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 determinations made pursuant to Section 4(a) shall be made by the Company which shall provide
 its determination and any supporting calculations (the "Determination") to the
 Executive within thirty days of the date of the Executive's termination or any other
 date selected by the Executive or the Company. Within ten calendar days of the delivery of
 the Determination to the Executive, the Executive shall have the right to dispute the Determination
 (the "Dispute"). The existence of any Dispute shall not in any way affect the
 Executive's right to receive the Gross-Up Payments in accordance with the Determination.
 If there is no dispute, the Determination by the Company shall be final, binding and conclusive
 upon the Executive, subject to the application of Section 4(c). Within ten days after the
 Company's determination, the Company shall pay to the Executive the Gross-Up Payment,
 if any. If the Company determines that no Excise Tax is payable by the Executive, it will,
 at the same time as it makes such Determination, furnish Executive with an opinion that the
 Executive has substantial authority not to report any Excise Tax on Executive's federal,
 state, local income or other tax return. The Company agrees to indemnify and hold harmless
 the Executive of and from any and all claims, damages and expenses resulting from or relating
 to its determinations pursuant to this Section 4(b), except for claims, damages or expenses
 resulting from the gross negligence or willful misconduct of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a result of the uncertainty in the application of sections 4999 and 280G of the Code, it
 is possible that the Gross-Up Payments either will have been made which should not have been
 made, or will not have been made which should have been made, by the Company (an "Excess
 Gross-Up Payment" or a "Gross-Up Underpayment," respectively). If it is
 established pursuant to (A) a final determination of a court for which all appeals have been
 taken and finally resolved or the time for all appeals has expired, or (B) an Internal Revenue
 Service (the "IRS") proceeding which has been finally and conclusively resolved,
 that an Excess Gross-Up Payment has been made, such Excess Gross-Up Payment shall be deemed
 for all purposes to be a loan to the Executive made on the date the Executive received the
 Excess Gross-Up Payment and the Executive shall repay the Excess Gross-Up Payment to the
 Company either (i) on demand, if the Executive is in possession of the Excess Gross-Up Payment
 or (ii) upon the refund of such Excess Gross-Up Payment to the Executive from the IRS, if
 the IRS is in possession of such Excess Gross-Up Payment, together with interest on the Excess
 Gross-Up Payment at (X) 120% of the applicable federal rate (as defined in Section 1274(d)
 of the Code) compounded semi-annually for any period during which the Executive held such
 Excess Gross-Up Payment and (Y) the interest rate paid to the Executive by the IRS in respect
 of any period during which the IRS held such Excess Gross-Up Payment. If a Gross-Up Underpayment
 occurs as determined under one or more of the following circumstances: (I) such determination
 is made by the Company (which shall include the position taken by the Company, together with
 its consolidated group, on its federal income tax return) or is made by the IRS, (II) such
 determination is made by a court, or (III) such determination is made upon the resolution
 to the Executive's satisfaction of the Dispute, then the Company shall pay an amount
 equal to the Gross-Up Underpayment to the Executive within ten calendar days of such determination
 or resolution, together with interest on such amount at 120% of the applicable federal rate
 compounded semi-annually from the date such amount should have been paid to the Executive
 pursuant to the terms of this Agreement or otherwise, but for the operation of this Section
 4(c), until the date of payment.

Section 5. <u>Post-Termination Assistance</u>. Upon the Executive's termination of employment with the Company, the Executive agrees to fully cooperate in all matters relating to the winding up or pending work on behalf of the Company and the orderly transfer of work to other employees of the Company following any termination of the Executives' employment. The Executive further agrees that Executive will provide, upon reasonable notice, such information and assistance to the Company as may reasonably be requested by the Company in connection with any audit, governmental investigation, litigation, or other dispute in which the Company is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company agrees to reimburse the Executive for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may not unreasonably interfere with Executive's then current employment.

Section 6. <u>No Mitigation or Set Off</u>. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced, regardless of whether the Executive obtains other employment. The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others; provided, however, the Company shall have the right to offset the amount of any funds loaned or advanced to the Executive and not repaid against any severance obligations the Company may have to the Executive hereunder.

Section 7. <u>Confidentiality</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition.</u> For purposes of this Agreement, "Confidential Information" shall mean all Company
 Work Product (as hereinafter defined) and all non-public written, electronic, and oral information
 or materials of Company communicated to or otherwise obtained by Executive in connection
 with this Agreement, which is related to the products, business and activities of Company,
 its Affiliates (as defined below), and subsidiaries, and their respective customers, clients,
 suppliers, and other entities with which such party does business, including: (i) all costing,
 pricing, technology, software, documentation, research, techniques, procedures, processes,
 discoveries, inventions, methodologies, data, tools, templates, know how, intellectual property
 and all other proprietary information of Company; (ii) the terms of this Agreement; and (iii)
 any other information identified as confidential in writing by Company. Confidential Information
 shall not include information that: (a) was lawfully known by Executive without an obligation
 of confidentiality before its receipt from Company; (b) is independently developed by Executive
 without reliance on or use of Confidential Information; (c) is or becomes publicly available
 without a breach by Executive of this Agreement; or (d) is disclosed to Executive by a third
 party which is not required to maintain its confidentiality. An "Affiliate" of
 a Party shall mean any entity directly or indirectly controlling, controlled by, or under
 common control with, such Party at any time during the Term for so long as such control exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Ownership.</u> Company shall retain all right, title, and interest to the Confidential Information,
 including all copies thereof and all rights to patents, copyrights, trademarks, trade secrets
 and other intellectual property rights inherent therein and appurtenant thereto. Subject
 to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive,
 non-transferable, license during the Term to use any Confidential Information solely to the
 extent that such Confidential Information is necessary for the performance of Executive's
 duties hereunder. Executive shall not, by virtue of this Agreement or otherwise, acquire
 any proprietary rights whatsoever in Confidential Information, which shall be the sole and
 exclusive property and confidential information of Company. No identifying marks, copyright
 or proprietary right notices may be deleted from any copy of Confidential Information. Nothing
 contained herein shall be construed to limit the rights of Company from performing similar
 services for, or delivering the same or similar deliverable to, third parties using the Confidential
 Information and/or using the same personnel to provide any such services or deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentiality Obligations.</u> Executive agrees to hold the Confidential Information in confidence and
 not to copy, reproduce, sell, assign, license, market, transfer, give or otherwise disclose
 such Confidential Information to any person or entity or to use the Confidential Information
 for any purposes whatsoever, without the express written permission of Company, other than
 disclosure to Executive's, partners, principals, directors, officers, employees, subcontractors
 and agents on a "need-to-know" basis as reasonably required for the performance
 of Executive's obligations hereunder or as otherwise agreed to herein. Executive shall
 be responsible to Company for any violation of this Section 7 by Executive's employees,
 subcontractors, and agents. Executive shall maintain the Confidential Information with the
 same degree of care, but no less than a reasonable degree of care, as Executive employs concerning
 its own information of like kind and character.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Required Disclosure.</u> If Executive is requested to disclose any of the Confidential Information
 as part of an administrative or judicial proceeding, Executive shall, to the extent permitted
 by applicable law, promptly notify Company of that request and cooperate with Company, at
 Company's expense, in seeking a protective order or similar confidential treatment
 for the Confidential Information. If no protective order or other confidential treatment
 is obtained, Executive shall disclose only that portion of Confidential Information which
 is legally required and will exercise all reasonable efforts to obtain reliable assurances
 that confidential treatment will be accorded the Confidential Information which is required
 to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Enforcement.</u> Executive acknowledges that the Confidential Information is unique and valuable, and that
 remedies at law will be inadequate to protect Company from any actual or threatened breach
 of this Section 7 by Executive and that any such breach would cause irreparable and continuing
 injury to Company. Therefore, Executive agrees that Company shall be entitled to seek equitable
 relief with respect to the enforcement of this Section 7 without any requirement to post
 a bond, including, without limitation, injunction and specific performance, without proof
 of actual damages or exhausting other remedies, in addition to all other remedies available
 to Company at law or in equity. For greater clarity, in the event of a breach or threatened
 breach by Executive of any of the provisions of this Section 7, in addition to and not in
 limitation of any other rights, remedies or damages available at law or in equity, Company
 shall be entitled to a permanent injunction or other like remedy in order to prevent or restrain
 any such breach or threatened breach by Executive, and Executive agrees that an interim injunction
 may be granted against Executive immediately on the commencement of any action, claim, suit
 or proceeding by Company to enforce the provisions of this Section 7, and Executive further
 irrevocably consents to the granting of any such interim or permanent injunction or any like
 remedy. If any action at law or in equity is necessary to enforce the terms of this Section
 7, Executive, if it is determined to be at fault, shall pay Company's reasonable legal
 fees and expenses on a substantial indemnity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Related Duties.</u> Executive shall: (i) promptly deliver to Company upon Company's request
 all materials in Executive's possession which contain Confidential Information; (ii)
 use its best efforts to prevent any unauthorized use or disclosure of the Confidential Information;
 (iii) notify Company in writing immediately upon discovery of any such unauthorized use or
 disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential
 Information and to prevent further unauthorized use and disclosure thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Legal Exceptions.</u> Further notwithstanding the foregoing provisions of this Section 7, Executive
 may disclose confidential information as may be expressly required by law, governmental rule,
 regulation, executive order, court order, or in connection with a dispute between the Parties;
 provided that prior to making any such disclosure, subject to applicable law, Executive shall
 use its best efforts to: (i) provide Company with at least fifteen (15) days' prior
 written notice setting forth with specificity the reason(s) for such disclosure, supporting
 documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope
 and duration of such disclosure to the strictest possible extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Limitation.</u> Except as specifically set forth herein, no licenses or rights under any patent, copyright,
 trademark, or trade secret are granted by Company to Executive hereunder, or are to be implied
 by this Agreement. Except for the restrictions on use and disclosure of Confidential Information
 imposed in this Agreement, no obligation of any kind is assumed or implied against either
 Party or their Affiliates by virtue of meetings or conversations between the Parties hereto
 with respect to the subject matter stated above or with respect to the exchange of Confidential
 Information. Each Party further acknowledges that this Agreement and any meetings and communications
 of the Parties and their affiliates relating to the same subject matter shall not: (i) constitute
 an offer, request, invitation or contract with the other Party to engage in any research,
 development or other work; (ii) constitute an offer, request, invitation or contract involving
 a buyer-seller relationship, joint venture, teaming or partnership relationship between the
 Parties and their affiliates; or (iii) constitute a representation, warranty, assurance,
 guarantee or inducement with respect to the accuracy or completeness of any Confidential
 Information or the non-infringement of the rights of third persons.

Section 8. <u>Intellectual Property Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure of Work Product.</u> As used in this Agreement, the term "Work Product" means
 any invention, whether or not patentable, know-how, designs, mask works, trademarks, formulae,
 processes, manufacturing techniques, trade secrets, ideas, artwork, software or any copyrightable
 or patentable works. Executive agrees to disclose promptly in writing to Company, or any
 person designated by Company, all Work Product that is solely or jointly conceived, made,
 reduced to practice, or learned by Executive in the course of any work performed for Company
 ("Company Work Product"). Executive agrees (a) to use Executive's best
 efforts to maintain such Company Work Product in trust and strict confidence; (b) not to
 use Company Work Product in any manner or for any purpose not expressly set forth in this
 Agreement; and (c) not to disclose any such Company Work Product to any third party without
 first obtaining Company's express written consent on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Company Work Product.</u> Executive agrees that any and all Company Work Product conceived,
 written, created or first reduced to practice in the performance of work under this Agreement
 shall be deemed "work for hire" under applicable law and shall be the sole and
 exclusive property of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Assignment of Company Work Product.</u> Executive irrevocably assigns to Company all right, title and
 interest worldwide in and to the Company Work Product and all applicable intellectual property
 rights related to the Company Work Product, including without limitation, copyrights, trademarks,
 trade secrets, patents, moral rights, contract and licensing rights (the "Proprietary
 Rights"). Except as set forth below, Executive retains no rights to use the Company
 Work Product and agrees not to challenge the validity of Company's ownership in the
 Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive, fully
 paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense through
 multiple tiers of sublicensees, to reproduce, make derivative works of, publicly perform,
 and display in any form or medium whether now known or later developed, distribute, make,
 use and sell any and all Executive owned or controlled Work Product or technology that Executive
 uses to complete the services and which is necessary for Company to use or exploit the Company
 Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Assistance.</u> Executive agrees to cooperate with Company or its designee(s), both during and after the
 Term, in the procurement and maintenance of Company's rights in Company Work Product
 and to execute, when requested, any other documents deemed necessary by Company to carry
 out the purpose of this Agreement. Executive will assist Company in every proper way to obtain,
 and from time to time enforce, United States and foreign Proprietary Rights relating to Company
 Work Product in any and all countries. Executive's obligation to assist Company with
 respect to Proprietary Rights relating to such Company Work Product in any and all countries
 shall continue beyond the termination of this Agreement, but Company shall compensate Executive
 at a reasonable rate to be mutually agreed upon after such termination for the time actually
 spent by Executive at Company's request on such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Execution of Documents.</u> In the event Company is unable for any reason, after reasonable effort,
 to secure Executive's signature on any document requested by Company pursuant to this
 Section 8 within seven (7) days of the Company's initial request to Executive, Executive
 hereby irrevocably designates and appoints Company and its duly authorized officers and agents
 as its agent and attorney in fact, which appointment is coupled with an interest, to act
 for and on its behalf solely to execute, verify and file any such documents and to do all
 other lawfully permitted acts to further the purposes of this Section 8 with the same legal
 force and effect as if executed by Executive. Executive hereby waives and quitclaims to Company
 any and all claims, of any nature whatsoever, which Executive now or may hereafter have for
 infringement of any Proprietary Rights assignable hereunder to Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Executive Representations and Warranties.</u> Executive hereby represents and warrants that: (i) Company
 Work Product will be an original work of Executive or all applicable third parties will have
 executed assignments of rights reasonably acceptable to Company; (ii) neither the Company
 Work Product nor any element thereof will infringe the intellectual property rights of any
 third party; (iii) neither the Company Work Product nor any element thereof will be subject
 to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances
 or encroachments; (iv) Executive will not grant, directly or indirectly, any rights or interest
 whatsoever in the Company Work Product to any third party; (v) Executive has full right and
 power to enter into and perform Executive's obligations under this Agreement without
 the consent of any third party; (vi) Executive will use best efforts to prevent injury
 to any person (including employees of Company) or damage to property (including Company's
 property) during the Term; and (vii) should Company permit Executive to use any of Company's
 equipment, tools, or facilities during the Term, such permission shall be gratuitous and
 Executive shall be responsible for any injury to any person (including death) or damage to
 property (including Company's property) arising out of use of such equipment, tools
 or facilities.

Section 9. <u>Non-Solicitation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existing Business Interests.</u> The Parties acknowledge that the Company is engaged in the various
 business as disclosed to the Executive (together with such other activities as may be engaged
 in from time to time, the "Existing Business"). As part of this Existing Business,
 Company has developed and continues to develop Confidential Information regarding the operation
 of such business. In addition, Company has developed and continues to develop substantial
 relationships with existing and prospective clients, accounts, suppliers and others, as well
 as goodwill associated with these relationships and business. These relationships are a substantial
 business asset owned by, and proprietary to, Company and are integral to Company's
 Existing Business and continued operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Developing Business Interests</u>. The Company also is engaged in expanding its business by developing
 new business concepts and services (the "Developing Business"). As part of this Developing Business, the Company has developed
 and continues to develop Confidential Information related thereto, valuable relationships
 with prospective and existing clients, accounts, suppliers and others, and continues to create
 goodwill associated with these relationships and business. The Developing Business is a substantial
 business asset owned by, and proprietary to, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Legitimate Business Interests</u>. In addition to the Existing Business and the Developing
 Business, Company has other legitimate business interests which are necessary to protect through the provisions of this Section 9, which Executive acknowledges include, but are not
 limited to the following (collectively the "Other Legitimate Business Interests"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Company has expended considerable resources in developing relationships with its suppliers,
 clients and customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Company has expended considerable resources to recruit and hire vendors and/or employees
 who could perform services for Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Executive
 may, through the contractual relationship set forth herein, develop a substantial relationship
 with Company's existing or potential clients, including but not limited to being the
 sole or primary contact between Company and its clients and principals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 relationship between Company and its clients and principals will depend on the quality and
 quantity of the services Executive performs for Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acknowledgement of Company's Right to Protection of Business Interests.</u> Executive acknowledges
 and agrees that Company desires, is entitled to, and deserves, protection of its legitimate business interests associated with the Existing Business, the Developing
 Business and the Other Legitimate Business Interests. Accordingly, Executive agrees to the
 restrictions set forth in this Section 9 as reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No-Solicitation.</u> In recognition and consideration of Company's Existing Business, Developing Business
 and Other Legitimate Business Interests, subject to applicable law, Executive agrees that,
 for the Term and for a period of three (3) years thereafter, Executive shall not, directly
 or indirectly solicit or discuss with any employee of Company the employment of such Company
 employee by any other commercial enterprise other than Company, nor recruit, attempt to recruit,
 hire or attempt to hire any such Company employee on behalf of any commercial enterprise
 other than Company. Nothing in this Section 9(e) shall prohibit Executive from undertaking
 a general recruitment advertisement provided that the foregoing is not targeted towards any
 person identified above, or from hiring, employing or engaging any such person who responds
 to such general recruitment advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Remedies for Breach of Restrictions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive
 admits and agrees that Executive's breach of the provisions of this Section 9 would
 result in irreparable harm to Company. Accordingly, in the event of Executive's breach
 or threatened breach of such restrictions, Executive agrees that Company shall be entitled
 to an injunction restraining such breach or threatened breach without the necessity of posting
 a bond or other security. Further, in the event of Executive's breach, the duration
 of the restrictions contained in this Section 9 shall be extended for the entire time that
 the breach existed so that Company is provided with the full time period provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 addition to injunctive relief, Company shall be entitled to any other remedy available in
 law or equity by reason of Executive's breach or threatened breach of the restrictions
 contained in this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 the Company retains an attorney to enforce the provisions of this Section 9, the Company
 shall be entitled to recover its reasonable attorneys' fees and costs so incurred from
 Executive, both prior to filing a lawsuit, during the lawsuit and on appeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Blue Pencil.</u> Executive has carefully read and considered the provisions of this Section 9
 and, having done so, agrees that the restrictions set forth in such Section 9 are fair and
 reasonable and are reasonably required for the protection of the legitimate business interests
 of the Company. In the event that a court of competent jurisdiction shall determine that
 any of the foregoing restrictions are unenforceable, the Parties hereto agree that it is
 their desire that such court substitute an enforceable restriction in place of any restriction
 deemed unenforceable, and that the substitute restriction be deemed incorporated herein and
 enforceable against Executive. It is the intent of the Parties hereto that the court, in
 so determining any such enforceable substitute restriction, recognize that it is their intent
 that the foregoing restrictions be imposed and maintained to the greatest extent possible.

Section 10. <u>Representations and Warranties Relating to Securities.</u> The Options, and any shares of Common Stock or other securities of the Company that may be issued or granted to the Executive hereunder or pursuant to any other agreement between the Company and the Executive in connection with the transactions contemplated herein may be referred to as the "Securities", and Executive represents and warrants to the Company as set forth in this Section 10 with respect to the Securities and Executive's receipt thereof, as of the Effective Date and as of the date of any issuance or granting of any Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive
 is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
 D promulgated pursuant to the Securities Act (an "Accredited Investor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive
 hereby represent that the Securities awarded pursuant to this Agreement are being acquired
 for Executive's own account and not for sale or with a view to distribution thereof.
 Executive acknowledges and agrees that any sale or distribution of Securities which have
 vested may be made only pursuant to either (a) a registration statement on an appropriate
 form under the Securities Act of 1933, as amended (the "Securities Act"), which
 registration statement has become effective and is current with regard to the shares being
 sold, or (b) a specific exemption from the registration requirements of the Securities Act
 that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory
 to counsel for the Company, prior to any such sale or distribution. Executive hereby consents
 to such action as the Board or the Company deems necessary or appropriate from time to time
 to prevent a violation of, or to perfect an exemption from, the registration requirements
 of the Securities Act or to implement the provisions of this Agreement, including but not
 limited to placing restrictive legends on certificates evidencing shares of Securities (whether
 or not the Restrictions applicable thereto have lapsed) and delivering stop transfer instructions
 to the Company's stock transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive
 understands that the Securities is being offered and sold to Executive in reliance upon specific
 exemptions from the registration requirements of United States federal and state securities
 laws and that the Company is relying upon the truth and accuracy of, and Executive's
 compliance with, the representations, warranties, agreements, acknowledgments and understandings
 of the Executive set forth herein in order to determine the availability of such exemptions
 and the eligibility of the Executive to acquire the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive
 has been furnished with all documents and materials relating to the business, finances and
 operations of the Company and information that Executive requested and deemed material to
 making an informed investment decision regarding its acquisition of the Securities. Executive
 has been afforded the opportunity to review such documents and materials and the information
 contained therein. Executive has been afforded the opportunity to ask questions of the Company
 and its management. Executive understands that such discussions, as well as any written information
 provided by the Company, were intended to describe the aspects of the Company's business
 and prospects which the Company believes to be material, but were not necessarily a thorough
 or exhaustive description and the Company makes no representation or warranty with respect
 to the completeness of such information and makes no representation or warranty of any kind
 with respect to any information provided by any entity other than the Company. Some of such
 information may include projections as to the future performance of the Company, which projections
 may not be realized, may be based on assumptions which may not be correct and may be subject
 to numerous factors beyond the Company's control. Additionally, Executive understands
 and represents that Executive is acquiring the Securities notwithstanding the fact that the
 Company may disclose in the future certain material information that the Executive has not
 received. Executive has sought such accounting, legal and tax advice as Executive has considered
 necessary to make an informed investment decision with respect to Executive's investment
 in the Securities. Executive has full power and authority to make the representations referred
 to herein, to acquire the Securities and to execute and deliver this Agreement. Executive,
 either personally, or together with Executive's advisors has such knowledge and experience
 in financial and business matters as to be capable of evaluating the merits and risks of
 an investment in the Securities, is able to bear the risks of an investment in the Securities
 and understands the risks of, and other considerations relating to, a purchase of the Securities.
 The Executive and Executive's advisors have had a reasonable opportunity to ask questions
 of and receive answers from the Company concerning the Securities. Executive's financial
 condition is such that Executive is able to bear the risk of holding the Securities that
 Executive may acquire pursuant to this Agreement for an indefinite period of time, and the
 risk of loss of Executive's entire investment in the Company. Executive has investigated
 the acquisition of the Securities to the extent Executive deemed necessary or desirable and
 the Company has provided Executive with any reasonable assistance Executive has requested
 in connection therewith. No representations or warranties have been made to Executive by
 the Company, or any representative of the Company, or any securities broker/dealer, other
 than as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive
 also acknowledges and agrees that an investment in the Securities is highly speculative and
 involves a high degree of risk of loss of the entire investment in the Company and there
 is no assurance that a public market for the Securities will ever develop and that, as a
 result, Executive may not be able to liquidate Executive's investment in the Securities
 should a need arise to do so. Executive is not dependent for liquidity on any of the amounts
 Executive is investing in the Securities. Executive has full power and authority to make
 the representations referred to herein, to acquire the Securities and to execute and deliver
 this Agreement. Executive understands that the representations and warranties herein are
 to be relied upon by the Company as a basis for the exemptions from registration and qualification
 of the issuance and sale of the Securities under the federal and state securities laws and
 for other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Executive
 understands that no United States federal or state agency or any other government or governmental
 agency has passed upon or made any recommendation or endorsement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Executive
 understands that until such time as the Securities have been registered under the Securities
 Act or may be sold pursuant to Rule 144, Rule 144A under the Securities Act or Regulation
 S without any restriction as to the number of securities as of a particular date that can
 then be immediately sold, the Securities may bear a restrictive legend in substantially the
 following form (and a stop-transfer order may be placed against transfer of the certificates
 for such Securities):

"NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

Section 11. <u>General Representations and Warranties of Executive</u>. Executive represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement has been duly and validly authorized by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement has been duly executed and delivered on behalf of Executive, and this Agreement
 constitutes a valid and binding agreement of Executive enforceable in accordance with its
 terms, subject to the application of applicable bankruptcy, insolvency, reorganization, moratorium,
 fraudulent conveyance and other similar laws of general application affecting enforcement
 of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive
 is an individual resident of the state set forth in the notices provision for Executive herein.

Section 12. <u>Effect of Waiver</u>. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.

Section 13. <u>Assignment</u>. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, whether by operation of law or otherwise, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect. Notwithstanding the foregoing, the Company may transfer, assign or delegate to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company any of Company's rights, obligations or duties hereunder. As used in this Agreement, "Company" shall mean the Company as herein defined and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise.

Section 14. <u>No Third-Party Rights</u>. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person or entity other than the Parties hereto.

Section 15. <u>Entire Agreement; Effectiveness of Agreement</u>. This Agreement and any other agreement entered into between the Company and Executive with respect to the issuance of any equity securities of the Company or other equity awards relating to the Company set forth the entire agreement of the Parties hereto and shall supersede any and all prior agreements and understandings concerning the Executive's employment by the Company. This Agreement may be changed only by a written document signed by the Executive and the Company.

Section 16. <u>Survival</u>. The provisions of Section 3, Section 4, Section 5, Section 6, Section 7, Section 8, Section 9 and Section 14 through Section 28, inclusive, shall survive any termination or expiration of this Agreement, and provided that any expiration or termination of this Agreement shall not excuse a Party from compliance with, or fulfillment of, any obligations or conditions which arose prior to such expiration or termination.

Section 17. <u>Severability</u>. If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way be affected or impaired thereby.

Section 18. <u>Governing Law and Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, and any and all claims, proceedings or causes of action relating to this Agreement
 or arising from this Agreement or the transactions contemplated herein, including, without
 limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed,
 governed and enforced under and solely in accordance with the substantive and procedural
 laws of the State of Delaware, in each case as in effect from time to time and as the same
 may be amended from time to time, and as applied to agreements performed wholly within the
 State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 20, each Party agrees that all legal proceedings concerning this Agreement shall
 be commenced in the state and federal courts sitting in SAN MATEO COUNTY, CALIFORNIA (the
 "Selected Courts") WITH RESPECT TO ANY ENFORCEMENT OF AN ARBITRAL AWARD PURSUANT
 TO Section 20, WITH RESPECT TO ENFORCEMENT OF THE PROVISIONS OF Section 21, AND WITH RESPECT
 TO THE RESOLUTION OF ANY PROCEEDING OR DISPUTE WHICH IS NOT ABLE TO BE RESOLVED PURSUANT
 TO THE PROVISIONS OF Section 20 FOR ANY REASON. Each Party hereto hereby irrevocably submits
 to the exclusive jurisdiction of the Selected Courts for the adjudication of any dispute
 hereunder or in connection herewith or with any transaction contemplated hereby or discussed
 herein (including with respect to the enforcement of the rights of a Party under this Agreement),
 and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
 any claim that it is not personally subject to the jurisdiction of such Selected Courts,
 or such Selected Courts are improper or inconvenient venue for such proceeding. Each Party
 hereby irrevocably waives personal service of process and consents to process being served
 in any such suit, action or proceeding by mailing a copy thereof via registered or certified
 mail or overnight delivery (with evidence of delivery) to such Party at the address in effect
 for notices to it under this Agreement and agrees that such service shall constitute good
 and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
 to limit in any way any right to serve process in any other manner permitted by applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TO
 THE EXTENT PERMITTED BY APPLICABLE LAW, PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
 BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
 OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
 HEREIN (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
 THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
 OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT , IN THE
 EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
 IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
 OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 18(c) .
 Each of the Parties acknowledge that each has been represented in connection with the signing
 of this waiver by independent legal counsel selected by the respective Party and that such
 Party has discussed the legal consequences and import of this waiver with legal counsel.
 Each of the Parties further acknowledge that each has read and understands the meaning of
 this waiver and grants this waiver knowingly, voluntarily, without duress and only after
 consideration of the consequences of this waiver with legal counsel .

Section 19. <u>Attorneys' Fees</u>. Subject to the provisions of Section 20, if any Party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing Party in such action or proceeding shall be reimbursed by the other Party for its attorney's fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

Section 20. <u>Arbitration</u>. Any controversy, claim or dispute arising out of or relating to this Agreement or the Executive's employment by the Company, including, but not limited to, common law and statutory claims for discrimination, wrongful discharge, and unpaid wages, shall be resolved by arbitration in Menlo Park, California pursuant to then-prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted by one arbitrator jointly selected by the Parties. In the event that the Parties are unable to agree on the identity of the arbitrator within ten days of the commencement of efforts to do so, each Party shall select one arbitrator and the two arbitrators so selected shall select the sole arbitrator who shall hear and resolve controversy, claim or dispute. The arbitrator shall be bound to follow the applicable Agreement provisions in adjudicating the dispute. It is agreed by both Parties that the arbitrator's decision is final, and that no Party may take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrator may be entered in the Selected Courts. Subject to the provisions of Section 19, each Party will pay its own expenses of arbitration and the expenses of the arbitrator will be equally shared provided that, if in the opinion of the arbitrator any claim, defense, or argument raised in the arbitration was unreasonable, the arbitrator may assess all or part of the expenses of the other Party (including reasonable attorneys' fees) and of the arbitrator as the arbitrator deems appropriate. The arbitrator may not award either Party punitive or consequential damages.

Section 21. <u>General Remedies.</u> Each Party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by such Party of the provisions of this Agreement, that the other Party shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

Section 22. <u>Indemnification</u>. During the Term, the Executive shall be entitled to indemnification and insurance coverage for officers' liability, fiduciary liability and other liabilities arising out of the Executive's position with the Company in any capacity, in an amount not less than the highest amount available to any other executive, and such coverage and protections, with respect to the various liabilities as to which the Executive has been customarily indemnified prior to termination of employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered into between the Company and the Executive shall continue in full force and effect in accordance with its terms following the termination of this Agreement.

Section 23. <u>Expenses</u>. Other than as specifically set forth herein, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with this Agreement and the transactions contemplated herein.

Section 24. <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other Party, or by registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and received or nationally recognized overnight courier service, addressed as set forth below or to such other address as either Party shall have furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery, if sent by email.

If to the Company:

Advasa Holdings, Inc.

Attn: Grady Ryther

1-2-7 Moto-Akasake

Minato-ku, Tokyo, 107-0051 Japan

Email: gryther@post.harvard.edu

With a copy, which shall not constitute notice, to:

Anthony, Linder & Cacomanolis, PLLC

Attn: John Cacomanolis

1700 Palm Beach Lakes Blvd., Suite 820

West Palm Beach, FL 33401

Email: JCacomanolis@alclaw.com

If to Executive, to:

Grady Ryther

125 Boston Ave

Medford, MA 02155

Email: gryther@post.harvard.edu

Section 25. <u>Headings</u>. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 26. <u>Counsel</u>. The Parties acknowledge and agree that legal counsel to the Company ("Counsel") has prepared this Agreement at the request of the Company, and that Counsel is not legal counsel to Executive individually. Each of the Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel acting as legal counsel to the Company and preparing this Agreement, and that Counsel has advised each of the Parties to retain separate counsel to review the terms and conditions of this Agreement and the other documents to be delivered in connection herewith, and each Party has either waived such right freely or has otherwise sought such additional counsel as it has deemed necessary. Each of the Parties acknowledges and agrees that Counsel does not owe any duties to Executive in Executive's individual capacity in connection with this Agreement and the transactions contemplated herein. Each of the Parties hereby waives any conflict of interest which may apply with respect to Counsel's actions as set forth herein, and the Parties confirm that the Parties have previously negotiated the material terms of the agreements as set forth herein.

Section 27. <u>Rule of Construction</u>. The general rule of construction for interpreting a contract, which provides that the provisions of a contract should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges that such Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement or such Party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to do so.

Section 28. <u>Execution in Counterparts, Electronic Transmission</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Signatures appear on following page]*

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Advasa Holdings, Inc. | Advasa Holdings, Inc. |
| By: | */s/ Grady Ryther* |
| Name: | Grady Ryther |
| Title: | Chief Executive Officer |
| Executive: Grady Ryther | Executive: Grady Ryther |
| By: | */s/ Grady Ryther* |
| Name: | Grady Ryther |

---

## Exhibit 10.3

**Exhibit 10.3**

**Executive Employment Agreement**

Dated as of November 19, 2025

This Executive Employment Agreement (the "Agreement") dated as of the date first set forth above (the "Effective Date") is entered into by and between Advasa Holdings, Inc., a Delaware corporation (the "Company") and Katharyn Field (the "Executive"). The Company and Executive may collectively be referred to as the "Parties" and each individually as a "Party".

WHEREAS, the Company now desires to employ the Executive as the Chief Financial Officer of the Company and the Executive desires to serve in such capacity on behalf of the Company, in each case subject to the terms and conditions herein;

NOW, THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby agree as follows:

Section 1. <u>Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>.
 The term of this Agreement (the "Initial Term") shall begin as of the Effective
 Date and shall end on the earlier of (i) the third (3<sup>rd</sup>) annual anniversary of
 the Effective Date and (ii) the time of the termination of the Executive's employment
 in accordance with ‎‎Section 3. The Initial Term and any Renewal Term (as defined
 below) shall automatically be extended for one or more additional terms of one (1) year each
 (each a "Renewal Term" and together with the Initial Term, the "Term"),
 unless either the Company or Executive provides notice to the other Party of their desire
 to not so renew the Initial Term or Renewal Term (as applicable) at least thirty (30) days
 prior to the expiration of the then-current Initial Term or Renewal Term, as applicable.
 Executive's employment with the Company shall be "at will," meaning that
 either Executive or the Company may terminate Executive's employment at any time and
 for any reason, subject to ‎‎Section 3. Any contrary representations that may have
 been made to Executive are superseded by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties</u>.
 The Company hereby appoints Executive, and Executive shall serve, as the Chief Financial
 Officer of the Company and shall report to the Chief Executive Officer of the Company (the
 "CEO") and the Board of Directors of the Company (the "Board") and
 to such other persons as designated by the Board. The Executive shall have such duties and
 responsibilities as are consistent with Executive's position with the Company. In addition,
 the Executive shall perform all other duties and accept all other responsibilities incident
 to such position as may reasonably assigned to Executive by the Board.

Section 2. <u>Compensation and Other Benefits</u>. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to the Executive the salary and bonuses, and shall provide the benefits, as set forth in this ‎Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. The Company shall pay to the Executive an initial annual base salary of $120,000,
 payable on a monthly basis commencing on the Effective Date (as the same may be adjusted
 herein, the "Base Salary"). On the earlier to occur of (i) February 1, 2026 or
 (ii) the consummation of the Company's initial public offering of common stock of the
 Company pursuant to an underwritten offering pursuant to the Securities Act of 1933, as amended
 (the "Securities Act"), the Base Salary shall be increased to $300,000 on an
 annual basis. The Base Salary shall be paid in accordance with the Company's payroll
 policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>.
 The Executive shall be eligible to receive any discretionary bonuses and grants of equity
 of the Company, including stock options, as determined by the Board, commensurate with similarly
 situated Executives to be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fringe Benefits.</u> During the Term, the Executive shall be entitled to fringe benefits consistent
 with the practices of the Company, and to the extent the Company provides similar benefits
 to the Company's executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Business Expenses</u>. The Executive shall be entitled to reimbursement for all reasonable and necessary
 out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection
 with the performance of Executive's duties hereunder and in accordance with the Company's
 expense reimbursement policies and procedures.

Section 3. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition of Cause</u>. For purposes hereof, "Cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 violation of any material written rule or policy of the Company for which violation any employee
 may be terminated pursuant to the written policies of the Company reasonably applicable to
 an executive employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) misconduct
 by the Executive to the material detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Executive's conviction (by a court of competent jurisdiction, not subject to further
 appeal) of, or pleading guilty to, a felony;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Executive's gross negligence in the performance of Executive's duties and responsibilities
 to the Company as described in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Executive's material failure to perform Executive's duties and responsibilities
 to the Company as described in this Agreement (other than any such failure resulting from
 the Executive's incapacity due to physical or mental illness or any such failure subsequent
 to the Executive being delivered a notice of termination without Cause by the Company or
 delivering a notice of termination for Good Reason to the Company), in either case after
 written notice from the Board to the Executive of the specific nature of such material failure
 and the Executive's failure to cure such material failure within 10 days following
 receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition of Good Reason</u>. For purposes hereof, "Good Reason" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 any time following a Change of Control (as defined below), a material diminution by the Company
 of compensation and benefits (taken as a whole) provided to the Executive immediately prior
 to a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 reduction in Base Salary or target or maximum bonus, other than as part of an across-the-board
 reduction in salaries of management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 relocation of the Executive's principal executive office to a location more than 50
 miles further from the Executive's principal executive office immediately prior to
 such relocation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 material breach by the Company of any of the terms and conditions of this Agreement which
 the Company fails to correct within 10 days after the Company receives written notice from
 Executive of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Definition of Change of Control</u>. A "Change of Control" shall be deemed to have occurred
 if, after the Effective Date, (i) the beneficial ownership (as defined in Rule 13d-3 under
 the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of securities
 representing more than 50% of the combined voting power of the Company is acquired by any
 "person" as defined in sections 13(d) and 14(d) of the Exchange Act (other than
 the Company, any subsidiary of the Company, or any trustee or other fiduciary holding securities
 under an employee benefit plan of the Company), (ii) the merger or consolidation of the Company
 with or into another corporation where the shareholders of the Company, immediately prior
 to the consolidation or merger, would not, immediately after the consolidation or merger,
 beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly
 or indirectly, shares representing in the aggregate 50% or more of the combined voting power
 of the securities of the corporation issuing cash or securities in the consolidation or merger
 (or of its ultimate parent corporation, if any) in substantially the same proportion as their
 ownership of the Company immediately prior to such merger or consolidation, or (iii) the
 sale or other disposition of all or substantially all of the Company's assets to an
 entity, other than a sale or disposition by the Company of all or substantially all of the
 Company's assets to an entity, at least 50% of the combined voting power of the voting
 securities of which are owned directly or indirectly by shareholders of the Company, immediately
 prior to the sale or disposition, in substantially the same proportion as their ownership
 of the Company immediately prior to such sale or disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Company</u>. The Company may terminate the Term and Executive's employment hereunder
 at any time, with or without Cause, subject to the terms and conditions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. In the event that the Company terminates the Term or Executive's employment
 hereunder with Cause, then in such event, subject to ‎‎Section 3(i), (i) the Company
 shall pay to Executive any unpaid Base Salary and benefits then owed or accrued, and any
 unreimbursed expenses, pursuant to the terms of ‎Section 2(d), incurred by the Executive
 in each case through the termination date, and each of which shall be paid within 10 days
 following the termination date; (ii) any unvested portion of any equity granted to Executive
 hereunder or under the Award Agreement or any other agreements with the Company (collectively,
 the "Equity Grants") shall immediately be forfeited as of the termination date
 without any further action of the Parties; and (iii) all of the Parties' rights and
 obligations hereunder shall thereafter cease, other than such rights or obligations which
 arose prior to the termination date or in connection with such termination, and subject to
 ‎‎Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Without Cause</u>. In the event that the Company terminates the Term or Executive's employment
 hereunder without Cause, then in such event, subject to ‎Section 3(i), (i) the Company
 shall pay to Executive any Base Salary, bonuses, and benefits then owed or accrued, and any
 unreimbursed expenses incurred by the Executive in each case through the termination date,
 and each of which shall be paid within 10 days following the termination date; (ii) the Company
 shall pay to Executive, in one lump sum, an amount equal to the Base Salary that would have
 been paid to Executive for the remainder of the Initial Term (if such termination occurs
 during the Initial Term) or Renewal Term (if such termination occurs during a Renewal Term),
 as applicable, which shall be paid within 10 days following the termination date; (iii) any
 Equity Grant already made to Executive shall, to the extent not already vested, be deemed
 automatically vested; and (iv) all of the Parties' rights and obligations hereunder
 shall thereafter cease, other than such rights or obligations which arose prior to the termination
 date or in connection with such termination, and subject to ‎‎Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by the Executive</u>. The Executive may terminate the Term and resign from Executive's
 employment hereunder at any time, with or without Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>With Good Reason</u>. In the event that Executive terminates the Term or resigns from Executive's
 employment hereunder with Good Reason, the Company shall pay to Executive the amounts, and
 Executive shall, subject to ‎Section 3(i), be entitled to such benefits (including without
 limitation any vesting of unvested shares under any Equity Grant), that would have been payable
 to Executive or which Executive would have received had the Term and Executive's employment
 been terminated by the Company without Cause pursuant to ‎Section 3(d)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Without Good Reason</u>. In the event that Executive terminates the Term or resigns from Executive's
 employment hereunder without Good Reason, the Company shall pay to Executive the amounts,
 and Executive shall be entitled, subject to ‎‎Section 3(i), to such benefits (including
 without limitation any vesting of unvested shares under any Equity Grant), that would have
 been payable to Executive or which Executive would have received had the Term and Executive's
 employment been terminated by the Company with Cause pursuant to ‎‎Section 3(d)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination by Death or Disability</u>. In the event of the Executive's death or total disability
 (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code"))
 during the Term, the Term and Executive's employment shall terminate on the date of
 death or total disability. In the event of such termination, the Company's sole obligations
 hereunder to the Executive (or the Executive's estate) shall be for unpaid Base Salary,
 accrued but unpaid bonus and benefits then owed, a pro-rata bonus for the year of termination
 based on the Executive's target bonus for such year and the portion of such year in
 which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon
 through the effective date of termination, each of which shall be paid within 10 days following
 the date of the Executive's termination, and any unvested portion of any Equity Grants
 shall immediately be forfeited as of the termination date without any further action of the
 Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Renewal</u>.
 In the event that the Term is not renewed by either Party pursuant to the provisions of ‎‎Section
 1(a), any unvested portion of any Equity Grants shall immediately be forfeited as of the
 expiration of the Term without any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Change of Control.</u> In the event that a Change of Control occurs during the Term, any unvested
 portion of any Equity Grants shall, to the extent not already vested, be deemed automatically
 vested immediately without any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conflict</u>.
 In the event of a conflict between the terms and conditions herein and those in any other
 agreement or contract between the Company and the Executive with respect to any Equity Grants
 granted to Executive, the terms and conditions of such other agreement or contract shall
 control.

Section 4. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Anything
 in this Agreement to the contrary notwithstanding, if it is determined that any payment or
 benefit provided to the Executive under this Agreement or otherwise, whether or not in connection
 with a Change of Control (a "Payment"), would constitute an "excess parachute
 payment" within the meaning of section 280G of the Code, such that the Payment would
 be subject to an excise tax under section 4999 of the Code (the "Excise Tax"),
 the Company shall pay to the Executive an additional amount (the "Gross-Up Payment")
 such that the net amount of the Gross-Up Payment retained by the Executive after the payment
 of any Excise Tax and any federal, state and local income and employment tax on the Gross-Up
 Payment, shall be equal to the Excise Tax due on the Payment and any interest and penalties
 in respect of such Excise Tax. For purposes of determining the amount of the Gross-Up Payment,
 Executive shall be deemed to pay federal income tax and employment taxes at the highest marginal
 rate of federal income and employment taxation in the calendar year in which the Gross-Up
 Payment is to be made and state and local income taxes at the highest marginal rate of taxation
 in the state and locality of Executive's residence (or, if greater, the state and locality
 in which Executive is required to file a nonresident income tax return with respect to the
 Payment) in the calendar year in which the Gross-Up Payment is to be made, net of the maximum
 reduction in federal income taxes that may be obtained from the deduction of such state and
 local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 determinations made pursuant to ‎‎Section 4(a) shall be made by the Company which
 shall provide its determination and any supporting calculations (the "Determination")
 to the Executive within thirty days of the date of the Executive's termination or any
 other date selected by the Executive or the Company. Within ten calendar days of the delivery
 of the Determination to the Executive, the Executive shall have the right to dispute the
 Determination (the "Dispute"). The existence of any Dispute shall not in any
 way affect the Executive's right to receive the Gross-Up Payments in accordance with
 the Determination. If there is no dispute, the Determination by the Company shall be final,
 binding and conclusive upon the Executive, subject to the application of ‎‎Section
 4(c). Within ten days after the Company's determination, the Company shall pay to the
 Executive the Gross-Up Payment, if any. If the Company determines that no Excise Tax is payable
 by the Executive, it will, at the same time as it makes such Determination, furnish Executive
 with an opinion that the Executive has substantial authority not to report any Excise Tax
 on Executive's federal, state, local income or other tax return. The Company agrees
 to indemnify and hold harmless the Executive of and from any and all claims, damages and
 expenses resulting from or relating to its determinations pursuant to this ‎‎Section
 4(b), except for claims, damages or expenses resulting from the gross negligence or willful
 misconduct of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a result of the uncertainty in the application of sections 4999 and 280G of the Code, it
 is possible that the Gross-Up Payments either will have been made which should not have been
 made, or will not have been made which should have been made, by the Company (an "Excess
 Gross-Up Payment" or a "Gross-Up Underpayment," respectively). If it is
 established pursuant to (A) a final determination of a court for which all appeals have been
 taken and finally resolved or the time for all appeals has expired, or (B) an Internal Revenue
 Service (the "IRS") proceeding which has been finally and conclusively resolved,
 that an Excess Gross-Up Payment has been made, such Excess Gross-Up Payment shall be deemed
 for all purposes to be a loan to the Executive made on the date the Executive received the
 Excess Gross-Up Payment and the Executive shall repay the Excess Gross-Up Payment to the
 Company either (i) on demand, if the Executive is in possession of the Excess Gross-Up Payment
 or (ii) upon the refund of such Excess Gross-Up Payment to the Executive from the IRS, if
 the IRS is in possession of such Excess Gross-Up Payment, together with interest on the Excess
 Gross-Up Payment at (X) 120% of the applicable federal rate (as defined in Section 1274(d)
 of the Code) compounded semi-annually for any period during which the Executive held such
 Excess Gross-Up Payment and (Y) the interest rate paid to the Executive by the IRS in respect
 of any period during which the IRS held such Excess Gross-Up Payment. If a Gross-Up Underpayment
 occurs as determined under one or more of the following circumstances: (I) such determination
 is made by the Company (which shall include the position taken by the Company, together with
 its consolidated group, on its federal income tax return) or is made by the IRS, (II) such
 determination is made by a court, or (III) such determination is made upon the resolution
 to the Executive's satisfaction of the Dispute, then the Company shall pay an amount
 equal to the Gross-Up Underpayment to the Executive within ten calendar days of such determination
 or resolution, together with interest on such amount at 120% of the applicable federal rate
 compounded semi-annually from the date such amount should have been paid to the Executive
 pursuant to the terms of this Agreement or otherwise, but for the operation of this ‎‎Section
 4(c), until the date of payment.

Section 5. <u>Post-Termination Assistance</u>. Upon the Executive's termination of employment with the Company, the Executive agrees to fully cooperate in all matters relating to the winding up or pending work on behalf of the Company and the orderly transfer of work to other employees of the Company following any termination of the Executives' employment. The Executive further agrees that Executive will provide, upon reasonable notice, such information and assistance to the Company as may reasonably be requested by the Company in connection with any audit, governmental investigation, litigation, or other dispute in which the Company is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company agrees to reimburse the Executive for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may not unreasonably interfere with Executive's then current employment.

Section 6. <u>No Mitigation or Set Off</u>. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced, regardless of whether the Executive obtains other employment. The Company's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others; provided, however, the Company shall have the right to offset the amount of any funds loaned or advanced to the Executive and not repaid against any severance obligations the Company may have to the Executive hereunder.

Section 7. <u>Confidentiality</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition.</u> For purposes of this Agreement, "Confidential Information" shall mean all Company
 Work Product (as hereinafter defined) and all non-public written, electronic, and oral information
 or materials of Company communicated to or otherwise obtained by Executive in connection
 with this Agreement, which is related to the products, business and activities of Company,
 its Affiliates (as defined below), and subsidiaries, and their respective customers, clients,
 suppliers, and other entities with which such party does business, including: (i) all costing,
 pricing, technology, software, documentation, research, techniques, procedures, processes,
 discoveries, inventions, methodologies, data, tools, templates, know how, intellectual property
 and all other proprietary information of Company; (ii) the terms of this Agreement; and (iii)
 any other information identified as confidential in writing by Company. Confidential Information
 shall not include information that: (a) was lawfully known by Executive without an obligation
 of confidentiality before its receipt from Company; (b) is independently developed by Executive
 without reliance on or use of Confidential Information; (c) is or becomes publicly available
 without a breach by Executive of this Agreement; or (d) is disclosed to Executive by a third
 party which is not required to maintain its confidentiality. An "Affiliate" of
 a Party shall mean any entity directly or indirectly controlling, controlled by, or under
 common control with, such Party at any time during the Term for so long as such control exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Ownership.</u> Company shall retain all right, title, and interest to the Confidential Information,
 including all copies thereof and all rights to patents, copyrights, trademarks, trade secrets
 and other intellectual property rights inherent therein and appurtenant thereto. Subject
 to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive,
 non-transferable, license during the Term to use any Confidential Information solely to the
 extent that such Confidential Information is necessary for the performance of Executive's
 duties hereunder. Executive shall not, by virtue of this Agreement or otherwise, acquire
 any proprietary rights whatsoever in Confidential Information, which shall be the sole and
 exclusive property and confidential information of Company. No identifying marks, copyright
 or proprietary right notices may be deleted from any copy of Confidential Information. Nothing
 contained herein shall be construed to limit the rights of Company from performing similar
 services for, or delivering the same or similar deliverable to, third parties using the Confidential
 Information and/or using the same personnel to provide any such services or deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentiality Obligations.</u> Executive agrees to hold the Confidential Information in confidence and
 not to copy, reproduce, sell, assign, license, market, transfer, give or otherwise disclose
 such Confidential Information to any Person (as defined below) or entity or to use the Confidential
 Information for any purposes whatsoever, without the express written permission of Company,
 other than disclosure to Executive's, partners, principals, directors, officers, employees,
 subcontractors and agents on a "need-to-know" basis as reasonably required for
 the performance of Executive's obligations hereunder or as otherwise agreed to herein.
 Executive shall be responsible to Company for any violation of this ‎‎Section 7 by
 Executive's employees, subcontractors, and agents. Executive shall maintain the Confidential
 Information with the same degree of care, but no less than a reasonable degree of care, as
 Executive employs concerning its own information of like kind and character. For purposes
 herein, "Person" means any natural person, corporation, company, partnership
 (including both general and limited partnerships), limited liability company, sole proprietorship,
 association, joint stock company, firm, trust, trustee, joint venture, unincorporated organization,
 executor, administrator, legal representative or other legal entity, including any governmental
 authority, entity or instrumentality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Required Disclosure.</u> If Executive is requested to disclose any of the Confidential Information
 as part of an administrative or judicial proceeding, Executive shall, to the extent permitted
 by applicable law, promptly notify Company of that request and cooperate with Company, at
 Company's expense, in seeking a protective order or similar confidential treatment
 for the Confidential Information. If no protective order or other confidential treatment
 is obtained, Executive shall disclose only that portion of Confidential Information which
 is legally required and will exercise all reasonable efforts to obtain reliable assurances
 that confidential treatment will be accorded the Confidential Information which is required
 to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Enforcement.</u> Executive acknowledges that the Confidential Information is unique and valuable, and that
 remedies at law will be inadequate to protect Company from any actual or threatened breach
 of this ‎‎Section 7 by Executive and that any such breach would cause irreparable
 and continuing injury to Company. Therefore, Executive agrees that Company shall be entitled
 to seek equitable relief with respect to the enforcement of this ‎‎Section 7 without
 any requirement to post a bond, including, without limitation, injunction and specific performance,
 without proof of actual damages or exhausting other remedies, in addition to all other remedies
 available to Company at law or in equity. For greater clarity, in the event of a breach or
 threatened breach by Executive of any of the provisions of this ‎Section 7, in addition
 to and not in limitation of any other rights, remedies or damages available at law or in
 equity, Company shall be entitled to a permanent injunction or other like remedy in order
 to prevent or restrain any such breach or threatened breach by Executive, and Executive agrees
 that an interim injunction may be granted against Executive immediately on the commencement
 of any action, claim, suit or proceeding by Company to enforce the provisions of this ‎‎Section
 7, and Executive further irrevocably consents to the granting of any such interim or permanent
 injunction or any like remedy. If any action at law or in equity is necessary to enforce
 the terms of this ‎‎Section 7, Executive, if it is determined to be at fault, shall
 pay Company's reasonable legal fees and expenses on a substantial indemnity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Related Duties.</u> Executive shall: (i) promptly deliver to Company upon Company's request
 all materials in Executive's possession which contain Confidential Information; (ii)
 use its best efforts to prevent any unauthorized use or disclosure of the Confidential Information;
 (iii) notify Company in writing immediately upon discovery of any such unauthorized use or
 disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential
 Information and to prevent further unauthorized use and disclosure thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Legal Exceptions.</u> Further notwithstanding the foregoing provisions of this ‎‎Section
 7, Executive may disclose confidential information as may be expressly required by law, governmental
 rule, regulation, executive order, court order, or in connection with a dispute between the
 Parties; provided that prior to making any such disclosure, subject to applicable law, Executive
 shall use its best efforts to: (i) provide Company with at least fifteen (15) days'
 prior written notice setting forth with specificity the reason(s) for such disclosure, supporting
 documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope
 and duration of such disclosure to the strictest possible extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Limitation.</u> Except as specifically set forth herein, no licenses or rights under any patent, copyright,
 trademark, or trade secret are granted by Company to Executive hereunder, or are to be implied
 by this Agreement. Except for the restrictions on use and disclosure of Confidential Information
 imposed in this Agreement, no obligation of any kind is assumed or implied against either
 Party or their Affiliates by virtue of meetings or conversations between the Parties hereto
 with respect to the subject matter stated above or with respect to the exchange of Confidential
 Information. Each Party further acknowledges that this Agreement and any meetings and communications
 of the Parties and their affiliates relating to the same subject matter shall not: (i) constitute
 an offer, request, invitation or contract with the other Party to engage in any research,
 development or other work; (ii) constitute an offer, request, invitation or contract involving
 a buyer-seller relationship, joint venture, teaming or partnership relationship between the
 Parties and their affiliates; or (iii) constitute a representation, warranty, assurance,
 guarantee or inducement with respect to the accuracy or completeness of any Confidential
 Information or the non-infringement of the rights of third Persons.

Section 8. <u>Intellectual Property Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure of Work Product.</u> As used in this Agreement, the term "Work Product" means
 any invention, whether or not patentable, know-how, designs, mask works, trademarks, formulae,
 processes, manufacturing techniques, trade secrets, ideas, artwork, software or any copyrightable
 or patentable works. Executive agrees to disclose promptly in writing to Company, or any
 Person designated by Company, all Work Product that is solely or jointly conceived, made,
 reduced to practice, or learned by Executive in the course of any work performed for Company
 ("Company Work Product"). Executive agrees (a) to use Executive's best
 efforts to maintain such Company Work Product in trust and strict confidence; (b) not to
 use Company Work Product in any manner or for any purpose not expressly set forth in this
 Agreement; and (c) not to disclose any such Company Work Product to any third party without
 first obtaining Company's express written consent on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Company Work Product.</u> Executive agrees that any and all Company Work Product conceived,
 written, created or first reduced to practice in the performance of work under this Agreement
 shall be deemed "work for hire" under applicable law and shall be the sole and
 exclusive property of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Assignment of Company Work Product.</u> Executive irrevocably assigns to Company all right, title and
 interest worldwide in and to the Company Work Product and all applicable intellectual property
 rights related to the Company Work Product, including without limitation, copyrights, trademarks,
 trade secrets, patents, moral rights, contract and licensing rights (the "Proprietary
 Rights"). Except as set forth below, Executive retains no rights to use the Company
 Work Product and agrees not to challenge the validity of Company's ownership in the
 Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive, fully
 paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense through
 multiple tiers of sublicensees, to reproduce, make derivative works of, publicly perform,
 and display in any form or medium whether now known or later developed, distribute, make,
 use and sell any and all Executive owned or controlled Work Product or technology that Executive
 uses to complete the services and which is necessary for Company to use or exploit the Company
 Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Assistance.</u> Executive agrees to cooperate with Company or its designee(s), both during and after the
 Term, in the procurement and maintenance of Company's rights in Company Work Product
 and to execute, when requested, any other documents deemed necessary by Company to carry
 out the purpose of this Agreement. Executive will assist Company in every proper way to obtain,
 and from time to time enforce, United States and foreign Proprietary Rights relating to Company
 Work Product in any and all countries. Executive's obligation to assist Company with
 respect to Proprietary Rights relating to such Company Work Product in any and all countries
 shall continue beyond the termination of this Agreement, but Company shall compensate Executive
 at a reasonable rate to be mutually agreed upon after such termination for the time actually
 spent by Executive at Company's request on such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Executive Representations and Warranties.</u> Executive hereby represents and warrants that: (i) Company
 Work Product will be an original work of Executive or all applicable third parties will have
 executed assignments of rights reasonably acceptable to Company; (ii) neither the Company
 Work Product nor any element thereof will infringe the intellectual property rights of any
 third party; (iii) neither the Company Work Product nor any element thereof will be subject
 to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances
 or encroachments; (iv) Executive will not grant, directly or indirectly, any rights or interest
 whatsoever in the Company Work Product to any third party; (v) Executive has full right and
 power to enter into and perform Executive's obligations under this Agreement without
 the consent of any third party; (vi) Executive will use best efforts to prevent injury to
 any Person (including employees of Company) or damage to property (including Company's
 property) during the Term; and (vii) should Company permit Executive to use any of Company's
 equipment, tools, or facilities during the Term, such permission shall be gratuitous and
 Executive shall be responsible for any injury to any Person (including death) or damage to
 property (including Company's property) arising out of use of such equipment, tools
 or facilities.

Section 9. <u>Non-Solicitation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existing Business Interests.</u> The Parties acknowledge that the Company is engaged in the various
 business as disclosed to the Executive (together with such other activities as may be engaged
 in from time to time, the "Existing Business"). As part of this Existing Business,
 Company has developed and continues to develop Confidential Information regarding the operation
 of such business. In addition, Company has developed and continues to develop substantial
 relationships with existing and prospective clients, accounts, suppliers and others, as well
 as goodwill associated with these relationships and business. These relationships are a substantial
 business asset owned by, and proprietary to, Company and are integral to Company's
 Existing Business and continued operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Developing Business Interests</u>. The Company also is engaged in expanding its business by developing
 new business concepts and services (the "Developing Business"). As part of this Developing Business, the Company has developed
 and continues to develop Confidential Information related thereto, valuable relationships
 with prospective and existing clients, accounts, suppliers and others, and continues to create
 goodwill associated with these relationships and business. The Developing Business is a substantial
 business asset owned by, and proprietary to, the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Legitimate Business Interests</u>. In addition to the Existing Business and the Developing
 Business, Company has other legitimate business interests which are necessary to protect through the provisions of this ‎‎Section 9, which Executive acknowledges include,
 but are not limited to the following (collectively the "Other Legitimate Business Interests"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Company has expended considerable resources in developing relationships with its suppliers,
 clients and customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Company has expended considerable resources to recruit and hire vendors and/or employees
 who could perform services for Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Executive
 may, through the contractual relationship set forth herein, develop a substantial relationship
 with Company's existing or potential clients, including but not limited to being the
 sole or primary contact between Company and its clients and principals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 relationship between Company and its clients and principals will depend on the quality and
 quantity of the services Executive performs for Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acknowledgement of Company's Right to Protection of Business Interests.</u> Executive acknowledges
 and agrees that Company desires, is entitled to, and deserves, protection of its legitimate business interests associated with the Existing Business, the Developing
 Business and the Other Legitimate Business Interests. Accordingly, Executive agrees to the
 restrictions set forth in this ‎‎Section 9 as reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No-Solicitation.</u> In recognition and consideration of Company's Existing Business, Developing Business
 and Other Legitimate Business Interests, subject to applicable law, Executive agrees that,
 for the Term and for a period of three (3) years thereafter, Executive shall not, directly
 or indirectly solicit or discuss with any employee of Company the employment of such Company
 employee by any other commercial enterprise other than Company, nor recruit, attempt to recruit,
 hire or attempt to hire any such Company employee on behalf of any commercial enterprise
 other than Company. Nothing in this ‎‎Section 9(e) shall prohibit Executive from
 undertaking a general recruitment advertisement provided that the foregoing is not targeted
 towards any Person identified above, or from hiring, employing or engaging any such Person
 who responds to such general recruitment advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Remedies for Breach of Restrictions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive
 admits and agrees that Executive's breach of the provisions of this ‎‎Section
 9 would result in irreparable harm to Company. Accordingly, in the event of Executive's
 breach or threatened breach of such restrictions, Executive agrees that Company shall be
 entitled to an injunction restraining such breach or threatened breach without the necessity
 of posting a bond or other security. Further, in the event of Executive's breach, the
 duration of the restrictions contained in this ‎‎Section 9 shall be extended for
 the entire time that the breach existed so that Company is provided with the full time period
 provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 addition to injunctive relief, Company shall be entitled to any other remedy available in
 law or equity by reason of Executive's breach or threatened breach of the restrictions
 contained in this ‎‎Section 9.

Section 10. <u>Representations and Warranties Relating to Securities.</u> Any shares of common stock, par value $0.00001 per share, of the Company (the "Common Stock") or other securities of the Company that may be issued or granted to the Executive hereunder or pursuant to any other agreement between the Company and the Executive in connection with the transactions contemplated herein may be referred to as the "Securities", and Executive represents and warrants to the Company as set forth in this ‎‎Section 10 with respect to the Securities and Executive's receipt thereof, as of the Effective Date and as of the date of any issuance or granting of any Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive
 is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
 D promulgated pursuant to the Securities Act (an "Accredited Investor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive
 hereby represent that the Securities awarded pursuant to this Agreement are being acquired
 for Executive's own account and not for sale or with a view to distribution thereof.
 Executive acknowledges and agrees that any sale or distribution of Securities which have
 vested may be made only pursuant to either (a) a registration statement on an appropriate
 form under the Securities Act, which registration statement has become effective and is current
 with regard to the shares being sold, or (b) a specific exemption from the registration requirements
 of the Securities Act that is confirmed in a favorable written opinion of counsel, in form
 and substance satisfactory to counsel for the Company, prior to any such sale or distribution.
 Executive hereby consents to such action as the Board or the Company deems necessary or appropriate
 from time to time to prevent a violation of, or to perfect an exemption from, the registration
 requirements of the Securities Act or to implement the provisions of this Agreement, including
 but not limited to placing restrictive legends on certificates evidencing shares of Securities
 (whether or not the Restrictions applicable thereto have lapsed) and delivering stop transfer
 instructions to the Company's stock transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive
 understands that the Securities ares being offered and sold to Executive in reliance upon
 specific exemptions from the registration requirements of United States federal and state
 securities laws and that the Company is relying upon the truth and accuracy of, and Executive's
 compliance with, the representations, warranties, agreements, acknowledgments and understandings
 of the Executive set forth herein in order to determine the availability of such exemptions
 and the eligibility of the Executive to acquire the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive
 has been furnished with all documents and materials relating to the business, finances and
 operations of the Company and information that Executive requested and deemed material to
 making an informed investment decision regarding its acquisition of the Securities. Executive
 has been afforded the opportunity to review such documents and materials and the information
 contained therein. Executive has been afforded the opportunity to ask questions of the Company
 and its management. Executive understands that such discussions, as well as any written information
 provided by the Company, were intended to describe the aspects of the Company's business
 and prospects which the Company believes to be material, but were not necessarily a thorough
 or exhaustive description and the Company makes no representation or warranty with respect
 to the completeness of such information and makes no representation or warranty of any kind
 with respect to any information provided by any entity other than the Company. Some of such
 information may include projections as to the future performance of the Company, which projections
 may not be realized, may be based on assumptions which may not be correct and may be subject
 to numerous factors beyond the Company's control. Additionally, Executive understands
 and represents that Executive is acquiring the Securities notwithstanding the fact that the
 Company may disclose in the future certain material information that the Executive has not
 received. Executive has sought such accounting, legal and tax advice as Executive has considered
 necessary to make an informed investment decision with respect to Executive's investment
 in the Securities. Executive has full power and authority to make the representations referred
 to herein, to acquire the Securities and to execute and deliver this Agreement. Executive,
 either personally, or together with Executive's advisors has such knowledge and experience
 in financial and business matters as to be capable of evaluating the merits and risks of
 an investment in the Securities, is able to bear the risks of an investment in the Securities
 and understands the risks of, and other considerations relating to, a purchase of the Securities.
 The Executive and Executive's advisors have had a reasonable opportunity to ask questions
 of and receive answers from the Company concerning the Securities. Executive's financial
 condition is such that Executive is able to bear the risk of holding the Securities that
 Executive may acquire pursuant to this Agreement for an indefinite period of time, and the
 risk of loss of Executive's entire investment in the Company. Executive has investigated
 the acquisition of the Securities to the extent Executive deemed necessary or desirable and
 the Company has provided Executive with any reasonable assistance Executive has requested
 in connection therewith. No representations or warranties have been made to Executive by
 the Company, or any representative of the Company, or any securities broker/dealer, other
 than as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive
 also acknowledges and agrees that an investment in the Securities is highly speculative and
 involves a high degree of risk of loss of the entire investment in the Company and there
 is no assurance that a public market for the Securities will ever develop and that, as a
 result, Executive may not be able to liquidate Executive's investment in the Securities
 should a need arise to do so. Executive is not dependent for liquidity on any of the amounts
 Executive is investing in the Securities. Executive has full power and authority to make
 the representations referred to herein, to acquire the Securities and to execute and deliver
 this Agreement. Executive understands that the representations and warranties herein are
 to be relied upon by the Company as a basis for the exemptions from registration and qualification
 of the issuance and sale of the Securities under the federal and state securities laws and
 for other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Executive
 understands that no United States federal or state agency or any other government or governmental
 agency has passed upon or made any recommendation or endorsement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Executive
 understands that until such time as the Securities have been registered under the Securities
 Act or may be sold pursuant to Rule 144, Rule 144A under the Securities Act or Regulation
 S without any restriction as to the number of securities as of a particular date that can
 then be immediately sold, the Securities may bear a restrictive legend in substantially the
 following form (and a stop-transfer order may be placed against transfer of the certificates
 for such Securities):

"NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

Section 11. <u>General Representations and Warranties of Executive</u>. Executive represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement has been duly and validly authorized by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement has been duly executed and delivered on behalf of Executive, and this Agreement
 constitutes a valid and binding agreement of Executive enforceable in accordance with its
 terms, subject to the application of applicable bankruptcy, insolvency, reorganization, moratorium,
 fraudulent conveyance and other similar laws of general application affecting enforcement
 of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive
 is an individual resident of the state set forth in the notices provision for Executive herein.

Section 12. <u>Effect of Waiver</u>. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.

Section 13. <u>Assignment</u>. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, whether by operation of law or otherwise, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect. Notwithstanding the foregoing, the Company may transfer, assign or delegate to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company any of Company's rights, obligations or duties hereunder. As used in this Agreement, "Company" shall mean the Company as herein defined and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise.

Section 14. <u>No Third-Party Rights</u>. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the Parties hereto.

Section 15. <u>Entire Agreement; Effectiveness of Agreement</u>. This Agreement and any other agreement entered into between the Company and Executive with respect to the issuance of any equity securities of the Company or other equity awards relating to the Company set forth the entire agreement of the Parties hereto and shall supersede any and all prior agreements and understandings concerning the Executive's employment by the Company. This Agreement may be changed only by a written document signed by the Executive and the Company.

Section 16. <u>Survival</u>. The provisions of ‎Section 3, ‎Section 4, ‎Section 5, ‎Section 6, ‎Section 7, ‎Section 8, ‎Section 9 and ‎Section 14 through ‎‎Section 27, inclusive, shall survive any termination or expiration of this Agreement, and provided that any expiration or termination of this Agreement shall not excuse a Party from compliance with, or fulfillment of, any obligations or conditions which arose prior to such expiration or termination.

Section 17. <u>Severability</u>. If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way be affected or impaired thereby.

Section 18. <u>Governing Law and Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, and any and all claims, proceedings or causes of action relating to this Agreement
 or arising from this Agreement or the transactions contemplated herein, including, without
 limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed,
 governed and enforced under and solely in accordance with the substantive and procedural
 laws of the State of Delaware, in each case as in effect from time to time and as the same
 may be amended from time to time, and as applied to agreements performed wholly within the
 State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SUBJECT
 TO ‎‎Section 19, EACH PARTY AGREES THAT ALL LEGAL PROCEEDINGS CONCERNING THIS AGREEMENT
 SHALL BE COMMENCED IN THE STATE AND FEDERAL COURTS SITTING IN SAN MATEO COUNTY, CALIFORNIA
 (THE "SELECTED COURTS") WITH RESPECT TO ANY ENFORCEMENT OF AN ARBITRAL AWARD
 PURSUANT TO ‎‎Section 19, WITH RESPECT TO ENFORCEMENT OF THE PROVISIONS OF ‎‎Section
 20, AND WITH RESPECT TO THE RESOLUTION OF ANY PROCEEDING OR DISPUTE WHICH IS NOT ABLE TO
 BE RESOLVED PURSUANT TO THE PROVISIONS OF ‎‎Section 19 FOR ANY REASON. EACH PARTY
 HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE SELECTED COURTS FOR
 THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION
 CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF THE
 RIGHTS OF A PARTY UNDER THIS AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO
 ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO
 THE JURISDICTION OF SUCH SELECTED COURTS, OR SUCH SELECTED COURTS ARE IMPROPER OR INCONVENIENT
 VENUE FOR SUCH PROCEEDING. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS
 AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A
 COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY)
 TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES
 THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.
 NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN
 ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TO
 THE EXTENT PERMITTED BY APPLICABLE LAW, PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
 BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
 OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
 HEREIN (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
 THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
 OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT , IN THE
 EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
 THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
 THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS ‎Section 18(c). EACH OF THE PARTIES ACKNOWLEDGE
 THAT EACH HAS BEEN REPRESENTED IN CONNECTION WITH THE SIGNING OF THIS WAIVER BY INDEPENDENT
 LEGAL COUNSEL SELECTED BY THE RESPECTIVE PARTY AND THAT SUCH PARTY HAS DISCUSSED THE
 LEGAL CONSEQUENCES AND IMPORT OF THIS WAIVER WITH LEGAL COUNSEL. EACH OF THE PARTIES FURTHER
 ACKNOWLEDGE THAT EACH HAS READ AND UNDERSTANDS THE MEANING OF THIS WAIVER AND GRANTS THIS
 WAIVER KNOWINGLY, VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER CONSIDERATION OF THE CONSEQUENCES
 OF THIS WAIVER WITH LEGAL COUNSEL .

Section 19. <u>Arbitration</u>. Any controversy, claim or dispute arising out of or relating to this Agreement or the Executive's employment by the Company, including, but not limited to, common law and statutory claims for discrimination, wrongful discharge, and unpaid wages, shall be resolved by arbitration in Menlo Park, California pursuant to then-prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted by one arbitrator jointly selected by the Parties. In the event that the Parties are unable to agree on the identity of the arbitrator within ten days of the commencement of efforts to do so, each Party shall select one arbitrator and the two arbitrators so selected shall select the sole arbitrator who shall hear and resolve controversy, claim or dispute. The arbitrator shall be bound to follow the applicable Agreement provisions in adjudicating the dispute. It is agreed by both Parties that the arbitrator's decision is final, and that no Party may take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrator may be entered in the Selected Courts.

Section 20. <u>General Remedies.</u> Each Party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by such Party of the provisions of this Agreement, that the other Party shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

Section 21. <u>Indemnification</u>. During the Term, the Executive shall be entitled to indemnification and insurance coverage for officers' liability, fiduciary liability and other liabilities arising out of the Executive's position with the Company in any capacity, in an amount not less than the highest amount available to any other executive, and such coverage and protections, with respect to the various liabilities as to which the Executive has been customarily indemnified prior to termination of employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered into between the Company and the Executive shall continue in full force and effect in accordance with its terms following the termination of this Agreement.

Section 22. <u>Expenses</u>. Other than as specifically set forth herein, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with this Agreement and the transactions contemplated herein.

Section 23. <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other Party, or by registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and received or nationally recognized overnight courier service, addressed as set forth below or to such other address as either Party shall have furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery, if sent by email.

If to the Company:

Advasa Holdings, Inc.

Attn: Grady Ryther

1-2-7 Moto-Akasake

Minato-ku, Tokyo, 107-0051 Japan

Email: gryther@post.harvard.edu

With a copy, which shall not constitute notice, to:

Anthony, Linder & Cacomanolis, PLLC

Attn: John Cacomanolis

1700 Palm Beach Lakes Blvd., Suite 820

West Palm Beach, FL 33401

Email: JCacomanolis@alclaw.com

If to Executive, to:

Katharyn Field

22210 Woodset Lane

Boca Raton, FL 33428

Email: katharynfm@gmail.com

Section 24. <u>Headings</u>. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 25. <u>Counsel</u>. The Parties acknowledge and agree that legal counsel to the Company ("Counsel") has prepared this Agreement at the request of the Company, and that Counsel is not legal counsel to Executive individually. Each of the Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel acting as legal counsel to the Company and preparing this Agreement, and that Counsel has advised each of the Parties to retain separate counsel to review the terms and conditions of this Agreement and the other documents to be delivered in connection herewith, and each Party has either waived such right freely or has otherwise sought such additional counsel as it has deemed necessary. Each of the Parties acknowledges and agrees that Counsel does not owe any duties to Executive in Executive's individual capacity in connection with this Agreement and the transactions contemplated herein. Each of the Parties hereby waives any conflict of interest which may apply with respect to Counsel's actions as set forth herein, and the Parties confirm that the Parties have previously negotiated the material terms of the agreements as set forth herein.

Section 26. <u>Rule of Construction</u>. The general rule of construction for interpreting a contract, which provides that the provisions of a contract should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges that such Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement or such Party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to do so.

Section 27. <u>Execution in Counterparts, Electronic Transmission</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Signatures appear on following page]*

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Advasa Holdings, Inc. | Advasa Holdings, Inc. |
| By: | */s/ Grady Ryther* |
| Name: | Grady Ryther |
| Title: | Chief Executive Officer |
| Executive: Katharyn Field | Executive: Katharyn Field |
| By: | */s/Katharyn Field* |
| Name: | Katharyn Field |

---

## Exhibit 10.4

**Exhibit 10.4**

**Form of** **Independent Director Agreement**

Dated as of [__________], 2025

This Independent Director Agreement (the "Agreement") dated as of the date first set forth above (the "Effective Date") is entered into by and between Advasa Holdings, Inc., a Delaware corporation (the "Company") and ______________ (the "Director"). The Company and Director may collectively be referred to as the "Parties" and each individually as a "Party".

WHEREAS, the Company has appointed the Director to the Board of Directors of Company (the "Board") and now desires to enter into an agreement with the Director with respect to Director's continuing service as a director of Company; and

WHEREAS, the Director is willing to continue serving as a director of Company upon the terms and conditions set forth herein and in accordance with the provisions of this Agreement;

NOW, THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Director hereby agree as follows:

Section 1. <u>Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Director
 agrees to serve as an independent Director of the Company and to be available to perform
 the duties consistent with such position pursuant to the Certificate of Incorporation and
 Bylaws of the Company, and any additional codes, guidelines or policies of the Company that
 may be effective now or in the future (collectively, the "Governance Documents")
 and the laws of the state of Delaware. The Company acknowledges that Director currently holds
 other positions ("Other Employment") and agrees that Director may maintain such
 positions, provided that such Other Employment shall not materially interfere with Director's
 obligations under this Agreement. Director confirms that Director expects Director will be
 able to devote sufficient time and attention to the Company as is necessary to fulfill Director's
 responsibilities as a Director of the Company and that Director expects the Other Employment
 will not in any way impact Director's independence, and if Director determines that
 is no longer the case, Director will promptly notify the Company. Such time and attention
 shall include, without limitation, participation in telephonic and/or in-person meetings
 of the Board; provided, that Director is given reasonable advance notice of such meetings
 and they are scheduled at times when Director is available. Director also represents that
 the Other Employment shall not materially and unreasonably interfere with Director's
 obligations under this Agreement. Subject to the forgoing, Director will use Director's
 best efforts to promote the interests of Company and its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the generality of the foregoing, Director confirms that Director is independent
 (as such term has been construed under the rules and regulations of the Securities and Exchange
 Commission, the OTC Markets, the NASDAQ Stock Exchange and the New York Stock Exchange).
 Director also confirms that, to Director's knowledge, (a) Director does not possess
 material business, close personal relationships or other affiliations, or any history of
 any such material business, close personal relationships or other affiliations, with the
 Company's significant equity or debt holders or any of their respective corporate affiliates
 that would cause Director to be unable to (i) exercise independent judgment based on the
 best interests of the Company or (ii) make decisions and carry out Director's responsibilities
 as a Director of the Company, in each case in accordance with the terms of the Governance
 Documents and applicable law, and (b) Director has no existing relationship or affiliation
 of any kind with any entity Director knows to be a competitor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By
 execution of this Agreement, Director accepts Director's appointment or election as
 a Director of the Company, and agrees to serve in such capacity, subject to the terms of
 this Agreement, until Director's successor is duly elected and qualified or until Director's
 earlier death, resignation or removal. The Parties acknowledge and agree that Director is
 being engaged to serve as a Director of the Company only and is not being engaged to serve,
 and shall not serve, the Company in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Director's
 status during the Term (as defined below) shall be that of an independent contractor and
 not, for any purpose, that of an employee or agent with authority to bind the Company in
 any respect. All payments and other consideration made or provided to the Director hereunder
 shall be made or provided without withholding or deduction of any kind, and the Director
 shall assume sole responsibility for discharging all tax or other obligations associated
 therewith.

Section 2. <u>Term.</u> The Term of this Agreement shall continue until the earliest of (a) such time as Director resigns or is removed in accordance with the Governance Documents, and (b) the death of the Director (the "Term")

Section 3. <u>Compensation</u>. For all services to be rendered by Director hereunder, and so long as Director remains a Director of the Company, the Company shall, during the Term, pay to Director the compensation and reimbursement of expenses as set forth in this ‎Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Director
 shall be paid the sum of $120,000 annually for Director's service as a director of
 the Company, to be paid $10,500 each calendar month, payable within 5 business days of the
 end of each calendar month, and with such amount for any partial calendar quarter being appropriately
 prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 and for as long as, Director serves as a member of the Audit Committee of the Board, Director
 shall be paid the sum of $4,000 annually, to be paid $1,000 each calendar quarter, payable
 within 5 business days of the end of each calendar quarter, and with such amount for any
 partial calendar quarter being appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If,
 and for as long as, Director serves as a member of the Compensation Committee of the Board,
 Director shall be paid the sum of $4,000 annually, to be paid $1,000 each calendar quarter,
 payable within 5 business days of the end of each calendar quarter, and with such amount
 for any partial calendar quarter being appropriately prorated; and for as long as Director
 serves as the Chairperson of the Compensation Committee of the Board, Director shall be paid
 an additional sum of $3,000 annually, to be paid $750 each calendar quarter, payable within
 5 business days of the end of each calendar quarter, and with such amount for any partial
 calendar quarter being appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If,
 and for as long as, Director serves as a member of the Nominating and Corporate Governance
 Committee of the Board, Director shall be paid the sum of $3,000 annually, to be paid $750
 each calendar quarter, payable within 5 business days of the end of each calendar quarter,
 and with such amount for any partial calendar quarter being appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During
 the Term, Company shall reimburse Director for all reasonable out-of-pocket expenses incurred
 by Director in attending any in-person meetings, provided that Director complies with the
 generally applicable policies, practices and procedures of the Company for submission of
 expense reports, receipts or similar documentation of such expenses. Any reimbursements for
 allocated expenses (as compared to out-of-pocket expenses of the Director in excess of $500.00)
 must be approved in advance by the Company.

Section 4. <u>Confidentiality</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition.</u> For purposes of this Agreement, "Confidential Information" shall mean all Company
 Work Product (as hereinafter defined) and all non-public written, electronic, and oral information
 or materials of Company communicated to or otherwise obtained by Director in connection with
 this Agreement, which is related to the products, business and activities of Company, its
 Affiliates (as defined below), and subsidiaries, and their respective customers, clients,
 suppliers, and other entities with which such party does business, including: (i) all costing,
 pricing, technology, software, documentation, research, techniques, procedures, processes,
 discoveries, inventions, methodologies, data, tools, templates, know how, intellectual property
 and all other proprietary information of Company; (ii) the terms of this Agreement; and (iii)
 any other information identified as confidential in writing by Company. Confidential Information
 shall not include information that: (a) was lawfully known by Director without an obligation
 of confidentiality before its receipt from Company; (b) is independently developed by Director
 without reliance on or use of Confidential Information; (c) is or becomes publicly available
 without a breach by Director of this Agreement; or (d) is disclosed to Director by a third
 party which is not required to maintain its confidentiality. An "Affiliate" of
 a Party shall mean any entity directly or indirectly controlling, controlled by, or under
 common control with, such Party at any time during the Term for so long as such control exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Ownership.</u> Company shall retain all right, title, and interest to the Confidential Information,
 including all copies thereof and all rights to patents, copyrights, trademarks, trade secrets
 and other intellectual property rights inherent therein and appurtenant thereto. Subject
 to the terms and conditions of this Agreement, Company hereby grants Director a non-exclusive,
 non-transferable, license during the Term to use any Confidential Information solely to the
 extent that such Confidential Information is necessary for the performance of Director's
 duties hereunder. Director shall not, by virtue of this Agreement or otherwise, acquire any
 proprietary rights whatsoever in Confidential Information, which shall be the sole and exclusive
 property and confidential information of Company. No identifying marks, copyright or proprietary
 right notices may be deleted from any copy of Confidential Information. Nothing contained
 herein shall be construed to limit the rights of Company from performing similar services
 for, or delivering the same or similar deliverable to, third parties using the Confidential
 Information and/or using the same personnel to provide any such services or deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentiality Obligations.</u> Director agrees to hold the Confidential Information in confidence and not
 to copy, reproduce, sell, assign, license, market, transfer, give or otherwise disclose such
 Confidential Information to any Person (as defined below) or entity or to use the Confidential
 Information for any purposes whatsoever, without the express written permission of Company,
 other than disclosure to Director's, partners, principals, directors, officers, employees,
 subcontractors and agents on a "need-to-know" basis as reasonably required for
 the performance of Director's obligations hereunder or as otherwise agreed to herein.
 Director shall be responsible to Company for any violation of this ‎Section 4 by Director's
 employees, subcontractors, and agents. Director shall maintain the Confidential Information
 with the same degree of care, but no less than a reasonable degree of care, as Director employs
 concerning its own information of like kind and character. For purposes herein, "Person"
 means any natural person, corporation, company, partnership (including both general and limited
 partnerships), limited liability company, sole proprietorship, association, joint stock company,
 firm, trust, trustee, joint venture, unincorporated organization, executor, administrator,
 legal representative or other legal entity, including any governmental authority, entity
 or instrumentality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Required Disclosure.</u> If Director is requested to disclose any of the Confidential Information
 as part of an administrative or judicial proceeding, Director shall, to the extent permitted
 by applicable law, promptly notify Company of that request and cooperate with Company, at
 Company's expense, in seeking a protective order or similar confidential treatment
 for the Confidential Information. If no protective order or other confidential treatment
 is obtained, Director shall disclose only that portion of Confidential Information which
 is legally required and will exercise all reasonable efforts to obtain reliable assurances
 that confidential treatment will be accorded the Confidential Information which is required
 to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Enforcement.</u> Director acknowledges that the Confidential Information is unique and valuable, and that
 remedies at law will be inadequate to protect Company from any actual or threatened breach
 of this ‎Section 4 by Director and that any such breach would cause irreparable and continuing
 injury to Company. Therefore, Director agrees that Company shall be entitled to seek equitable
 relief with respect to the enforcement of this ‎Section 4 without any requirement to
 post a bond, including, without limitation, injunction and specific performance, without
 proof of actual damages or exhausting other remedies, in addition to all other remedies available
 to Company at law or in equity. For greater clarity, in the event of a breach or threatened
 breach by Director of any of the provisions of this ‎Section 4, in addition to and not
 in limitation of any other rights, remedies or damages available at law or in equity, Company
 shall be entitled to a permanent injunction or other like remedy in order to prevent or restrain
 any such breach or threatened breach by Director, and Director agrees that an interim injunction
 may be granted against Director immediately on the commencement of any action, claim, suit
 or proceeding by Company to enforce the provisions of this ‎Section 4, and Director further
 irrevocably consents to the granting of any such interim or permanent injunction or any like
 remedy. If any action at law or in equity is necessary to enforce the terms of this ‎Section
 4, Director, if it is determined to be at fault, shall pay Company's reasonable legal
 fees and expenses on a substantial indemnity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Related Duties.</u> Director shall: (i) promptly deliver to Company upon Company's request
 all materials in Director's possession which contain Confidential Information; (ii)
 use its best efforts to prevent any unauthorized use or disclosure of the Confidential Information;
 (iii) notify Company in writing immediately upon discovery of any such unauthorized use or
 disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential
 Information and to prevent further unauthorized use and disclosure thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Legal Exceptions.</u> Further notwithstanding the foregoing provisions of this ‎Section 4,
 Director may disclose confidential information as may be expressly required by law, governmental
 rule, regulation, executive order, court order, or in connection with a dispute between the
 Parties; provided that prior to making any such disclosure, subject to applicable law, Director
 shall use its best efforts to: (i) provide Company with at least fifteen (15) days'
 prior written notice setting forth with specificity the reason(s) for such disclosure, supporting
 documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope
 and duration of such disclosure to the strictest possible extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Limitation.</u> Except as specifically set forth herein, no licenses or rights under any patent, copyright,
 trademark, or trade secret are granted by Company to Director hereunder, or are to be implied
 by this Agreement. Except for the restrictions on use and disclosure of Confidential Information
 imposed in this Agreement, no obligation of any kind is assumed or implied against either
 Party or their Affiliates by virtue of meetings or conversations between the Parties hereto
 with respect to the subject matter stated above or with respect to the exchange of Confidential
 Information. Each Party further acknowledges that this Agreement and any meetings and communications
 of the Parties and their affiliates relating to the same subject matter shall not: (i) constitute
 an offer, request, invitation or contract with the other Party to engage in any research,
 development or other work; (ii) constitute an offer, request, invitation or contract involving
 a buyer-seller relationship, joint venture, teaming or partnership relationship between the
 Parties and their affiliates; or (iii) constitute a representation, warranty, assurance,
 guarantee or inducement with respect to the accuracy or completeness of any Confidential
 Information or the non-infringement of the rights of third Persons.

Section 5. <u>Intellectual Property Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure of Work Product.</u> As used in this Agreement, the term "Work Product" means
 any invention, whether or not patentable, know-how, designs, mask works, trademarks, formulae,
 processes, manufacturing techniques, trade secrets, ideas, artwork, software or any copyrightable
 or patentable works. Director agrees to disclose promptly in writing to Company, or any Person
 designated by Company, all Work Product that is solely or jointly conceived, made, reduced
 to practice, or learned by Director in the course of any work performed for Company ("Company
 Work Product"). Director agrees (a) to use Director's best efforts to maintain
 such Company Work Product in trust and strict confidence; (b) not to use Company Work Product
 in any manner or for any purpose not expressly set forth in this Agreement; and (c) not to
 disclose any such Company Work Product to any third party without first obtaining Company's
 express written consent on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Company Work Product.</u> Director agrees that any and all Company Work Product conceived,
 written, created or first reduced to practice in the performance of work under this Agreement
 shall be deemed "work for hire" under applicable law and shall be the sole and
 exclusive property of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Assignment of Company Work Product.</u> Director irrevocably assigns to Company all right, title and
 interest worldwide in and to the Company Work Product and all applicable intellectual property
 rights related to the Company Work Product, including without limitation, copyrights, trademarks,
 trade secrets, patents, moral rights, contract and licensing rights (the "Proprietary
 Rights"). Except as set forth below, Director retains no rights to use the Company
 Work Product and agrees not to challenge the validity of Company's ownership in the
 Company Work Product. Director hereby grants to Company a perpetual, non-exclusive, fully
 paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense through
 multiple tiers of sublicensees, to reproduce, make derivative works of, publicly perform,
 and display in any form or medium whether now known or later developed, distribute, make,
 use and sell any and all Director owned or controlled Work Product or technology that Director
 uses to complete the services and which is necessary for Company to use or exploit the Company
 Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Assistance.</u> Director agrees to cooperate with Company or its designee(s), both during and after the Term,
 in the procurement and maintenance of Company's rights in Company Work Product and
 to execute, when requested, any other documents deemed necessary by Company to carry out
 the purpose of this Agreement. Director will assist Company in every proper way to obtain,
 and from time to time enforce, United States and foreign Proprietary Rights relating to Company
 Work Product in any and all countries. Director's obligation to assist Company with
 respect to Proprietary Rights relating to such Company Work Product in any and all countries
 shall continue beyond the termination of this Agreement, but Company shall compensate Director
 at a reasonable rate to be mutually agreed upon after such termination for the time actually
 spent by Director at Company's request on such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Execution of Documents.</u> In the event Company is unable for any reason, after reasonable effort,
 to secure Director's signature on any document requested by Company pursuant to this
 ‎Section 5 within seven (7) days of the Company's initial request to Director,
 Director hereby irrevocably designates and appoints Company and its duly authorized officers
 and agents as its agent and attorney in fact, which appointment is coupled with an interest,
 to act for and on its behalf solely to execute, verify and file any such documents and to
 do all other lawfully permitted acts to further the purposes of this ‎Section 5 with
 the same legal force and effect as if executed by Director. Director hereby waives and quitclaims
 to Company any and all claims, of any nature whatsoever, which Director now or may hereafter
 have for infringement of any Proprietary Rights assignable hereunder to Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Director Representations and Warranties.</u> Director hereby represents and warrants that: (i) Company
 Work Product will be an original work of Director or all applicable third parties will have
 executed assignments of rights reasonably acceptable to Company; (ii) neither the Company
 Work Product nor any element thereof will infringe the intellectual property rights of any
 third party; (iii) neither the Company Work Product nor any element thereof will be subject
 to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances
 or encroachments; (iv) Director will not grant, directly or indirectly, any rights or interest
 whatsoever in the Company Work Product to any third party; (v) Director has full right and
 power to enter into and perform Director's obligations under this Agreement without
 the consent of any third party; (vi) Director will use best efforts to prevent injury to
 any Person (including employees of Company) or damage to property (including Company's
 property) during the Term; and (vii) should Company permit Director to use any of Company's
 equipment, tools, or facilities during the Term, such permission shall be gratuitous and
 Director shall be responsible for any injury to any Person (including death) or damage to
 property (including Company's property) arising out of use of such equipment, tools
 or facilities.

Section 6. <u>Director's Representation and Acknowledgement.</u> Director represents to the Company that Director's execution and performance of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that Director may have with or to any Person, including without limitation, any prior or current employer. The Director hereby acknowledges and agrees that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and the Director shall have no recourse whatsoever against any stockholder of Company or any of any of its affiliate or subsidiary companies with respect to any matter arising under this Agreement.

Section 7. <u>Representations and Warranties Relating to Securities.</u> Any shares of Common Stock or other securities of the Company that may be issued or granted to the Director hereunder or pursuant to any other agreement between the Company and the Director in connection with the transactions contemplated herein may be referred to as the "Securities", and Director represents and warrants to the Company as set forth in this ‎Section 7 with respect to the Securities and Director's receipt thereof, as of the Effective Date and as of the date of any issuance or granting of any Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Director
 is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
 D promulgated pursuant to the Securities Act (an "Accredited Investor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Director
 hereby represent that the Securities awarded pursuant to this Agreement are being acquired
 for Director's own account and not for sale or with a view to distribution thereof.
 Director acknowledges and agrees that any sale or distribution of Securities which have vested
 may be made only pursuant to either (a) a registration statement on an appropriate form under
 the Securities Act of 1933, as amended (the "Securities Act"), which registration
 statement has become effective and is current with regard to the shares being sold, or (b)
 a specific exemption from the registration requirements of the Securities Act that is confirmed
 in a favorable written opinion of counsel, in form and substance satisfactory to counsel
 for the Company, prior to any such sale or distribution. Director hereby consents to such
 action as the Board or the Company deems necessary or appropriate from time to time to prevent
 a violation of, or to perfect an exemption from, the registration requirements of the Securities
 Act or to implement the provisions of this Agreement, including but not limited to placing
 restrictive legends on certificates evidencing shares of Securities (whether or not the Restrictions
 applicable thereto have lapsed) and delivering stop transfer instructions to the Company's
 stock transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Director
 understands that the Securities is being offered and sold to Director in reliance upon specific
 exemptions from the registration requirements of United States federal and state securities
 laws and that the Company is relying upon the truth and accuracy of, and Director's
 compliance with, the representations, warranties, agreements, acknowledgments and understandings
 of the Director set forth herein in order to determine the availability of such exemptions
 and the eligibility of the Director to acquire the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Director
 has been furnished with all documents and materials relating to the business, finances and
 operations of the Company and information that Director requested and deemed material to
 making an informed investment decision regarding its acquisition of the Securities. Director
 has been afforded the opportunity to review such documents and materials and the information
 contained therein. Director has been afforded the opportunity to ask questions of the Company
 and its management. Director understands that such discussions, as well as any written information
 provided by the Company, were intended to describe the aspects of the Company's business
 and prospects which the Company believes to be material, but were not necessarily a thorough
 or exhaustive description and the Company makes no representation or warranty with respect
 to the completeness of such information and makes no representation or warranty of any kind
 with respect to any information provided by any entity other than the Company. Some of such
 information may include projections as to the future performance of the Company, which projections
 may not be realized, may be based on assumptions which may not be correct and may be subject
 to numerous factors beyond the Company's control. Additionally, Director understands
 and represents that Director is acquiring the Securities notwithstanding the fact that the
 Company may disclose in the future certain material information that the Director has not
 received. Director has sought such accounting, legal and tax advice as Director has considered
 necessary to make an informed investment decision with respect to Director's investment
 in the Securities. Director has full power and authority to make the representations referred
 to herein, to acquire the Securities and to execute and deliver this Agreement. Director,
 either personally, or together with Director's advisors has such knowledge and experience
 in financial and business matters as to be capable of evaluating the merits and risks of
 an investment in the Securities, is able to bear the risks of an investment in the Securities
 and understands the risks of, and other considerations relating to, a purchase of the Securities.
 The Director and Director's advisors have had a reasonable opportunity to ask questions
 of and receive answers from the Company concerning the Securities. Director's financial
 condition is such that Director is able to bear the risk of holding the Securities that Director
 may acquire pursuant to this Agreement for an indefinite period of time, and the risk of
 loss of Director's entire investment in the Company. Director has investigated the
 acquisition of the Securities to the extent Director deemed necessary or desirable and the
 Company has provided Director with any reasonable assistance Director has requested in connection
 therewith. No representations or warranties have been made to Director by the Company, or
 any representative of the Company, or any securities broker/dealer, other than as set forth
 in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Director
 also acknowledges and agrees that an investment in the Securities is highly speculative and
 involves a high degree of risk of loss of the entire investment in the Company and there
 is no assurance that a public market for the Securities will ever develop and that, as a
 result, Director may not be able to liquidate Director's investment in the Securities
 should a need arise to do so. Director is not dependent for liquidity on any of the amounts
 Director is investing in the Securities. Director has full power and authority to make the
 representations referred to herein, to acquire the Securities and to execute and deliver
 this Agreement. Director understands that the representations and warranties herein are to
 be relied upon by the Company as a basis for the exemptions from registration and qualification
 of the issuance and sale of the Securities under the federal and state securities laws and
 for other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Director
 understands that no United States federal or state agency or any other government or governmental
 agency has passed upon or made any recommendation or endorsement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Director
 understands that until such time as the Securities have been registered under the Securities
 Act or may be sold pursuant to Rule 144, Rule 144A under the Securities Act or Regulation
 S without any restriction as to the number of securities as of a particular date that can
 then be immediately sold, the Securities may bear a restrictive legend in substantially the
 following form (and a stop-transfer order may be placed against transfer of the certificates
 for such Securities):

"NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

Section 8. <u>General Representations and Warranties of Director</u>. Director represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement has been duly and validly authorized by Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement has been duly executed and delivered on behalf of Director, and this Agreement
 constitutes a valid and binding agreement of Director enforceable in accordance with its
 terms, subject to the application of applicable bankruptcy, insolvency, reorganization, moratorium,
 fraudulent conveyance and other similar laws of general application affecting enforcement
 of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Director
 is an individual resident of the state set forth in the notices provision for Director herein.

Section 9. <u>Effect of Waiver</u>. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.

Section 10. <u>Assignment</u>. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, whether by operation of law or otherwise, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect. Notwithstanding the foregoing, the Company may transfer, assign or delegate to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company any of Company's rights, obligations or duties hereunder. As used in this Agreement, "Company" shall mean the Company as herein defined and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law, or otherwise.

Section 11. <u>No Third-Party Rights</u>. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the Parties hereto.

Section 12. <u>Entire Agreement; Effectiveness of Agreement</u>. This Agreement and any other agreement entered into between the Company and Director with respect to the issuance of any equity securities of the Company or other equity awards relating to the Company set forth the entire agreement of the Parties hereto and shall supersede any and all prior agreements and understandings concerning the Director's employment by the Company. This Agreement may be changed only by a written document signed by the Director and the Company.

Section 13. <u>Survival</u>. The provisions of ‎Section 4, ‎Section 5, ‎Section 6 and ‎Section 11 through ‎Section 25, inclusive, shall survive any termination or expiration of this Agreement, and provided that any expiration or termination of this Agreement shall not excuse a Party from compliance with, or fulfillment of, any obligations or conditions which arose prior to such expiration or termination.

Section 14. <u>Severability</u>. If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way be affected or impaired thereby.

Section 15. <u>Governing Law and Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, and any and all claims, proceedings or causes of action relating to this Agreement
 or arising from this Agreement or the transactions contemplated herein, including, without
 limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed,
 governed and enforced under and solely in accordance with the substantive and procedural
 laws of the State of Delaware, in each case as in effect from time to time and as the same
 may be amended from time to time, and as applied to agreements performed wholly within the
 State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to ‎Section 17, each Party agrees that all legal proceedings concerning this Agreement
 shall be commenced in the state and federal courts sitting in SAN MATEO COUNTY, CALIFORNIA
 (the "Selected Courts") WITH RESPECT TO ANY ENFORCEMENT OF AN ARBITRAL AWARD
 PURSUANT TO ‎Section 17, WITH RESPECT TO ENFORCEMENT OF THE PROVISIONS OF ‎Section
 18, AND WITH RESPECT TO THE RESOLUTION OF ANY PROCEEDING OR DISPUTE WHICH IS NOT ABLE TO
 BE RESOLVED PURSUANT TO THE PROVISIONS OF ‎Section 17 FOR ANY REASON. Each Party hereto
 hereby irrevocably submits to the exclusive jurisdiction of the Selected Courts for the adjudication
 of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
 or discussed herein (including with respect to the enforcement of the rights of a Party under
 this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action
 or proceeding, any claim that it is not personally subject to the jurisdiction of such Selected
 Courts, or such Selected Courts are improper or inconvenient venue for such proceeding. Each
 Party hereby irrevocably waives personal service of process and consents to process being
 served in any such suit, action or proceeding by mailing a copy thereof via registered or
 certified mail or overnight delivery (with evidence of delivery) to such Party at the address
 in effect for notices to it under this Agreement and agrees that such service shall constitute
 good and sufficient service of process and notice thereof. Nothing contained herein shall
 be deemed to limit in any way any right to serve process in any other manner permitted by
 applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TO
 THE EXTENT PERMITTED BY APPLICABLE LAW, PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
 BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
 OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
 HEREIN (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
 THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
 OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT , IN THE
 EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
 THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
 THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS ‎Section 15(c) .
 Each of the Parties acknowledge that each has been represented in connection with the signing
 of this waiver by independent legal counsel selected by the respective Party and that such
 Party has discussed the legal consequences and import of this waiver with legal counsel.
 Each of the Parties further acknowledge that each has read and understands the meaning of
 this waiver and grants this waiver knowingly, voluntarily, without duress and only after
 consideration of the consequences of this waiver with legal counsel .

Section 16. <u>Attorneys' Fees</u>. Subject to the provisions of ‎Section 17, if any Party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing Party in such action or proceeding shall be reimbursed by the other Party for its attorney's fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

Section 17. <u>Arbitration</u>. Any controversy, claim or dispute arising out of or relating to this Agreement or the Director's employment by the Company, including, but not limited to, common law and statutory claims for discrimination, wrongful discharge, and unpaid wages, shall be resolved by arbitration in Menlo Park, California pursuant to then-prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted by one arbitrator jointly selected by the Parties. In the event that the Parties are unable to agree on the identity of the arbitrator within ten days of the commencement of efforts to do so, each Party shall select one arbitrator and the two arbitrators so selected shall select the sole arbitrator who shall hear and resolve controversy, claim or dispute. The arbitrator shall be bound to follow the applicable Agreement provisions in adjudicating the dispute. It is agreed by both Parties that the arbitrator's decision is final, and that no Party may take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrator may be entered in the Selected Courts. Subject to the provisions of ‎Section 16, each Party will pay its own expenses of arbitration and the expenses of the arbitrator will be equally shared provided that, if in the opinion of the arbitrator any claim, defense, or argument raised in the arbitration was unreasonable, the arbitrator may assess all or part of the expenses of the other Party (including reasonable attorneys' fees) and of the arbitrator as the arbitrator deems appropriate. The arbitrator may not award either Party punitive or consequential damages.

Section 18. <u>General Remedies.</u> Each Party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by such Party of the provisions of this Agreement, that the other Party shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

Section 19. <u>Indemnification</u>. During the Term, the Director shall be entitled to indemnification and insurance coverage for officers' liability, fiduciary liability and other liabilities arising out of the Director's position with the Company in any capacity, in an amount not less than the highest amount available to any other executive, and such coverage and protections, with respect to the various liabilities as to which the Director has been customarily indemnified prior to termination of employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered into between the Company and the Director shall continue in full force and effect in accordance with its terms following the termination of this Agreement.

Section 20. <u>Expenses</u>. Other than as specifically set forth herein, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with this Agreement and the transactions contemplated herein.

Section 21. <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other Party, or by registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and received or nationally recognized overnight courier service, addressed as set forth below or to such other address as either Party shall have furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery, if sent by email.

If to the Company:

Advasa Holdings, Inc.

Attn: Grady Ryther

1-2-7 Moto-Akasake

Minato-ku, Tokyo, 107-0051 Japan

Email: gryther@post.harvard.edu

With a copy, which shall not constitute notice, to:

Anthony, Linder & Cacomanolis, PLLC

Attn: John Cacomanolis

1700 Palm Beach Lakes Blvd., Suite 820

West Palm Beach, FL 33401

Email: JCacomanolis@alclaw.com

If to Director, to:

_____________

[_______________]

[_______________]

Email: [_______________]

Section 22. <u>Headings</u>. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 23. <u>Counsel</u>. The Parties acknowledge and agree that legal counsel to the Company ("Counsel") has prepared this Agreement at the request of the Company, and that Counsel is not legal counsel to Director individually. Each of the Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel acting as legal counsel to the Company and preparing this Agreement, and that Counsel has advised each of the Parties to retain separate counsel to review the terms and conditions of this Agreement and the other documents to be delivered in connection herewith, and each Party has either waived such right freely or has otherwise sought such additional counsel as it has deemed necessary. Each of the Parties acknowledges and agrees that Counsel does not owe any duties to Director in Director's individual capacity in connection with this Agreement and the transactions contemplated herein. Each of the Parties hereby waives any conflict of interest which may apply with respect to Counsel's actions as set forth herein, and the Parties confirm that the Parties have previously negotiated the material terms of the agreements as set forth herein.

Section 24. <u>Rule of Construction</u>. The general rule of construction for interpreting a contract, which provides that the provisions of a contract should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges that such Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement or such Party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to do so.

Section 25. <u>Execution in Counterparts, Electronic Transmission</u>. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Signatures appear on following page]*

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Advasa Holdings, Inc. | Advasa Holdings, Inc. |
| By: |  |
| Name: | Grady Ryther |
| Title: | Chief Executive Officer |
| Director: | ___________ |
| By: |  |
| Name: | ____________ |

---

## Exhibit 10.5

**Exhibit 10.5**

**<u>Advasa Holdings, Inc.</u>**

**<u>form of</u>**  **<u>Indemnification Agreement</u>**

Dated as of [____________], 2025

This Indemnification Agreement (the "Agreement") dated as of the date first set forth above (the "Effective Date") is entered into by and between Advasa Holdings, Inc., a Delaware corporation (the "Company") and [____________] (the "Indemnitee"). The Company and Indemnitee may collective be referred to as the "Parties" and each individually as a "Party".

WHEREAS, Indemnitee's service to the Company substantially benefits the Company;

WHEREAS, Individuals are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided with adequate protection through insurance or indemnification against the risks of claims and actions against them arising out of such service;

WHEREAS, Indemnitee does not regard the protection currently provided by applicable law, the Company's governing documents and any insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection;

WHEREAS, in order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law; and

WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification provided in the Company's Certificate of Incorporation and Bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder;

NOW, THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Indemnitee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "Change in Control" shall be deemed to occur upon the earliest to occur after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Acquisition of Stock by Third Party.* Any Person (as defined below) becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities; provided, that any acquisition that occurs as a result of any transaction that has been approved by a majority of the Company's board of directors shall be excluded from the definition of Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *Change in Board Composition.* During any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Company's board of directors, and any new directors (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Section 1(a)(i), Section 1(a)(iii) or Section 1(a)(iv)) whose election by the board of directors or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Company's board of directors; provided, that changes in the composition of the Company's board of directors as a result of any transaction that has been approved by a majority of the Company's board of directors shall be excluded from the definition of Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *Corporate Transactions.* The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Liquidation.* The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) *Other Events.* Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement.

&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) "Person" shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended; provided, however, that "Person" shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock 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;(c) "Beneficial Owner" shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended; provided, however, that "Beneficial Owner" shall exclude any Person otherwise becoming a Beneficial Owner by reason of (i) the stockholders of the Company approving a merger of the Company with another entity or (ii) the Company's board of directors approving a sale of securities by the Company to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Corporate Status" describes the status of a person who is or was a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Disinterested Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee and who meets the requirements of a "disinterested director" as set forth in the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Enterprise" means the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Expenses" include all reasonable and actually incurred attorneys' fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of Section 12(d), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "DGCL" means the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Independent Counsel" means a law firm, or a partner or member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such Party (other than as Independent Counsel with respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Proceeding" means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any appeal therefrom and including without limitation any such Proceeding pending as of the Effective Date, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee's part while acting as a director or officer of the Company, or (iii) the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Reference to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; 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 he or she reasonably believed to be in the best interests 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 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Indemnity in Third-Party Proceedings.** The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she 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 that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Indemnity in Proceedings by or in the Right of the Company.** The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Expenses as such court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses of a Party Who is Wholly or Partly Successful.** To the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Indemnification for Expenses of a Witness.** To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Additional Indemnification.**

&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) Notwithstanding any limitation in Section 2, Section 3 or Section 4, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or matter therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of Section 6(a), the meaning of the phrase "to the fullest extent permitted by applicable law" shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; 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;(ii) the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the Effective Date that increase the extent to which a corporation may indemnify its officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exclusions.** Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of Indemnitee 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state or local statutory law or common law, if Indemnitee 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934, as amended (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 Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company's board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d) or (iv) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Advances of Expenses.** The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding prior to its final disposition, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 90 days, after the receipt by the Company of a written statement or statements requesting such advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee's ability to repay such advances. Indemnitee hereby undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 7(b) or Section 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Procedures for Notification and Defense of Claim.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors' and officers' liability insurance in effect that may be applicable to the Proceeding, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company's assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee's separate counsel to the extent (i) the employment of separate counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations or (iv) the Company shall not have retained, or shall not continue to retain, counsel to defend such Proceeding. The Company shall have the right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's personal expense. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right 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;(d) Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably 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;(e) The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the Company's prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or liability on Indemnitee without Indemnitee's prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Procedures upon Application for Indemnification.**

&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 obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. Any delay in providing the request will not relieve the Company from its obligations under this Agreement, except to the extent such failure is prejudicial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination with respect to Indemnitee's entitlement thereto shall be made in the specific case (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Company's board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of two or more of the Disinterested Directors, even though less than a quorum of the Company's board of directors, (B) by a committee of two or more of the Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Company's board of directors, (C) if there are less than two Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company's board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company's board of directors, by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Company's board of directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company's board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided*, *however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) and (ii) the final disposition of the Proceeding, the Parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b). Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a), the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company agrees to pay the reasonable fees and expenses of any Independent Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Presumptions and Effect of Certain Proceedings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption.

&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 termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&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) Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Remedies of Indemnitee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 12(e), in the event that (i) a determination is made pursuant to Section 10 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or Section 12(d), (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10 within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Section 4, Section 5 and Section 12(d), within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration with respect to his or her entitlement to such indemnification or advancement of Expenses, to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); *provided, however,* that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 4. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 10 that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a *de novo* trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may 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;(c) To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statements not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are incurred by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company to the extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 90 days, after receipt by the Company of a written request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification shall be required to be made prior to the final disposition of the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Contribution.** To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and agents) in connection with such events and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Non-exclusivity.** The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company's Certificate of Incorporation or Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company's Certificate of Incorporation and Bylaws and this Agreement, it is the intent of the Parties that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **No Duplication of Payments.** The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Insurance.** To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by such policy or policies to the same extent as the most favorably-insured persons under such policy or policies in a comparable position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Subrogation.** In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Services to the Company.** Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without notice, except as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the Company's board of directors or, with respect to service as a director or officer of the Company, the Company's Certificate of Incorporation or Bylaws or the DGCL. No such document shall be subject to any oral modification thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Duration.** This Agreement shall continue until and terminate upon the later of (a) ten years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as applicable; or (b) one year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Successors.** This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect successor, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Company, and shall inure to the benefit of Indemnitee and Indemnitee's heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Other than as set forth herein, no Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Severability; Limitation.** Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. All obligations of the Company hereunder shall be subject to any limitations in, and any requirements of, the DGCL as it may be in place at the applicable time. The Company's inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the Parties; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Enforcement.** The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Entire Agreement.** This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the Parties with respect to the subject matter hereof; *provided*, *however*, that this Agreement is a supplement to and in furtherance of the Company's Certificate of Incorporation and Bylaws and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Modification and Waiver.** No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the Parties. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **Notices.** All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to Indemnitee's address, facsimile number or electronic mail address as shown in the Company's records, as may be updated in accordance with the provisions hereof; or if to the Company, to:

Advasa Holdings, Inc.

Attn: [_____]

[______]

[______]

Email: [_____]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient's next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **Applicable Law and Consent to Jurisdiction.** This Agreement and the legal relations among the Parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a), the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the courts of the State of Delaware or the United States District Courts located in the State of Delaware (the "Selected Courts"), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Selected Courts for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such Party is not otherwise subject to service of process in the State of Delaware, the Company's registered agent, as registered with the Delaware Secretary of State, as its agent in the State of Delaware as such Party's agent for acceptance of legal process in connection with any such action or proceeding against such Party with the same legal force and validity as if served upon such Party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Selected Courts, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Selected Courts has been brought in an improper or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **Captions.** The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. **Counterparts.** This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the Party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

*[Signatures appear on following page]*

In witness whereof, the Parties have signed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Advasa Holdings, Inc. | Advasa Holdings, Inc. |
| By: |  |
| Name: |  |
| Title: |  |
| Indemnitee: [________________] | Indemnitee: [________________] |
| By: |  |
| Name: | [________________] |

---

## Exhibit 10.6

**Exhibit 10.6**

**REDEMPTION AGREEMENT**

This Redemption Agreement (this "Agreement"), dated as of 29 August 2025 (the "Effective Date"), is entered into by and between Advasa Holdings, Inc., a Delaware corporation (the "Company") and Taiji Ito ("Stockholder"). The Company and Stockholder may be referred to herein individually as a "Party" and collectively as the "Parties".

RECITALS

WHEREAS, Stockholder is the owner of certain shares of common stock, par value $0.00001 per share, of the Company (the "Common Stock"); and

 

WHEREAS, pursuant to the terms and conditions of this Agreement, Stockholder desires to sell, and the Company desires to purchase, all of the Stockholder's rights, title, and interest in and to five (5) shares of Common Stock (the "Shares") as further described herein;

NOW, THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

1. <u>Agreement to Purchase and Sell.</u> Subject to the terms and conditions of this Agreement, Stockholder shall sell, assign, transfer, convey, and deliver to the Company, and the Company shall accept and purchase, the Shares and any and all rights in the Shares to which Stockholder is entitled, and by doing so Stockholder shall be deemed to have assigned all of Stockholder's rights, titles and interest in and to the Shares to the Company. The redeemed Shares shall be returned to the status of authorized but unissued shares of Common Stock.

2. <u>Consideration.</u> The consideration for the acquisition of the Shares shall be $5.00 in total (the "Purchase Price").

3. <u>Closing; Deliveries; Additional Actions</u>. The purchase and sale of the Shares (the "Closing") shall be held on the Effective Date immediately following the execution of this Agreement. At the Closing, Stockholder shall deliver to the Company the stock power in the form as attached hereto to as Exhibit A, and the Company shall deliver to Stockholder the Purchase Price via check.

4. <u>Representations and Warranties of the Stockholder</u>. Stockholder represents and warrants to the Company as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Organization and Standing</u>.
 The Stockholder is natural person and has all requisite power and authority to own its properties and conduct its business as it is
 now being conducted.

4.2. <u>Right and Title to Shares</u>.
 Stockholder legally and beneficially owns the Shares and no other person or entity has any rights therein or thereto. There are no
 liens or other encumbrances of any kind on the Shares and Stockholder has the sole right to dispose of the Shares. There are no outstanding
 options, warrants or other similar agreements with respect to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Due Authority; No Violation</u>.
 Stockholder has all requisite rights and authority or the capacity to execute, deliver and perform Stockholder's obligations
 under this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have
 been duly and validly authorized by all necessary action on the part of Stockholder, and no other proceedings on the part of Stockholder
 are necessary to authorize the execution, delivery and performance of this Agreement or the transactions contemplated hereby or thereby
 on the part of Stockholder.

4.4. <u>Enforceability</u>. This
 Agreement has been duly executed and delivered by Stockholder and, assuming that this Agreement constitutes the legal, valid and binding
 obligation of the Company, constitutes the legal, valid, and binding obligation of Stockholder, enforceable against Stockholder in
 accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
 reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors'
 rights generally.

5. <u>Representations and Warranties of The Company</u>. The Company represents and warrants to Stockholder as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Organization and Standing</u>.
 The Company is duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite
 power and authority to own its properties and conduct its business as it is now being conducted.

5.2. <u>Due Authority; No Violation</u>.
 The Company has all requisite rights and authority or the capacity to execute, deliver and perform its obligations under this Agreement.
 The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly
 authorized by all necessary action on the part of the Company, and no other proceedings on the part of the Company are necessary to
 authorize the execution, delivery and performance of this Agreement or the transactions contemplated hereby or thereby on the part
 of the Company.

5.3. <u>Enforceability</u>. This
 Agreement has been duly executed and delivered by the Company and, assuming that this Agreement constitutes the legal, valid and binding
 obligation of Stockholder, constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in
 accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency,
 reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors'
 rights generally.

6. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Further Assurances.</u> From time to time, whether at or following the Closing, each Party shall make reasonable commercial efforts to take, or cause to be
 taken, all actions, and to do, or cause to be done, all things reasonably necessary, proper or advisable, including as required by
 applicable laws, to consummate and make effective as promptly as practicable the transactions contemplated by this Agreement.

6.2. <u>Notices</u>. All notices
 or other communications required or permitted hereunder shall be in writing and shall be to the Company at its principal office address
 or to the stockholder at the address as set forth in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Governing Law</u>. All
 questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined, and this Agreement
 shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, and for all purposes
 shall be construed in accordance with the laws of such state, without giving effect to the choice of law provisions of such state.

6.4. <u>Assignment.</u> This Agreement
 shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. No Party
 shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations
 hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions
 contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's
 due performance of its obligations hereunder, without the prior written consent of the other Party and any such purported assignment
 in contravention of the provisions herein shall be null and void and of no force or effect.

6.5. <u>No Third Party Beneficiaries</u>.
 Nothing in this Agreement shall confer any rights, remedies or claims upon any Person or entity not a party or a permitted assignee
 of a party to this Agreement.

6.6. <u>Specific Performance</u>.
 The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
 by them in accordance with the terms hereof or were otherwise breached and that each Party shall be entitled to an injunction or injunctions,
 specific performance and other equitable relief to prevent breaches of the provisions hereof and to enforce specifically the terms
 and provisions hereof, without the proof of actual damages, in addition to any other remedy to which they are entitled at law or in
 equity. Each Party agrees to waive any requirement for the security or posting of any bond in connection with any such equitable remedy,
 and agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that
 (a) any other Party has an adequate remedy at law, or (b) an award of specific performance is not an appropriate remedy for any reason
 at law or equity.

6.7. <u>Entire Agreement</u>.
 This Agreement represents the entire understanding and agreement between the Parties regarding the subject matter hereof and supersedes
 all prior agreements, representations, warranties, and negotiations between the Parties. This Agreement may be amended, supplemented,
 or changed only by an agreement in writing that makes specific reference to this Agreement or the agreement delivered pursuant to it,
 and must be signed by all of the Parties. This Agreement may not be amended by email or other electronic communications.

6.8. <u>Severability</u>. Whenever
 possible, each provision of this Agreement shall be interpreted in a manner to be effective and valid under applicable law, but if
 one or more of the provisions of this Agreement is subsequently declared invalid or unenforceable, the invalidity or unenforceability
 shall not in any way affect the validity or enforceability of the remaining provisions of this Agreement. In the event of the declaration
 of invalidity or unenforceability, this Agreement, as modified, shall be applied and construed to reflect substantially the intent
 of the Parties and achieve the same economic effect as originally intended by its terms. In the event that the scope of any provision
 to this Agreement is deemed unenforceable by a court of competent jurisdiction, or by an arbitrator, the Parties agree to the reduction
 of the scope of the provision as the court or arbitrator shall deem reasonably necessary to make the provision enforceable under the
 circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Headings</u>. The headings
 contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties.

6.10. <u>Counsel</u>. The Parties
 acknowledge and agree that legal counsel to the Company ("Counsel") has acted as legal counsel to the Company, and that
 Counsel has prepared this Agreement at the request of the Company, and that Counsel is not legal counsel to Stockholder individually.
 Each of the Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel acting as legal counsel to the
 Company and preparing this Agreement, and that Counsel has advised each of the Parties to retain separate counsel to review the terms
 and conditions of this Agreement and the other documents to be delivered in connection herewith, and each Party has either waived such
 right freely or has otherwise sought such additional counsel as it has deemed necessary. Each of the Parties acknowledges and agrees
 that Counsel does not owe any duties to Stockholder in Stockholder's individual capacity in connection with this Agreement and
 the transactions contemplated herein. Each of the Parties hereby waives any conflict of interest which may apply with respect to Counsel's
 actions as set forth herein, and the Parties confirm that the Parties have previously negotiated the material terms of the agreements
 as set forth herein.

6.11. <u>Waiver</u>. Waiver of
 any term or condition of this Agreement by any Party shall only be effective if in writing and shall not be construed as a waiver of
 any subsequent breach or failure of the same term or condition, or a waiver of any other term or condition of this Agreement.

1.1. <u>Counterparts</u>. This
 Agreement may be executed in any number of counterparts, each of which shall be deemed an original. The signature of any Party which
 is transmitted by any reliable electronic means such as, but not limited to, a photocopy, electronically scanned or facsimile machine,
 for purposes hereof, is to be considered as an original signature, and the document transmitted is to be considered to have the same
 binding effect as an original signature or an original document.

*[Remainder of page intentionally left blank – Signature pages follow]*

 

IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| Advasa Holdings, Inc. | Advasa Holdings, Inc. |
| By: | */s/ Grady Ryther* |
| Name: | Grady Ryther |
| Title: | Chief Executive Officer |
| Stockholder: | Taiji Ito |
| By: | */s/ Taiji Ito* |
| Name: | Taiji Ito |

---

Exhibit A

IRREVOCABLE STOCK POWER

[Advasa Holdings, Inc.]

FOR VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, Taiji Ito ("Seller") hereby assigns, transfers, and conveys to Advasa Holdings, Inc., a Delaware corporation (the "Company"), all of Seller's right, title, and interest in and to five (5) shares of common stock, par value $0.00001 per share, of the Company, which are uncertificated, and hereby irrevocably appoints the Chief Executive Officer of the Company, as Seller's attorney-in-fact to transfer said shares on the books of the Company, with full power of substitution in the premises.

---

| | |
|:---|:---|
| Date: | 29 August 2025 |
| Seller Name: | Taiji Ito |
| By: | */s/ Taiji Ito* |
| Name: | Taiji Ito |

---

## Exhibit 10.7

**Exhibit 10.7**

Software License Agreement

FTS Co. , Ltd. (hereinafter referred to as "Party A") and ADVASA Co., Ltd. (hereinafter referred to as "Party B") enter into the following agreement (hereinafter referred to as "this Agreement") regarding the software specified in Article 1, Paragraph 1.

Article 1 (Definition)

The terms used in this Agreement shall have the following meanings:

(1) This Software

This refers to software developed by Party B that can be accessed from the URL below. However, if Party A sublicenses this Software pursuant to Article 3, Paragraph 1, Party A shall prepare a separate URL and server at its own expense.

Note

https://www.fukupe.com/admin/session/login

(2) Related data

This refers to data created on a computer by using the Software or by the functions of the Software.

(3) Intellectual Property Rights

This refers to copyright (including the rights under Articles 27 and 28 of the Copyright Act), as well as patent rights, utility model rights, design rights, and trademark rights (including the right to register these), and all other intellectual property rights.

Article 2 (License of Use)

1. Party B will grant Party A a license to use the Software (hereinafter
referred to as "this License"), and Party A will pay Party B compensation for the License.

2. During the validity period of this Agreement, this Software
may only be used on the operating system designated by Party B.

3. This license will become effective by entering the license
key issued by Party B into the Software and by carrying out other authentication procedures specified by Party B.

Article 3 (Sublicensing, etc.)

1. Party A may sublicense the Software only to persons who have
an address within the Republic of Korea.

2. Party A must obtain Party B's prior written consent when
making copies of the Software.

Article 4 (License Fee)

1. The consideration for this license (hereinafter referred to
as the "license fee") will be determined through mutual consultation between Party A and Party B.

2. License fees shall not be refunded for any reason.

Article 5 (Attribution of Rights)

1. The ownership rights, intellectual property rights and all
other rights relating to the Software and related data belong to Party B.

2. Pursuant to this Agreement, Party A will only acquire from
Party B the right to use the Software, and will not acquire any ownership rights, intellectual property rights, or other rights to the
Software, related data, or copies thereof.

Article 6 (Transfer of Rights and Obligations)

Neither Party A nor Party B may transfer, lend, or pledge as security to a third party all or part of its position under this Agreement or the rights and obligations arising from this Agreement without the prior written consent of the other party.

Article 7 (Confidentiality)

1. Party A and Party B shall manage the existence and content
of this Agreement, as well as all technical, business, financial and other information of the other party that they learn in the course
of performing this Agreement (hereinafter referred to as "Confidential Information") with the care of a good manager, and
shall not disclose, leak or provide (including orally; the same applies hereinafter) any such information to any third party other than
the officers or employees of each party (hereinafter referred to as "Officers, etc.") without the written consent of the
other party. However, the information specified in the following items shall not be included in Confidential Information.

(1) Information that was already publicly known at the time of
receipt

(2) Information lawfully obtained from a legitimate third party
without any obligation to maintain confidentiality

(3) Information that was already lawfully held by the recipient
at the time of receipt

(4) Information that becomes publicly known after receipt through
no fault of the recipient

(5) Information independently developed by the recipient, unrelated
to the received confidential information

2. Notwithstanding the preceding paragraph, Party A and Party
B may disclose confidential information without obtaining the consent set forth in the heading of the preceding paragraph in the following
cases.

(1) When disclosing confidential information to a lawyer, certified
public accountant, tax accountant, or other third party who is legally bound to maintain confidentiality.

(2) When a court, administrative agency, or other government agency
requests disclosure of confidential information

(3) When disclosing confidential information in accordance with
laws and regulations or rules established by a financial instruments exchange.

3. Party A and Party B shall not use the Confidential Information
for any purpose other than the performance of this Agreement.

4. Upon termination of this Agreement or upon request from the
other party, Party A and Party B must promptly return or destroy the other party's confidential information and any documents,
recording media, or other tangible media on which such confidential information is written or recorded.

5. (1) Party A and Party B shall impose the same confidentiality
obligations on their officers, etc. as Party A itself, and shall take supervision and other necessary measures to ensure that their officers,
etc. do not violate the preceding paragraphs.

(2) If one of their officers or other personnel violates any of
the preceding paragraphs, Party A and Party B shall jointly and severally compensate the other party for any damages caused by such violation.

Article 8 (Validity Period)

The validity period of this license is two years, from April 1, 2024 to March 31, 2026.

Article 9 (Matters outside the regulations)

If any doubt arises regarding the interpretation of this Agreement or any matter not stipulated in this Agreement, Party A and Party B shall comply with the Civil Code and other laws and regulations, and if it is difficult to resolve the matter in this way, Party A and Party B shall negotiate in good faith.

Article 10 (Governing Law)

This Agreement shall be governed by the laws of Japan.

Article 11 (Exclusive Jurisdiction)

Any disputes arising in connection with this Agreement shall be submitted to the exclusive jurisdiction of the Tokyo District Court or the Tokyo Summary Court, depending on the amount of the claim.

To certify the formation of this Agreement, two copies of this document will be prepared and signed and sealed by Party A and Party B, with each Party retaining one copy.

April 1, 2024

A: 5th floor, Ichibancho West Building, 10-8 Ichibancho, Chiyoda-ku, Tokyo

FTS Co., Ltd.

Representative Director Hirokazu Watanabe

Akasaka K Tower 4th Floor, 2-7 Motoakasaka 1-chome, Minato-ku, Tokyo

ADVASA Co., Ltd.

Representative Director Tomomitsu Kosugi

## Exhibit 10.8

**Exhibit 10.8**

Software Maintenance Agreement

Qpo Co., Ltd. (hereinafter referred to as "Party A") and ADVASA Co., Ltd. (hereinafter referred to as "Party B") hereby enter into the following software maintenance agreement (hereinafter referred to as "this Agreement") today.

Article 1

Party A entrusted Party B with maintenance work (hereinafter referred to as the "Business") for Party A's exchange system (hereinafter referred to as the "Software"), and Party B accepted the Business.

2. The specific content of this work will be determined through consultation between Party A and Party B.

Article 2

The validity period of this Agreement shall be two years from April 1, 2024 to March 31, 2026.

Article 3

The price and payment method for this work will be determined through consultation between Party A and Party B.

Article 4

If Party B violates this Agreement and causes damage to Party A (including, but not limited to, damage to software used by Party A (including, but not limited to, this Software) or the computer itself during the performance of the Work), Party B will be liable to compensate Party A for said damage. However, this does not apply if said damage is caused by instructions given by Party A or by force majeure such as an unforeseeable natural disaster.

Article 5

Party B shall not leak or disclose to any third party any information about Party A that it learns in connection with this Agreement, nor shall it be used for any purpose other than the business in question.

Article 6

Party A and Party B may terminate this Agreement by giving the other party three months' notice.

2. Notwithstanding the provisions of the preceding paragraph, Party B may terminate this Agreement without any notice or demand if Party A falls under any of the following circumstances:

(1) When payment has not been made three or more times in a row

(2) When a third party files a petition for provisional attachment, disposition for delinquent taxes, compulsory execution, auction, etc.

(3) If the provisions of this Agreement are violated and the violation is not corrected even after a reasonable period of notice has been given.

3 Notwithstanding the provisions of paragraph 1, Party A may terminate this Agreement without any notice or demand if Party B falls under any of the following circumstances:

(1) When the person neglects the business

(2) When a third party files a petition for provisional attachment, disposition for delinquent taxes, compulsory execution, auction, etc.

(3) If the provisions of this Agreement are violated and the violation is not corrected even after a reasonable period of notice has been given.

4. Termination under Paragraphs 2 and 3 shall not preclude claims for damages from the other party.

Article 7

Party A and Party B shall separately negotiate and seek to resolve any matters not specified in this Agreement.

Article 8

Any dispute arising from this Agreement shall be subject to the exclusive jurisdiction of the Tokyo Summary Court or the Tokyo District Court, depending on the amount of the claim.

As evidence of the above, two copies of this Agreement or an electromagnetic record of this document will be prepared and each party will sign and seal or sign and seal or electronically sign, and keep them for future reference.

April 1, 2020

Instep

Address: 5th floor, Ichibancho West Building, 10-8 Ichibancho, Chiyoda-ku, Tokyo

Company name: Qpo Co., Ltd.

Representative Director Hirokazu Watanabe

Otsu

Address: Akasaka K Tower 4th floor, 1-2-7 Motoakasaka, Minato-ku, Tokyo

Company name: ADVASA Co., Ltd.

Representative Director Tomomitsu Kosugi

## Exhibit 10.9

**Exhibit 10.9**

API Connection Agreement

Article 1 (Purpose)

This Agreement establishes the terms of use and other fundamental matters concerning the Bank granting the Connection Provider (hereinafter referred to as the "Connection Provider") a non-exclusive license to use this API, and the Connection Provider using this API to utilize the API integration services provided by GMO Aozora Net Bank (hereinafter referred to as the "Bank"), for the purpose of enabling the Connection Provider to use such services.

Article 2 (Definitions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Business Day" means any day other than a day designated as a holiday for banks (in this item, banks as defined under the Banking Act) in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Test Environment" means a test environment within the Bank's system, separately made available for verifying the operation of software utilizing this API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Written Materials, etc." means written documents and electromagnetic records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Hearing Sheet" means the document submitted by the Connecting Business Operator to the Bank when concluding a contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Connection Test" means a test conducted by the Bank to confirm that the software utilizing this API by the Connecting Business Operator complies with the specifications pertaining to this API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Token, etc." means tokens and other information used by the Connecting Business Operator to access the Bank's system via this API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Unauthorized Access, etc." means unauthorized access, hacking, or unauthorized intrusion into a network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "API" means the application programming interface specified in the separate specification document provided by the Bank to the Connecting Business Operator (hereinafter referred to as the "API Specification Document").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) "API Access Rights" means the non-exclusive right of the Connecting Business Operator to integrate with the API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) "Bank Functions" means the banking services provided by the Bank to account users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) "The Service" means the service specified in the attached application form, provided by the Bank to the Connecting Business Operator using the API.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) "API Integration" means the act by which the Connecting Business uses the API to integrate the Banking Functions with the Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) "Chain Connection Destination" means a third party to whom the Connecting Business Operator has granted permission to use all or part of the API or to establish an integration.

Article 3 (Use of the API, etc.)

1. The Bank grants
the Connecting Business a non-exclusive license to use the API within the scope necessary to provide the Service. The Connecting Business
may not transfer, trust, assign, encumber, or otherwise dispose of the API access rights, nor sublicense them to any third party, without
the Bank's prior written consent.

2. The specifications
of this API shall be as set forth in the API Specification Document established by the Bank. The Bank may change the specifications of
this API without obtaining the Connection Provider's consent by notifying the Connection Provider in writing or otherwise of the
contents of the changed specifications at least one month prior to the change. However, for changes requiring prompt action, such as
for security improvements, prompt notification shall suffice.

3. The Connecting
Business Operator shall not jointly implement all or part of the Service or the use of the API with a third party, or allow a third party
to collaborate on such implementation, except in cases of chained connections based on Article 12, Paragraph 1 of this Agreement or with
the Bank's consent (including cases where separate agreement is reached regarding joint implementation or collaboration with a
third party; the same applies in the following paragraph).

4. The Connecting
Business shall notify the Bank in advance and obtain its consent when entrusting or licensing the use of all or part of the Service or
the API to a third party.

5. The Bank grants
the Connection Provider permission to use the API only within the scope specified in this Agreement. The Connection Provider shall not
acquire any copyrights, patent rights, other intellectual property rights, ownership rights, or other rights pertaining to the API, its
derivatives, or the data provided through the API.However, regardless of whether the Bank holds copyrights, patent rights, or other intellectual
property rights in the data provided through the API, the Connecting Business may process such data for the purpose of the Service, share
it with third parties based on Paragraph 3, and provide it to chained connection destinations based on Article 12.

Article 4 (License Fees)

The amount and payment method for the license fee and other costs paid by the Connecting Business Operator to the Bank shall be as specified in the attached document.

Article 5 (Commencement of API Integration)

1. Prior to this Agreement,
the Connecting Business shall submit a hearing sheet to the Bank as specified by the Bank.

2. The Bank shall
notify the Connecting Business Operator if it confirms through the Hearing Sheet that the Connecting Business Operator's system
meets the standards set by the Bank. However, even after such notification and after passing the connection test described in the following
paragraph, if it becomes clear that the Connecting Business Operator does not meet the standards set by the Bank, the Bank may not commence
this API connection or may suspend this API connection.

3. The Connecting
Business may perform the API integration if it conducts the connection test before the integration start date, undergoes the bank's
inspection at least five business days before the integration start date, and receives notification from the bank that it has passed
the inspection. If either the bank or the Connecting Business requests a postponement of the integration start date, it shall promptly
notify the other party.

Article 6 (Authentication and Tokens)

1. When the Bank authorizes
this API integration through the Bank's prescribed methods, including identity verification procedures and other procedures for
the Connecting Business Operator, the Bank shall grant the Connecting Business Operator tokens and other items related to this API integration.

2. The Connecting
Business shall strictly manage the tokens, etc. issued by the Bank at its own expense and responsibility. It shall not allow third parties
to use the tokens, etc., nor shall it lend, transfer, sell, pledge, or otherwise dispose of them.

3. The Connecting
Business shall use the token(s) in accordance with the purpose of using this API and shall be responsible for any errors, misinterpretations,
falsifications, or leaks in instructions or other information transmitted to the Bank.

4. The Bank shall
deem the Connecting Business Operator to be using the Token, etc., when such Token, etc., is used, unless there are special circumstances.

5. If a Connecting
Business becomes aware of the theft or unauthorized use of Tokens, etc., it shall immediately notify the Bank thereof and shall comply
with any instructions given by the Bank.

6. If damage occurs
to the Bank, the Connecting Business Operator, or any other third party due to inadequate management of the Connecting Business Operator's
tokens, etc., or due to an error in the use of the Connecting Business Operator's tokens, etc., the Connecting Business Operator
shall bear responsibility for such damage. However, if the occurrence of such damage is attributable to the Bank, the Bank shall respond
to claims for reimbursement from the Connecting Business Operator in proportion to its share of responsibility.

Article 7 (Obligations of the Connecting Business Operator)

1. The preparation
and maintenance of computers, software, other equipment, cloud environments, or the user environment necessary to access cloud environments,
and other communication lines required for the Connecting Business to access the Bank's system via this API shall be carried out
at the Connecting Business's expense and responsibility.

2. The Connecting
Business shall maintain security in accordance with the security items specified in the hearing sheet submitted to the Bank and in accordance
with the standards established by the Bank. If any significant changes occur to the security items in the hearing sheet, the Connecting
Business shall submit a revised security checklist to the Bank at least one month prior to the change. However, if the Connecting Business
must urgently implement security measures or for other unavoidable reasons, it shall promptly submit the revised hearing sheet to the
Bank.The Bank may request improvements from the Connecting Business Operator if it objectively and reasonably determines that the Connecting
Business Operator's security does not meet the Bank's established standards. If the Bank objectively and reasonably determines
that sufficient improvements have not been made within a reasonable period , it may suspend this API integration after prior notification
to the Connecting Business Operator.

3. The Connecting
Business shall implement necessary security measures at its own expense and responsibility to prevent infection by computer viruses,
hacking by third parties, tampering, or other unauthorized network access or information leaks related to this Service.

4. The Connecting
Business shall use the Service at its own responsibility based on the details notified to the Bank in advance. When intending to suspend
or terminate the Service, the Connecting Business shall notify the Bank at least three months prior to termination. However, in cases
of temporary suspension due to emergency security measures, etc., notification to the Bank shall be made promptly after the fact.

Article 8 (Response to Unauthorized Access, etc.)

1. If unauthorized
access, or information leakage, disclosure, or falsification due to unauthorized access, or fund transfers due to unauthorized access
occur in relation to this API integration or this Service, or if the Bank or the Connecting Business becomes aware of a concrete possibility
of information leakage, disclosure, falsification, or fund transfers due to unauthorized access(including cases where unauthorized access,
etc. is discovered in connection with other financial institutions besides the Bank; the same applies hereinafter in this Article), they
shall immediately report it to the other party.

2. Banks and Connecting
Service Providers shall promptly report to the other party if, in connection with this API integration or this Service, unauthorized
access, etc., or the leakage,or tampering, or if a fund transfer occurs due to unauthorized access, etc., or if the Bank recognizes a
concrete possibility of information leakage, disclosure, tampering, etc., or a fund transfer due to unauthorized access, etc., the Bank
shall promptly implement feasible countermeasures and cooperate with the other party to investigate the cause and implement countermeasures.
The Bank may restrict or suspend this API connection until sufficient countermeasures are implemented.

3. In the event of
unauthorized access, or unauthorized access resulting in information leakage, disclosure, alteration, or fund transfers, or if the specific
possibility of unauthorized access resulting in information leakage, disclosure, alteration, or unauthorized fund transfers is recognized,
the Bank and the Connecting Business Operator may request the other party to disclose account information,tokens, or other information
necessary to identify the relevant user. The requested party shall comply within a reasonable and appropriate scope. The party receiving
such disclosure shall manage the information as confidential information pursuant to Article 15.

4. The Connecting
Service Provider and the Bank shall record and retain necessary access logs to enable investigation of causes, etc., when unauthorized
access, etc., occurs.

Article 9 (Response to Disruptions)

1. The Bank and the
Connecting Business Operator shall immediately report to the other party any event that significantly impacts or may significantly impact
the continuous provision of this API integration or this Service (). Such events include, but are not limited to, significant system
failures in the systems used to provide this Service, disruptions caused by significant operational procedures related to the provision
of this Service, financial crimes such as unauthorized withdrawals, and misconduct incidents involving employees of the Connecting Business
Operator or its subcontractors involved in providing this Service.Hereinafter referred to as "Disruptions, etc.").

2. In the event of
an Outage, etc., the Bank and the Connecting Institution shall cooperate to identify and eliminate the cause of the Outage, etc., and
shall each take measures to prevent the expansion of damage caused by the Outage, etc., and measures to prevent recurrence (hereinafter
referred to as "Damage Mitigation Measures").In such cases, the Bank and the Connecting Business Operator may, within a reasonable
and appropriate scope for implementing damage mitigation measures, request the other party to disclose information concerning the account
user affected by the incident, the circumstances under which the incident occurred, and other relevant information. The party requested
to disclose such information shall comply within a reasonable and appropriate scope.

3. If the failure,
etc. constitutes a matter requiring reporting to the supervisory authority of the Bank or the Connecting Business Operator, the Bank
and the Connecting Business Operator shall provide the other party with necessary materials and otherwise cooperate for the purpose of
such reporting to the supervisory authority.

4. If the failure
or malfunction described in Paragraph 1 originates from the Bank or its equipment, the Bank shall promptly analyze the details of such
failure or malfunction, take necessary measures to restore the Service, and provide the Connecting Operator with a response regarding
the nature of the failure or malfunction and the restoration measures taken.Conversely, if the failure or other issue referred to in
Paragraph 1 is attributable to the Connecting Business Operator or its equipment, the Connecting Business Operator shall promptly analyze
the nature of such failure or issue and take necessary measures to restore the Service, and shall respond to the Bank regarding the nature
of the failure or issue and the restoration measures. Should any matters necessary for restoring the Service arise, the Bank and the
Connecting Business Operator shall consult and each take necessary measures.

Article 10 (Monitoring and Supervision)

1. If the Bank determines,
based on objective and reasonable grounds, that the security measures of the Connecting Business Operator or the usage status of the
Service may not meet the standards set by the Bank, the Bank may request the Connecting Business Operator to submit reports and materials
regarding such security measures or usage status. The Connecting Business Operator shall respond promptly to such requests to the extent
practicable.

2. If the Bank determines,
based on objective and reasonable grounds, that the security, usage of the Service, or business conditions of the Connection Provider
may not meet the standards set by the Bank, the Bank may conduct an on-site audit either directly or through a party designated by the
Bank. The Connection Provider shall cooperate with such audit to the extent practicable.

3. Based on the
results of the preceding two paragraphs, if the Bank determines, based on objective and reasonable grounds, that it is necessary, it
may request improvements from the Connecting Business. If the Bank determines, based on objective and reasonable grounds, that sufficient
improvements have not been made within a reasonable period, it may notify the Connecting Business and restrict or suspend this API connection.
In cases involving critical security issues, the Bank may do so immediately.

Article 11 (Exemption from Liability)

1. Neither party shall
be liable for damages incurred by the other party due to force majeure, including but not limited to natural disasters, labor disputes,
power outages, failures of communication infrastructure, suspension of public services, natural phenomena, riots, governmental acts,
terrorism, war, or other unforeseeable events.

2. Disclaimers regarding
this API shall be as specified in the API Specification. Furthermore, the Bank shall not be liable for any failure to provide this API
due to malfunctions, maintenance, or security enhancements of communication equipment, lines, the Internet, computers, software, etc.,
unless such failure is attributable to the Bank.

3. The Bank shall
have no obligation to provide the Connecting Business Operator with technical support, maintenance, functional improvements, or other
services for this Service or API integration.

4. The Connecting
Business may raise objections to changes in the Bank's disclaimers set forth in the API Specifications under Article 3, Paragraph
2 of this Agreement only within 10 business days after receiving notice from the Bank. If the Connecting Business raises an objection,
the Bank and the Connecting Business shall negotiate in good faith.

Article 12 (Chain Connections)

1. The Connecting
Business may establish a chain connection by notifying the Bank in advance of the chain connection destination's name, the content
of the chain connection, the start date, and other matters agreed upon in advance by both parties. The Connecting Business shall notify
the Bank in advance of any changes to the chain connection destination, the content of the chain connection, or other matters agreed
upon in advance by both parties.

2. The Connecting
Business shall obtain the consent of affected users when newly initiating a chain connection or when there are significant changes to
the chain connection destination or the content of the chain connection (provided, however, that this applies only when the Connecting
Business provides this Service to a third party).

3. The Connecting
Business Operator shall promptly notify the Bank when it suspends or terminates chain connections to all or some chain connection destinations.

4. The Connection
Provider shall impose obligations equivalent to those of the Connection Provider under Article 7 (Obligations of the Connection Provider),
Article 8 (Response to Unauthorized Access, etc.), Article 9 (Response to Failures, etc.), Article 10 (Monitoring and Supervision),this
Article, Article 13 (Prohibited Acts), Article 15 (Confidentiality Obligations), and Article 17 (Exclusion of Antisocial Forces). The
chain connection destination shall comply with these obligations at its own expense and responsibility.

5. The Connecting
Entity shall enter into agreements with chained connection destinations regarding the methods and content of chained connections for
the security and safety management of such destinations. It shall request reports as necessary and provide guidance or require improvements.If
the Bank determines, based on objective and reasonable grounds, that a chain connection party has failed to fulfill the obligations under
the preceding paragraph, or that the connection provider has not appropriately provided such guidance or improvement to the chain connection
party, the Bank may request the connection provider to terminate the chain connection with that party. Alternatively, if the connection
provider fails to terminate the chain connection with that party within a reasonable period, the Bank may restrict or suspend this API
integration.The Bank shall endeavor to explain the reasons to the Connecting Business Operator to the extent possible when requesting
termination of chain connections.

6. The Connecting
Business shall be jointly and severally liable with the Chain Connection Destination for any failure by the Chain Connection Destination
to fulfill its obligations under Paragraph 4 of this Article.

7. The Connecting
Service Provider shall be jointly and severally liable with the Chain Connection Destination for any damages incurred by users of the
Chain Connection Destination's services. The Bank shall not be liable for any damages incurred by the Chain Connection Destination
or users of the Chain Connection Destination's services, except where such damages are attributable to the Bank's fault.

Article 13 (Prohibited Acts)

1. The Connecting
Business Operator shall not engage in any of the following acts and shall take necessary measures to ensure that its subcontractors or
chained connection parties do not engage in such acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reproducing, modifying, reverse engineering (including decompiling or disassembling), or otherwise tampering with all or part of this API or any bank system or program accessed through this API (hereinafter referred to as "Bank Systems, etc."), including information related to their content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Granting licenses, selling, lending, transferring, disclosing, or leasing the Bank Systems, etc. to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Removing or altering the Bank's copyright notices or other rights notices attached to the Bank's Systems, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Infringing the intellectual property rights of the Bank, the Bank's partners, third parties other than the Bank's API licensees, or other third parties; damaging the property, credit, reputation, etc., of such parties; or infringing their privacy rights, portrait rights, or other rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Connecting to the verification environment for purposes other than operational verification or connection testing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Implementing this API integration without passing the Bank's required inspections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Using the Bank's trademarks, company name, logo, etc., without the Bank's prior consent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Using this API or its derivatives for purposes other than those authorized by the bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Concealing the Internet access point

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Acts that violate the Banking Act, other laws and regulations, or rules concerning this service or this API integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Significantly increasing the load on the Bank's systems or other infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Acts that interfere with third parties' access to this API

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Disclosing or leaking tokens, etc., to third parties, or actions that increase such risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Acts that violate public order and morals, cause significant discomfort to others, or may increase the Bank's reputational risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Acts that compromise the security of the Bank's systems, such as infecting sites, servers, or systems operated by the Bank with computer viruses, hacking, tampering, or other unauthorized access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Acts similar to those listed in the preceding items

2. The Bank shall
not engage in the acts listed in the following items and shall take necessary measures to ensure its contractors do not engage in such
acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Infringing the intellectual property rights of connection providers, their partners, or other third parties; damaging the property, credit, reputation, etc., of such parties; or infringing their privacy rights, portrait rights, or other rights Using the trademarks, company names, logos, etc., of the Access Provider without its prior consent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Acts that violate the Banking Act, other laws and regulations, or rules concerning this API integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Acts that violate public order and morals, cause significant discomfort to others, or may increase the risk of reputational damage to the Connecting Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Acts that compromise the security of the Connection Provider's systems, such as infecting sites, servers, or systems operated by the Connection Provider with computer viruses, hacking, tampering, or other unauthorized access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Acts that block or restrict the Access Provider's use of this API, except as provided in this Agreement or where there is a reasonable cause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Acts similar to those listed in the preceding items

Article 14 (Suspension of Use)

1. The Bank may suspend
all or part of this API based on any of the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Clearly specifying in advance the necessary suspension period for regular maintenance and notifying the Connecting Business Operator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notifying the Connecting Business Operator of a necessary temporary suspension period for urgent security measures

2. When suspending
part or all of this API pursuant to subparagraph (2) of the preceding paragraph, the Bank shall provide the connecting business operator
with prior notice for a reasonable period. However, in cases where urgent security measures are being implemented and unavoidable circumstances
exist, the Bank shall notify the connecting business operator promptly either prior to or after the suspension.

Article 15 (Confidentiality Obligation)

1. The Bank and the
Connecting Business Operator shall keep strictly confidential any information of the other party obtained through this Agreement (limited
to information expressly designated as confidential; hereinafter referred to as "Confidential Information") during the term
of this Agreement and thereafter. They shall not disclose, provide, or leak such Confidential Information to any third party, nor use
it for any purpose other than the performance of this Agreement, without the prior written consent of the other party.

2. Notwithstanding
the preceding paragraph, information falling under any of the following items shall not be deemed Confidential Information, except for
information constituting personal information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Information already possessed by the Disclosee at the time of disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Information independently generated by the Disclosee without reference to the Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Information that is publicly known at the time of disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Information that becomes publicly known after disclosure through no fault of the Disclosee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Information lawfully possessed by the Disclosee prior to disclosure

3. The party receiving
the confidential information (hereinafter referred to as the "Recipient") shall disclose such information only to its employees
who need to know it for the performance of this Agreement. The Recipient shall strictly instruct and supervise such employees to ensure
they do not use the confidential information for any purpose other than performing this Agreement, and do not disclose, provide, or leak
it to any third party.The Recipient shall impose obligations on its employees equivalent to its own obligations under this Agreement.

4. Notwithstanding
Paragraph 1, the Recipient may disclose or provide Confidential Information to a third party (hereinafter referred to as the "Third
Recipient") in the following cases:However, the Confidential Information disclosed shall be limited to that which is objectively
and reasonably necessary for the performance of this Agreement. Furthermore, the Recipient shall impose obligations on the Third Recipient
equivalent to its own obligations under this Agreement and shall be liable for damages incurred by the Discloser due to causes attributable
to the Third Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) When prior written consent from the disclosing party is obtained

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) When providing or disclosing to external professionals, such as attorneys or accountants, who are legally bound by confidentiality obligations

5. The Recipient may
disclose Confidential Information to the extent necessary to comply with laws and regulations, orders, requests, or demands from courts,
government agencies, or other public authorities, or rules of stock exchanges, self-regulatory organizations, or similar overseas institutions,
stock exchanges, or self-regulatory organizations.However, in such cases, the disclosing Recipient shall promptly notify the other party
of the disclosure and its contents, to the extent permitted by applicable laws and regulations.

Article 16 (Additions or Changes to the Service)

The Connecting Business Operator shall apply using the method prescribed by the Bank when adding new services to the Service or modifying the Service.

Article 17 (Exclusion of Antisocial Forces)

1. The Bank and the
Connecting Business Operator hereby declare that they are not currently affiliated with any organized crime group, organized crime group
member, person who ceased to be an organized crime group member less than five years prior, quasi-member of an organized crime group,
company related to an organized crime group, corporate extortionist, social movement pretender, special intelligence violence group,
or any other similar entity (hereinafter collectively referred to as "Organized Crime Group Members, etc.") and further declare
and guarantee that they do not fall under any of the following items, and will not do so in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Having a relationship where organized crime group members, etc. are deemed to control management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Having a relationship where organized crime group members, etc. are deemed to be substantially involved in management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Having a relationship where it is deemed that organized crime group members, etc. are being improperly used, such as for the purpose of obtaining unjust benefits for oneself, one's company, or a third party, or for the purpose of causing damage to a third party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Having a relationship deemed to involve providing funds or other benefits to organized crime group members, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Having a relationship with organized crime group members, etc., that is socially reprehensible, where such persons are officers or substantially involved in management

2. Banks and connection
providers shall not, either directly or through a third party, engage in any act falling under any of the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Violent demands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unjust demands exceeding legal liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Threatening words or actions, or the use of violence in connection with transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Spreading rumors, using deceit or force to damage the other party's credit, or obstructing the other party's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other acts equivalent to the foregoing items

3. The Bank and the
Connecting Operator (hereinafter collectively referred to as the "Terminating Party") may terminate this Agreement without
any prior notice if it is determined that the other party (hereinafter referred to as the "Violating Party") is a member
of an organized crime group or otherwise falls under any of the items in Paragraph 1, has committed any act falling under any of the
items in the preceding paragraph, or has made a false declaration regarding the representations and warranties based on the provisions
of Paragraph 1.

4. Even if the Violating
Party suffers damages due to the application of the preceding paragraph, the Violating Party shall not be entitled to make any claim
against the Terminating Party.

Article 18 (Term)

1. This Agreement
shall be effective for one year from the date of execution. Unless either the Bank or the Connecting Business Operator provides written
notice to the other party of its intention to terminate this Agreement at least three months prior to the expiration date, this Agreement
shall be extended for an additional one-year period, and so on thereafter.

2. Even after termination
of this Agreement for any reason, the provisions of Article 15 (Confidentiality Obligations), this Article, Article 20 (Measures upon
Contract Termination), Article 21 (Prohibition on Assignment of Rights and Obligations), Article 22 (Damages), Article 23 (Governing
Law and Jurisdiction), and Article 24 (Good Faith Consultation) shall survive.

Article 19 (Termination and Cancellation)

1. The Bank and the
Connecting Service Provider may terminate this Agreement by providing the other party with written notice at least three months in advance.

2. The Bank may suspend
this API integration or terminate this Agreement without prior notice if the Connecting Business Operator falls under any of the following
items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a material breach of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) When a third party issues an order or notice for provisional seizure, provisional disposition, preservation seizure, or seizure against the property owned by the Connecting Business Operator, or when the Connecting Business Operator receives any other petition for compulsory execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Connection Provider becomes insolvent or is subject to a transaction suspension order by a clearing house or electronic credit record institution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Connection Business Operator files for, or is subject to a petition for, legal reorganization proceedings such as bankruptcy, civil rehabilitation, corporate reorganization, or special liquidation, or private reorganization proceedings

3. The Bank may suspend
this API connection or terminate this Agreement after giving notice within a reasonable period if the Connecting Business Operator falls
under any of the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If there is a breach of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Connecting Business Operator decides to dissolve, merge, split the company, or transfer all or a significant part of its business (except for mergers, company splits, or business transfers where the business related to this Service is not the subject, or where all the business related to this Service is transferred to a third party meeting the Bank's specified standards)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Bank reasonably determines based on objective and rational grounds that there is a risk the Connecting Business Operator cannot ensure sound and appropriate operation of its business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In addition to the foregoing items, if any event occurs that materially adversely affects the performance of obligations under this Agreement, or if there exists any material reason deemed inappropriate for the continuation of this Agreement.

4. Even if the connecting
operator suffers damage due to the application of the provisions of the preceding two paragraphs, the Bank shall bear no liability whatsoever.

Article 20 (Measures upon Contract Termination)

1. Upon termination
of this Agreement for any reason, the Connecting Business Operator shall delete and destroy all of the API, its derivatives, and all
related materials (including specifications and copies thereof) (except where retention or recording is required by law).

2. Upon termination
of this Agreement, settlement between the Bank and the Connecting Business Operator shall be conducted in the manner prescribed by the
Bank.

Article 21 (Prohibition on Assignment of Rights and Obligations)

The Bank and the Connecting Business Operator shall not assign, transfer, or pledge to a third party all or part of their status under this Agreement or the rights and obligations arising therefrom without the prior written consent of the other party.

Article 22 (Damages)

The Bank and the Connection Provider may seek compensation from the other party for damages incurred due to the other party's breach of this Agreement or due to reasons attributable to the other party.

Article 23 (Governing Law and Jurisdiction)

1. This Agreement
shall be governed by and construed in accordance with the laws of Japan.

2. The Tokyo District
Court shall have exclusive jurisdiction as the court of first instance for all disputes arising from this Agreement.

Article 24 (Good Faith Consultation)

In the event of any matter not provided for in this Agreement or any doubt arising regarding the interpretation of this Agreement, the Bank and the Connecting Business Operator shall negotiate in good faith and endeavor to resolve such matters.

As evidence of the execution of this Agreement, two copies of this document shall be prepared. The Bank and the Connecting Business Operator shall affix their signatures and seals or electronic signatures to their respective copies and retain one copy each.

July 21, 2021

---

| | |
|:---|:---|
| Bank | Bank |
|  | 1-2-3 Dogenzaka, Shibuya-ku, |
| Tokyo | Tokyo |
|  | GMO Aozora Net Bank, Ltd. |
|  | President and Representative |
|  | Director Takeshi Yamane |
| Internet Service Provider | Internet Service Provider |
|  | 1-2-7 Motoakasaka, Minato-ku, Tokyo |
|  | ADVASA Co., Ltd. |
|  | Representative Director: Asamitsu Kosugi |

---

(Attachment)

The license fee under Article 4 of this Agreement shall be as follows.

1. License Fee

Transfer Approval Omission Function Usage Fee: ¥150,000 per month (excluding tax) Reference API and Update API Usage Fee: Free of charge

2. Payment Method

Direct debit from the account opened by the Connecting Business Operator at the bank

3. Payment Schedule

To use the Transfer Approval Exemption Function, the Connecting Business must separately submit a Transfer Approval Exemption Account Application Form to the bank. The usage license fee specified in Section 1 above shall accrue from the month in which the desired start date, as indicated by the Connecting Business on the application form, falls. The Connecting Business shall pay the usage license fee to the bank by the last business day of the following month.Note: Daily prorating shall not be applied in either of the following cases: ① When the desired start date falls within a month, or ② When the desired end date falls within a month.

4. Changes to License Fees

If there is a change to the license fee specified in Section 1, the Bank shall notify the Connecting Business Operator of the revised license fee in writing.

If the Connecting Business Operator does not raise an objection to the Bank within 30 days from the date of the above notification, the revised usage license fee shall apply from the day following the expiration of said 30-day period.

## Exhibit 10.10

**Exhibit 10.10**

**Basic API License Agreement**

Seven Bank, Ltd. (hereinafter referred to as "Party A") and ADVASA Co., Ltd. (hereinafter referred to as "Party B") have entered into the API License Master Agreement (hereinafter referred to as "this Agreement") as follows, in order to grant Party B the use of the application programming interface (hereinafter referred to as "this API") set forth in Attachment 1 for the banking services of Party A (hereinafter referred to as "Party A Services") set forth by Party A, for the purpose of enabling users (hereinafter referred to as " Users") set forth in Attachment 1 to use Party A Services through the services provided by Party B (hereinafter referred to as "Party B Services").

第1条 (the purpose)

The purpose of this Agreement is to set out the basic matters regarding the mutual cooperation between Party A and Party B, in which Party A grants Party B a non-exclusive license to use the API so that Users can use the Party A Service through the Party B Service, and Party B uses the API to provide the Party B Service to Users (hereinafter referred to as the " API Integration") .

第2条 (License)

1. Party
 A grants Party B a non-exclusive license to use this API within the scope of the purpose of the User's use of Party A's
 Services through Party B's Services.

2. Party
 A may enter into contracts with third parties that are identical or similar to this Agreement, and Party B shall not raise any objections
 to this.

3. Party
 A may change or add to the contents of Attachment 1 and the specifications of this API without obtaining Party B's consent
 by notifying Party B of the contents of Attachment 1 and the specifications after the changes at least 40 business days prior to
 the changes.

4. Party
 B shall provide the Party B Services solely by itself, and shall not provide all or part of the Party B Services in collaboration
 with or in conjunction with a third party, except when consent is obtained from Party A.

5. If,
 with the consent of Party A pursuant to the preceding paragraph, Party B jointly provides all or part of the provision of Party B's
 services with a third party or has Party B coordinate with a third party, Party B shall also bear responsibility for the actions
 of said third party pursuant to the provisions of this Agreement and shall ensure that said third party complies with the provisions
 of this Agreement.

6. Party
 A only grants Party B the license to use this API, and Party B does not acquire any copyright, patent rights or other intellectual
 property rights, ownership rights or other rights relating to this API or its derivatives.

第3条 (License Fees and Payment Methods)

Party B will pay Party A the license fee set forth in Attachment 2 using the payment method set forth in Attachment 2. Party A will notify Party B at least six months in advance if it intends to change the license fee or payment method.

第4条 (Steps to start this API integration)

1. Party
 B intends to commence API Integration (including when Party B intends to commence API Integration for a type of API for which API
 Integration has not yet commenced pursuant to this Article), Party B shall submit to Party A an API Connection (New/Additional) Request
 Form in the format set forth in Attachment 3, together with a security checklist and other supporting documents specified by Party
 A.

2. Party
 A receives from Party B an API connection (new/additional) request form, along with the security checklist and other attached documents
 specified by Party A, Party A will promptly confirm that Party B's system meets the standards that Party A's connection
 destinations must meet (hereinafter referred to as the "Connection Destination Standards"), and will promptly notify
 Party B of the results of this confirmation.

3. When
 Party A confirms that Party B's system meets the connection destination standards set by Party A, Party B will promptly conduct
 the verification environment test set by Party A and undergo Party A's inspection.

4. If
 Party A finds that the inspection in the preceding paragraph has been passed, it will send Party B an API connection (new/additional)
 permission notice in the form of Attachment 4. In addition, if Party A finds that the inspection in the preceding paragraph has not
 been passed, it will notify Party B of this fact.

5. commence
 the API Integration related to the API Connection (New/Additional) Permission Notice set forth in the preceding paragraph upon receipt
 of the API Connection (New/Additional) Permission Notice .

6. Party
 B will notify Party A of the start date of the API integration at least 20 business days prior to the date on which the integration
 is to begin (hereinafter referred to as the "Integration Start Date"). Party A and Party B will notify the other party
 promptly (at least 10 days prior to the Integration Start Date) if they wish to postpone the Integration Start Date due to circumstances.

7. Party
 A may, after prior consultation with Party B, request Party B to cover all or part of the expenses incurred by Party A in relation
 to the verification environment testing pursuant to Article 3.

第5条 (Linkage with other parties)

cannot provide its Services based on data received from a third party with which the User has a contractual relationship .

第6条 (Use of the Service by the User)

1. Party
 B shall explain the following items to users who intend to use Party B's services and obtain consent from such users by electromagnetic
 means. The same shall apply even if any of the following items are changed.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 terms of use for this API established by Party A (hereinafter referred to as "the API Terms of Use")

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 content of the data provided to Party B by this API and the purpose of use of said data as determined by Party B

(3) The
 Service is provided by Party B and not by Party A.

(4) The
 terms of use for Party B's services (including the contents of Article 52-61-8, Paragraph 1 of the Banking Act after amendment
 by the Act Partially Amending the Banking Act, etc. (Act No. 49 of 2017))

2. Party
 B shall obtain Party A's prior consent when creating or modifying the screen display used for the explanation and consent acquisition
 pursuant to the preceding paragraph.

3. Party
 B may require a user to undergo the user authentication procedures stipulated by Party A only when based on an application from a
 user who has obtained consent pursuant to paragraph 1, and if Party A deems it appropriate through the user authentication procedures
 stipulated by Party A, Party A will grant Party B an authorization token for that user. However, if Party A deems the user's
 use of the Party B service inappropriate, Party A may not grant the authorization token to Party B or may subsequently invalidate
 the authorization token. Party A is not required to disclose to Party B or the user the reasons why it has determined that the user's
 use of the Party B service is inappropriate.

4. Party
 B shall strictly manage the authorization token and shall be responsible for the authorization token. Party B shall compensate the
 User or Party A for any damages incurred due to Party B's management or use or unauthorized use by a third party.

第7条 (Terms of Use, etc.)

1. When
 Party A intends to change these API Terms of Use, Party B will notify Party B in advance, and upon receiving such notice, Party B
 will explain the changes to the User and obtain the User's consent to the changes by the day before the change date specified
 by Party A or by the time the User begins using Party B's Service or the linked service.

2. Party
 B shall notify Party A in advance when creating or changing the terms of use for Party B's services or other contracts with
 users established by Party B. Party A may request Party B to make improvements if it determines that the terms of use for Party B's
 services or other contracts with users are inappropriate for the protection of users, and may suspend this API integration if Party
 A determines that Party B's improvements are insufficient.

3. Party
 A and Party B shall make the necessary announcements regarding this Agreement upon agreement on the contents pursuant to Article
 52-61-10, Paragraph 3 of the Banking Act.

4. Party
 B shall not make any false or misleading representations to users regarding the content, conditions, provider, etc. of Party B's
 services, and shall make any representations necessary and appropriate to protect users, including the content, conditions, provider,
 etc. of Party B's services. If Party A determines that Party B has made false or misleading representations or that there are
 other problems in terms of protecting users, Party A may request Party B to make improvements, and if Party A determines that Party
 B's improvements are insufficient, Party A may suspend this API integration.

5. Party
 B shall stipulate in its Terms of Use that if there is a possibility that a user has lost, leaked, or misused a password or other
 information used for the purposes of Party B's services, Party B shall immediately contact Party B's point of contact
 and shall fully inform users of this. Party B shall immediately take measures such as invalidating the password if there is a possibility
 that a password or other information has been lost, leaked, or misused.

6. Party
 B shall handle the information of users and others obtained in connection with Party B's services in compliance with the Personal
 Information Protection Act, other laws, regulations, guidelines, etc.

第8条 (Response to complaints, inquiries, etc.)

1. In
 order to respond to complaints, inquiries, etc. from users or third parties regarding the Service or this API integration, Party
 B will establish and maintain an inquiry desk in accordance with the API connection (new/additional) request form , and will notify
 Party A in advance if it intends to change this.

2. Party
 B may request Party A's cooperation as necessary to respond to complaints, inquiries, etc. from users or third parties regarding
 this API integration. However, even in this case, Party B shall be responsible for responding to users or third parties.

第9条 (Suspension of Party B's service and this API integration)

1. If
 Party B wishes to suspend the Party B Service for its own reasons, Party B shall notify Party A and the User in advance.

2. Party
 A may suspend this API integration by notifying Party B in advance for maintenance or other reasons. Upon receiving such notice,
 Party B shall notify Users in advance of the suspension of this API integration.

3. In
 the event of an unannounced suspension of the Service, a processing error, a scandal, or other trouble, Party B will immediately
 report it to Party A, identify the cause, and implement countermeasures. Party A may suspend this API integration until Party B implements
 countermeasures.

第10条 (Security)

1. If
 there are any significant changes to the contents of Party B's security checklist submitted to Party A, Party B shall submit
 the revised security checklist to Party A at least 20 business days prior to the change. However, in unavoidable circumstances such
 as Party B needing to implement security measures urgently, Party A shall promptly submit the revised security checklist to Party
 A. If Party A determines that the contents of the revised checklist do not meet Party A's connection standards, it may request
 Party B to make improvements, and if Party A determines that Party B's improvements are insufficient, it may suspend this API
 integration.

2. Party
 A may change the connection destination standards by notifying Party B at least 40 business days prior to the change, and Party B
 will take the necessary measures to meet the new connection destination standards by the date of the change.

3. If
 Party A deems it necessary, Party B may request Party B to submit the latest contents of the security checklist and other security-related
 reports.

第11条 (Response in the event of unauthorized access, etc.)

1. Party
 A and Party B shall immediately contact the other party if they discover any unauthorized access, theft, leakage, falsification,
 destruction, etc. of information, or disruption of service (hereinafter referred to as "Unauthorized Access, etc.") in
 relation to this API integration, or if they become aware of the possibility of Unauthorized Access, etc.

2. Party
 A and Party B will cooperate in investigating the cause of any unauthorized access, etc. and implementing countermeasures. Party
 A may suspend this API integration until the cause of the unauthorized access, etc. is identified and countermeasures are implemented.

3. If
 Party B discovers any unauthorized access, etc. in connection with a collaboration with a financial institution other than Party
 A, Party B shall immediately report to Party A the situation and whether or not there is a possibility that similar unauthorized
 access, etc. may occur in this API collaboration. If Party A determines that there is a possibility that similar unauthorized access,
 etc. may occur in this API collaboration, Party A may suspend this API collaboration until the cause of the unauthorized access,
 etc. is identified and countermeasures are implemented.

第12条 (Compensation and sharing of damages incurred by users)

1. If
 the User incurs any damage in relation to the Service or this API integration, Party B will promptly investigate the cause and, except
 in cases where the User is guilty of willful misconduct or gross negligence, will compensate the User for the damage within 40 business
 days of the User's request. Party B shall stipulate terms of use for the Service that are equivalent to the contents of this
 paragraph or more favorable to the User.

2. Party
 B may request Party A to provide the data necessary to investigate the cause of the preceding paragraph and determine the amount
 of damages by obtaining from the User a request for information with content that Party A deems appropriate and submitting it to
 Party A.

3. Party
 B may seek compensation from Party A for damages that Party B has compensated the User for (excluding damages that are also attributable
 to Party B's intentional or negligent acts) only if the damages incurred by the User in relation to Party B's Services
 or this API Integration are due to Party A's intentional or gross negligence.

4. Party
 A may set standards in the connection destination standards to ensure Party B's ability to compensate users, and in this case
 Party B shall comply with such standards.

第13条 (monitoring)

If requested by Party A, Party B will take the following measures.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Submission
 of materials, reports and other documents related to the Service and this API integration

(2) Cooperation
 with on-site inspections by Party A or a person designated by Party A

(3) Submission
 of materials related to management information such as Party B's financial statements and settlement reports

(4) Submitting
 copies of reports, etc. regarding the Service to supervisory authorities, etc.

第14条 (Disclaimer)

1. the
 API properly due to force majeure such as natural disasters, fires, riots, etc., security flaws, errors, bugs, virus infections,
 system malfunctions such as servers, emergency maintenance, or other reasons.

2. Party
 B shall be responsible for the accuracy, legality, etc. of the data sent to Party A, and Party A shall not be held responsible for
 this. Party B shall compensate Party A for any damages incurred by Party A due to disputes with users or other third parties regarding
 the data sent to Party A.

3. Party
 A makes no guarantees regarding the operation, functionality, suitability for intended use, merchantability, accuracy, precision,
 reliability, timeliness, non-infringement of third party intellectual property rights or other rights, or the like, regarding this
 API.

4. Party
 A shall not be obligated to provide Party B with any technical services, such as technical support, maintenance, or functional improvements,
 regarding the API .

5. Party
 A shall not be liable for any damages incurred by Party A due to lawsuits, assertions of rights, warning letters, or other claims
 (hereinafter referred to as "Claims, etc.") filed against Party A, Party B, or their respective related parties by users
 or other third parties in relation to the Party A Service and this API integration. Party B shall indemnify Party A and its related
 parties for any damages (including attorney's fees) incurred by Claims, etc. However, this does not apply in cases where the
 Claims, etc. are caused by Party A's willful misconduct or gross negligence.

第15条 (Prohibited acts)

Party B shall not engage in any of the acts listed below and shall take the necessary measures to prevent its contractors from engaging in such acts.

&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 API or Party A's systems or programs accessed via the API (hereinafter referred to as "Party A's Systems, etc.")

(2) Licensing,
 selling, lending, transferring, disclosing or leasing Party A's systems, etc. (including information about their contents)
 to a third party.

(3) Deleting
 or modifying the copyright notice and other rights notices of Party A attached to this API

(4) Damaging
 the intellectual property rights, assets, reputation, honor, etc. of Party A, its partners, licensees of this API other than Party
 B, or other third parties, and infringing on their privacy rights, portrait rights, or other rights.

(5) Connecting
 to the verification environment for purposes other than operation checks and verification environment testing

(6) Implementing
 this API integration without passing the required inspection by Party A

(7) Use
 of Party A's trademarks, company names, logos, etc. without Party A's prior written consent

(8) Acts
 of using this API, its derivatives, or information obtained from Party A for purposes other than those permitted by Party A

(9) Making
 your internet access point unknown

(10) Any
 act that significantly increases the load on Party A's system

(11) Actions
 that interfere with third party access to this API

(12) Disclosing
 or leaking to a third party authentication information such as tokens for accessing Party A's system via this API, or any act
 that increases the risk of such disclosure or leaking

(13) Linking
 or connecting this API or the Service to other third parties

(14) Actions
 that are contrary to public order and morals, cause significant discomfort to others, or may increase the reputational risk of Party
 A

(15) Actions
 that reduce the security of Party A's systems, such as infecting the site or server operated by Party A or other Party A systems
 with computer viruses, hacking, tampering, or other unauthorized access

(16) Any
 act similar to any of the preceding items

第16条 (Obligation to maintain confidentiality)

1. Party
 A and Party B shall keep in strict confidence any information about the other party that they learn through this Agreement (hereinafter
 referred to as "Confidential Information") during the term of this Agreement and even after its termination, and shall
 not disclose, provide or leak such information to a third party without the prior written consent of the other party, or use it for
 any purpose other than the performance of this Agreement.

2. Notwithstanding
 the provisions of the preceding paragraph, any information that falls under any of the following items shall not be considered confidential
 information, except for personal information.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information
 already held by the recipient at the time of disclosure

(2) Information
 independently generated by the recipient that is not confidential information

(3) Information
 publicly available at the time of disclosure

(4) Information
 that becomes publicly known after disclosure through no fault of the recipient

(5) Information
 that the recipient lawfully obtains from a third party after disclosure without any obligation of confidentiality

3. The
 party receiving the Confidential Information (hereinafter referred to as the "Recipient") shall disclose such Confidential
 Information only to its employees who need to know it in order to perform this Agreement, and shall strictly instruct and supervise
 such employees to ensure that they do not use the Confidential Information for purposes other than the performance of this Agreement,
 or disclose, provide, or leak the Confidential Information to third parties. The Recipient shall impose obligations on its employees
 equivalent to those under this Agreement.

4. Notwithstanding
 Paragraph 1, the Receiving Party may disclose or provide the Confidential Information to a third party in the following cases (hereinafter,
 a third party authorized to disclose or provide the Confidential Information is referred to as the "Third Party Receiving Party").
 However, the Confidential Information to be disclosed shall be limited to the extent objectively and reasonably necessary for the
 performance of this Agreement. Furthermore, the Receiving Party shall impose obligations on the Third Party Receiving Party equivalent
 to its own obligations under this Agreement, and shall be liable to compensate the Disclosing Party for damages incurred by the Disclosing
 Party due to reasons attributable to the Third Party Receiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;(1) When
 the disclosing party has given prior written consent

(2) When
 providing or disclosing information to external experts such as lawyers or accountants who are legally bound to maintain confidentiality

5. If
 required by law, or if there is an order, request or demand from a court, government agency or other public institution (hereinafter
 referred to as "Laws, etc."), the Receiving Party may disclose Confidential Information to the extent necessary to comply
 with such Laws, etc. However, in such case, the Receiving Party that has made the disclosure shall promptly notify the other party
 of the disclosure and the details of the disclosure to the extent that it does not violate Laws, etc.

第17条 (Exclusion of anti-social forces)

1. Party
 A and Party B represent that they do not currently fall under any of the following items, and hereby guarantee that they will not
 fall under any of the following items in the future.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Being
 a member of an organized crime group, a company related to an organized crime group, corporate racketeers, social activists, or special
 intelligence violent groups, or a member of any of these, or any other person equivalent thereto (including associate members of
 organized crime groups, hereinafter collectively referred to as "organized crime groups, etc.").

(2) An
 officer or a person substantially involved in management is a member of an organized crime group, etc. (including members of an organized
 crime group and those who have been members of an organized crime group for less than five years; the same applies hereinafter),
 or has a socially reprehensible relationship with an organized crime group, etc.

(3) The
 management is under the control of or substantial involvement with an organized crime group, etc., or is involved in providing funds
 or convenience to an organized crime group, etc., or has a relationship that is deemed to be an inappropriate use of an organized
 crime group, etc., regardless of the purpose.

2. Party
 A and Party B undertake to not, either by themselves or through a third party, engage in violent demands, unreasonable demands that
 exceed legal responsibility, threatening behavior or acts of violence in relation to transactions, spreading rumors, using fraudulent
 means or using force to damage the other party's reputation or interfere with the other party's business, or other acts
 of similar nature.

3. Party
 A and Party B represent that their subcontractors and other business partners do not currently fall under any of the items in paragraph
 1 (including not falling under the category of members of organized crime groups or persons who have not been members of organized
 crime groups for the past five years), and they promise that they will not subcontractors who fall under any of these categories
 in the future. In the unlikely event that a subcontractor is found to fall under any of these categories, they will immediately terminate
 the subcontracting agreement or take the necessary measures to terminate it.

4. Party
 A and Party B may immediately terminate this Agreement in whole or in part without notice if any of the following applies to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;(1) If
 it is discovered that a violation of any of the preceding three paragraphs has occurred

(2) If
 it is found that an affiliated company (meaning a company as defined in Article 2, Paragraph 3, Item 22 of the Corporate Accounting
 Regulations) falls under any of the items in Paragraph 1

5. If
 this Agreement is terminated in whole or in part pursuant to the preceding paragraph, neither Party A nor Party B shall claim any
 compensation for damages caused by the termination from the terminating party (including payment of penalties, etc.), and shall compensate
 such party for any damages caused by the termination.

第18条 (Validity period)

1. This
 Agreement shall be effective from February 15, 2019 to February 14, 2020 , and if neither Party A nor Party B gives the other party
 written notice of its intention to terminate this Agreement at least three months prior to the expiration of the period, it shall
 be extended for another year, and the same shall apply thereafter.

2. Even
 after this Agreement is terminated, Articles 12, 14, 16, Article 17, paragraph 5, this paragraph, Article 19, paragraph 2, Articles
 20, 21, 22 and 23 shall remain in effect.

第19条 (Cancellation, etc.)

1. Party
 A and Party B (hereinafter referred to as the "Terminating Parties") may terminate this Agreement without notice if any
 of the following applies to the other party (hereinafter referred to as the "Terminated Party"):

&nbsp;&nbsp;&nbsp;&nbsp;(1) If
 there is a material breach of this Agreement, or if the Terminating Party fails to cure a non-material breach within 20 business
 days of requesting the Terminating Party to cure it.

(2) When
 a supervisory authority has revoked a license or permit

(3) When
 a third party issues a provisional attachment, provisional disposition, preservative attachment, or attachment order or notice, or
 when a petition for other compulsory execution is filed with respect to property owned by the Company.

(4) If
 payments are suspended or if a transaction is suspended by a bill clearing house or electronic monetary claim recording institution

(5) When
 a petition is filed for bankruptcy, civil rehabilitation, corporate reorganization, special liquidation, or other legal or private
 liquidation proceedings, or when a petition for such has been filed.

(6) When
 a decision is made to dissolve, merge, split up, or transfer all or a significant part of the business.

(7) In
 addition to the preceding items, if any event occurs that will have a significant impact on the performance of the obligations under
 this Agreement, or if there are reasonable grounds that make it inappropriate to continue this Agreement.

2. Even
 if the Released Party incurs damages as a result of the application of the provisions of the preceding paragraph, the Released Party
 shall have no right to make any claims against the Released Party. The Released Party shall also compensate the Released Party for
 any damages incurred by the Released Party as a result of the termination.

第 20条 (Measures to be taken upon termination of contract)

If this Agreement is terminated for any reason, Party B shall delete and destroy all of the API and its derivatives, as well as all related materials (including copies thereof, excluding information such as deposit balances and deposit/withdrawal details obtained in connection with Party B's services). However, Party B may store information that it is required to store by law for the period specified by law.

第 21条 (Prohibition on Transfer of Rights and Obligations)

Neither Party A nor Party B may transfer or pledge as security to a third party, in whole or in part, their status under this Agreement or the rights and obligations arising from this Agreement, without the prior written consent of the other party.

第 22条 (Governing Law and Jurisdiction)

1. This
 Agreement shall be governed by and construed in accordance with the laws of Japan.

2. Any
 disputes arising from this Agreement shall be subject to the exclusive jurisdiction of the court with jurisdiction over Party A's
 head office location.

第 23条 (Good faith consultation)

If any matter not specified in this Agreement or any doubt arises regarding the interpretation of this Agreement, Party A and Party B will negotiate in good faith and endeavor to resolve the matter.

(The rest is blank)

To certify the formation of this Agreement , two copies of this document shall be prepared, each party shall sign and seal the same and retain one copy .

March 18, 2019

---

| | |
|:---|:---|
| Party A : | 1-6-1 Marunouchi, Chiyoda-ku, Tokyo |
|  | Marunouchi Center Building |
|  | Seven Bank, Ltd. |
|  | Representative Director: Yasuaki Funatake |
| Party B : | 1-2-7 Motoakasaka, Minato-ku, Tokyo |
|  | ADVASA Co., Ltd. |
|  | Representative Director Shunsuke Kubota |

---

別紙 1 Users and the API

---

| | | |
|:---|:---|:---|
| API type | User | Content |
| Real-time transfer service API | Applicants must meet any of the following criteria:<br> ① Having a bank account with Party A (including opening an account when using Party B's services).<br> ② You are using Party A's internet banking<br> ③ Being a corporation<br> ④ Not be a party that is an anti-social force or that is otherwise deemed inappropriate by Party A<br> ⑤ You have used the Service B and registered the information specified by the Service A for the Service B. | ① Party A receives transfer data from the user through Party B.<br> ② Based on the transfer data received in ①, Party A will immediately (however, on the next business day if it is a holiday or after 3:00 p.m.) debit the transfer funds from the user's account specified in the transfer data and transfer the funds to the deposit account specified in the transfer data at Party A's domestic head office or branch of another bank that is a member of the Nationwide Bank Data Communication System (hereinafter referred to as the "designated deposit account").<br> ③ Party A will not make a transfer if any of the following applies.<br> &nbsp;&nbsp;&nbsp;&nbsp;(1) When the transfer amount exceeds the amount that can be debited from the designated payment account<br> &nbsp;&nbsp;&nbsp;&nbsp;(2) If the designated payment account has been cancelled or does not exist<br> &nbsp;&nbsp;&nbsp;&nbsp;(3) When Party A deems it inappropriate to handle the transfer due to unavoidable circumstances such as seizure.<br> ④ Party A will notify Party B of the transfer results via the API provided by Party B (hereinafter referred to as the "Party B API"), and Party B will notify the user of the transfer results received through the Party B API (the specifications of the Party B API will be agreed upon between Party A and Party B).<br> ⑤ Party A will not notify the User of the transfer result, whether the transfer has been completed or failed, or urge the User to make the payment. |

---

Article 6, Paragraph 1, Item 1 and Article 7, Paragraph 1 of this Agreement shall not apply to the Real-time Transfer Service API.

In addition, in lieu of Article 6, Paragraphs 3 and 4 of this Agreement, Party B shall only allow users to use Party A's services based on an application from a user who has obtained consent pursuant to Article 6, Paragraph 1.

However, if Party A deems that the User's use of Party A's Services is inappropriate, Party A may subsequently suspend the User's use of Party A's Services.

Party A shall not be required to disclose to Party B or the user the reasons why it has determined that the user's use of Party A's services is inappropriate.

別紙 2 License fee

1. Real-time Transfer Service API

It will be free of charge.

However, Party A and Party B may receive fees from users for Party A's services and Party B's services, respectively. The fees for Party B's services as of the date of this Agreement are as follows, but Party A and Party B may change this by agreeing in writing. Party B will obtain consent from each user regarding the Party B service fees.

---

| | |
|:---|:---|
| Fee items | Amount (excluding tax) |
| B service fee | 500 yen per item |

---

別紙 3 API connection request form

API connection (new/additional) request form

Seven Bank, Ltd.

Address: 1-2-7 Motoakasaka, Minato-ku, Tokyo

Company name: ADVASA Co., Ltd.

Representative: Shunsuke Kubota

March 18, 2019 between your company and us, we hereby request the following:

---

| | |
|:---|:---|
| ① Party B Service | Name: Employee Benefit Payment System<br> Content: Regular payment of salary equivalent |
| ② API type | Real-time transfer service API |
| ③ Connection conditions | Separate collaboration |
| ④ Address to which your company will send important information (digital certificate, etc.) | 1-2-7 Motoakasaka, Minato-ku, Tokyo<br> ADVASA Co., Ltd. Shunsuke Kubota<br> 03-6890-3066<br> kubota@advasa.co.jp |
| ⑤ Our customer inquiry desk | info@advasa.co.jp |
| ⑥ Special provisions | No information provided |

---

End

別紙 4 API Connection Permission Notice (Form)

API Connection (New/Additional) Permission Notice

To ADVASA Co., Ltd.

1-6-1 Marunouchi, Chiyoda-ku, Tokyo

Seven Bank, Ltd.

Representative Director: Yasuaki Funatake

the API License Agreement dated February 15, 2019 between your company and us, we grant you permission to connect to the API as set out in the table below.

---

| | |
|:---|:---|
| ① Party B Service | As per Attachment 3 |
| ② API type | Real-time transfer service API<br>|
| ③ Connection conditions | As per Attachment 3 |
| ④ Address to which important information (electronic certificates, etc.) will be sent from our company | As per Attachment 3 |
| ⑤ Your company's contact point for customer inquiries | As per Attachment 3 |
| ⑥ Special provisions | No information provided |

---

End

## Exhibit 10.11

**Exhibit 10.11**

Business Matching Agreement

ADVASA Co., Ltd. ("Party A") and AEON Bank, Ltd. ("Party B") hereby enter into the following Business Matching Agreement ("this Agreement").

Article 1 (Purpose)

Party A shall enter into a service agreement concerning the salary-on-demand service provided by Party A ("the Service") with companies introduced by Party B that are scheduled to implement the Service ("Prospective Implementing Companies"). When members of such companies actually use the Service, Party A shall pay Party B an introduction fee. This Agreement sets forth the terms related thereto.

Article 2 (Definitions)

1. "Prospective Implementing Companies" means companies that directly use the Service provided by Party A and pay service fees to Party A.

2. "Service Members" means individuals (such as officers and employees) who use the functions of the Service under the Prospective Implementing Company.

Article 3 (Introduction of Prospective Implementing Companies and Introduction Fee)

1. Party B may introduce Prospective Implementing Companies that wish to use the Service to Party A. Party B's responsibilities are limited to the introduction as described above (including actions necessary for Party A to begin negotiations, such as arranging meetings and attending the first meeting) ("the Introduction Work"). Party B shall not provide detailed explanations of the Service's contents.

2. Party A may negotiate with and enter into a service usage agreement with the Prospective Implementing Company introduced by Party B.

3. Before receiving an introduction from Party B under Paragraph 1, Party A shall not directly contact or negotiate with the Prospective Implementing Company, unless Party A is unaware that the company is one intended to be introduced by Party B.

4. Party A shall not engage in any act intended to avoid paying the introduction fee, such as making false statements regarding matters affecting the determination of the introduction fee.

5. If, as a result of negotiations under Paragraph 2, the Service usage agreement is concluded and Service Members actually use the Service, Party A shall pay Party B an introduction fee equal to 20% (rounded down, tax included) of the total amount of fees (including consumption tax) paid by the Prospective Implementing Company or its Service Members to Party A as compensation for the Service.

6. Party B shall not receive the introduction fee in the following cases:

(1) When the Service Member does not pay service fees to Party A.

(2) When three years have passed since the initial contract start date between Party A and the Prospective Implementing Company.

(3) When the service usage agreement is canceled or terminated for any reason.

7. Party B shall not subcontract the Introduction Work to any third party without the prior written consent of Party A.

Article 4 (Payment Conditions for the Introduction Fee)

1. Party A shall calculate the introduction fee each month as of the salary closing date of each Prospective Implementing Company ("Calculation Date"), for the period from the day after the previous salary closing date to the Calculation Date.

2. Party A shall pay Party B the introduction fee by bank transfer to the account designated by Party B on the last business day of the second month following the Calculation Date.

Article 5 (Relationship with Prospective Implementing Companies)

1. Party A shall have no obligation to pay Party B an introduction fee or any other fee for entering into agreements with the Prospective Implementing Company regarding any business other than the Service, including worker dispatch services.

2. Party B shall not be involved in such agreements and shall raise no objections to Party A.

Article 6 (Elimination of Antisocial Forces)

(omitted for brevity—full translation included in original file)

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Advasa Co., Ltd.\* | Japan |

---

\*96.6% owned subsidiary of Advasa Holdings, Inc.

## Exhibit 23.1

****

<br> **Exhibit 23.1**

![](ex23-1_001.jpg)

To Whom It May Concern:

We hereby consent to the use in the Registration Statement of Advasa Holdings, Inc. on Form S-1 of our Report of Independent Registered Public Accounting Firm, dated September 04, 2025, on the balance sheet of Advasa Holdings, Inc. as of March 31, 2025 and 2024, and the related statements of operations, changes in stockholder's equity and cash flows for the years then ended.

We also consent to the references to us under the headings "Experts" in such Registration Statement.

Very truly yours,

*/s/ Bush & Associates CPA LLC*

Bush & Associates CPA LLC (PCAOB 6797)

Las Vegas, Nevada

December 8, 2025

9555 S Eastern Ave., Suite 280, Las Vegas, NV 89123 ● 702.703.5979 ● www.bushandassociatescpas.com

## Exhibit 99.1

**Exhibit 99.1**

**Consent to be Named as a Director Nominee**

In connection with the filing by Advasa Holdings, Inc. of the Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of Advasa Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | | |
|:---|:---|:---|
| Dated: December 8, 2025 | Full Name: | *Sultan Ali Rashed Lootah* |
|  | Signature: | */s/ Sultan Ali Rashed Lootah* |

---

## Exhibit 99.2

**Exhibit 99.2**

**Consent to be Named as a Director Nominee**

In connection with the filing by Advasa Holdings, Inc. of the Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of Advasa Holdings, Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | | |
|:---|:---|:---|
| Dated: December 8, 2025 | Full Name: | *William Witherspoon* |
|  | Signature: | */s/ William Witherspoon* |

---

## Ex-Filing

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

**Exhibit 107**

**Filing Fee Table**

(Form Type)

Advasa Holdings, Inc.

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Security**<br>**Type** | **Fee**<br>**Calculation**<br>**or Carry**<br>**Forward**<br>**Rule** |<br><br>**Amount**<br>**Registered** | **Proposed**<br>**Maximum**<br>**Offering**<br>**Price Per**<br>**Share** | **Proposed**<br>**Maximum**<br>**Aggregate**<br>**Offering**<br>**Price<sup>(2)</sup>** |<br><br>**Fee Rate** |<br>**Amount of**<br>**Registration**<br>**Fee** |
| Fees to Be Paid | Equity Common Stock<sup>(1)</sup> | Rule 457(o) |  | $- | $8625000.00 | 0.00013810 | $1191.11 |
|  | Equity Common Stock <sup>(3)</sup> | Rule 457(a) | 3000000 | $5.00<sup>(4)</sup> | $15000000.00 | 0.00013810 | $2071.50 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $23625000.00 |  | $3262.61 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $0 |
|  | **Total Fee Offset** | **Total Fee Offset** | **Total Fee Offset** |  |  |  | $0 |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $3262.61 |

---

(1) Pursuant
 to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, the common stock shares registered hereby also include
 an indeterminate number of additional common stock shares as may from time to time become issuable by reason of stock splits, stock
 dividends, recapitalizations or other similar transactions.

(2) Estimated
 solely for purposes of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act. Includes
 the offering price of common stock shares that the underwriters have the option to purchase to cover over-allotments, if any.

(3) Represents
 common stock shares registered for resale on this registration statement by the selling shareholders named in this registration statement
 or their permitted transferees.

(4) Based
 on an assumed offering price of $5.00 per share.

N/A