# EDGAR Filing Document

**Accession Number:** 0001938865
**File Stem:** 0001213900-25-074781
**Filing Date:** 2025-8
**Character Count:** 393152
**Document Hash:** 7b6e5755950c84c04b6f496522e114bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-074781.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001213900-25-074781

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Top KingWin Ltd
- **CENTRAL INDEX KEY:** 0001938865
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289521
- **FILM NUMBER:** 251205563

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 1304, BLG NO. 25, TIAN'AN HQ CENTER
- **STREET 2:** NO. 555, NORTH PANYU AVE., DONGHUAN ST.
- **CITY:** GUANGZHOU
- **STATE:** F4
- **ZIP:** 511400
- **BUSINESS PHONE:** 8618219445669

**MAIL ADDRESS:**
- **STREET 1:** ROOM 1304, BLG NO. 25, TIAN'AN HQ CENTER
- **STREET 2:** NO. 555, NORTH PANYU AVE., DONGHUAN ST.
- **CITY:** GUANGZHOU
- **STATE:** F4
- **ZIP:** 511400

**As filed with the Securities and Exchange Commission on August 12, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**TOP KINGWIN LTD**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

**Room 1304, Building No. 25, Tian'an Headquarters Center,** 

**No. 555 North Panyu Avenue, Donghuan Street**

**Panyu District, Guangzhou, Guangdong Province, China 511400** 

(Address of Principal Executive Offices, including zip code)

**TOP KINGWIN LTD 2025 EQUITY INCENTIVE PLAN**<br> (Full title of the plan)

**Puglisi & Associates**

**850 Library Ave, Suite 204**

**Newark, DE 19711** 

**Tel: 302-738-6680**

(Name, address, and telephone number, including area<br> code, of agent for service)

*Copies of Correspondence to:*

**Joan Wu, Esq.**

**Hunter Taubman Fisher & Li LLC**

**950 Third Avenue, 19th Floor**

**New York, NY 10022**

**Tel: (212) 530-2208**

 

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 ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging Growth Company ☒

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

**EXPLANATORY NOTE**

This Registration Statement is being filed by the Registrant to register 1,081,267 class A ordinary shares, par value $0.0025 per share (the "Class A Ordinary Share"), that may be issued under the Top KingWin Ltd. (the "Company" or the "Registrant") 2025 Equity Incentive Plan.

This Registration Statement includes a reoffer prospectus (the "Reoffer Prospectus") prepared in accordance with General Instruction C to Form S-8 and in accordance with the requirements of Part I of Form S-3. This Reoffer Prospectus may be used for reoffers and resales of the Class A Ordinary Shares on a continuous or delayed basis that may be deemed to be "restricted securities" or "control securities" under the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations promulgated thereunder, that have been acquired by or are issuable to certain stockholders that are current directors and executive officers of the Registrant or its parent or subsidiaries identified in the Reoffer Prospectus (the "Selling Stockholders"). The number of Class A Ordinary Shares included in the Reoffer Prospectus does not necessarily represent a present intention to sell any or all such Class A Ordinary Shares. The second part of this Registration Statement contains information required in the Registration Statement pursuant to Part II of Form S-8.

**PART I**

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

**Item 1. Plan Information.\***

**Item 2. Registrant Information and Employee Plan Annual Information.\***

\*The documents containing the information specified in this Part I of Form S-8 (Plan Information and Registration Information and Employee Plan Annual Information) will be sent or given to recipients of the grants under the Plan as specified by the U.S. Securities and Exchange Commission (the "SEC" or the "Commission") pursuant to Rule 428(b)(1) of the Securities Act. Such documents are not required to be and are not filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. The Registrant will provide a written statement to participants advising them of the availability without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II hereof and including the statement in the preceding sentence. The written statement to all participants will indicate the availability without charge, upon written or oral request, of other documents required to be delivered pursuant to Rule 428(b) of the Securities Act, and will include the address and telephone number to which the request is to be directed.

**Reoffer Prospectus**

**284,481 Class A Ordinary Shares**

**Top KingWin Ltd.**

This reoffer prospectus relates to 284,481 of our class A ordinary shares, par value $0.0025 (the "Class A Ordinary Shares") of Top KingWin Ltd. ("Top KingWin", the "Company", "we", or "us"), that may be reoffered or resold, from time to time, by certain selling shareholders (the "Selling Shareholders") described in this reoffer prospectus, some of whom are deemed to be our "affiliates," as that term is defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act"), for such shareholder's own account, and that have been acquired pursuant to written compensation agreements between the Company or its subsidiaries and such shareholder.

The Selling Shareholders may, from time to time, sell, transfer, or otherwise dispose of any or all of their Class A Ordinary Shares on any stock exchange, market, or trading facility on which the Class A Ordinary Shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. We will not receive any of the proceeds from the sale or other disposition of the Class A Ordinary Shares by the Selling Shareholders.

Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol "WAI."

**Investing in our securities involves a high degree of risk. See the section entitled "Risk Factors" beginning on page 9 of this reoffer prospectus for a discussion of the risks that you should consider in connection with an investment in our securities.**

Top KingWin is a holding company incorporated under the laws of Cayman Islands. It is not a Chinese operating entity and has no material operations of its own. The Company conducts substantially all of its operations in China through Guangdong Tiancheng Jinhui Enterprise Group Co., Ltd. ("Tiancheng Jinhui") and Shenzhen Tiancheng Chuangxin Technology Co., Ltd. ("Tiancheng Chuangxin", together with Tiancheng Jinhui, the "PRC Operating Entities"). While our current corporate structure is not a VIE structure and we have no intention to rely on a VIE structure in our PRC operations, if the PRC laws and regulations were to change in the future, such changes may result in adverse changes in our operations, and our Class A ordinary shares may decline significantly in value. Investors in our Class A Ordinary Shares should be aware that they may never hold equity interests in Tiancheng Jinhui or Tiancheng Chuangxin.

We indirectly hold 100% equity interests in our PRC Operating Entities, Tiancheng Jinhui and Tiancheng Chuangxin, through our BVI subsidiary, Sky KingWin Ltd ("KingWin BVI"), and our Hong Kong subsidiary, Sky KingWin (HK) Limited ("KingWin HK"). Tiancheng Jinhui and Tiancheng Chuangxin was organized in the PRC and our corporate structure is governed by the PRC laws. Our operating structure involves unique risks to investors. The Chinese regulatory authorities could disallow our operating structure, which would likely result in a material change in our operations and/or a material change in the value of our Class A ordinary shares and could cause the value of our Class A ordinary shares to significantly decline or become worthless. See "Item 3. Key Information—D. Risk Factors*—Risks Related to Doing Business in the PRC—The Chinese government exerts substantial influence over the manner in which the operating entities conduct their business activities, may intervene or influence such operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in such operations and the value of our securities, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, and cause the value of our securities to significantly decline or be worthless"* and "Item 3. Key Information – D. Risk Factors— *Risks Related to Our Corporate Structure and Governance* — *Investors in our Class A ordinary shares are not purchasing equity securities of our subsidiaries that have substantive business operations in China but instead are purchasing equity securities of a Cayman Islands holding company*" in our most recent annual report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on April 17, 2025 (the "2024 Annual Report"). For further information on our corporate structure, see "*Prospectus Summary—Our Corporate Structure*."

As substantially all of our operations are conducted by the PRC Operating Entities, we are subject to the associated legal and operational risks, including risks related to the legal, political and economic policies of the Chinese government, the relations between China and the United States, or Chinese or United States regulations, which risks could result in a material change in our operations and/or cause the value of our securities to significantly decline or become worthless, and affect our ability to offer or continue to offer securities to investors. The PRC government have adopted a series of regulatory actions and issued statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. As of the date of this reoffer prospectus, neither we nor the Chinese operating entities have been involved in any investigations on cybersecurity review initiated by any PRC regulatory authority, nor has any of them received any inquiry, notice, or sanction. As confirmed by our PRC counsel, Zhejiang T&H, we are not subject to cybersecurity review with the Cyberspace Administration of China, or the "CAC," under the Cybersecurity Review Measures that became effective on February 15, 2022, since we currently do not have over one million users' personal information and do not anticipate that we will be collecting over one million users' personal information in the foreseeable future, which we understand might otherwise subject us to the Cybersecurity Review Measures. See "Item 3. Key Information—D. Risk Factors—*Risks Related to Conducting Business in China — Recent greater oversight by the Cyberspace Administration of China (CAC) over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our business and our offering*" in our 2024 Annual Report.

On February 17, 2023, the China Securities Regulatory Commission (the "CSRC") promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the "Trial Measures," and five supporting guidelines, which came into effect on March 31, 2023. According to the Notice on the Administrative Arrangements for the Filing of the Overseas Securities Offering and Listing by Domestic Companies from the CSRC, or "the CSRC Notice," domestic companies that have already been listed overseas before the effective date of the Trial Measures (namely, March 31, 2023) shall be deemed as existing issuers (the "Existing Issuers"). Existing Issuers are not required to complete the filing procedures immediately, and they shall be required to file with the CSRC for any subsequent offerings, excluding issuance of securities for the implementation of equity incentive plans, conversion of provident funds into an increase in company capital, distribution of stock dividends, and share division. As advised by our PRC counsel, Zhejiang T&H, as this offering is an issuance of securities for the implementation of the Company's equity incentive plan, we are not required to complete filing procedures with the CSRC. However, in the event that we intend to undertake new offerings or fundraising activities in the future, we should ensure compliance with the relevant regulations and file for compliance accordingly. See "Item 3. Key Information—D. Risk Factors—*Risks Related to Doing Business in China — Substantial uncertainties exist with respect to the interpretation and implementation of newly enacted PRC Foreign Investment Law and its Implementation Rules and how they may impact the viability of our corporate structure, corporate governance, and operations"* and *"*Item 3. Key Information—D. Risk Factors — *Uncertainties in the interpretation and enforcement of PRC laws and regulations and changes in policies, rules, and regulations in China, which may be quick with little advance notice, could limit the legal protection available to you and us*" in the 2024 Annual Report. Other than the foregoing, as of the date of this reoffer prospectus, according to our PRC counsel, Zhejiang T&H, no relevant laws or regulations in the PRC explicitly require us to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing. As of the date of this reoffer prospectus, neither we nor the Chinese operating entities have received any inquiry, notice, warning, or sanctions regarding our overseas listing from the CSRC or any other PRC governmental authorities. Since these statements and regulatory actions are newly published, however, official guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of the Chinese operating entities, our ability to accept foreign investments, and our listing on a U.S. exchange. The Standing Committee of the National People's Congress (the "SCNPC") or PRC regulatory authorities may in the future promulgate laws, regulations, or implement rules that require us or the Chinese operating entities to obtain regulatory approval from Chinese authorities for listing in the U.S.

In addition, our Class A Ordinary Shares may be delisted from a national exchange or prohibited from being traded over-the-counter under the Holding Foreign Companies Accountable Act (the "HFCA Act") if the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect our auditor for two consecutive years. On December 16, 2021, the PCAOB issued its determinations that the PCAOB was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our auditor, Tang Qian & Associates, PLLC, is headquartered in Texas, United States, will be inspected by the PCAOB on a regular basis, and it is not subject to the determinations announced by the PCAOB on December 16, 2021. On August 26, 2022, the PCAOB signed a Statement of Protocol Agreement (the "SOP") with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreements"), establish a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the delisting of our Company and the prohibition of trading in our securities if the PCAOB is unable to inspect our accounting firm at such future time. If trading in our Class A Ordinary Shares is prohibited under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Class A Ordinary Shares and trading in our Class A Ordinary Shares could be prohibited. See "Item 3. Key Information—D. Risk Factors—*Risks Related to Doing Business in China—If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our Class A ordinary shares. A trading prohibition for our Class A ordinary shares, or the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections*" in the 2024 Annual Report.

KingWin (HK), our Hong Kong subsidiary, is an investment holding company and the legal and operational risks associated with operating in mainland China may apply to the future limited activities (if any) in Hong Kong, to the extent that they are made applicable to such entity and its anticipated operations. KingWin (HK), as of the date of this prospectus, has yet to commence operations, and is expected to be limited to operating as an investment holding company in the future without any substantive or data-related operations in Hong Kong. However, such operations may be affected if Hong Kong adopts rules, regulations or policy guidance with respect to currency exchange control. As of the date of this prospectus, we do not expect that any regulatory actions related to data security or anti-monopoly concerns in Hong Kong will impact the Company's ability to conduct its business, accept foreign investments, or list on a U.S. or foreign exchange, because we have never had and do not plan to have any material operations in Hong Kong.

Hong Kong was established as a special administrative region of the PRC in accordance with Article 31 of the Constitution of the PRC. The Basic Law of the Hong Kong Special Administrative Region of the PRC (the "Basic Law") was adopted and promulgated on April 4, 1990 and became effective on July 1, 1997, when the PRC resumed the exercise of sovereignty over Hong Kong. Pursuant to the Basic Law, Hong Kong is authorized by the National People's Congress of the PRC to exercise a high degree of autonomy and enjoy executive, legislative, and independent judicial power, under the principle of "one country, two systems," and the PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs, and other matters that are not within the scope of autonomy of Hong Kong). While the National People's Congress of the PRC has the power to amend the Basic Law, the Basic Law also expressly provides that no amendment to the Basic Law shall contravene the established basic policies of the PRC regarding Hong Kong. As a result, national laws of the PRC not listed in Annex III of the Basic Law do not apply to our Hong Kong subsidiary, KingWin (HK). However, there is no assurance that certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, will not be applicable to KingWin (HK) due to changes in the current political arrangements between mainland China and Hong Kong or other unforeseeable reasons. The application of such laws and regulations may have a material adverse impact on KingWin (HK), as relevant authorities may impose fines and penalties upon KingWin (HK), delay or restrict the repatriation of the proceeds from this offering into mainland China and Hong Kong, and any failure by us to fully comply with any such new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Class A Ordinary Shares to significantly decline in value or in extreme cases, become worthless. See "*Item 3. Key Information – D. Risk Factors* – *Risks related to Doing Business in China - If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our Class A ordinary shares. A trading prohibition for our Class A ordinary shares, or the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections*" in our 2024 Annual Report.

Since the incorporation of Top KingWin, our Cayman Islands holding company, and to the date of this prospectus, no dividends or distributions have been made among the Company, its subsidiaries, or to investors; and no cash flows or transfers of other assets by type have occurred among the Company and each of its subsidiaries under any arrangements. See "Prospectus Summary— *Distributions and Dividends*".

We rely on dividends and other distributions on equity paid by our PRC Operating Entities to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent cash or assets in the business is in the PRC or Hong Kong or a PRC/Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of the PRC/Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash. For a more detailed discussion, see "Item 3. Key Information – D. Risk Factors – *Risks related to Doing Business in China - We rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct or fund our whole business. To the extent any funds or assets in the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of mainland China or Hong Kong"* in our 2024 Annual Report.

Under PRC laws and regulations, our PRC Operating Entities are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. Our PRC Operating Entities are permitted to pay dividends only out of their retained earnings. However, each of our PRC Operating Entities is required to set aside at least 10% of its after-tax profits each year, after making up for previous year's accumulated losses, if any, to fund certain statutory reserves, until the aggregate amount of such funds reaches 50% of its registered capital. This portion of our PRC Operating Entities' respective net assets are prohibited from being distributed to their shareholders as dividends. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by SAFE. The majority of our Company's, our PRC Operating Entities' income is received in RMB and shortages in foreign currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural requirements are met. Approval from appropriate government authorities is required if RMB is converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The Chinese government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders. The Company has not made any dividend payments in the past and is not planning to make dividend payments in the near future in order to preserve capital to fund business growth. See "Prospectus Summary – *Distribution and Dividend*s" on page 4 of this prospectus, "Item 3. Key Information – D. Risk Factors – *Risks related to Doing Business in China - The transfer of funds, dividends and other distributions between us and our subsidiaries is subject to restriction"* in our annual report on Form 20-F for the fiscal year ending December 31, 2023, filed on April 30, 2024 (the "2023 Annual Report) and "Item 3. Key Information – D. Risk Factors – *Risks related to Doing Business in China - We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by our offshore subsidiaries*" in our 2024 Annual Report.

We currently intend to retain any future earnings to finance the operation and expansion of our business through our PRC Operating Entities, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A Ordinary Shares if the market price of our Class A Ordinary Shares increases. See "Item 3. Key Information – D. Risk Factors — Risk Factors — *Risks Related to the Class A Ordinary Shares — We do not currently intend to pay dividends on our Class A ordinary shares for the foreseeable future*" in our 2024 Annual Report. See the Consolidated Financial Statements for fiscal years ending December 31, 2022, 2023 and 2024 beginning on page F-1 of the 2024 Annual Report.

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

Reoffer prospectus dated August 12, 2025

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Commonly Used Defined Terms](#a_001) | iii |
| [Cautionary Note Regarding Forward-Looking Statements](#a_002) | iv |
| [Prospectus Summary](#a_003) | 1 |
| [Risk Factors](#a_004) | 9 |
| [Offer Statistics and Expected Timetable](#a_005) | 10 |
| [Capitalization and Indebtedness](#a_006) | 10 |
| [Dilution](#a_007) | 10 |
| [Use of Proceeds](#a_008) | 10 |
| [Description of Share Capital](#a_009) | 11 |
| [Selling Shareholders](#a_010) | 12 |
| [Plan of Distribution](#a_011) | 13 |
| [Taxation](#a_012) | 15 |
| [Material Contracts](#a_013) | 15 |
| Material Changes | 15 |
| [Legal Matters](#a_014) | 15 |
| [Experts](#a_015) | 15 |
| [Incorporation of Documents by Reference](#a_016) | 16 |
| [Where You Can Find Additional Information](#a_017) | 17 |
| [Enforceability of Civil Liabilities](#a_018) | 18 |

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i

**Neither we nor the Selling Shareholders have authorized any other person to provide you with different or additional information other than that contained in this reoffer prospectus. We and the Selling Shareholders take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. We and the Selling Shareholders are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this reoffer prospectus is accurate only as of the date of this reoffer prospectus or such other date stated in this reoffer prospectus, and our business, financial condition, results of operations, and/or prospects may have changed since those dates. You should also read this reoffer prospectus together with the additional information described under "*Where You Can Find Additional Information*" and "*Incorporation of Documents by Reference*."**

**This reoffer prospectus may be supplemented from time to time to add, update, or change information in this reoffer prospectus. Any statement contained in this reoffer prospectus will be deemed to be modified or superseded for purposes of this reoffer prospectus to the extent that a statement contained in a reoffer prospectus supplement modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this reoffer prospectus only as so modified, and any statement so superseded will be deemed not to constitute a part of this reoffer prospectus.**

For investors outside the United States: we have not, and the Selling Shareholders have not, taken any action that would permit this offering or possession or distribution of this reoffer 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 reoffer prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities covered hereby and the distribution of this reoffer prospectus outside the United States.

ii

**COMMONLY USED DEFINED TERMS**

Unless otherwise indicated or the context otherwise requires in this prospectus:

● "China" or the "PRC" refers to the People's Republic of China;

● Depending on the context, "we", "us", "our company", "our", the "Company" and "Top KingWin" refer to Top KingWin Ltd, a Cayman Islands company; except that when describing the consolidated financial information, definitions of such terms also include the Company's subsidiaries;

● "KingWin BVI" refers to Sky KingWin Ltd, a company organized under the laws of British Virgin Islands, which is wholly-owned by KingWin;

● "Hong Kong" or "HK" are to the Hong Kong Special Administrative Region of the PRC; for purpose of this prospectus, the legal and operational risks associated with operating in China also apply to operations in Hong Kong.

● "KingWin HK" refers to SKY KINGWIN (HK) LIMITED, a company organized under the laws of Hong Kong, which is wholly-owned by KingWin BVI;

● "Tiancheng Jinhui" refers to Guangdong Tiancheng Jinhui Enterprise Development Co., Ltd., a limited liability company organized under the laws of China, which is wholly-owned by KingWin HK;

● "Tiancheng Chuangxin" refers to Shenzhen Tiancheng Chuangxin Technology Co., Ltd., a limited liability company organized under the laws of China, which is wholly-owned by KingWin HK;

● "U.S. GAAP" refers to generally accepted accounting principles in the United States; and

● "USD" or "$" refers to the legal currency of the United States.

iii

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This reoffer prospectus and our SEC filings that are incorporated by reference into this reoffer prospectus contain or incorporate by reference forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical fact are "forward-looking statements," including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management's beliefs, goals, strategies, intentions, and objectives, and any statements of assumptions underlying any of the foregoing. The words "believe," "anticipate," "estimate," "plan," "expect," "intend," "may," "could," "should," "potential," "likely," "projects," "continue," "will," and "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements reflect our current views with respect to future events, are based on assumptions, and are subject to risks and uncertainties. We cannot guarantee that we actually will achieve the plans, intentions, or expectations expressed in our forward-looking statements and you should not place undue reliance on these statements. There are a number of important factors that could cause our actual results to differ materially from those indicated or implied by forward-looking statements. These important factors include those discussed under the heading "Risk Factors" contained or incorporated by reference in this reoffer prospectus and in the applicable prospectus supplement and any free writing prospectus we may authorize for use in connection with a specific offering. These factors and the other cautionary statements made in this reoffer prospectus should be read as being applicable to all related forward-looking statements whenever they appear in this reoffer prospectus. Except as required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

iv

**Prospectus Summary**

**Business Overview**

We are not a Chinese operating company, but an offshore holding company incorporated in the Cayman Islands conducting our business through our wholly-owned subsidiary in China. We provide a number of business services in China to young and emerging companies including (i) corporate business training services, which mainly focus on advanced knowledge and new perspectives on the capital markets, (ii) corporate consulting services, which mainly focus on various aspects of fundraising, (iii) advisory and transaction services, and (iv) sales of devices to support artificial intelligence ("AI") data collection and analysis. Our main clients are entrepreneurs and executives in small and medium enterprises ("SMEs") in China.

Corporate business training, corporate consulting, advisory and transaction services, revenues from sales of devices to support AI data collection and analysis and others constituted approximately 23%, 11%, 9%, 35% and 6% of our continuing operations, respectively, during the year ended December 31, 2024.

Supported by the rapid economic growth and friendly business policies in China, the number of SMEs in China has significantly increased from 2016 to 2024. Frost & Sullivan expects the number of SMEs in China will steadily increase at 9.8% CAGR from 2021 to 2026. We believe that the increasing number of SMEs provide a solid foundation for the future development of our business.

With the increase in number of companies entering the China market, most industries in China are becoming more competitive. Therefore founders, senior management teams and key employees of companies have an increasing awareness for professional business education in order to enhance their professional knowledge, boost their company's strategic growth and allow the company to stay competitive in today's economy.

China's economy is transitioning from traditional sectors like real estate and manufacturing to technology-driven industries, with the new economy, particularly AI, becoming a key driver of growth. Since 2022, China's AI sector has surged, fueled by government support, technological advancements, and increased investments. AI is increasingly integrated into fields like healthcare, finance, and manufacturing, with progress in domestic AI chips, autonomous systems, and industrial automation. Stricter regulations on AI ethics and data security are shaping the industry, while Chinese AI firms expand globally, boosting international competitiveness.

China's economy is shifting from traditional sectors like real estate and manufacturing to technology-driven industries, with AI emerging as a key growth driver. Since 2022, China's AI sector has grown rapidly, fueled by government support, technological breakthroughs, and rising investments. AI is increasingly integrated into healthcare, finance, and manufacturing, supported by advancements in domestic AI chips and automation, while stricter regulations on ethics and data security shape the industry's development. Chinese AI firms are also expanding globally, enhancing their competitiveness.

We are capitalizing on this trend by transitioning to AI support hardware and services, aligning with the rapid growth of new economy industries. Our mission is to deliver comprehensive services to meet clients' needs across all stages of their development. In mid-2024, we began selling computing and data collection and analysis equipment, targeting small and medium enterprises (SMEs). These devices enable efficient data processing and optimization. This business has achieved remarkable success, contributing 35% of our total revenue in 2024.

The following diagram illustrates our corporate structure, including our subsidiaries:

![](image_001.jpg)

Our business is discussed more fully under "*Item 4. Information on the Company—B. Business Overview*" in the 2024 Annual Report.

***Permissions Required from PRC Authorities***

Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, and adopting new measures to extend the scope of cybersecurity reviews.

The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the "M&A Rules") came into effect on September 8, 2006 and were amended on June 22, 2009. The M&A Rules, among other things, require that an offshore special purpose vehicle (the "SPV"), formed for overseas listing purposes and controlled directly or indirectly by PRC companies or individuals, shall obtain the approval of the China Securities Regulatory Commission (the "CSRC") prior to listing such SPV's securities on an overseas stock exchange, especially in the event that the SPV acquires shares or an equity interest in the PRC companies by offering the shares of any offshore companies.

On July 10, 2021, the Cyberspace Administration of China (the "CAC") issued the Measures for Cybersecurity Review (Revision Draft for Comments), or the Measures, for public comments, which propose to authorize the relevant government authorities to conduct cybersecurity review on a range of activities that affect or may affect national security, including listings in foreign countries by companies that possess the personal data of more than one million users. On December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and took effect on February 15, 2022, which iterates that any online platform operators controlling personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review. The CAC has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments."

As advised by our PRC legal counsel, Zhejiang T&H, neither we nor our PRC Operating Subsidiaries are subject to cybersecurity review by the CAC, since neither we nor the operating entities currently have over one million users' personal information and do not anticipate that we will be collecting over one million users' personal information in the foreseeable future, which we understand might otherwise subject us to the Cybersecurity Review Measures.

On December 24, 2021, the CSRC released the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments) (the "Draft Administrative Provisions") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures", and collectively with the Draft Administrative Provisions, the "Draft Rules Regarding Overseas Listing"), which stipulate that Chinese-based companies, or the issuer, shall fulfill the filing procedures after the issuer makes an application for initial public offering and listing in an overseas market, and certain overseas offering and listing such as those that constitute a threat to or endanger national security, as reviewed and determined by competent authorities under the State Council in accordance with law, may be prohibited under the Draft Rules Regarding Overseas Listing. On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures") and five supporting guidelines, which will come into effect on March 31, 2023. According to the Trial Measures, among other requirements, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic company fails to complete the filing procedures, such domestic company may be subject to administrative penalties; (2) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after the submission of the overseas offering and listing application; and (3) companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for their offering and listing, and that will complete their overseas offering and listing prior to September 30, 2023, are not required to make immediate filings for their listing, but need to make filings for subsequent offerings, excluding issuance of securities for the implementation of equity incentive plans, conversion of provident funds into an increase in company capital, distribution of stock dividends, and share division.

According to the opinion of our PRC legal counsel, Zhejiang T&H, this offering is issuance of securities for the implementation of the Company's equity incentive plans, therefore, we are not required to complete the filing procedures with the CSRC for compliance. As of the date of this reoffer prospectus, neither we nor any of the PRC Operating Entities have been subject to any investigation, or received any notice, warning, or sanction from the CSRC or other applicable government authorities related to this offering. If we are required to file with the CSRC for this offering, there is no assurance that we can complete such filing in a timely manner or even at all. Any failure by us to comply with such filing requirements may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or continue to offer our securities.

According to the opinion of our PRC counsel, Zhejiang T&H, as of the date of this prospectus, each of our PRC Operating Entities has received from the PRC authorities all requisite licenses, permissions, and approvals needed to engage in the businesses currently conducted in the PRC, which solely include the business licenses that authorize the scope of business operations, and no permission or approval has been denied. However, in the future, if any additional approvals or permissions are required, we cannot assure you that any of these entities will be able to receive clearance of compliance requirements in a timely manner, or at all. Any failure to fully comply with any compliance requirements may cause our PRC Operating Entities, to be unable to operate their businesses in the PRC, subject them to fines, relevant businesses or operations suspension for rectification, or other sanctions.

In addition, our Class A Ordinary Shares may be delisted from a national exchange or prohibited from being traded over-the-counter under the Holding Foreign Companies Accountable Act (the "HFCA Act") if the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect our auditor for two consecutive years. On December 16, 2021, the PCAOB issued its determinations that the PCAOB was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our auditor, ASSENTSURE PAC, is headquartered in Singapore, will be inspected by the PCAOB on a regular basis, and it is not subject to the determinations announced by the PCAOB on December 16, 2021. On August 26, 2022, the PCAOB signed a Statement of Protocol Agreement (the "SOP") with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreements"), establish a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the delisting of our Company and the prohibition of trading in our securities if the PCAOB is unable to inspect our accounting firm at such future time. If trading in our Class A Ordinary Shares is prohibited under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Class A Ordinary Shares and trading in our Class A Ordinary Shares could be prohibited. See "*Item 3. Key Information—D. Risk Factors— Risks Related to Doing Business in China—If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our Class A ordinary shares. A trading prohibition for our Class A ordinary shares, or the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections*" in the 2024 Annual Report.

**Distributions and Dividends**

Under existing PRC foreign exchange regulations, payment of current account items, such as profit distributions and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange, or the SAFE, by complying with certain procedural requirements. Therefore, our PRC Operating Entities are able to pay dividends in foreign currencies to us without prior approval from the SAFE, subject to the condition that the remittance of such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulations, such as the foreign investment registrations by our shareholders or the ultimate shareholders of our corporate shareholders who are PRC residents. Approval from, or registration with, appropriate government authorities is, however, required where the RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current account transactions. Current PRC regulations permit WFOE to pay dividends to the Company only out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. Each of our PRC Operating Entities is required to set aside at least 10% of its after-tax profits each year, after making up for previous year's accumulated losses, if any, to fund certain statutory reserves, until the aggregate amount of such funds reaches 50% of its registered capital. This portion of our PRC Operating Entities' respective net assets are prohibited from being distributed to their shareholders as dividends. As of the date of this prospectus, there are no restrictions or limitations imposed by the Hong Kong government on the transfer of capital within, into and out of Hong Kong (including funds from Hong Kong to the PRC), except for the transfer of funds involving money laundering and criminal activities. See "*Item 3. Key Information—D. Risk Factors— Risks Related to Doing Business in China—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of this offering to make loans or additional capital contributions to our PRC Operating Entities*" in our 2024 Annual Report.

Since the incorporation of Top KingWin, our Cayman Islands holding company, and to the date of this prospectus, no dividends or distributions have been made among the Company, its subsidiaries, or to investors; and no cash flows or transfers of other assets by type have occurred among the Company and each of its subsidiaries under any arrangements. The cross-border transfer of funds within our corporate group under our direct holding structure in the future must be legal and compliant with relevant laws and regulations of China. In utilizing the proceeds from this offering, as an offshore holding company, we are permitted under PRC laws and regulations to provide funding to the PRC Operating Entities only through loans or capital contributions and to our affiliated entities only through loans, subject to applicable government reporting, registration and approvals. See ""*Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of this offering to make loans or additional capital contributions to our PRC Operating Entities*" in our 2024 Annual Report.

Under PRC laws and regulations, our PRC Operating Entities are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. See "Item 3. Key Information – D. Risk Factors – *Risks related to Conducting Business in China - We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by our offshore subsidiaries*" in our 2024 Annual Report. We currently do not have any cash management policy that dictate the transfer of cash between our subsidiaries.

We rely on dividends and other distributions on equity paid by our PRC Operating Entities to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business. To the extent cash or assets in the business is in the PRC or Hong Kong or a PRC/Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of the PRC/Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash. For a more detailed discussion, see "Item 3. Key Information – D. Risk Factors – Risks related to Conducting Business in China - *We rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct or fund our whole business*. *To the extent any funds or assets in the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of mainland China or Hong Kong*" in our 2024 Annual Report.

We currently intend to retain any future earnings to finance the operation and expansion of our business through our PRC Operating Entities, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A ordinary shares if the market price of our Class A ordinary shares increases. See ""*Item 3. Key Information—D. Risk Factors—Risks Related to the Class A Ordinary Shares— Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of the Class A Ordinary Shares for return on your investment*" in our 2024 Annual Report. See the Consolidated Financial Statements for fiscal years ending December 31, 2022, 2023 and 2024 beginning on page F-1 of the 2024 Annual Report.

**Corporate Information**

Our principal executive offices are located at Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, PRC. Our telephone number at this address is +86 400 661 3113. Our registered office in the Cayman Islands is currently located at the office of 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands, which may be changed from time to time at the discretion of our directors. Our agent for service of process in the United States is Puglisi & Associates.

The SEC maintains an internet site that contains reports and other information regarding issuers, including the Company, that file electronically with the SEC. The address of the SEC's website is www.sec.gov.

**Summary of Risk Factors**

Investing in our securities involves significant risks. You should carefully consider all of the information in this reoffer prospectus before making an investment in our securities. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully under "*Item 3. Key Information—D. Risk Factors*" in the 2024 Annual Report.

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

Risks and uncertainties related to our business and industry, beginning on page 1 of our 2024 Annual Report, include, but are not limited to, the following:

● We have a limited operating history and are subject to the risks encountered by early-stage companies. See a more detailed discussion of this risk factor on page 1 of our 2024 Annual Report.

● Our historical growth may not be indicative of our future performance, which is dependent upon factors beyond our control such as market conditions of the equity investment industry in China. See a more detailed discussion of this risk factor on page 2 of our 2024 Annual Report.

● If we are unable to retain existing clients or attract new ones, or to attract sufficient spending from our clients, our business, results of operations and financial condition could be materially and adversely affected. See a more detailed discussion of this risk factor on page 3 of our 2024 Annual Report.

● If we lose the services of any of our key executive officers and other key employees, or are unable to retain, recruit and hire experienced staff, our ability to effectively manage and execute our operations and meet our strategic objectives could be harmed. See a more detailed discussion of this risk factor on page 3 of our 2024 Annual Report.

● The industry in which we operate is highly fragmented and intensively competitive, and if we fail to compete effectively with current or future competitors, our business, results of operations and financial conditions could be materially and adversely affected. See a more detailed discussion of this risk factor on page 5 of our 2024 Annual Report.

● Unauthorized use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect our business, reputation and competitive edge. Intellectual property is crucial to our competitiveness and success. See a more detailed discussion of this risk factor on page 10 of our 2024 Annual Report.

***Risks Related to Our IT Solutions Business***

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● We have an evolving business model with still untested growth initiatives. See a more detailed discussion of this risk factor on page 14 of our 2024 Annual Report.

● Our business is dependent on our ability to attract and retain highly skilled professionals. See a more detailed discussion of this risk factor on page 14 of our 2024 Annual Report.

● Our business is dependent on our collaboration with our vendors and suppliers and changes or difficulties in our relationships with our vendors and suppliers may harm our business and financial results. See a more detailed discussion of this risk factor on page 14 of our 2024 Annual Report.

● At this stage, our products portfolio remains limited, and our gross margin and results of operations may be adversely affected in the future by a number of factors, including decreases in our average selling prices of products, shifts in our product mix, or price increases of certain components or third-party services due to inflation, supply chain constraints, or for other reasons. See a more detailed discussion of this risk factor on page 15 of our 2024 Annual Report.

● We may seek acquisition opportunities in industries or sectors which may or may not be outside of our management's area of expertise. See a more detailed discussion of this risk factor on page 15 of our 2024 Annual Report.

● We may seek an acquisition with a financially unstable business or an entity lacking an established record of revenue, cash flow or earnings, which could subject us to volatile revenues, cash flows or earnings or difficulty in retaining key personnel. See a more detailed discussion of this risk factor on page 15 of our 2024 Annual Report.

● Our ability to continue to develop and expand our service offerings to address emerging business demands and technological trends, including our ability to sell differentiated services, may impact our future growth. If we are not successful in meeting these business challenges, our business, financial condition and results of operations may be materially and adversely affected. See a more detailed discussion of this risk factor on page 15 of our 2024 Annual Report.

● If we do not succeed in attracting new clients for our technology services, we may not achieve our revenue growth goals. See a more detailed discussion of this risk factor on page 16 of our 2024 Annual Report.

● Our investment costs incurred in developing our software products and platforms may not yield the intended results and can adversely impact our results of operations. See a more detailed discussion of this risk factor on page 16 of our 2024 Annual Report.

● Software failures, breakdowns in the operations of our servers and communications systems or the failure to implement system enhancements could harm our business. See a more detailed discussion of this risk factor on page 16 of our 2024 Annual Report.

● We plan to use open-source software in providing services to our clients. There are risks associated with the use of open-source software that may have an adverse effect on our results of operations and financial condition. See a more detailed discussion of this risk factor on page 17 of our 2024 Annual Report.

● The AI industry faces its own risks and changing and extensive regulations. See a more detailed discussion of this risk factor on page 17 of our 2024 Annual Report.

● Our inability to protect our systems and data from continually evolving cybersecurity risks or other technological risks could affect our reputation among our clients and their customers and may expose us to liability. See a more detailed discussion of this risk factor on page 18 of our 2024 Annual Report.

● We may be subject to privacy, data protection and information security laws in the jurisdictions in which we operate. See a more detailed discussion of this risk factor on page 19 of our 2024 Annual Report.

***Risks Related to Our Corporate Structure***

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Risks related to our corporate structure, beginning on page 19 of our 2024 Annual Report, include, but are not limited to, the following:

● The dual-class structure of our ordinary shares has the effect of concentrating voting control with our Chairman and Chief Executive Officer, directors and their affiliates. See a more detailed discussion of this risk factor on page 19 of our 2024 Annual Report.

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law. See a more detailed discussion of this risk factor on page 20 of our 2024 Annual Report.

***Risks Related to Doing Business in China***

We are based in China and have all of our operations in China. We face risks and uncertainties related to doing business in China in general, including, but not limited to, the following:

● Changes in China's economic, political or social conditions or government policies, which could occur quickly with little advance notice, could have a material adverse effect on our business and operations. See a more detailed discussion of this risk factor on page 21 of our 2024 Annual Report.

● Uncertainties in the interpretation and enforcement of PRC laws and regulations and changes in policies, rules, and regulations in China, which may be quick with little advance notice, could limit the legal protection available to you and us. See a more detailed discussion of this risk factor on pages 22 of our 2024 Annual Report.

● Substantial uncertainties exist with respect to the interpretation and implementation of newly enacted PRC Foreign Investment Law and its Implementation Rules and how they may impact the viability of our corporate structure, corporate governance, and operations. See a more detailed discussion of this risk factor on page 24 of our 2024 Annual Report.

● We rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct or fund our whole business. To the extent any funds or assets in the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of mainland China or Hong Kong. See a more detailed discussion of this risk factor on page 27 of our 2024 Annual Report.

● To the extent any funds or assets in the business is in mainland China or Hong Kong or a mainland China or Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of mainland China or Hong Kong. See a more detailed discussion of this risk factor on page 27 of our 2024 Annual Report.

● PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us. See a more detailed discussion of this risk factor on page 27 of our 2024 Annual Report.

***Risks Related to Our Class A Ordinary Shares***

Risks and uncertainties related to our Class A Ordinary Shares, beginning on page 30 of our 2024 Annual Report, include, but are not limited to, the following:

● We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 30 of our 2024 Annual Report.

● Shares eligible for future sale may adversely affect the market price of our Class A Ordinary Shares, as the future sale of a substantial amount of outstanding Class A Ordinary Shares in the public marketplace could reduce the price of our Class A Ordinary Shares. See a more detailed discussion of this risk factor on page 31 of our 2024 Annual Report.

● If our financial condition deteriorates, we may not meet continued listing standards on the Nasdaq Capital Market. See a more detailed discussion of this risk factor on page 32 of our 2024 Annual Report.

**RISK FACTORS**

Investing in our securities involves risks. Before making an investment decision, you should carefully consider the risks described under "Risk Factors" in the applicable prospectus supplement and under the heading "*Item 3. Key Information—D. Risk Factors*" in the 2024 Annual Report, which is incorporated in this reoffer prospectus by reference, as updated by our subsequent filings under the Exchange Act that are incorporated herein by reference, together with all of the other information appearing in this reoffer prospectus or incorporated by reference into this reoffer prospectus and any applicable prospectus supplement, in light of your particular investment objectives and financial circumstances. In addition to those risk factors, there may be additional risks and uncertainties of which management is not aware or focused on or that management deems immaterial. Our business, financial condition, or results of operations could be materially adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment.

In addition, we are not a Chinese operating company but a Cayman Islands holding company. We have no material operations of our own and conduct substantially all of the operations through the operating entities in China. Investors are purchasing equity interests in the Cayman Islands holding company, and not in the Chinese operating entities. Investors may never hold equity interests in the Chinese operating entities. We hold 100% equity interests in the operating entities in China, and we do not use a VIE structure. Our operating structure involves unique risks to investors. The Chinese regulatory authorities could disallow our operating structure, which would likely result in a material change in our operations and/or a material change in the value of our Class A Ordinary Shares, and could cause the value of our Class A Ordinary Shares to significantly decline or become worthless.

**OFFER STATISTICS AND EXPECTED TIMETABLE**

The Selling Shareholders may, from time to time, offer and sell any or all of their Class A Ordinary Shares in one or more offerings. The Class A Ordinary Shares offered under this reoffer prospectus may be offered in amounts, at prices, and on terms to be determined at the time of sale. We will keep the registration statement of which this reoffer prospectus is a part effective until such time as all of the Class A Ordinary Shares covered by this reoffer prospectus have been disposed of pursuant to and in accordance with such registration statement.

**CAPITALIZATION AND INDEBTEDNESS**

Our capitalization will be set forth in the applicable prospectus supplement or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated by reference into this reoffer prospectus.

**DILUTION**

Because the Selling Shareholders who offer and sell Class A Ordinary Shares covered by this reoffer prospectus may do so at various times, at prices and at terms then prevailing or at prices related to the then current market price, or in negotiated transactions, we have not included in this reoffer prospectus information about the dilution (if any) to the public arising from these sales.

**Reasons for the Offer and Use of Proceeds**

We will not receive any proceeds from the sale of any of our Class A Ordinary Shares by the Selling Shareholders. We have agreed to pay all expenses relating to registering the Class A Ordinary Shares covered by this reoffer prospectus. The Selling Shareholders will pay any brokerage commissions and/or similar charges incurred in connection with the sale of the Class A Ordinary Shares covered hereby.

**DESCRIPTION OF SHARE CAPITAL**

Information contained under the heading "*Item 10. Additional Information*" in the 2024 Annual Report is incorporated into this reoffer prospectus by reference. For complete information, you should read the entirety of our currently effective amended and restated memorandum and articles of association (the "**Memorandum and Articles of Association**"), filed as Exhibit 3.1 to this prospectus, as well as the Companies Act (Revised) of the Cayman Islands (the "**Cayman Companies Act**") insofar as they relate to the material terms of our Class A Ordinary Shares.

**Updates of Share Capital**

On April 22, 2025, our shareholders approved the following proposals, which became effective on May 5, 2025: (i) every twenty-five issued and unissued class A ordinary shares of par value USD0.0001 each in the share capital of the Company be consolidated into one consolidated class A ordinary share of par value USD0.0025 each and every twenty-five issued and unissued class B ordinary shares of par value USD0.0001 each in the share capital of the Company be consolidated into one consolidated class B ordinary share of par value USD0.0025 each, (ii) the authorized share capital of the Company be increased from USD50,000 divided into 300,000,000 class A ordinary shares of par value USD0.0001 each and 200,000,000 class B ordinary shares of par value USD0.0001 each to USD31,250,000 divided into 10,000,000,000 class A ordinary shares of par value USD0.0025 each and 2,500,000,000 class B ordinary shares of par value USD0.0025; and (iii) the increase of the voting rights attached to each class B ordinary share to forty votes per class B ordinary share on any and all matters on a poll at any general meeting of the Company.

As of the date of this reoffer prospectus, our authorized share capital is USD31,250,000 divided into 10,000,000,000 Class A Ordinary Shares and 2,500,000,000 Class B Ordinary Shares. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights as set forth in our Memorandum and Articles of association. In respect of matters requiring a vote of all shareholders, each holder of Class A Ordinary Shares will be entitled to one vote per one Class A Ordinary Share and each holder of Class B Ordinary Shares will be entitled to 40 votes per one Class B Ordinary Share.

**SELLING SHAREHOLDERS**

The following table sets forth (a) the name and position or positions with the Company of each Selling Shareholder; (b) the aggregate of (i) the number of Class A Ordinary Shares held by each Selling Shareholder as of the date of this reoffer prospectus, and (ii) the number of shares to be issued to each Selling Shareholder under the Plan that are being registered pursuant to this Registration Statement for resale by each Selling Shareholder as of the date of this reoffer prospectus; (c) the number of Class A Ordinary Shares that each Selling Shareholder may offer for sale from time to time pursuant to this reoffer prospectus, whether or not such Selling Shareholder has a present intention to do so; and (d) the number of Class A Ordinary Shares to be beneficially owned by each Selling Shareholder following the sale of all shares that may be so offered pursuant to this reoffer prospectus, assuming no other change in ownership of Class A Ordinary Shares by such Selling Shareholder after the date of this reoffer prospectus. Unless otherwise indicated, beneficial ownership is direct and the person indicated has sole voting and investment power.

To our knowledge, none of our officers and directors have a present intention to offer Class A Ordinary Shares for sale, although they retain the right to do so.

Inclusion of an individual's name in the table below does not constitute an admission that such individual is an "affiliate" of the Company.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Shares Owned Prior <br> To Resale <sup>(1)</sup>** | **Shares Owned Prior <br> To Resale <sup>(1)</sup>** | | **Shares Beneficially<br> Owned After Resale <sup>(1)</sup>** | **Shares Beneficially<br> Owned After Resale <sup>(1)</sup>** |
| **Selling**<br>**Shareholders** | <br>**Principal Position** | **Number** | **Percent** | **Number of<br> Shares<br> Offered for**<br>**Resale** | **Number** | **Percent** |
| Jie Yang\* | Chief Financial Officer, Top KingWin Ltd. | 12652 |  | 12652 | 0 |  |
| Dongliang Mao\* | Executive Director, Top KingWin Ltd. | 10166 |  | 6326 | 3840 |  |
| Yanna Li\* | Independent Director, Top KingWin Ltd. | 10121 |  | 10121 | 0 |  |
| Yibing Li\* | Independent Director, Top KingWin Ltd. | 12652 |  | 12652 | 0 |  |
| Zhanlin Liao\* | Independent Director, Top KingWin Ltd. | 12652 |  | 12652 | 0 |  |
| Li Qian | Chief Technology Officer, Guji Technology (Shenzhen) Co., Ltd. | 15000 |  | 15000 | 0 |  |
| Yu Zhang | General Manager, Shenzhen Tiancheng Chuangxin Technology Co., Ltd. | 6326 |  | 6326 | 0 |  |
| Wei Dai | Chief Executive Officer, Guji Technology (Shenzhen) Co., Ltd. | 12652 |  | 12652 | 0 |  |
| Qinghua Zou | Chief Financial Officer, Guji Technology (Shenzhen) Co., Ltd. | 6326 |  | 6326 | 0 |  |
| Jihui Wu | Chief Technology Officer, Guji Technology (Shenzhen) Co., Ltd. | 12652 |  | 12652 | 0 |  |
| Jie Zhong | Chief Operation Officer, Guji Technology (Shenzhen) Co., Ltd. | 12652 |  | 12652 | 0 |  |
| Feilong Chen | Procurement Manager, Guji Technology (Shenzhen) Co., Ltd. | 10121 |  | 10121 | 0 |  |
| Baoling Qiu | R&D Manager, Guji Technology (Shenzhen) Co., Ltd. | 10121 |  | 10121 | 0 |  |
| Shilong Liao | VP of Sales, Guji Technology (Shenzhen) Co., Ltd. | 10121 |  | 10121 | 0 |  |
| Lilian Liu | Director of Sales, Guji Technology (Shenzhen) Co., Ltd. | 10121 |  | 10121 | 0 |  |
| Daibing Wu | VP, Guangdong Tiancheng Jinhui Enterprise Development Group Co., Ltd. | 3795 |  | 3795 | 0 |  |
| Zhongping Qiu | Marketing Consultant, Guji Technology (Shenzhen) Co., Ltd. | 6326 |  | 6326 | 0 |  |
| Qingqing Liao | Marketing Consultant, Guji Technology (Shenzhen) Co., Ltd. | 12652 |  | 12652 | 0 |  |
| Jie Yang | Marketing Consultant, Guji Technology (Shenzhen) Co., Ltd. | 25303 |  | 25303 | 0 |  |
| Yilin Chen | Consultant, Guji Technology (Shenzhen) Co., Ltd. | 37955 |  | 37955 | 0 |  |
| Ailiang Wang | Consultant, Guji Technology (Shenzhen) Co., Ltd. | 37955 |  | 37955 | 0 |  |

---

---

| | |
|:---|:---|
|  | Indicates less than 1% |
| \* | Indicates that such individual is an "affiliate" of the Company |
| (1) | Percentage is computed with reference to 41,628,399 Class A Ordinary Shares issued as of August 11, 2025, and assumes for each Selling Shareholder the sale of all shares offered by that particular Selling Shareholder under this reoffer prospectus. |

---

The Company may supplement this reoffer prospectus from time to time as required by the rules of the SEC to include certain information concerning the security ownership of the Selling Shareholders or any new Selling Shareholders, the number of securities offered for resale and the position, office, or other material relationship which a Selling Shareholder has had within the past three years with the Company or any of its predecessors or affiliates.

**Plan of Distribution**

In this section of the reoffer prospectus, the term "Selling Shareholder" means and includes:

● the persons identified in the table above as the Selling Shareholders;

● those persons whose identities are not known as of the date hereof but may in the future be eligible to acquire Class A Ordinary Shares under the Plan; and

● any of the donees, pledgees, distributees, transferees, or other successors in interest of those persons referenced above who may: (a) receive any of the Class A Ordinary Shares offered hereby after the date of this reoffer prospectus and (b) offer or sell those shares hereunder.

The Class A Ordinary Shares offered by this reoffer prospectus may be sold from time to time directly by the Selling Shareholders. Alternatively, the Selling Shareholders may from time to time offer such shares through underwriters, brokers, dealers, agents, or other intermediaries. The Selling Shareholders as of the date of this reoffer prospectus have advised us that there were no underwriting or distribution arrangements entered into with respect to the Class A Ordinary Shares offered hereby. The distribution of the Class A Ordinary Shares by the Selling Shareholders may be effected: in one or more transactions that may take place on the Nasdaq Capital Market (including one or more block transaction) through customary brokerage channels, either through brokers acting as agents for the Selling Shareholders, or through market makers, dealers, or underwriters acting as principals who may resell these shares on the Nasdaq Capital Market; in privately-negotiated sales; by a combination of such methods; or by other means. These transactions may be effected at market prices prevailing at the time of sale, at prices related to such prevailing market prices, or at other negotiated prices. Usual and customary or specifically negotiated brokerage fees or commissions may be paid by the Selling Shareholders in connection with sales of our Class A Ordinary Shares.

The Selling Shareholders may enter into hedging transactions with broker-dealers in connection with distributions of the shares or otherwise. In such transactions, broker-dealers may engage in short sales of our Class A Ordinary Shares in the course of hedging the positions they assume with the Selling Shareholders. The Selling Shareholders also may sell shares short and redeliver the shares to close out such short positions. The Selling Shareholders may enter into option or other transactions with broker-dealers which require the delivery to the broker-dealer of our Class A Ordinary Shares. The broker-dealer may then resell or otherwise transfer such Class A Ordinary Shares pursuant to this reoffer prospectus.

The Selling Shareholders also may lend or pledge our Class A Ordinary Shares to a broker-dealer. The broker-dealer may sell the Class A Ordinary Shares so lent, or, upon a default, the broker-dealer may sell the pledged Class A Ordinary Shares pursuant to this reoffer prospectus. Any securities covered by this reoffer prospectus which qualify for sale pursuant to Rule 144 may be sold under Rule 144 rather than pursuant to this reoffer prospectus.

The Selling Shareholders have advised us that they have not entered into any agreements, understandings, or arrangements with any underwriters or broker-dealers regarding the sale of their securities. There is no underwriter or coordinating broker acting in connection with the proposed sale of Class A Ordinary Shares by the Selling Shareholders.

Although the Class A Ordinary Shares covered by this reoffer prospectus are not currently being underwritten, the Selling Shareholders or their underwriters, brokers, dealers, or other agents or other intermediaries, if any, that may participate with the selling security holders in any offering or distribution of the Class A Ordinary Shares may be deemed "underwriters" within the meaning of the Securities Act and any profits realized or commissions received by them may be deemed underwriting compensation thereunder.

Under applicable rules and regulations under the Exchange Act, any person engaged in a distribution of the Class A Ordinary Shares offered hereby may not simultaneously engage in market making activities with respect to the Class A Ordinary Shares for a period of up to five days preceding such distribution. The Selling Shareholders will be subject to the applicable provisions of the Exchange Act and the rules and regulations promulgated thereunder, including without limitation Regulation M, which provisions may limit the timing of purchases and sales by the Selling Shareholders.

In order to comply with certain state securities or blue sky laws and regulations, if applicable, the Class A Ordinary Shares offered hereby will be sold in such jurisdictions only through registered or licensed brokers or dealers. In certain states, the Class A Ordinary Shares may not be sold unless they are registered or qualified for sale in such states, or unless an exemption from registration or qualification is available and is obtained.

We will bear all costs, expenses, and fees in connection with the registration of the Class A Ordinary Shares offered hereby. The Selling Shareholders, however, will bear any brokerage or underwriting commissions and similar selling expenses, if any, attributable to the sale of the Class A Ordinary Shares offered pursuant to this reoffer prospectus. We have agreed to indemnify the Selling Shareholders against certain liabilities, including liabilities under the Securities Act, or to contribute to payments to which any of those security holders may be required to make in respect thereof.

There can be no assurance that the Selling Shareholders will sell any or all of the securities offered by them hereby.

**TAXATION**

Material income tax consequences relating to the purchase, ownership, and disposition of the securities offered by this reoffer prospectus are set forth in "*Item 10. Additional Information—E. Taxation*" in the 2024 Annual Report, which is incorporated herein by reference, as updated by our subsequent filings under the Exchange Act that are incorporated by reference and, if applicable, in any accompanying prospectus supplement or relevant free writing prospectus.

**MATERIAL CONTRACTS**

Our material contracts are described in the documents incorporated by reference into this reoffer prospectus. See "*Incorporation of Documents by Reference*" below.

**LEGAL MATTERS**

Except as otherwise set forth in the applicable prospectus supplement, certain legal matters in connection with the securities offered pursuant to this prospectus will be passed upon for us by Hunter Taubman Fischer & Li LLC to the extent governed by the U.S. federal securities laws and the laws of the State of New York, and by Ogier to the extent governed by the laws of the Cayman Islands. If legal matters in connection with offerings made pursuant to this prospectus are passed upon by counsel to underwriters, dealers or agents, such counsel will be named in the applicable prospectus supplement relating to any such offering.

**EXPERTS**

The consolidated financial statements incorporated by reference in this prospectus, appearing in our 2024 Annual Report, for the years ended December 31, 2022, 2023 and 2024 have been audited by Tang Qian & Associates, PLLC, an independent registered public accounting firm, as set forth in their report thereon, and as incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

**INCORPORATION OF DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" into this reoffer prospectus certain information we file with the SEC. This means that we can disclose important information to you by referring you to those documents. Any statement contained in a document incorporated by reference in this reoffer prospectus shall be deemed to be modified or superseded for purposes of this reoffer prospectus to the extent that a statement contained herein, or in any subsequently filed document, which also is incorporated by reference herein, modifies or supersedes such earlier statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this reoffer prospectus.

We hereby incorporate by reference into this reoffer prospectus the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;(1) our
 annual report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1938865/000121390025033010/ea0235573-20f_topkingwin.htm) for the fiscal year ended December 31, 2024, filed with the SEC on April 17, 2025;

(2) our
 reports of foreign private issuer on Form 6-K filed with the SEC on [April 24, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025035100/ea0239139-6k_topking.htm) , [June 25, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025057790/ea0246780-6k_topking.htm) , [July 2, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025061040/ea0247025-6k_topking.htm) , and [July 7, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025061619/ea0248232-6k_topking.htm) ;

(3) the
 description of our Ordinary Shares incorporated by reference in our registration statement on [Form F-1](https://www.sec.gov/Archives/edgar/data/1938865/000121390023003474/ea171385-f1_topkingwin.htm) , as amended (File No. 333-269290)
 filed with the Commission on January 18, 2023, including any amendment and report subsequently filed for the purpose of updating
 that description;

(4) any
 future annual reports on Form 20-F filed with the SEC after the date of this reoffer prospectus and prior to the termination of the
 offering of the securities offered by this reoffer prospectus; and

(5) any
 future reports of foreign private issuer on Form 6-K that we furnish to the SEC after the date of this reoffer prospectus that are
 identified in such reports as being incorporated by reference into the registration statement of which this reoffer prospectus forms
 a part.

The 2024 Annual Report contains a description of our business and audited consolidated financial statements with a report by our independent auditors. These statements were prepared in accordance with U.S. GAAP.

Unless expressly incorporated by reference, nothing in this reoffer prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this reoffer prospectus, other than exhibits to those document unless such exhibits are specially incorporated by reference in this reoffer prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this reoffer prospectus on the written or oral request of that person made to:

Top KingWin Ltd.

Room 1304, Building No. 25, Tian'an Headquarters Center,

No. 555, North Panyu Avenue, Donghuan Street,

Panyu District, Guangzhou, Guangdong, China

Attention: Ruilin Xu

+86 400 661 3113

You should rely only on the information that we incorporate by reference or provide in this reoffer prospectus. We have not authorized anyone to provide you with different information. We are not making any offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained or incorporated in this reoffer prospectus by reference is accurate as of any date other than the date of the document containing the information.

**Where You Can Find ADDITIONAL Information**

As permitted by SEC rules, this reoffer prospectus omits certain information and exhibits that are included in the registration statement of which this reoffer prospectus forms a part. Since this reoffer prospectus may not contain all of the information that you may find important, you should review the full text of these documents. If we have filed a contract, agreement, or other document as an exhibit to the registration statement of which this reoffer prospectus forms a part, you should read the exhibit for a more complete understanding of the document or matter involved. Each statement in this reoffer prospectus, including statements incorporated by reference as discussed above, regarding a contract, agreement, or other document is qualified in its entirety by reference to the actual document.

We are subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we are required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be inspected over the Internet at the SEC's website at www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors, and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic or current reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands exempted company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands have a less developed body of securities laws that provide significantly less protection to investors as compared to the securities laws of the United States. In addition, Cayman Islands companies may not have standing to sue before the federal courts of the United States.

All of our assets are located outside of the United States. In addition, all of our directors and officers are residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or our directors and officers, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

According to Ogier, our local Cayman Islands' counsel, there is uncertainty with regard to Cayman Islands law relating to whether a judgment obtained from the United States or Chinese courts under civil liability provisions of the securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands' company. The courts of the Cayman Islands in the past determined that disgorgement proceedings brought at the instance of the Securities and Exchange Commission are penal or punitive in nature and such judgments would not be enforceable in the Cayman Islands. Other civil liability provisions of the securities laws may be characterized as remedial, and therefore enforceable but the Cayman Islands' Courts have not yet ruled in this regard. Our Cayman Islands' counsel has further advised us that a final and conclusive judgment in the federal or state courts of the United States under which a sum of money is payable other than a sum payable in respect of taxes, fines, penalties or similar charges, may be subject to enforcement proceedings as a debt in the courts of the Cayman Islands.

As of the date hereof, no treaty or other form of reciprocity exists between the Cayman Islands and China governing the recognition and enforcement of judgments.

Cayman Islands' counsel further advised that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States or China, a judgment obtained in such jurisdictions will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (1) is given by a foreign court of competent jurisdiction, (2) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (3) is final, (4) is not in respect of taxes, a fine or a penalty, and (5) was not obtained in a manner and is of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**284,481 Class A Ordinary Shares**

**TOP KINGWIN LTD.**

**REOFFER PROSPECTUS**

**August 12, 2025**

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.**

Top KingWin Ltd (the "Registrant") is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "1934 Act") and, accordingly, files periodic reports and other information with the Commission. The SEC maintains a website, www.sec.gov, that contains reports, proxy and information statements and other information regarding registrants that file electronically with the Commission, including the Company. The following documents are incorporated in this Registration Statement by reference:

● The Registrant's Annual Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1938865/000121390025033010/ea0235573-20f_topkingwin.htm) for the fiscal year ended December 31, 2024, filed with the Commission on April 17, 2025, which contains the Registrant's audited financial statements for the fiscal years ended December 31, 2022, 2023 and 2024 ; and

● The Registrant's Reports on Form 6-K, furnished with the Commission on [April 24, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025035100/ea0239139-6k_topking.htm) , [June 25, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025057790/ea0246780-6k_topking.htm) , [July 2, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025061040/ea0247025-6k_topking.htm) , [July 7, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025061619/ea0248232-6k_topking.htm) , [August 6, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025072566/ea0251947-6k_topking.htm) , and [August 7, 2025](https://www.sec.gov/Archives/edgar/data/1938865/000121390025073071/ea0252093-6k_topking.htm) .

All documents filed with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Action or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all of the securities offered hereby have been sold or which deregisters all of the securities covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of the filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement.

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

**ITEM 4. DESCRIPTION OF SECURITIES.**

Not applicable.

**ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.**

Not applicable.

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The Registrant's amended and restated memorandum and articles of association provide that the company shall indemnify its directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, in or about the conduct of the company's business or affairs or in the execution or discharge of his duties, powers, authorities or discretions, including without limitation to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings concerning the company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

The Registrant has entered into indemnification agreements with the Registrant's directors and executive officers which provide, among other things, that the Registrant will indemnify its directors and executive officers to the fullest extent permitted by Cayman Islands law from and against all damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with any proceedings as a result of directors and executive officers actions in the exercise of their duties as a director or officer.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Registrant's directors, officers or persons controlling the Registrant under the foregoing provisions, we have been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.**

Not Applicable.

**ITEM 8. EXHIBITS.**

---

| | |
|:---|:---|
| ***Exhibit No.*** | ***Description*** |
| 3.1 | [Second Amended and Restated Memorandum of Association and Articles of Association](ea024941101ex3-1_topking.htm) |
| 5.1 | [Opinion of Ogier](ea024941101ex5-1_topking.htm) |
| 23.1 | [Consent of Tang Qian & Associates, PLLC, Independent Registered Public Accounting Firm](ea024941101ex23-1_topking.htm) |
| 23.2 | [Consent of Ogier (included in Exhibit 5.1)](ea024941101ex5-1_topking.htm) |
| 24.1 | [Power of Attorney (included on the Signature Page to this Registration Statement)](#toc) |
| 99.1 | [Top KingWin Ltd 2025 Equity Incentive Plan](ea024941101ex99-1_topking.htm) |
| 107 | [Filing Fee Table](ea024941101ex-fee_topking.htm) |

---

**ITEM 9. UNDERTAKINGS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&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) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the 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 a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; 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;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 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 effective date, 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 effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the 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.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Guangzhou, China, on August 12, 2025.

---

| | |
|:---|:---|
| **TOP KINGWIN LTD** | **TOP KINGWIN LTD** |
| By | /s/ Ruilin Xu |
|  | Ruilin Xu |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature to this Registration Statement on Form S-8 appears below hereby constitutes and appoints Ruilin Xu and Jie Yang, and each of them acting individually and without the other, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them individually, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

\*\*\*\*\*

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Position** | **Date** |
| /s/ Ruilin Xu | Chief Executive Officer and Chairman of the Board of Director (Principal Executive Officer) | August 12, 2025 |
| Ruilin Xu |  |  |
| /s/ Jie Yang | Chief Financial Officer<br> (Principal Financial and Accounting Officer) | August 12, 2025 |
| Jie Yang |  |  |
| /s/ Dongliang Mao | Executive Director | August 12, 2025 |
| Dongliang Mao |  |  |
| /s/ Zhanlin Liao | Independent Director | August 12, 2025 |
| Zhanlin Liao |  |  |
| /s/ Yanna Li | Independent Director | August 12, 2025 |
| Yanna Li |  |  |
| /s/ Yibing Li | Independent Director | August 12, 2025 |
| Yibing Li |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in the City of Newark, State of Delaware on August 12, 2025.

---

| | |
|:---|:---|
| Authorized U.S. Representative | Authorized U.S. Representative |
| Puglisi & Associates | Puglisi & Associates |
| By: | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 3.1

**Exhibit 3.1**

**Companies Act (Revised)**

**Company Limited by Shares**

**Top KingWin Ltd**

**SECOND AMENDED AND RESTATED MEMORANDUM OF**

**ASSOCIATION**

**(Adopted by special resolution passed on 22 April 2025 and**

**effective from 5 May 2025)**

![](ex3-1_001.jpg)

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Second Amended and Restated Memorandum of Association**

**of**

**Top KingWin Ltd**

**(Adopted by special resolution passed on 22 April 2025 and effective from 5 May 2025)**

1 The name of the Company is Top KingWin Ltd.

2 The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under
the Banks and Trust Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance
manager, agent, sub-agent or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under
the Companies Management Act (Revised).

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is USD31,250,000 divided into (i) 10,000,000,000 class A ordinary shares of par value USD0.0025 each and (ii) 2,500,000,000 class B ordinary shares of par value USD0.0025 each. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&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) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

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

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Top KingWin Ltd**

**SECOND AMENDED AND RESTATED ARTICLES OF**

**ASSOCIATION**

**(Adopted by special resolution passed on 22 April 2025 and**

**effective from 5 May 2025)**

![](ex3-1_001.jpg)

---

| | |
|:---|:---|
|  | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 3 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 4 |
| **2** | **Shares** | **4** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 4 |
| Rights of Shares | Rights of Shares | 4 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 7 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 7 |
| Trusts not recognised | Trusts not recognised | 7 |
| Power to vary class rights | Power to vary class rights | 7 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 8 |
| Capital contributions without issue of further Shares | Capital contributions without issue of further Shares | 8 |
| No bearer Shares or warrants | No bearer Shares or warrants | 8 |
| Treasury Shares | Treasury Shares | 9 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 9 |
| Register of Members | Register of Members | 9 |
| **3** | **Share certificates** | **10** |
| Issue of share certificates | Issue of share certificates | 10 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 10 |
| **4** | **Lien on Shares** | **11** |
| Nature and scope of lien | Nature and scope of lien | 11 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 11 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 11 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 12 |
| Application of proceeds of sale | Application of proceeds of sale | 12 |
| **5** | **Calls on Shares and forfeiture** | **12** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 12 |
| Time when call made | Time when call made | 13 |
| Liability of joint holders | Liability of joint holders | 13 |
| Interest on unpaid calls | Interest on unpaid calls | 13 |
| Deemed calls | Deemed calls | 13 |
| Power to accept early payment | Power to accept early payment | 13 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 13 |
| Notice of default | Notice of default | 14 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 14 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 14 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 14 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 15 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 15 |

---

---

| | |
|:---|:---|
| i | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

---

| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **16** |
| Form of transfer | Form of transfer | 16 |
| Power to refuse registration | Power to refuse registration | 16 |
| Notice of refusal to register | Notice of refusal to register | 16 |
| Power to suspend registration | Power to suspend registration | 16 |
| Fee, if any, payable for registration | Fee, if any, payable for registration | 16 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 16 |
| **7** | **Transmission of Shares** | **16** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 16 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 17 |
| Indemnity | Indemnity | 17 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 17 |
| **8** | **Alteration of capital** | **18** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 18 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 18 |
| Reducing share capital | Reducing share capital | 18 |
| **9** | **Redemption and purchase of own Shares** | **19** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 19 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 19 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 19 |
| **10** | **Meetings of Members** | **20** |
| Power to call meetings | Power to call meetings | 20 |
| Content of notice | Content of notice | 21 |
| Period of notice | Period of notice | 21 |
| Persons entitled to receive notice | Persons entitled to receive notice | 21 |
| Publication of notice on a website | Publication of notice on a website | 22 |
| Time a website notice is deemed to be given | Time a website notice is deemed to be given | 22 |
| Required duration of publication on a website | Required duration of publication on a website | 22 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 22 |
| **11** | **Proceedings at meetings of Members** | **23** |
| Quorum | Quorum | 22 |
| Lack of quorum | Lack of quorum | 23 |
| Use of technology | Use of technology | 23 |
| Chairman | Chairman | 23 |
| Right of a director to attend and speak | Right of a director to attend and speak | 23 |
| Adjournment | Adjournment | 23 |
| Method of voting | Method of voting | 24 |
| Taking of a poll | Taking of a poll | 24 |
| Chairman's casting vote | Chairman's casting vote | 24 |
| Amendments to resolutions | Amendments to resolutions | 24 |
| Written resolutions | Written resolutions | 25 |
| Sole-member company | Sole-member company | 25 |

---

---

| | |
|:---|:---|
| ii | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

---

| | | |
|:---|:---|:---|
| **12** | **Voting rights of Members** | **26** |
| Right to vote | Right to vote | 26 |
| Rights of joint holders | Rights of joint holders | 26 |
| Representation of corporate Members | Representation of corporate Members | 26 |
| Member with mental disorder | Member with mental disorder | 27 |
| Objections to admissibility of votes | Objections to admissibility of votes | 27 |
| Form of proxy | Form of proxy | 27 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 28 |
| Voting by proxy | Voting by proxy | 29 |
| **13** | **Number of directors** | **29** |
| **14** | **Appointment, disqualification and removal of directors** | **29** |
| First directors | First directors | 29 |
| No age limit | No age limit | 29 |
| Corporate directors | Corporate directors | 29 |
| No shareholding qualification | No shareholding qualification | 29 |
| Appointment of directors | Appointment of directors | 30 |
| Removal of directors | Removal of directors | 30 |
| Resignation of directors | Resignation of directors | 30 |
| Termination of the office of director | Termination of the office of director | 31 |
| **15** | **Alternate directors** | **31** |
| Appointment and removal | Appointment and removal | 31 |
| Notices | Notices | 32 |
| Rights of alternate director | Rights of alternate director | 32 |
| Appointment ceases when the appointor ceases to be a director | Appointment ceases when the appointor ceases to be a director | 33 |
| Status of alternate director | Status of alternate director | 33 |
| Status of the director making the appointment | Status of the director making the appointment | 33 |
| **16** | **Powers of directors** | **33** |
| Powers of directors | Powers of directors | 33 |
| Appointments to office | Appointments to office | 33 |
| Remuneration | Remuneration | 34 |
| Disclosure of information | Disclosure of information | 35 |
| **17** | **Delegation of powers** | **35** |
| Power to delegate any of the directors' powers to a committee | Power to delegate any of the directors' powers to a committee | 35 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 35 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 36 |
| Power to appoint a proxy | Power to appoint a proxy | 36 |
| **18** | **Meetings of directors** | **36** |
| Regulation of directors' meetings | Regulation of directors' meetings | 36 |
| Calling meetings | Calling meetings | 37 |

---

---

| | |
|:---|:---|
| iii | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

---

| | | |
|:---|:---|:---|
| Notice of meetings | Notice of meetings | 37 |
| Period of notice | Period of notice | 37 |
| Use of technology | Use of technology | 37 |
| Place of meetings | Place of meetings | 37 |
| Quorum | Quorum | 37 |
| Voting | Voting | 37 |
| Validity | Validity | 37 |
| Recording of dissent | Recording of dissent | 38 |
| Written resolutions | Written resolutions | 38 |
| Sole director's minute | Sole director's minute | 38 |
| **19** | **Permissible directors' interests and disclosure** | **38** |
| Permissible interests subject to disclosure | Permissible interests subject to disclosure | 38 |
| Notification of interests | Notification of interests | 39 |
| Voting where a director is interested in a matter | Voting where a director is interested in a matter | 39 |
| **20** | **Minutes** | **40** |
| **21** | **Accounts and audit** | **40** |
| Accounting and other records | Accounting and other records | 40 |
| No automatic right of inspection | No automatic right of inspection | 40 |
| Sending of accounts and reports | Sending of accounts and reports | 40 |
| Time of receipt if documents are published on a website | Time of receipt if documents are published on a website | 41 |
| Validity despite accidental error in publication on website | Validity despite accidental error in publication on website | 41 |
| When accounts are to be audited | When accounts are to be audited | 41 |
| **22** | **Financial year** | **41** |
| **23** | **Record dates** | **42** |
| **24** | **Dividends** | **42** |
| Declaration of dividends by Members | Declaration of dividends by Members | 42 |
| Payment of interim dividends and declaration of final dividends by directors | Payment of interim dividends and declaration of final dividends by directors | 42 |
| Apportionment of dividends | Apportionment of dividends | 43 |
| Right of set off | Right of set off | 43 |
| Power to pay other than in cash | Power to pay other than in cash | 43 |
| How payments may be made | How payments may be made | 43 |
| Dividends or other moneys not to bear interest in absence of special rights | Dividends or other moneys not to bear interest in absence of special rights | 44 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 44 |
| **25** | **Capitalisation of profits** | **45** |
| Capitalisation of profits or of any share premium account or capital redemption reserve | Capitalisation of profits or of any share premium account or capital redemption reserve |  |
| Applying an amount for the benefit of members | Applying an amount for the benefit of members | 45 |
| **26** | **Share premium account** | **45** |
| Directors to maintain share premium account | Directors to maintain share premium account | 45 |
| Debits to share premium account | Debits to share premium account | 45 |

---

---

| | |
|:---|:---|
| iv | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

---

| | | |
|:---|:---|:---|
| **27** | **Seal** | **46** |
| Company seal | Company seal | 46 |
| Duplicate seal | Duplicate seal | 46 |
| When and how seal is to be used | When and how seal is to be used | 46 |
| If no seal is adopted or used | If no seal is adopted or used | 46 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 46 |
| Validity of execution | Validity of execution | 47 |
| **28** | **Indemnity** | **47** |
| Indemnity | Indemnity | 47 |
| Release | Release | 48 |
| Insurance | Insurance | 48 |
| **29** | **Notices** | **48** |
| Form of notices | Form of notices | 48 |
| Electronic communications | Electronic communications | 49 |
| Persons authorised to give notices | Persons authorised to give notices | 49 |
| Delivery of written notices | Delivery of written notices | 49 |
| Joint holders | Joint holders | 49 |
| Signatures | Signatures | 49 |
| Evidence of transmission | Evidence of transmission | 50 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 50 |
| Date of giving notices | Date of giving notices | 50 |
| Saving provision | Saving provision | 51 |
| **30** | **Authentication of Electronic Records** | **51** |
| Application of Articles | Application of Articles | 51 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 51 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 52 |
| Manner of signing | Manner of signing | 52 |
| Saving provision | Saving provision | 52 |
| **31** | **Transfer by way of continuation** | **53** |
| **32** | **Winding up** | **53** |
| Distribution of assets in specie | Distribution of assets in specie | 53 |
| No obligation to accept liability | No obligation to accept liability | 53 |
| The directors are authorised to present a winding up petition | The directors are authorised to present a winding up petition | 54 |
| **33** | **Amendment of Memorandum and Articles** | **54** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 54 |
| Power to amend these Articles | Power to amend these Articles | 54 |

---

---

| | |
|:---|:---|
| v | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Second Amended and Restated Articles of Association**

**of**

**Top KingWin Ltd**

**(Adopted by special resolution passed on 22 April 2025 and effective from 5 May 2025)**

---

| | |
|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** |

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**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In
these Articles, the following definitions apply:

**Act** means the Companies Act (Revised).

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these Articles of Association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular Articles of these Articles; and

**Article** refers to a particular Article of these Articles.

**Business Day** means a day other than a public holiday in the place where the Company's registered office is located, a Saturday or a Sunday.

**Class A Shares** means the class A ordinary shares of the Company with a par value of USD0.0025 each, which have the rights set forth in the Memorandum and these Articles.

**Class B Shares** means the class B ordinary shares of the Company with a par value of USD0.0025 each, which have the rights set forth in the Memorandum and these Articles.

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the day for which it is given or on which it is to take effect.

**Company** means the above-named company.

**Default Rate** means 10% (ten per cent) per annum.

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| 1 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Fully Paid** and **Paid Up**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to a Share with par value, means that the par value for that Share
and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in relation to a Share without par value, means that the agreed issue price for
that Share has been fully paid or credited as paid in money or money's worth.

**Islands** means the British Overseas Territory of the Cayman Islands.

**Member** means any person or persons entered on the register of members from time to time as the holder of a Share.

**Memorandum** means the Memorandum of Association of the Company as amended from time to time.

**Officer** means a person appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator, but does not include the Secretary.

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote. The expression also includes a unanimous written resolution.

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary.

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| 2 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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**Share** means a Class A Share or a Class B Share in the share capital of the Company; and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) includes stock (except where a distinction between shares and stock is expressed
or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where the context permits, also includes a fraction of a share.

**Special Resolution** has the meaning given to that term in the Act; and the expression includes a unanimous written resolution.

**Treasury Shares** means Shares of the Company held in treasury pursuant to the Act and Article 2.15.

**Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise
requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Islands
as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation
of these Articles, unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not
a Business Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes
the plural also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership,
joint venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical
form in respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where
the Company's registered office is located.

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| 3 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing
or reproducing words in a visible form, but do not include an Electronic Record where the distinction between a document in writing and
an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar
expression are to be construed without limitation.

**Exclusion of Table A Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The regulations contained in Table A in the First Schedule of the Act and any other
regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

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|:---|:---|
| 2 | Shares |

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**Power to issue Shares and options, with or without special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of the Act and the Articles about the redemption and purchase
of the Company's own Shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation),
grant options over or otherwise deal with any unissued Shares of the Company to such persons, at such times and on such terms and conditions
as they may decide. No Share may be issued at a discount except in accordance with the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Without limitation to the preceding Article, the directors may so deal with the
unissued Shares of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions whether
in regard to dividend, voting, return of capital or otherwise.

**Rights of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The holders of Class A Shares, subject to these Articles, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be entitled to such dividends as the Board may from time to time declare; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a winding-up or dissolution of the Company, whether voluntary or
involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets
of the Company in accordance with Article 32.1;

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| 4 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not have any conversion rights and the Class A Shares are not convertible into
shares of any other class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally be entitled to enjoy all of the rights attaching to shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The holders of Class B Shares, subject to these Articles, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be entitled to forty (40) votes per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be entitled to such dividends as the Board may from time to time declare; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a winding-up or dissolution of the Company, whether voluntary or
involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets
of the Company in accordance with Article 32.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not have any conversion rights and the Class B Shares are not convertible into
shares of any other class except in accordance with Article 2.5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally be entitled to enjoy all of the rights attaching to shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The number of Class B Shares held by a holder will be automatically and immediately
converted into an equal and corresponding number of Class A Shares upon any direct or indirect sale, transfer, assignment or disposition
of such number of Class B Shares by the holder or an affiliate or such holder or the direct or indirect transfer or assignment of the
voting power attached to such number of Class B Shares through voting proxy or otherwise to any person or entity that is not an affiliate
of such holder (the **New Shareholder**). For the avoidance of doubt, the creation of any pledge, charge, encumbrance or other third
party right of whatever description on any of the Shares to secure contractual or legal obligations shall not be deemed as a sale, transfer,
assignment or disposition unless and until any such pledge, charge, encumbrance or other third-party right is enforced and results in
the third party holding directly or indirectly beneficial ownership or voting power through voting proxy or otherwise to the related Class
B Shares, in which case all the related Class B Shares shall be automatically converted into the same number of Class A Shares. The conversion
rate and mechanics for the above conversion are set out in the following paragraphs:

&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) Each Class B Share shall be converted into such number of fully paid and non-assessable
Class A Share on the basis that one (1) Class B Share shall be converted into one (1) Class A Share (being a 1:1 ratio and hereafter referred
to as the **Conversion Rate**) immediately prior to the close of business on the date of the Share Transfer. The Conversion Rate of
the Class B Shares shall not be subject to adjustment.

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| 5 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A conversion shall be effected only in respect of the Class B Shares which are
fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Before any holder of the Class B Shares transfers the Class B Shares to the New
Shareholder, such holder shall lodge at the Company's registered office or at the office of any transfer agent for the Class B Shares,
a written notice of the election to transfer the same (together with any certificate, if any, representing the Class B Shares to which
it relates) and such written notice shall state therein the name or names of the New Shareholder that shall be entered on the Register
of Members and, if certificates are to be issued, the name or names of the New Shareholder in which the certificate or certificates for
Class A Shares are to be issued. A conversion shall be effected as a simultaneous redemption of the relevant Class B Shares and the allotment
and issue of the new Class A Shares with the proceeds of such redemption of Class B Shares being applied to purchase the new Class A Shares.
Such conversion shall be deemed to have been made immediately prior to the close of business on the date of the Share Transfer and, if
certificates are then issued, the certificate or certificates for the Class B Shares to be converted shall be surrendered to the Company,
and the New Shareholder entitled to receive the Class A Shares issuable upon such conversion shall be entered on the Register of Members
as the holder(s) of such Class A Shares on such date.

&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) Certificates evidencing the Class A Shares issued on conversion and any remaining
Class B Shares held by the holder of the Class B Shares may be issued in accordance with the terms of the Articles.

&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) The Company shall at all times reserve and keep available out of its authorised
but unissued Class A Shares, solely for the purpose of effecting the conversion of the Class B Shares, such number of its Class A Shares
as shall from time to time be sufficient to effect the conversion of all outstanding Class B Shares; and if at any time the number of
authorised but unissued Class A Shares shall not be sufficient to effect the conversion of all then outstanding Class B Shares, in addition
to such other remedies as shall be available to the holder of such Class B Shares, the Company will take such corporate action as may,
in the opinion of its counsel, be necessary to increase its authorised but unissued Class A Shares to such number of shares as shall be
sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite shareholder approval of
any necessary amendment to the Memorandum and Articles.

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| 6 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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**Power to issue fractions of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction
of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations,
preferences, privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.7 The Company may pay a commission to any person in consideration
of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or
conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional

for any Shares in the Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one way and partly in another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Company may employ a broker in the issue of its capital and pay him any proper
commission or brokerage.

**Trusts not recognised**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Except as required by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 If the share capital is divided into different classes of Shares then, unless the
terms on which a class of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding two thirds of the issued Shares of that class consent in writing to the variation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

---

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| 7 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 For the purpose of paragraph (b) of the preceding Article, all the provisions of
these Articles relating to general meetings apply, mutatis mutandis, to every such separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the necessary quorum shall be one or more persons holding, or representing by proxy,
not less than one third of the issued Shares of the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Member holding issued Shares of the class, present in person or by proxy or, in
the case of a corporate Member, by its duly authorised representative, may demand a poll.

**Effect of new Share issue on existing class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights
conferred on the Member holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking
pari passu with the existing Shares of that class.

**Capital contributions without issue of further Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 With the consent of a Member, the directors may accept a voluntary contribution
to the capital of the Company from that Member without issuing Shares in consideration for that contribution. In that event, the contribution
shall be dealt with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It shall be treated as if it were a share premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Member agrees otherwise:

&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) if the Member holds Shares in a single class of Shares - it shall be credited to
the share premium account for that class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Member holds Shares of more than one class - it shall be credited rateably
to the share premium accounts for those classes of Shares (in the proportion that the sum of the issue prices for each class of Shares
that the Member holds bears to the total issue prices for all classes of Shares that the Member holds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It shall be subject to the provisions of the Act and these Articles applicable to
share premiums.

**No bearer Shares or warrants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 The Company shall not issue Shares or warrants to bearers.

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| 8 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Shares that the Company purchases, redeems or acquires by way of surrender in accordance
with the Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors so determine prior to the purchase, redemption or surrender of those
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise
complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 No dividend may be declared or paid, and no other distribution (whether in cash
or otherwise) of the Company's assets (including any distribution of assets to members on a winding up) may be made to the Company in
respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 The Company shall be entered in the Register as the holder of the Treasury Shares.
However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a member for any purpose and shall not exercise
any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the
Company and shall not be counted in determining the total number of issued shares at any given time, whether for the purposes of these
Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Nothing in the preceding Article prevents an allotment of Shares as fully paid bonus
shares in respect of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury Share shall be treated as
Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Treasury Shares may be disposed of by the Company in accordance with the Act and
otherwise on such terms and conditions as the directors determine.

**Register of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 The Directors shall keep or cause to be kept a register of Members as required
by the Act and may cause the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company
is maintaining one or more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's
principal register of Members and updated within such number of days of any amendment having been made to such branch register as may
be required by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 The title to Shares listed on a Designated Stock Exchange may be evidenced and
transferred in accordance with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes,
the register of Members may be maintained in accordance with section 40B of the Act.

---

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| 9 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

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3 Share certificates

 **Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Upon being entered in the register of members as the holder of a Share, a Member
shall be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, to one certificate for all the Shares of each class held by that
Member (and, upon transferring a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the directors may determine for every certificate
after the first, to several certificates each for one or more of that Member's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Every certificate shall specify the number, class and distinguishing numbers (if
any) of the Shares to which it relates and whether they are Fully Paid or partly paid up. A certificate may be executed under seal or
executed in such other manner as the directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Company shall not be bound to issue more than one certificate for Shares held
jointly by several persons and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed
on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the
evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any, for issuing a replacement share certificate

as the directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

---

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| 10 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

4 Lien on Shares

**Nature and scope of lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid or
not) registered in the name of a Member (whether solely or jointly with others). The lien is for all moneys payable to the Company by
the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person
is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those moneys are presently payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 At any time the directors may declare any Share to be wholly or partly exempt from
the provisions of this Article.

**Company may sell Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company may sell any Shares over which it has a lien if all of the following
conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled
to it in consequence of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with
the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within 14 Clear Days after that notice is deemed to be given
under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Shares may be sold in such manner as the directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 To the maximum extent permitted by law, the directors shall incur no personal liability
to the Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 To give effect to a sale, the directors may authorise any person to execute an
instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee of the
Shares shall not be affected by any irregularity or invalidity in the proceedings in respect of the sale.

---

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| 11 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Consequences of sale of Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of members as the holder of those
Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate for those Shares.

Despite this, that person shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate. The directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 The net proceeds of the sale, after payment of the costs, shall be applied in payment
of so much of the sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Shares have been
sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Shares was issued, upon surrender to the Company of that certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Subject to the terms of allotment, the directors may make calls on the Members
in respect of any moneys unpaid on their Shares including any premium. The call may provide for payment to be by instalments. Subject
to receiving at least 14 Clear Days' notice specifying when and where payment is to be made, each Member shall pay to the Company the
amount called on his Shares as required by the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Before receipt by the Company of any sum due under a call, that call may be revoked
in whole or in part and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company
may revoke the call in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining
instalments in whole or in part.

---

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| 12 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 A Member on whom a call is made shall remain liable for that call notwithstanding
the subsequent transfer of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer
registered as Member in respect of those Shares.

**Time when call made**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 A call shall be deemed to have been made at the time when the resolution of the
directors authorising the call was passed.

**Liability of joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Members registered as the joint holders of a Share shall be jointly and severally
liable to pay all calls in respect of the Share.

**Interest on unpaid calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 If a call remains unpaid after it has become due and payable the person from whom
it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The directors may waive payment of the interest wholly or in part.

**Deemed calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date
or otherwise, shall be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply
as if the amount had become due and payable by virtue of a call.

**Power to accept early payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 The Company may accept from a Member the whole or a part of the amount remaining
unpaid on Shares held by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 Subject to the terms of allotment, the directors may make arrangements on the issue
of Shares to distinguish between Members in the amounts and times of payment of calls on their Shares.

---

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| 13 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Notice of default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 If a call remains unpaid after it has become due and payable the directors may give
to the person from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which
the call is made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 If the notice under the preceding Article is not complied with, the directors may,
before the payment required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture
shall include all dividends or other moneys payable in respect of the forfeited Share and not paid before the forfeiture. Despite the
foregoing, the directors may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member
holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed
of on such terms and in such manner as the directors determine either to the former Member who held that Share or to any other person.
The forfeiture or surrender may be cancelled on such terms as the directors think fit at any time before a sale, re-allotment or other
disposition. Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the directors
may authorise some person to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of members as
the holder of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

---

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| 14 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable
to the Company for all moneys which at the date of forfeiture or surrender were presently payable by him to the Company in respect of
those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&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) at the rate of which interest was payable on those moneys before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 A declaration, whether statutory or under oath, made by a director or the Secretary
shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not
be bound to see to the application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any
irregularity in, or invalidity of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

---

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| 15 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

6 Transfer of Shares

**Form of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Subject to the following Articles about the transfer of Shares, a Member may transfer
Shares to another person by completing an instrument of transfer, in a common form or in a form approved by the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

**Power to refuse registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The directors may refuse to register the transfer of a Share to any person. They
may do so in their absolute discretion, without giving any reason for their refusal, and irrespective of whether the Share is Fully Paid
or the Company has no lien over it.

**Notice of refusal to register**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 If the directors refuse to register a transfer of a Share, they must send notice
of their refusal to the existing Member within two months after the date on which the transfer was lodged with the Company.

**Power to suspend registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The directors may suspend registration of the transfer of Shares at such times
and for such periods, not exceeding 30 days in any calendar year, as they determine.

**Fee, if any, payable for registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 If the directors so decide, the Company may charge a reasonable fee for the registration
of any instrument of transfer or other document relating to the title to a Share.

**Company may retain instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 The Company shall be entitled to retain any instrument of transfer which is registered;
but an instrument of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the refusal
is given.

7 Transmission of Shares

**Persons entitled on death of a Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 If a Member dies, the only persons recognised by the Company as having any title
to the deceased Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Nothing in these Articles shall release the deceased Member's estate from any liability
in respect of any Share, whether the deceased was a sole holder or a joint holder.

---

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| 16 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Registration of transfer of a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy
of a Member may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 That person must produce such evidence of his entitlement as the directors may properly
require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 If the person elects to become the holder of the Share, he must give notice to the
Company to that effect. For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is partly paid, the transferor and the transferee must execute an instrument of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 All the Articles relating to the transfer of Shares shall apply to the notice or,
as appropriate, the instrument of transfer.

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 A person registered as a Member by reason of the death or bankruptcy of another
Member shall indemnify the Company and the directors against any loss or damage suffered by the Company or the directors as a result of
that registration.

**Rights of person entitled to a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a
Member shall have the rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered
as Member in respect of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting
of the holders of that class of Shares in the Company.

---

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| 17 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution
do any of the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution
and with the attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount
than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into
Paid Up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that
fixed by the Memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid
on each reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have
not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled
or, in the case of Shares without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled
to fractions of a Share the directors may on behalf of those Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell the Shares representing the fractions for the best price reasonably obtainable
to any person (including, subject to the provisions of the Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute the net proceeds in due proportion among those Members.

For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Subject to the Act and to any rights for the time being conferred on the Members
holding a particular class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

---

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| 18 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Subject to the Act, and to any rights for the time being conferred on the Members
holding a particular class of Shares, the Company may by its directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of
the Company or the Member holding those redeemable Shares, on the terms and in the manner its directors determine before the issue of
those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular
class, vary the rights attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed
at the option of the Company on the terms and in the manner which the directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares
on the terms and in the manner which the directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 When making a payment in respect of the redemption or purchase of Shares, the directors
may make the payment in cash or in specie (or partly in one and partly in the other) if so authorised by the terms of the allotment of
those Shares, or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding
those Shares.

**Effect of redemption or purchase of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect
of the Share other than the right to receive:

&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 price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

---

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| 19 | ![](ex3-1_002.jpg) |
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| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of members with respect to
the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Shares, as the directors may
determine.

For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due.

10 Meetings of Members

**Power to call meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The directors may call a general meeting at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 If there are insufficient directors to constitute a quorum and the remaining directors
are unable to agree on the appointment of additional directors, the directors must call a general meeting for the purpose of appointing
additional directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The directors must also call a general meeting if requisitioned in the manner set
out in the next two Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The requisition must be in writing and given by one or more Members who together hold
at least 10% of the rights to vote at such general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint
holder shall be obliged to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Should the directors fail to call a general meeting within 21 Clear Days from the
date of receipt of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Without limitation to the foregoing, if there are insufficient directors to constitute
a quorum and the remaining directors are unable to agree on the appointment of additional directors, any one or more Members who together
hold at least 10% of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 If the Members call a meeting under the above provisions, the Company shall reimburse
their reasonable expenses.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the meeting is to be held in two or more places, the technology that will be used to facilitate the
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to paragraph (d), the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 At least five Clear Days' notice of a general meeting must be given to Members.
But a meeting may be convened on shorter notice with the consent of the Member or Members who, individually or collectively, hold at least
90% of the voting rights of all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Subject to the provisions of these Articles and to any restrictions imposed on any
Shares, the notice shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the directors.

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**Publication of notice on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 Subject to the Act, a notice of a general meeting may be published on a website
providing the recipient is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the place, date and time of the general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 If a Member notifies the Company that he is unable for any reason to access the
website, the Company must as soon as practicable give notice of the meeting to that Member by any other means permitted by these Articles.
But this will not affect when that Member is deemed to have received notice of the meeting.

**Time a website notice is deemed to be given**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 A website notice is deemed to be given when the Member is given notice of its publication.

**Required duration of publication on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 Where the notice of meeting is published on a website, it shall continue to be
published in the same place on that website from the date of the notification until the conclusion of the meeting to which the notice
relates.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 In addition, where a notice of meeting is published on a website, proceedings at
the meeting shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to
which the notice relates.

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11 Proceedings at meetings of Members

**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: two Members.

**Lack of quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 If a quorum is not present within 15 minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place
seven days hence, or to such other time or place as is determined by the directors. If a quorum is not present within 15 minutes of the
time appointed for the adjourned meeting, then the Members present in person or by proxy shall constitute a quorum.

**Use of technology**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 A person may participate in a general meeting through the medium of conference
telephone, video or any other form of communications equipment providing all persons participating in the meeting are able to hear and
speak to each other throughout the meeting. A person participating in this way is deemed to be present in person at the meeting.

**Chairman**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The chairman of a general meeting shall be the chairman of the board or such other
director as the directors have nominated to chair board meetings in the absence of the chairman of the board. Absent any such person being
present within 15 minutes of the time appointed for the meeting, the directors present shall elect one of their number to chair the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 If no director is present within 15 minutes of the time appointed for the meeting,
or if no director is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their
number to chair the meeting.

**Right of a director to attend and speak**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Even if a director is not a Member, he shall be entitled to attend and speak at
any general meeting and at any separate meeting of Members holding a particular class of Shares in the Company.

**Adjournment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 The chairman may at any time adjourn a meeting with the consent of the Members constituting a quorum.
The chairman must adjourn the meeting if so directed by the meeting. No business, however, can be transacted at an adjourned meeting other
than business which might properly have been transacted at the original meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 Should a meeting be adjourned for more than seven Clear Days, whether because of
a lack of quorum or otherwise, Members shall be given at least seven Clear Days' notice of the date, time and place of the adjourned meeting
and the general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 A poll demanded on the question of adjournment shall be taken immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 A poll demanded on any other question shall be taken either immediately or at an
adjourned meeting at such time and place as the chairman directs, not being more than 30 Clear Days after the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 The demand for a poll shall not prevent the meeting continuing to transact any
business other than the question on which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers
(who need not be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting
is held in more than place, the chairman may appoint scrutineers in more than place; but if he considers that the poll cannot be effectively
monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

**Chairman's casting vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 If the votes on a resolution are equal the chairman may if he wishes exercise a casting vote.

**Amendments to resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 An Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary
Resolution if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not less than 48 hours before the meeting is to take place (or such later time as
the chairman of the meeting may determine), notice of the proposed amendment is given to the Company in writing by a Member entitled to
vote at that meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the proposed amendment does not, in the reasonable opinion of the chairman of the
meeting, materially alter the scope of the resolution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 A Special Resolution to be proposed at a general meeting may be amended by Ordinary
Resolution, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairman of the meeting proposes the amendment at the general meeting at which
the resolution is to be proposed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amendment does not go beyond what the chairman considers is necessary to correct
a grammatical or other non-substantive error in the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 If the chairman of the meeting, acting in good faith, wrongly decides that an amendment
to a resolution is out of order, the chairman's error does not invalidate the vote on that resolution.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 Members may pass a resolution in writing without holding a meeting if the following
conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote :

&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) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including,
if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 If a written resolution is described as a Special Resolution or as an Ordinary Resolution,
it has effect accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 The directors may determine the manner in which written resolutions shall be put
to Members. In particular, they may provide, in the form of any written resolution, for each Member to indicate, out of the number of
votes the Member would have been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour
of the resolution and how many against the resolution or to be treated as abstentions. The result of any such written resolution shall
be determined on the same basis as on a poll.

**Sole-member company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 If the Company has only one Member, and the Member records in writing his decision
on a question, that record shall constitute both the passing of a resolution and the minute of it.

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12 Voting rights of Members

**Right to vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently
payable has not been paid, all Members are entitled to vote at a general meeting on a poll. Subject to any rights or restrictions for
the time being attached to any class or classes of Shares, holders of Class A Shares and Class B Shares vote together as one class on
all matters submitted to a vote by the shareholders at any general meeting and have the same rights except each Class A Share is entitled
to one (1) vote and each Class B Share is entitled to forty (40) votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Members may vote in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 An individual who represents two or more Members, including a Member in that individual's
own right, that individual shall be entitled to a separate vote for each Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 On a poll a holder of Class A Shares shall have one (1) vote for each Class A Share
he holds and a holder of Class B Shares shall have forty (40) votes for each Class B Share he holds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 A fraction of a Share shall entitle its holder to an equivalent fraction of one vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 No Member is bound to vote on his Shares or any of them; nor is he bound to vote
each of his Shares in the same way.

**Rights of joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 If Shares are held jointly, only one of the joint holders may vote. If more than
one of the joint holders tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of
members shall be accepted to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 Save where otherwise provided, a corporate Member must act by a duly authorised
representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 A corporate Member wishing to act by a duly authorised representative must identify
that person to the Company by notice in writing **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 The authorisation may be for any period of time, and must be delivered to the Company
not less than two hours before the commencement of the meeting at which it is first used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 The directors of the Company may require the production of any evidence which they
consider necessary to determine the validity of the notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 Where a duly authorised representative is present at a meeting that Member is deemed
to be present in person; and the acts of the duly authorised representative are personal acts of that Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 A corporate Member may revoke the appointment of a duly authorised representative
at any time by notice to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised
representative before the directors of the Company had actual notice of the revocation.

**Member with mental disorder**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 A Member in respect of whom an order has been made by any court having jurisdiction
(whether in the Islands or elsewhere) in matters concerning mental disorder may vote, on a poll, by that Member's receiver, curator bonis
or other person authorised in that behalf appointed by that court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 For the purpose of the preceding Article, evidence to the satisfaction of the directors
of the authority of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant
meeting or the adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by
Electronic means. In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 An objection to the validity of a person's vote may only be raised at the meeting
or at the adjourned meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose
decision shall be final and conclusive.

**Form of proxy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 An instrument appointing a proxy shall be in any common form or in any other form
approved by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 The directors may require the production of any evidence which they consider necessary
to determine the validity of any appointment of a proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 A Member may revoke the appointment of a proxy at any time by notice to the Company
duly signed in accordance with the Article above about signing proxies; but such revocation will not affect the validity of any acts carried
out by the proxy before the directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 Subject to the following Articles, the form of appointment of a proxy and any authority
under which it is signed (or a copy of the authority certified notarially or in any other way approved by the directors) must be delivered
so that it is received by the Company at any time before the time for holding the meeting or adjourned meeting at which the person named
in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&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) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Islands specified in the notice convening the meeting
or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an
Electronic Record, an Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions
unless another address for that purpose is specified:

&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) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the
meeting; 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;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22 Where a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it is taken more than seven Clear Days after it is demanded, the form of appointment
of a proxy and any accompanying authority (or an Electronic Record of the same) must be delivered as required under the preceding Article
not less than 24 hours before the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) but if it to be taken within seven Clear Days after it was demanded, the form of
appointment of a proxy and any accompanying authority (or an Electronic Record of the same) must be e delivered as required under the
preceding Article not less than two hours before the time appointed for the taking of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23 If the form of appointment of proxy is not delivered on time, it is invalid.

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**Voting by proxy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as
the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment
of a proxy, a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on
the same resolution, unless in respect of different Shares, shall be invalid.

13 Number of directors

Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and the maximum number shall be ten. There shall be no directors, however, until the first director is or the first directors are appointed by the subscriber or subscribers to the Memorandum.

14 Appointment, disqualification and removal of directors First directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The first directors shall be appointed in writing by the subscriber or subscribers
to the Memorandum.

**No age limit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 There is no age limit for directors save that they must be aged at least 18 years.

**Corporate directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Unless prohibited by law, a body corporate may be a director. If a body corporate
is a director, the Articles about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about
directors' meetings.

**No shareholding qualification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Unless a shareholding qualification for directors is fixed by Ordinary Resolution,
no director shall be required to own Shares as a condition of his appointment.

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**Appointment of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 A director may be appointed by Ordinary Resolution or by the directors. Any appointment
may be to fill a vacancy or as an additional director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Notwithstanding the other provisions of these Articles, in any case where, as a
result of death, the Company has no directors and no shareholders, the personal representatives of the last shareholder to have died have
the power, by notice in writing to the Company, to appoint a person to be a director. For the purpose of this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where two or more shareholders die in circumstances rendering it uncertain who was
the last to die, a younger shareholder is deemed to have survived an older shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the last shareholder died leaving a will which disposes of that shareholder's
shares in the Company (whether by way of specific gift, as part of the residuary estate, or otherwise):

&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 expression personal representatives of the last shareholder means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) until a grant of probate in respect of that will has been obtained from the Grand
Court of the Cayman Islands, all of the executors named in that will who are living at the time the power of appointment under this Article
is exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) after such grant of probate has been obtained, only such of those executors who have
proved that will;

&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) without derogating from section 3(1) of the Succession Act (Revised), the executors
named in that will may exercise the power of appointment under this Article without first obtaining a grant of probate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 A remaining director may appoint a director even though there is not a quorum of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 No appointment can cause the number of directors to exceed the maximum; and any
such appointment shall be invalid.

**Removal of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 A director may be removed by Ordinary Resolution.

**Resignation of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 A director may at any time resign office by giving to the Company notice in writing
or, if permitted pursuant to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 Unless the notice specifies a different date, the director shall be deemed to have
resigned on the date that the notice is delivered to the Company.

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**Termination of the office of director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 A director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Islands from acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of a registered medical practitioner by whom he is being treated
he becomes physically or mentally incapable of acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he is made subject to any law relating to mental health or incompetence, whether
by court order or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the other directors, he is absent from meetings of directors
for a continuous period of six months.

15 Alternate directors

**Appointment and removal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Any director may appoint any other person, including another director, to act in his
place as an alternate director in accordance with the Act. No appointment shall take effect until the director has given notice of the
appointment to the other directors. Such notice must be given to each other director by either of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the other director has an email address, by emailing to that address a scanned
copy of the notice as a PDF attachment (the PDF version being deemed to be the notice unless Article 30.7 applies), in which event notice
shall be taken to be given on the date of receipt by the recipient in readable form. For the avoidance of doubt, the same email may be
sent to the email address of more than one director (and to the email address of the Company pursuant to Article 15.4(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Without limitation to the preceding Article, a director may appoint an alternate
for a particular meeting by sending an email to his fellow directors informing them that they are to take such email as notice of such
appointment for such meeting. Such appointment shall be effective without the need for a signed notice of appointment or the giving of
notice to the Company in accordance with Article 15.4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 A director may revoke his appointment of an alternate at any time. No revocation
shall take effect until the director has given notice of the revocation to the other directors. Such notice must be given by either of
the methods specified in Article 15.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 A notice of appointment or removal of an alternate director must also be given
to the Company by any of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile
transmission to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of
the Company's registered office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 30.7
applies), in which event notice shall be taken to be given on the date of an error-free transmission report from the sender's fax
machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email
address a scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered
office a scanned copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article
30.7 applies), in which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office
(as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved
Electronic Record delivered in accordance with those provisions in writing.

**Notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 All notices of meetings of directors shall continue to be given to the appointing
director and not to the alternate.

**Rights of alternate director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 An alternate director shall be entitled to attend and vote at any board meeting
or meeting of a committee of the directors at which the appointing director is not personally present, and generally to perform all the
functions of the appointing director in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 For the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if another director has been appointed an alternate director for one or more directors, he shall be
entitled to a separate vote in his own right as a director and in right of each other director for whom he has been appointed an alternate;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a person other than a director has been appointed an alternate director for
more than one director, he shall be entitled to a separate vote in right of each director for whom he has been appointed an alternate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 An alternate director, however, is not entitled to receive any remuneration from
the Company for services rendered as an alternate director.

**Appointment ceases when the appointor ceases to be a director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 An alternate director shall cease to be an alternate director if the director who
appointed him ceases to be a director.

**Status of alternate director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 An alternate director shall carry out all functions of the director who made the appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 Save where otherwise expressed, an alternate director shall be treated as a director
under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 An alternate director is not the agent of the director appointing him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 An alternate director is not entitled to any remuneration for acting as alternate director.

**Status of the director making the appointment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 A director who has appointed an alternate is not thereby relieved from the duties
which he owes the Company.

16 Powers of directors

**Powers of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Subject to the provisions of the Act, the Memorandum and these Articles, the business
of the Company shall be managed by the directors who may for that purpose exercise all the powers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 No prior act of the directors shall be invalidated by any subsequent alteration
of the Memorandum or these Articles. However, to the extent allowed by the Act, Members may by Special Resolution validate any prior or
future act of the directors which would otherwise be in breach of their duties.

**Appointments to office**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 The directors may appoint a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the board of directors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office

for such period and on such terms, including as to remuneration, as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 The appointee must consent in writing to holding that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Where a chairman is appointed he shall, unless unable to do so, preside at every
meeting of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 If there is no chairman, or if the chairman is unable to preside at a meeting, that
meeting may select its own chairman; or the directors may nominate one of their number to act in place of the chairman should he ever
not be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Subject to the provisions of the Act, the directors may also appoint any person, who
need not be a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 The Secretary or Officer must consent in writing to holding that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 A director, Secretary or other Officer of the Company may not the hold the office,
or perform the services, of auditor.

**Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10 Every director may be remunerated by the Company for the services he provides for
the benefit of the Company, whether as director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in
the Company's business including attendance at directors' meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11 A director's remuneration shall be fixed by the Company by Ordinary Resolution.
Unless that resolution provides otherwise, the remuneration shall be deemed to accrue from day to day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12 Remuneration may take any form and may include arrangements to pay pensions, health
insurance, death or sickness benefits, whether to the director or to any other person connected to or related to him.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13 Unless his fellow directors determine otherwise, a director is not accountable to
the Company for remuneration or other benefits received from any other company which is in the same group as the Company or which has
common shareholdings.

**Disclosure of information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.14 The directors may release or disclose to a third party any information regarding
the affairs of the Company, including any information contained in the register of members relating to a Member, (and they may authorise
any director, Officer or other authorised agent of the Company to release or disclose to a third party any such information in his possession)
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any
jurisdiction to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the rules of any stock exchange upon which the Company's shares
are listed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the directors' powers to a committee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The directors may delegate any of their powers to any committee consisting of one
or more persons who need not be Members. Persons on the committee may include non-directors so long as the majority of those persons are
directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The delegation may be collateral with, or to the exclusion of, the directors' own powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 The delegation may be on such terms as the directors think fit, including provision
for the committee itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the directors
at will.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Unless otherwise permitted by the directors, a committee must follow the procedures
prescribed for the taking of decisions by directors.

**Power to appoint an agent of the Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 The directors may appoint any person, either generally or in respect of any specific
matter, to be the agent of the Company with or without authority for that person to delegate all or any of that person's powers. The directors
may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

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**Power to appoint an attorney or authorised signatory of the Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 The directors may appoint any person, whether nominated directly or indirectly
by the directors, to be the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under these Articles. The directors may do so by power of attorney or any other manner they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 Any power of attorney or other appointment may contain such provision for the protection
and convenience for persons dealing with the attorney or authorised signatory as the directors think fit. Any power of attorney or other
appointment may also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions
vested in that person.

**Power to appoint a proxy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 Any director may appoint any other person, including another director, to represent
him at any meeting of the directors. If a director appoints a proxy, then for all purposes the presence or vote of the proxy shall be
deemed to be that of the appointing director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 Articles 15.1 to 15.4 inclusive (relating to the appointment by directors of alternate
directors) apply, mutatis mutandis, to the appointment of proxies by directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 A proxy is an agent of the director appointing him and is not an officer of the Company.

18 Meetings of directors

**Regulation of directors' meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject to the provisions of these Articles, the directors may regulate their proceedings
as they think fit.

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**Calling meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Any director may call a meeting of directors at any time. The Secretary, if any,
must call a meeting of the directors if requested to do so by a director.

**Notice of meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Every director shall be given notice of a meeting, although a director may waive
retrospectively the requirement to be given notice. Notice may be oral.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 At least five Clear Days' notice of a meeting of directors must be given
to directors. But a meeting may be convened on shorter notice with the consent of all directors.

**Use of technology**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 A director may participate in a meeting of directors through the medium of conference
telephone, video or any other form of communications equipment providing all persons participating in the meeting are able to hear and
speak to each other throughout the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 A director participating in this way is deemed to be present in person at the meeting.

**Place of meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 If all the directors participating in a meeting are not in the same place, they
may decide that the meeting is to be treated as taking place wherever any of them is.

**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 The quorum for the transaction of business at a meeting of directors shall be two
unless the directors fix some other number or unless the Company has only one director.

**Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 A question which arises at a board meeting shall be decided by a majority of votes.
If votes are equal the chairman may, if he wishes, exercise a casting vote.

**Validity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 Anything done at a meeting of directors is unaffected by the fact that it is later
discovered that any person was not properly appointed, or had ceased to be a director, or was otherwise not entitled to vote.

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**Recording of dissent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 A director present at a meeting of directors shall be presumed to have assented
to any action taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed
dissent.

A director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 The directors may pass a resolution in writing without holding a meeting if all
directors sign a document or sign several documents in the like form each signed by one or more of those directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 Despite the foregoing, a resolution in writing signed by a validly appointed alternate
director or by a validly appointed proxy need not also be signed by the appointing director. But if a written resolution is signed personally
by the appointing director, it need not also be signed by his alternate or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 Such written resolution shall be as effective as if it had been passed at a meeting
of the directors duly convened and held; and it shall be treated as having been passed on the day and at the time that the last director
signs.

**Sole director's minute**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 Where a sole director signs a minute recording his decision on a question, that
record shall constitute the passing of a resolution in those terms.

19 Permissible directors' interests and disclosure

**Permissible interests subject to disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Save as expressly permitted by these Articles or as set out below, a director may
not have a direct or indirect interest or duty which conflicts or may possibly conflict with the interests of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 If, notwithstanding the prohibition in the preceding Article, a director discloses
to his fellow directors the nature and extent of any material interest or duty in accordance with the next Article, he may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be a party to, or otherwise interested in, any transaction or arrangement with
the Company or in which the Company is or may otherwise be interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be interested in another body corporate promoted by the Company or in which the Company
is otherwise interested. In particular, the director may be a director, secretary or officer of, or employed by, or be a party to any
transaction or arrangement with, or otherwise interested in, that other body corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Such disclosure may be made at a meeting at a meeting of the board or otherwise
(and, if otherwise, it must be made in writing). The director must disclose the nature and extent of his direct or indirect interest in
or duty in relation to a transaction or arrangement or series of transactions or arrangements with the Company or in which the Company
has any material interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 If a director has made disclosure in accordance with the preceding Article, then he
shall not, by reason only of his office, be accountable to the Company for any benefit that he derives from any such transaction or arrangement
or from any such office or employment or from any interest in any such body corporate, and no such transaction or arrangement shall be
liable to be avoided on the ground of any such interest or benefit.

**Notification of interests**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 For the purposes of the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general notice that a director gives to the other directors that he is to be
regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified
person or class of persons is interested shall be deemed to be a disclosure that he has an interest in or duty in relation to any such
transaction of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interest of which a director has no knowledge and of which it is unreasonable to
expect him to have knowledge shall not be treated as an interest of his.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 A director shall not be treated as having an interest in a transaction or arrangement
if he has no knowledge of that interest and it is unreasonable to expect the director to have that knowledge.

**Voting where a director is interested in a matter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 A director may vote at a meeting of directors on any resolution concerning a matter
in which that director has an interest or duty, whether directly or indirectly, so long as that director discloses any material interest
pursuant to these Articles. The director shall be counted towards a quorum of those present at the meeting. If the director votes on the
resolution, his vote shall be counted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 Where proposals are under consideration concerning the appointment of two or more
directors to offices or employment with the Company or any body corporate in which the Company is interested, the proposals may be divided
and considered in relation to each director separately and each of the directors concerned shall be entitled to vote and be counted in
the quorum in respect of each resolution except that concerning his or her own appointment.

---

| | |
|:---|:---|
| 20 | Minutes |

---

The Company shall cause minutes to be made in books kept for the purpose in accordance with the Act.

21 Accounts and audit

**Accounting and other records**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The directors must ensure that proper accounting and other records are kept, and
that accounts and associated reports are distributed in accordance with the requirements of the Act.

**No automatic right of inspection**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Members are only entitled to inspect the Company's records if they are expressly
entitled to do so by law, or by resolution made by the directors or passed by Ordinary Resolution.

**Sending of accounts and reports**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 The Company's accounts and associated directors' report or auditor's report that
are required or permitted to be sent to any person pursuant to any law shall be treated as properly sent to that person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they are sent to that person in accordance with the notice provisions: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they are published on a website providing that person is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fact that publication of the documents has been published on the website;

&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 address of the website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on the website where the documents may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) how they may be accessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 If, for any reason, a person notifies the Company that he is unable to access the
website, the Company must, as soon as practicable, send the documents to that person by any other means permitted by these Articles. This, however, will
not affect when that person is taken to have received the documents under the next Article.

---

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|:---|:---|
| 40 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Time of receipt if documents are published on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 Documents sent by being published on a website in accordance with the preceding
two Articles are only treated as sent at least five Clear Days before the date of the meeting at which they are to be laid if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the documents are published on the website throughout a period beginning at least
five Clear Days before the date of the meeting and ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the person is given at least five Clear Days' notice of the hearing.

**Validity despite accidental error in publication on website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 If, for the purpose of a meeting, documents are sent by being published on a website
in accordance with the preceding Articles, the proceedings at that meeting are not invalidated merely because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those documents are, by accident, published in a different place on the website
to the place notified; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they are published for part only of the period from the date of notification until
the conclusion of that meeting.

**When accounts are to be audited**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 Unless the directors or the Members, by Ordinary Resolution, so resolve or unless
the Act so requires, the Company's accounts will not be audited. If the Members so resolve, the Company's accounts shall be audited in
the manner determined by Ordinary Resolution. Alternatively, if the directors so resolve, they shall be audited in the manner they determine.

22 Financial year

Unless the directors otherwise specify, the financial year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall end on 31st December in the year of its incorporation and each following
year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall begin when it was incorporated and on 1st January each following year.

---

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|:---|:---|
| 41 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

23 Record dates

Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for declaring or paying a dividend or making or issuing an allotment of Shares. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.

24 Dividends

**Declaration of dividends by Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare
dividends in accordance with the respective rights of the Members but no dividend shall exceed the amount recommended by the directors.

**Payment of interim dividends and declaration of final dividends by directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 The directors may pay interim dividends or declare final dividends in accordance
with the respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that
such dividends may lawfully be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 Subject to the provisions of the Act, in relation to the distinction between interim
dividends and final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the directors
in the dividend resolution, a debt shall be created immediately following the declaration, the due date to be the date the dividend is
stated to be payable in the resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 In relation to Shares carrying differing rights to dividends or rights to dividends
at a fixed rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the directors may pay dividends
on Shares which confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights
with regard to dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment,
any preferential dividend is in arrears.

---

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|:---|:---|
| 42 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The directors may also pay, at intervals settled by them, any dividend payable at
a fixed rate if it appears to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the directors act in good faith, they shall not incur any liability to the Members
holding Shares conferring preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having
deferred or non- preferred rights.

**Apportionment of dividends**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 Except as otherwise provided by the rights attached to Shares, all dividends shall
be declared and paid according to the amounts paid up on the Shares on which the dividend is paid. All dividends shall be apportioned
and paid proportionately to the amount paid up on the Shares during the time or part of the time in respect of which the dividend is paid.
But if a Share is issued on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend
accordingly.

**Right of set off**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.6 The directors may deduct from a dividend or any other amount payable to a person
in respect of a Share any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.7 If the directors so determine, any resolution declaring a dividend may direct that
it shall be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the directors
may settle that difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members
on the footing of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.8 A dividend or other monies payable on or in respect of a Share may be paid in any
of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates
a bank account for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

---

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|:---|:---|
| 43 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9 For the purpose of paragraph (a) of the preceding Article, the nomination may be
in writing or in an Electronic Record and the bank account nominated may be the bank account of another person. For the purpose of paragraph
(b) of the preceding Article, subject to any applicable law or regulation, the cheque or warrant shall be made to the order of the Member
holding that Share or other person entitled to the Share or to his nominee, whether nominated in writing or in an Electronic Record, and
payment of the cheque or warrant shall be a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10 If two or more persons are registered as the holders of the Share or are jointly
entitled to it by reason of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable
on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount)
payable in respect of that Share.

**Dividends or other moneys not to bear interest in absence of special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.12 Unless provided for by the rights attached to a Share, no dividend or other monies
payable by the Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.13 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after
it was declared or both, the directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate
account, the Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.14 A dividend that remains unclaimed for a period of six years after it became due for
payment shall be forfeited to, and shall cease to remain owing by, the Company.

---

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|:---|:---|
| 44 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

25 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 The directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend
(whether or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption
reserve, if any.

The amount resolved to be capitalised must be appropriated to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by issuing Fully Paid Shares, debentures or other securities of the Company to that
Member or as that Member directs. The directors may resolve that any Shares issued to the Member in respect of partly paid Shares (**Original Shares**) rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain partly
paid.

**Applying an amount for the benefit of members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The amount capitalised must be applied to the benefit of Members in the proportions
to which the Members would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 Subject to the Act, if a fraction of a Share, a debenture, or other security is
allocated to a Member, the directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

26 Share premium account

**Directors to maintain share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 The directors shall establish a share premium account in accordance with the Act.
They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue
of any Share or capital contributed or such other amounts required by the Act.

**Debits to share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value
of that Share and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

---

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|:---|:---|
| 45 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share,
the directors may pay the difference between the nominal value of that Share and the redemption purchase price out of the profits of the
Company or, as permitted by the Act, out of capital.

---

| | |
|:---|:---|
| 27 | Seal |

---

**Company seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 The Company may have a seal if the directors so determine.

**Duplicate seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or
seals for use in any place or places outside the Islands. Each duplicate seal shall be a facsimile of the original seal of the Company.
However, if the directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 A seal may only be used by the authority of the directors. Unless the directors
otherwise determine, a document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single director (or his alternate).

**If no seal is adopted or used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 If the directors do not adopt a seal, or a seal is not used, a document may be executed
in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5 The directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical
or Electronic Signature.

---

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|:---|:---|
| 46 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Validity of execution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6 If a document is duly executed and delivered by or on behalf of the Company, it
shall not be regarded as invalid merely because, at the date of the delivery, the Secretary, or the director, or other Officer or person
who signed the document or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority
on behalf of the Company.

28 Indemnity

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 To the extent permitted by law, the Company shall indemnify each existing or former
Secretary, director (including alternate director), and other Officer of the Company (including an investment adviser or an administrator
or liquidator) and their personal representatives against:

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

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

No such existing or former Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 To the extent permitted by law, the Company may make a payment, or agree to make a
payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Secretary or Officer of the
Company in respect of any matter identified in paragraph (a) or paragraph (b) of the preceding Article on condition that the Secretary
or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Secretary or
that Officer for those legal costs.

---

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| 47 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Release**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 To the extent permitted by law, the Company may by Special Resolution release any
existing or former director (including alternate director), Secretary or other Officer of the Company from liability for any loss or damage
or right to compensation which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or
discretions of his office; but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 To the extent permitted by law, the Company may pay, or agree to pay, a premium
in respect of a contract insuring each of the following persons against risks determined by the directors, other than liability arising
out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former director (including alternate director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;(ii) a company which is or was a subsidiary 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;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

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

---

| | |
|:---|:---|
| 29 | Notices |

---

**Form of notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 Save where these Articles provide otherwise, any notice to be given to or by any person pursuant to
these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the
giver by Electronic Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

---

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|:---|:---|
| 48 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Electronic communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 Without limitation to Articles 15.1 to 15.4 inclusive (relating to the appointment
and removal by directors of alternate directors) and to Articles 17.8 to 17.10 inclusive (relating to the appointment by directors of
proxies), a notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the resolution states how an Electronic Record may be given and, if applicable,
specifies an email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of that resolution are notified to the Members for the time being and,
if applicable, to those directors who were absent from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 A notice may not be given by Electronic Record to a person other than the Company
unless the recipient has notified the giver of an Electronic address to which notice may be sent.

**Persons authorised to give notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4 A notice by either the Company or a Member pursuant to these Articles may be given
on behalf of the Company or a Member by a director or company secretary of the Company or a Member.

**Delivery of written notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5 Save where these Articles provide otherwise, a notice in writing may be given personally
to the recipient, or left at (as appropriate) the Member's or director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.6 Where Members are joint holders of a Share, all notices shall be given to the Member
whose name first appears in the register of members.

**Signatures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.7 A written notice shall be signed when it is autographed by or on behalf of the
giver, or is marked in such a way as to indicate its execution or adoption by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 An Electronic Record may be signed by an Electronic Signature.

---

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| 49 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Evidence of transmission**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.9 A notice given by Electronic Record shall be deemed sent if an Electronic Record
is kept demonstrating the time, date and content of the transmission, and if no notification of failure to transmit is received by the
giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.10 A notice given in writing shall be deemed sent if the giver can provide proof that
the envelope containing the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted
to the recipient.

**Giving notice to a deceased or bankrupt Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.11 A notice may be given by the Company to the persons entitled to a Share in consequence
of the death or bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice
to a Member, addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like
description, at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.12 Until such an address has been supplied, a notice may be given in any manner in
which it might have been given if the death or bankruptcy had not occurred.

**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 A notice is given on the date identified in the following table.

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Method for giving notices** | &nbsp;&nbsp; <br> **When taken to be given** |
| &nbsp;&nbsp;Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;By leaving it at the member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp; If the recipient has an address within the Islands, by posting it by prepaid post to the street or postal address of that<br> recipient | &nbsp;&nbsp;48 hours after it was posted |
| &nbsp;&nbsp; If the recipient has an address outside the Islands, by posting it by prepaid airmail to the street or postal address of that<br> recipient | &nbsp;&nbsp;7 Clear Days after posting |
| &nbsp;&nbsp; By Electronic Record (other than publication on a website), to recipient's<br> Electronic address | &nbsp;&nbsp;Within 24 hours after it was sent |
| &nbsp;&nbsp;By publication on a website | &nbsp;&nbsp; See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may<br> be, are published on a website |

---

---

| | |
|:---|:---|
| 50 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Saving provision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.14 None of the preceding notice provisions shall derogate from the Articles about
the delivery of written resolutions of directors and written resolutions of Members.

30 Authentication of Electronic Records

**Application of Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 Without limitation to any other provision of these Articles, any notice, written
resolution or other document under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a director
or other Officer of the Company, shall be deemed to be authentic if either Article 30.2 or Article 30.4 applies.

**Authentication of documents sent by Members by Electronic means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 An Electronic Record of a notice, written resolution or other document sent by Electronic
means by or on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by,
or at the direction of, that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 30.7 does not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3 For example, where a sole Member signs a resolution and sends the Electronic Record
of the original resolution, or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose,
the facsimile copy shall be deemed to be the written resolution of that Member unless Article 30.7 applies.

---

| | |
|:---|:---|
| 51 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 An Electronic Record of a notice, written resolution or other document sent by
or on behalf of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are
satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original
document, and for this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more
of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by,
or at the direction of, the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which
it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 30.7 does not apply.

This Article applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.5 For example, where a sole director signs a resolution and scans the resolution,
or causes it to be scanned, as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose,
the PDF version shall be deemed to be the written resolution of that director unless Article 30.7 applies.

**Manner of signing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.6 For the purposes of these Articles about the authentication of Electronic Records,
a document will be taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.7 A notice, written resolution or other document under these Articles will not be
deemed to be authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory
had signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered,
without the approval of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document and the recipient promptly gives
notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the
authenticity of the Electronic Record in any way the sender thinks fit.

---

| | |
|:---|:---|
| 52 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

31 Transfer by way of continuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 The Company may, by Special Resolution, resolve to be registered by way of continuation
in a jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered
or existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 To give effect to any resolution made pursuant to the preceding Article, the directors
may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies to deregister the Company in
the Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer
by way of continuation of the Company.

32 Winding up

**Distribution of assets in specie**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 If the Company is wound up, the Members may, subject to these Articles and any
other sanction required by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the
Company and, for that purpose, to value any assets and to determine how the division shall be carried out as between the Members or different
classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members
and those liable to contribute to the winding up.

**No obligation to accept liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

---

| | |
|:---|:---|
| 53 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

**The directors are authorised to present a winding up petition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 The directors have the authority to present a petition for the winding up of the
Company to the Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

33 Amendment of Memorandum and Articles

 **Power to change name or amend Memorandum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2 Subject to the Act and as provided in these Articles, the Company may, by Special
Resolution, amend these Articles in whole or in part.

---

| | |
|:---|:---|
| 54 | ![](ex3-1_002.jpg) |
|  | *Filed: 20-May-2025 08:00 EST* |
| *www.verify.gov.ky File#: 387369* | *Auth Code: B46376900917* |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) |  |
| **Top KingWin Ltd** | **D** **+852 3656 6054** |
|  | **E** **nathan.powell@ogier.com** |
|  | Reference: NMP/CLE/508141.00003 |

---

12 August 2025

Dear Sirs

**Top KingWin Ltd (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form S-8, including all amendments or supplements thereto (the **Form S-8**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Act**), on or about the date hereof. The Form S-8 relates to the registration under the Securities Act of 1,081,267 class A ordinary shares with par value of US$0.0025 per share of the Company to be issued pursuant to the Company's 2025 Equity Incentive Plan (the **ESOP Shares**) as approved by the board of directors of the Company on 12 August 2025 (the **2025 Equity Incentive Plan**). In addition, the Form S-8 includes a reoffer prospectus (the **Prospectus**) which relates to the resale of up to 284,481 class A ordinary shares with par value of US$0.0025 per share of the Company (the **Resale Shares**) by certain shareholders (the **Selling Shareholders**) of the Company.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined below). A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 16 February 2022 issued by the Registrar of Companies
of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the second amended and restated memorandum and articles of association of the Company adopted by special
resolutions dated 22 April 2025 and effective from 5 May 2025 (respectively, the **Memorandum** and the **Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of good standing of the Company dated 19 February 2025 (the **Good Standing Certificate**)
issued by the Registrar in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the register of directors of the Company (the **Register of Directors**);

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ogier** <br> Providing advice on British Virgin Islands,<br> Cayman Islands and Guernsey laws <br>Floor 11 Central Tower <br> 28 Queen's Road Central <br> Central <br> Hong Kong <br>T +852 3656 6000 <br> F +852 3656 6001 <br> **ogier.com** | &nbsp;&nbsp;**Partners** <br> Nicholas Plowman <br> Nathan Powell <br> Anthony Oakes <br> Oliver Payne <br> Kate Hodson <br> David Nelson <br> Justin Davis <br> Joanne Collett <br> Dennis Li | &nbsp;&nbsp;Cecilia Li <br> Rachel Huang\*\*<br> Yuki Yan\*\* <br> Florence Chan\*<sup>‡</sup> Richard Bennett\*\*<sup>‡</sup> James Bergstrom<sup>‡</sup> <br>| &nbsp;&nbsp;\* admitted in New Zealand <br> \*\* admitted in England and Wales <br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page **2** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the shareholder list of the Company provided by the transfer agent of the Company as at 12 August 2025
(the **Register of Members**, and together with the Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the written resolutions of all the directors of the Company dated 12 August 2025 approving, among other
things, the Company's adoption of the 2025 Equity Incentive Plan and the proposed resale of the Resale Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a certificate from a director of the Company dated 12 August 2025 as to certain matters of fact (the **Director's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Form S-8 and the Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the 2025 Equity Incentive Plan as exhibited to the Form S-8.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals
and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Registers, the Director's Certificate and the 2025 Equity Incentive Plan is accurate, complete
and up-to-date (as the case may be) as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Memorandum and Articles provided to us are in full force and effect and have not been amended, varied,
supplemented or revoked in any respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all copies of the Form S-8 are true and correct copies and the Form S-8 conforms in every material respect
to the latest drafts of the same produced to us and, where the Form S-8 has been provided to us in successive drafts marked to show changes
from a previous draft, all such changes have been accurately marked;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Board Resolutions have been duly passed in accordance with the Company's articles of association then
in effect and remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each of the directors of the Company has acted in good faith with a view to the best interests of the
Company and has exercised the standard of care, diligence and skill that is required of him or her in approving the 2025 Equity Incentive
Plan and no director has a financial interest in or other relationship to a party of the transactions contemplated by the 2025 Equity
Incentive Plan which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the directors nor the shareholders of the Company have taken any steps to wind up the Company
or to appoint a liquidator of the Company and no receiver or restructuring officer has been appointed over any of the Company's
property or assets;

Page **3** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the maximum number of shares which the Company is required to issue under the 2025 Equity Incentive Plan
to fulfil its obligation will not exceed the Company's authorised share capital then in place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the consideration payable for each ESOP Share shall be no less than the par value of the ESOP Shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) there is nothing under any law (other than the laws of the Cayman Islands), that would or might affect
the opinions herein.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examination of the Documents and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company in the Cayman Islands and is validly existing
and in good standing with the Registrar.

**Authorised Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based solely on the Memorandum, the authorised share capital of the Company is US$31,250,000 divided into
(i) 10,000,000,000 class A ordinary shares of a par value of US$0.0025 each (the **Class A Ordinary Shares**) and (ii) 2,500,000,000
class B ordinary shares of a par value of US$0.0025 each.

**Valid Issuance of Class A Ordinary Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ESOP Shares to be issued under the 2025 Equity Incentive Plan have been duly authorised by all necessary
corporate actions of the Company under the Memorandum and Articles and, upon the issuance and delivery of the ESOP Shares in accordance
with the Memorandum and Articles, the Board Resolutions and the terms of the 2025 Equity Incentive Plan and once consideration of not
less than the par value is fully paid per ESOP Share in accordance with the 2025 Equity Incentive Plan to the Company, the ESOP Shares
will be validly issued, fully paid and non-assessable. Once the register of members of the Company has been updated to reflect the issuance
of the ESOP Shares, the shareholders recorded in the register of members of the Company will be deemed to have legal title to the shares
of the Company set out against their respective names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Resale Shares issued by the Company to the Selling Shareholders and being proposed for resale by the
Selling Shareholders as contemplated by the Prospectus have been duly authorised for issuance and were validly issued, fully paid and
non-assessable.

**Page **4** of **4**

4 Limitations and Qualifications

4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Form S-8, the accuracy of representations, the fulfilment of warranties or conditions, the
occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Form S-8 and any
other agreements into which the Company may have entered or any other documents.

4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect
of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure
to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which
its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit
of the public of the Cayman Islands.

4.3 In good standing means only that as of the date of the Good Standing Certificate the Company is up-to-date
with the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's
good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands
other than the Companies Act.

5 Governing law of this opinion

5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this
opinion.

5.2 Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that
legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities*"; and "*Legal Matters*" of the Registration Statement.

This opinion may be used only in connection with the offer and sale of the Shares while the Registration Statement is effective.

Yours faithfully

/s/ Ogier

**Ogier**

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | ![](ex23-1_002.jpg) |

---

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 17, 2025, with respect to the consolidated financial statements of and subsidiaries (the "Company"), appearing in its Annual Report on Form 20-F for the year ended December 31, 2024.

We also consent to the reference to us under the heading "Experts" in this Registration Statement.

---

| |
|:---|
| /s/ Tang Qian & Associates，PLLC |
| August 12, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1**

**TOP KINGWIN LTD**

**2025 EQUITY INCENTIVE PLAN**

1. **<u>Purposes of the Plan</u>**. Top KingWin Ltd, a Cayman Islands company (the "<u>Company</u>") hereby establishes the TOP KINGWIN LTD 2025 Equity Incentive Plan (the "<u>Plan</u>"). The purpose of the Plan is to promote the long-term success of the Company and the creation of shareholder value by (a) encouraging Employees, Directors and Consultants to focus on the Company's performance, (b) encouraging the attraction and retention of Employees, Directors and Consultants with exceptional qualifications, and (c) providing incentives that align the interests of Employees, Directors and Consultants with those of the shareholder of the Company. The Plan permits the grant of Incentive Share Options, Nonstatutory Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights, Performance Units, and Performance Shares as the Administrator may determine.

2. **<u>Definitions</u>**. The following definitions will apply to the terms in the Plan:

"<u>Administrator</u>" means the Board or any of its Committees as will be administering the Plan, in accordance with <u>Section 4</u>.

"<u>Affiliate</u>" means any corporation, partnership, limited liability company, limited liability partnership, business trust, or other entity or person controlling, controlled by or under common control of the Company, as determined by the Administrator in its sole discretion.

"<u>Applicable Laws</u>" means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government order, and the rules of any applicable stock exchange, of any jurisdiction applicable to Awards granted to residents therein.

"<u>Award</u>" means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Shares, Restricted Share Units, Performance Units, and Performance Shares.

"<u>Award Agreement</u>" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

"<u>Board</u>" means the Board of Directors of the Company, as constituted from time to time.

"<u>Cause</u>" means, with respect to a Participant, unless in the case of a particular Award, the particular Award Agreement states otherwise, (a) the Company or the relevant Affiliate, having "cause," "just cause" or term of similar meaning or import, to terminate a Participant's employment or service, as defined in any employment, consulting or services agreement with the Participant in effect at the time of such termination, or (b) in the absence of any such employment, consulting or services agreement (or the absence of any definition of "cause," "just cause" or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar acts, or commission of a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 material breach of any agreement or understanding between the Participant and the Company
 or the relevant Affiliate including, without limitation, any applicable intellectual property
 and/or invention assignment, employment, non-competition, confidentiality or other
 similar agreement or the Company's or the relevant Affiliate's code of conduct
 or other workplace rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 material misrepresentation or omission of any material fact in connection with the Participant's
 employment with the Company or the relevant Affiliate or service as a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 material failure to perform the customary duties as an Employee or Director, to obey the
 reasonable directions of a supervisor or to abide by the policies or codes of conduct of
 the Company or the relevant Affiliate or to satisfy the requirements or working standards
 of the Company or the relevant Affiliate during any applicable probationary employment period;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 conduct that is materially adverse to the name, reputation or interests of the Company or
 any Affiliate.

"<u>Change in Control</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 transaction as a result of which any person is the "beneficial owner" (as defined
 in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
 representing at least 50% of the total voting power represented by the Company's then
 outstanding voting securities. For purposes of this <u>subsection (i)</u>, the term
 "person" shall have the same meaning as when used in sections 13(d) and 14(d)
 of the Exchange Act but shall exclude (A) a trustee or other fiduciary holding securities
 under an employee benefit plan of the Company or of a Parent or Subsidiary, and (B) a corporation
 owned directly or indirectly by the shareholders of the Company in substantially the same
 proportions as their ownership of the shares of the Company. For purposes of this <u>subsection (i)</u>, the acquisition of additional shares by any one person, who is considered to own
 more than fifty percent (50%) of the total voting power of the securities of the Company
 will not be considered an additional Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A
 change in the composition of the Board occurring within a two-year period, as a result of
 which fewer than a majority of the directors are Incumbent Directors. " <u>Incumbent Directors</u> " means directors who either (A) are Directors as of the effective date
 of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative
 votes of at least a majority of the Directors at the time of such election or nomination
 (except where such election or nomination is in connection with an actual or threatened proxy
 contest relating to the election of directors to the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 consummation of the sale, transfer or other disposition by the Company of all or substantially
 all of the Company's assets, except with respect to a sale, transfer or other disposition
 of assets to a Parent, Subsidiary, or Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 consummation of a merger or consolidation of the Company with or into another entity or any
 other corporate reorganization, if persons who were not shareholders of the Company immediately
 prior to such merger, consolidation or other reorganization own immediately after such merger,
 consolidation or other reorganization 50% or more of the voting power of the outstanding
 securities of each of (i) the continuing or surviving entity and, (ii) any direct or indirect
 Parent corporation of such continuing or surviving entity.

For 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. The foregoing notwithstanding, if the Award constitutes non-qualified deferred compensation under Section 409A of the Code, in no event shall a Change in Control be deemed to have occurred unless such change shall satisfy the definition of a change in control under Section 409A of the Code.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended section of the Code.

"<u>Committee</u>" means a committee appointed by the Board that consists of one or more Board members or other individuals satisfying all Applicable Laws. As of the Effective Date, and until otherwise determined by the Board, the Compensation Committee of the Board will serve as the Committee.

"<u>Company</u>" means Top KingWin Ltd, a Cayman Islands company, or any successor thereto. For purposes of the Plan, the term "Company" shall include any present or future Parent and Subsidiary.

"Class A Ordinary Share" means a Class A ordinary share of the Company, par value of $0.0025 per share.

"Class B Ordinary Share" means a Class B ordinary share of the Company, par value of $0.0025 per share.

"<u>Consultant</u>" means any person, including an advisor, but who is not an Employee or an Director, engaged by the Company or any Affiliate of the Company to render services to such entity if: (i) such person renders bona fide services to the Company or any Affiliate; (ii) the services rendered by such person are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (iii) such person is a natural person who has contracted directly with the Company or any Affiliate to render such services.

"<u>Director</u>" means a member of the Board or any board of directors (or similar governing authority) of any Affiliate, including a non-employee Director.

"<u>Disability</u>" unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under the Company's or any Affiliate's long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Company or an Affiliate to which the Participant provides service does not have a long-term disability plan in place, "Disability" means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

"<u>Employee</u>" means any person, including Officers and Directors, employed by the Company or any Affiliate of the Company. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Exercise Price"</u> in the case of an Option, means the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Option Award Agreement. "Exercise Price," in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR.

"<u>Fair Market Value</u>" means, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the Shares are listed on one or more established stock exchanges or national market systems,
 including without limitation, the New York Stock Exchange or the Nasdaq Stock Market, its
 Fair Market Value shall be the closing sales price for such Shares (or the closing bid, if
 no sales were reported) as quoted on the principal exchange or system on which the Shares
 are listed on the date of determination (or, if no closing sales price or closing bid was
 reported on that date, as applicable, on the last trading date such closing sales price or
 closing bid was reported), as reported on the website maintained by such exchange or market
 system or such other source as the Administrator deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin
 Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales
 price for such Shares as quoted on such system or by such securities dealer on the date of
 determination, but if selling prices are not reported, the Fair Market Value of a Share shall
 be the mean between the high bid and low asked prices for the Shares on the date of determination
 (or, if no such prices were reported on that date, on the last date such prices were reported),
 as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In
 the absence of an established market for the Shares of the type described in (i) and (ii)
 above, the Fair Market Value thereof shall be determined by the Administrator in good faith
 and in its discretion, and such determination shall be conclusive and binding on all persons;
 provided that if an Award is subject to Section 409A of the Code, then the Fair Market Value
 shall be determined in accordance with Section 409A of the Code.

"<u>Grant Date</u>" means, for all purposes, the date on which the Administrator completes the corporate action authorizing the grant of an Award or such later date specified by the Administrator, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date. Notice of the Administrator's determination to grant an Award will be provided to each Participant within a reasonable time after the Grant Date.

"<u>Incentive Share Option" or "ISO</u>" means an Option that by its terms qualifies and is otherwise intended to qualify as an Incentive Share Option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

"<u>Memorandum and Articles of Association</u>" means the Company's Amended and Restated Memorandum of Association dated July 23, 2022, and the Company's Amended and Restated Articles of Association dated July 23, 2022, including any amendments to either of the foregoing.

"<u>Nonstatutory Share Option" or "NSO</u>" means an Option that by its terms does not qualify or is not intended to qualify as an ISO.

"<u>Officer</u>" 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.

"<u>Option</u>" means a share option granted pursuant to the Plan.

"<u>Optionee</u>" means the holder of an outstanding Option.

"<u>Parent</u>" means a "parent corporation," whether now or hereafter existing, as defined in Section 424(e) of the Code.

"<u>Participant</u>" means the holder of an outstanding Award.

"<u>Performance Period</u>" means any fiscal year of the Company or such other period as determined by the Administrator in its sole discretion.

"<u>Performance Share</u>" 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 10 hereof.

"<u>Period of Restriction</u>" means the period during which Restricted Shares or Restricted Share Units are subject to forfeiture.

"<u>Performance Unit</u>" 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 10 hereof.

"<u>Plan</u>" means this TOP KINGWIN LTD 2025 Equity Incentive Plan, as it may be amended from time to time.

"<u>Restricted Shares</u>" means Shares awarded to a Participant subject to forfeiture in accordance with <u>Section 7</u>.

"<u>Restricted Share Unit" or "RSU"</u> means the right to receive one Share at or after the end of the Period of Restriction, which right is subject to forfeiture in accordance with <u>Section 8</u> of the Plan.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Service Provider</u>" means an Employee, Director or Consultant.

"<u>Shares</u>" means collectively, Class A Ordinary Shares and Class B Ordinary Shares, as adjusted in accordance with <u>Section 11</u>.

"<u>Share Appreciation Right</u>" or "<u>SAR</u>" means the right to receive payment from the Company in an amount no greater than the excess of the Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement, which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection with an Option, the specified price shall be the Option Exercise Price.

"<u>Subsidiary</u>" means a "subsidiary corporation," whether now or hereafter existing, as defined in Section 424(f) of the Code.

3. **<u>Shares Subject to the Plan</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Shares Subject to the Plan.</u> Subject to the provisions of <u>Section 11</u>, the maximum aggregate
 number of Class A Ordinary Shares that may be issued under the Plan is 1,081,267 and the
 maximum aggregate number of Class B Ordinary Shares that may be issued under the Plan is
 22,721.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shares Returned to Reserve.</u> If Restricted Shares or Shares issued upon the exercise of
 an Award under the Plan are forfeited or repurchased, then such shares shall again become
 available for Awards under the Plan. Any Shares subject to an Award that expires or is canceled,
 forfeited, or terminated without issuance of the full number of Shares to which the Award
 related will again be available for issuance under the Plan. Notwithstanding the foregoing,
 the following Shares shall not again become available for Awards or increase the number of
 Shares available for grant under the Plan: (i) Shares tendered by the Participant or withheld
 by the Company in payment of the purchase price of an Option issued under the Plan, (ii)
 Shares tendered by the Participant or withheld by the Company to satisfy any tax withholding
 obligation with respect to an Award, (iii) Shares repurchased by the Company with proceeds
 received from the exercise of an Option issued under the Plan, and (iv) Shares subject to
 a SAR issued under this Plan that are not issued in connection with the share settlement
 of that SAR upon its exercise. To the extent an Award under the Plan is paid out in cash
 rather than Shares, such cash payment shall not reduce the number of Shares available for
 issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Share Reserve</u>. 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 the
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Administration of the Plan</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Administrator</u>.
 The Committee shall serve as Administrator of the Plan. The Committee shall consist of no
 less than two (2) nonemployee directors who shall be appointed by the Board. The Committee
 shall be comprised solely of nonemployee director who are (a) "outside directors"
 under Section 162(m) of the Code, (b) "non-employee directors" under Rule 16b-3
 of the Exchange Act, and (c) who meet any listing standards prescribed by the principal securities
 market on which the Company's equity securities are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Powers of the Administrator</u>. Subject to the provisions of the Plan and the approval of any relevant
 authorities, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to
determine the Fair Market Value;

&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. to
select the Service Providers to whom Awards may be granted hereunder;

&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. to
 determine the type of Award and number of Shares to be covered by each Award granted hereunder;

&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. to
 approve forms of agreement for use under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. to
 determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award
 granted hereunder. Such terms and conditions include, but are not limited to, the Exercise
 Price, the time or times when Awards may be exercised (which may be based on continued employment,
 continued service or performance criteria), any vesting acceleration (whether by reason of
 a Change of Control or otherwise) or waiver of forfeiture, and any restriction or limitation
 regarding any Award or the Shares relating thereto, based in each case on such factors as
 the Administrator, in its sole discretion, will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. to
 construe and interpret the terms of the Plan and Awards granted pursuant to the Plan, including
 the right to construe disputed or doubtful Plan and Award provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. to
 prescribe, amend and rescind rules and regulations relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. to
 modify or amend each Award to the extent any modification or amendment is consistent with
 the terms of the Plan, and does not 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. to
 allow Participants to satisfy withholding tax obligations in such manner as prescribed in <u>Section 12</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. to
 delay issuance of Shares or suspend Participant's right to exercise an Award as deemed
 necessary to comply with Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. to
 the extent permitted by Applicable Laws, to delegate, as it may deem appropriate, to one
 or more Officers of the Company the authority to grant Awards to Service Providers who are
 not Officers and Directors, and exercise such other powers under the Plan as the Administrator
 may determine, in accordance with such guidelines as the Administrator shall set forth at
 any time or from time to time; 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;xiii. to
 make all other determinations deemed necessary or advisable for administering the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Administrator's Decision</u>. The Administrator's decisions, determinations
 and interpretations will be final and binding on all Participants and any other holders of
 Awards. Any decision or action taken or to be taken by the Administrator, arising out of
 or in connection with the construction, administration, interpretation and effect of the
 Plan and of its rules and regulations, shall, to the maximum extent permitted by Applicable
 Laws, be within its absolute discretion (except as otherwise specifically provided in the
 Plan) and shall be final, binding and conclusive upon the Company, all Participants and any
 person claiming under or through any Participant.

5. **<u>Provisions Appliable to Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Eligibility</u>.
 As determined by the Administrator, NSOs, Restricted Shares, Restricted Share Units, SARs,
 Performance Units, or <u>Performance Shares</u> may be granted to Service Providers either
 alone or in combination with any other Awards and ISOs may be granted to Employees of the
 Company, and of any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Award Agreement</u>. Awards under the Plan shall be evidenced by Award Agreements that set forth
 the terms, conditions and limitations for each Award which may include the term of an Award,
 the provisions applicable in the event the Participant's employment or service terminates,
 and the Company's authority to unilaterally or bilaterally amend, modify, suspend,
 cancel or rescind an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Termination for Cause</u>. Unless otherwise provided in the Award Agreement, if a Participant's
 employment by or service is terminated for Cause, the Participant's unexercised Awards
 will terminate upon such termination for Cause, whether or not the Award is then vested and/or
 exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Transfer; Approved Leave of Absence</u>. For purposes of the Plan, no termination of employment by
 an Employee shall be deemed to result from either (a) a transfer of employment to the Company
 from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another,
 or (b) an approved leave of absence for military service or sickness, or for any other purpose
 approved by the Company, if the Employee's right to reemployment is guaranteed either
 by a statute or by contract or under the policy pursuant to which the leave of absence was
 granted or if the Administrator otherwise so provides in writing, in either case, except
 to the extent inconsistent with Section 409A of the Code if the applicable Award is subject
 thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Transferability; Limited Exception to Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Limits on Transfer</u>. Unless otherwise expressly provided in (or pursuant to) this Section 5e,
 by Applicable Law and by the Award Agreement, as the same may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all
 Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation,
 alienation, assignment, pledge, encumbrance or charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Awards
 will be exercised, during the lifetime of the Participant, only by the Participant; 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;(c) amounts
 payable or shares issuable pursuant to an Award will be delivered only to (or for the account
 of), and, in the case of Shares, registered in the name of, the Participant.

In addition, the shares shall be subject to the restrictions set forth in the applicable Award 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;ii. <u>Exceptions to Limits on Transfer</u>. Notwithstanding the foregoing, upon notice to the Administrator
 no provision herein shall prevent or forbid transfers to a trust that was established solely
 for tax planning purposes and not for purposes of profit or commercial activity or, to one
 or more "family members" (as such term is defined in SEC Rule 701 promulgated
 under the Securities Act of 1933, as amended) by gift or pursuant to a qualified domestic
 relations order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Beneficiaries</u>.
 Notwithstanding Section 5e, a Participant may, in the manner determined by the Administrator,
 designate a beneficiary to exercise the rights of the Participant and to receive any distribution
 with respect to any Award upon the Participant's death. A beneficiary, legal guardian,
 legal representative, or other person claiming any rights pursuant to the Plan is subject
 to all terms and conditions of the Plan and any Award Agreement applicable to the Participant,
 except to the extent the Plan and Award Agreement otherwise provide, and to any additional
 restrictions deemed necessary or appropriate by the Administrator. If the Participant is
 married and resides in a community property state, a designation of a person other than the
 Participant's spouse as his or her beneficiary with respect to more than 50% of the
 Participant's interest in the Award shall not be effective without the prior written
 consent of the Participant's spouse. If no beneficiary has been designated or survives
 the Participant, payment shall be made to the person entitled thereto pursuant to the Participant's
 will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
 may be changed or revoked by a Participant at any time provided the change or revocation
 is filed with the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Fractional Shares</u>. No fractional Shares shall be issued and the Administrator shall determine, in
 its discretion, whether cash shall be given in lieu of fractional Shares or whether such
 fractional Shares shall be eliminated by rounding up or down as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Share Certificate</u>. Notwithstanding anything herein to the contrary, the Company shall not be
 required to issue or deliver any certificates evidencing Shares pursuant to the exercise
 of any Award, unless and until the Administrator has determined, with advice of counsel,
 that the issuance and delivery of such Shares is in compliance with the Company's Memorandum
 and Articles of Association, all Applicable Laws, regulations of governmental authorities
 and, if applicable, the requirements of any exchange on which the Shares are listed or traded.
 All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders
 and other restrictions as the Administrator deems necessary or advisable to comply with all
 Applicable Laws, and the rules of any national securities exchange or automated quotation
 system on which the Shares are listed, quoted, or traded. The Administrator may place legends
 on any Share certificate to reference restrictions applicable to the Share. In addition to
 the terms and conditions provided herein, the Administrator may require that a Participant
 make such reasonable covenants, agreements, and representations as the Administrator, in
 its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.
 The Administrator shall have the right to require any Participant to comply with any timing
 or other restrictions with respect to the settlement or exercise of any Award, including
 a window-period limitation, as may be imposed in the discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Repricing</u>.
 To the extent not prohibited by Appliable Laws (including any applicable stock exchange rule),
 the repricing or termination and subsequent repricing of Options or SARs at a lower purchase
 price per Share than the original grant is permitted without prior shareholder approval.
 The Administrator may authorize the Company to issue new Option or SAR Awards in exchange
 for the surrender and cancellation of any or all outstanding Awards, subject to the consent
 of any Participant whose rights would be impaired. The Administrator may at any time repurchase
 Options with payment in cash, Shares or other consideration, based on such terms and conditions
 as the Administrator and the Participant shall agree.

6. **<u>Share Options</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Options</u>. Subject to the terms and conditions of the Plan, the Administrator, at any
 time and from time to time, may grant Options to Service Providers in such amounts as the
 Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Option Award Agreement</u>. Each Option shall be evidenced by an Award Agreement that shall specify
 the type of Option granted, the Exercise Price, the exercise date, the term of the Option,
 the number of Shares to which the Option pertains, vesting criteria and such other terms
 and conditions (which need not be identical among Participants) as the Administrator shall
 determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price</u>. The Exercise Price for the Shares to be issued pursuant to exercise of an Option
 will be no less than the Fair Market Value per Share on the Grant Date. Notwithstanding the
 above or any other term in this Plan or any Award Agreement, Notwithstanding any other provision
 of the Plan to the contrary, Shares shall be issued pursuant to exercise of an Option at
 a price at least equal to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Term of Options</u>. The term of each Option will be stated in the Award Agreement. Unless terminated
 sooner in accordance with the Plan or Award Agreement, no Option shall be exercisable on
 or after the tenth anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Time and Form of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Exercise Date</u>. Each Award Agreement shall specify how and when Shares covered by an Option may be purchased. The Award Agreement may specify
waiting periods, the dates on which Options become exercisable or "vested" and, subject to the termination provisions of
the Option, exercise periods. The Administrator may accelerate the exercisability of any Option or portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exercise of Option</u>. Any Option granted hereunder will be exercisable according to the terms of the 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: (1) notice of exercise (in such form as the Administrator shall specify from
time to time) from the person entitled to exercise the Option, and (2) full payment for the Shares with respect to which the Option is
exercised (together with all applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized
by the Administrator and permitted by the Award Agreement and the Plan (together with all applicable withholding taxes). Until the Shares
are issued (as evidenced by the appropriate entry in the register of members 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 the 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 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Payment</u>. The Administrator will determine the acceptable
form of consideration for exercising an Option, including the method of payment.

&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) <u>General Rule</u>. The entire Exercise Price of Shares issued upon exercise of Options shall be payable
 in cash or cash equivalents at the time when such Shares are purchased, except that the Administrator
 at its sole discretion may accept payment of the Exercise Price in any other form(s) described
 in this Section 6eiii. However, if the Optionee is a Director or an Officer of the Company,
 he or she may pay the Exercise Price in a form other than cash or cash equivalents only to
 the extent permitted by section 13(k) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Surrender of Shares</u>. With the Administrator's consent, all or any part of the Exercise Price
 may be paid by surrendering, or attesting to the ownership of, Shares that are already owned
 by the Optionee. Such Shares shall be valued at their Fair Market Value on the date when
 the new Shares are purchased under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Exercise/Sale</u>.
 With the Administrator's consent, all or any part of the Exercise Price and any withholding
 taxes may be paid by delivering (on a form prescribed by the Company) an irrevocable direction
 to a securities broker approved by the Company to sell all or part of the Shares being purchased
 under the Plan and to deliver all or part of the sales proceeds to 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;(4) <u>Promissory Note</u>. With the Administrator's consent, all or any part of the Exercise Price and
 any withholding taxes may be paid by delivering (on a form prescribed by the Company) a full-recourse
 promissory note that is consistent with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Other Forms of Payment</u>. With the Administrator's consent, all or any part of the Exercise
 Price and any withholding taxes may be paid in any other form that is consistent with Applicable
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Effects of Termination of Employment or Service on Options</u>. Termination of employment or service
 shall have the following effects on Options granted to the Participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Termination for Cause</u>. Unless otherwise provided in the Award Agreement, if a Participant's
 employment by or service is terminated by the Company or any Affiliate for Cause, the Participant's
 Options will terminate upon such termination, whether or not the Option is then vested and/or
 exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Death or Disability</u>. Unless otherwise provided in the Award Agreement, if a Participant's
 employment by or service terminates as a result of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the extent that such Options were vested and exercisable on the date of the Participant's termination on account of death or Disability, the Participant (or his or her legal representative or beneficiary, in the case of the Participant's Disability or death, respectively) may exercise his or her Option within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate; 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;(2) the Options, to the extent not vested and exercisable on the date of the Participant's termination of employment or service, shall terminate upon the Participant's termination of employment or service on account of death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Other Terminations of Employment or Service</u>. Unless
otherwise provided in the Award Agreement, if a Participant's employment by or service to the Company or any Affiliate terminates
for any reason other than a termination by the Company or any Affiliate for Cause or because of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to the extent that such Options were vested and exercisable on the date of the Participant's such termination of employment or service, the Participant may exercise his or her Option within such period of time ending on the earlier of (a) the date 3 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate; 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;(2) the Options, to the extent not vested and exercisable on the date of the Participant's termination of employment or service, shall terminate upon the Participant's termination of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Forfeiture of Options</u>. All unexercised Options shall be forfeited to the Company in accordance with
 the terms and conditions set forth in the Award Agreement and again will become available
 for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Incentive Share Options</u>. Incentive Share Options may be granted to Employees of the Company or
 any Affiliate. The terms of any Incentive Share Options granted pursuant to the Plan, must
 comply with the following additional provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Individual Dollar Limitation</u>. The aggregate Fair Market
Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable
by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any
successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation,
the excess shall be considered Non-Qualified Share Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exercise Price</u>. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However, the
exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten
percent of the total combined voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company may not
be less than 110% of Fair Market Value on the date of grant and such Option may not be exercisable for more than five years from 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;iii. <u>Expiration of Incentive Share Options</u>. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of
the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Right to Exercise</u>. During a Participant's lifetime, an Incentive Share Option may be exercised only by the Participant.

7. **<u>Restricted Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Restricted Shares</u>. Subject to the terms and conditions of the Plan, the Administrator,
 at any time and from time to time, may grant Restricted Shares to Service Providers in such
 amounts as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Restricted Shares Award Agreement</u>. Each Award of Restricted Shares will be evidenced by an Award
 Agreement that will specify the Period of Restriction, the number of Shares granted, the
 purchase price of the Shares, if any, and the means of payment for the Shares, vesting criteria,
 transferability restrictions, and such other terms and conditions (which need not be identical
 among Participants) as the Administrator will determine in its sole discretion. Restricted
 Shares granted pursuant to the Plan may be evidenced in such manner as the Administrator
 shall determine. Unless the Administrator determines otherwise, the Company shall instruct
 the transfer agent to register the Restricted Shares under the name of the Participants when
 the restrictions on such Restricted Shares have lapsed. If at the approval of the Administrator
 certificates representing Restricted Shares are registered in the name of the Participant
 before the restrictions on such Restricted Shares have lapsed, certificates must bear an
 appropriate legend referring to the terms, conditions, and restrictions applicable to such
 Restricted Shares, and the Company may, at its discretion, retain physical possession of
 the certificate until such time as all applicable restrictions lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Terms and Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Vesting Conditions</u>. During the Period of Restriction, Restricted Shares shall be subject to forfeiture
 arising on the basis of such conditions as the Administrator may determine in its sole discretion.
 Any such risk of forfeiture may be waived or terminated, or the Period of Restriction shortened,
 at any time by the Administrator on such basis as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Sale Price</u>. Restricted Shares may be sold or awarded under the Plan for such consideration
 as the Administrator may determine, including (without limitation) cash, cash equivalents,
 property, full-recourse promissory notes, past services and future services. If the Participant
 is a Director or an Officer of the Company, he or she may pay for Restricted Shares with
 a promissory note only to the extent permitted by section 13(k) of the Exchange Act. Within
 the limitations of the Plan, the Administrator may accept the cancellation of outstanding
 Options or SARs in return for the grant of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>No Voting or Dividend Rights</u>. Unless the Administrator determines otherwise, until the restrictions
 on the Restricted Shares have lapsed, no right to vote or receive dividends or any other
 rights as a shareholder will exist with respect to the Restricted Shares. Unless the Administrator
 determines otherwise, no adjustment will be made for a dividend or other right for which
 the record date is prior to the date when the restrictions on the Restricted Shares have
 lapsed, except as provided in Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Transferability</u>.
 Except as provided in the Plan, Restricted Shares may not be sold, transferred, pledged,
 assigned, or otherwise alienated or hypothecated until the end of the applicable Period of
 Restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Removal of Restrictions</u>. All restrictions imposed on Restricted Shares shall lapse and the Period
 of Restriction shall end upon the satisfaction of the vesting conditions imposed by the Administrator.
 Restricted Shares not previously forfeited 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 establish procedures regarding the
 release of Shares from escrow and the removal of legends, as necessary or appropriate to
 minimize administrative burdens on the Company.

8. **<u>Restricted Share Units</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Restricted Share Units</u>. Subject to the terms and conditions of the Plan, the Administrator,
 at any time and from time to time, may grant Restricted Share Units to Service Providers
 in such amounts as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Restricted Share Units Award Agreement</u>. Each Award of Restricted Share Units will be evidenced by
 an Award Agreement that will specify the number of Restricted Share Units granted, vesting
 criteria, form of payout, vesting criteria and such other terms and conditions (which need
 not be identical among Participants) as the Administrator will determine in its sole discretion.
 The Administrator may include among such conditions the requirement that the performance
 of the Company or a business unit of the Company for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Vesting Conditions</u>. During the Period of Restriction, Restricted Shares Units shall be subject
 to forfeiture arising on the basis of such conditions as the Administrator may determine
 in its sole discretion. Any such risk of forfeiture may be waived or terminated, or the Period
 of Restriction shortened, at any time by the Administrator on such basis as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Time and Form of Payment</u>. Upon satisfaction of the applicable vesting conditions, payment
 of vested Restricted Share Units shall occur in the manner and at the time provided in the
 Award Agreement. Except as otherwise provided in the Award Agreement, Restricted Share Units
 may be paid in cash (equal to the aggregate Fair Market Value of the Shares underlying the
 vested Restricted Share Units), Shares, or a combination thereof at the sole discretion of
 the Administrator. Restricted Share Units that are fully paid in cash will not reduce the
 number of Shares available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Voting or Dividend Rights</u>. Until the Shares are issued (as evidenced by the appropriate
 entry in the register of members 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 the Restricted
 Share Units. 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 11.

9.  **<u>Share Appreciation Rights</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of SARs</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time
 and from time to time, may grant SARs to Service Providers in such amounts as the Administrator
 will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Award Agreement</u>. Each SAR grant will be evidenced by an Award Agreement that will specify the
 exercise price, the number of Shares underlying the SAR grant, the term of the SAR, the conditions
 of exercise, vesting criteria and such other terms and conditions (which need not be identical
 among Participants) as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price and Other Terms</u>. The Exercise Price for the exercise of an SAR will be no less
 than the Fair Market Value per Share on the Grant Date. No SAR shall be exercisable on or
 after the tenth anniversary of the Grant Date. Notwithstanding the above or any other term
 in this Plan or any Award Agreement, Shares shall be issued pursuant to exercise of an SAR
 at a price at least equal to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Time and Form of Payment of SAR Amount</u>. Upon exercise of a SAR, a Participant will be entitled
 to receive payment from the Company in an amount no greater than: (i) the difference between
 the Fair Market Value of a Share on the date of exercise over the Exercise Price; times (ii)
 the number of Shares with respect to which the SAR is exercised. An Award Agreement may provide
 for a SAR to be paid in cash, Shares of equivalent value, or a combination thereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Performance Units/Shares</u>. Performance Units and Performance Shares 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/Shares granted to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Value of Performance Units/Shares</u>. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Performance Objectives and Other Terms</u>. The Administrator will set performance objectives or other
 vesting provisions. The Administrator may set vesting criteria based upon the achievement
 of Company-wide, business unit, or individual goals (including, but not limited to, continued
 employment), or any other basis determined by the Administrator in its discretion. Each Award
 of Performance Units/Shares 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Earning of Performance Units/Shares</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Form and Timing of Payment of Performance Units/Shares</u>. Payment of earned Performance Units/Shares
 will be made as soon as practicable after the expiration of the applicable Performance Period.
 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Cancellation of Performance Units/Shares</u>. On the date set forth in the Award Agreement, all unearned
 or unvested Performance Units/Shares will be forfeited to the Company, and again will be
 available for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Section 162(m) Performance Restrictions</u>. For purposes of qualifying grants of Performance Units/Shares
 as "performance-based compensation" under Section 162(m) of the Code, the Administrator,
 in its discretion, may set restrictions based upon the achievement of certain performance
 Goals. In granting Performance Units/Shares which are intended to qualify under Section 162(m)
 of the Code, the Administrator will follow any procedures determined by it from time to time
 to be necessary or appropriate to ensure qualification of the Award under Section 162(m)
 of the Code.

11.  **<u>Adjustments; Dissolution or Liquidation; Merger or Change in Control</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Adjustments</u>.
 In the event of any dividend, share split, combination or exchange of Shares, amalgamation,
 arrangement or consolidation, spin-off, recapitalization or other distribution (other than
 normal cash dividends) of Company assets to its shareholders, or any other change affecting
 the shares of Shares or the share price of a Share, the Administrator shall make such proportionate
 adjustments, if any, as the Administrator in its discretion may deem appropriate to reflect
 such change with respect to (i) the aggregate number and type of shares that may be issued
 under the Plan (including, but not limited to, adjustments of the limitations in Section
 3); (ii) the terms and conditions of any outstanding Awards (including, without limitation,
 any applicable performance targets or criteria with respect thereto); and (iii) the grant
 or exercise price per share for any outstanding Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Dissolution or Liquidation</u>. In the event of the proposed dissolution or liquidation of the Company,
 the Administrator 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Change in Control</u>. In the event of a Change in Control, all outstanding Awards shall be treated
 as the Administrator (in its discretion) determines, which need provide for treatment of
 all outstanding Awards (or a portion thereof) in an identical manner and may be effected
 without consent of a Participant. Such treatment shall provide for one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Administrator shall have the discretion, exercisable either at the time an Award is granted
 or at any time the Award remains outstanding, to provide for automatic acceleration of vesting
 upon occurrence of a Change in Control, whether or not the Award is assumed or replaced in
 the Change in Control, or in connection with a termination of a Participant's Service
 following a 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;(ii) The
 assumption of any outstanding Awards by the surviving, continuing, successor or purchasing
 entity or its Parent, provided that the assumption of Options or SARs shall comply with section
 424(a) of the Code (whether or not the Options are ISOs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 substitution by the surviving corporation or its Parent of new awards for any outstanding
 Awards, provided that the substitution of Options or SARs shall comply with section 424(a)
 of the Code (whether or not the Options are ISOs).

&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) Full
 exercisability of any outstanding Options and SARs and full vesting of the shares of Stock
 subject to such Options and SARs, followed by the cancellation of such Options and SARs.
 The full exercisability of any Options and SARs and full vesting of such shares of Stock
 may be contingent on the closing of the Change in Control. The Optionees shall be able to
 exercise such Options and SARs during a period preceding the closing date of the Change in
 Control. Any exercise of such Options and SARs during such period may be contingent on the
 closing of the 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;(v) The
 cancellation of any outstanding Options and SARs and a payment to the Optionees equal to
 the excess of (i) the Fair Market Value of the shares of Stock subject to such Options and
 SARs (whether or not such Options and SARs are then exercisable or such shares of Stock are
 then vested) as of the closing date of such Change in Control over (ii) their Exercise Price.
 Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving
 corporation or its Parent with a Fair Market Value equal to the required amount. Such payment
 may be made in installments and may be deferred until the date or dates when such Options
 and SARs would have become exercisable or such shares of Stock would have vested. Such payment
 may be subject to vesting based on the Optionee's continuing Service, provided that
 the vesting schedule shall not be less favorable to the Optionee than the schedule under
 which such Options and SARs would have become exercisable or such shares of Stock would have
 vested. If the Exercise Price of the shares of Stock subject to such Options and SARs exceeds
 the Fair Market Value of such shares of Stock, then such Options and SARs may be cancelled
 without making a payment to the Optionees. For purposes of this <u>subsection (v)</u>,
 the Fair Market Value of any security shall be determined without regard to any vesting conditions
 that may apply to such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 cancellation of any outstanding Restricted Share Units and a payment to the Participants
 equal to the Fair Market Value of the Shares subject to such Restricted Share Units (whether
 or not such Restricted Share Units are then vested) as of the closing date of such Change
 in Control. Such payment shall be made in the form of cash, cash equivalents, or securities
 of the surviving corporation or its Parent with a Fair Market Value equal to the required
 amount. Such payment may be made in installments and may be deferred until the date or dates
 when such Restricted Share Units would have vested. Such payment may be subject to vesting
 based on the Participant's continuing Service, provided that the vesting schedule shall
 not be less favorable to the Participant than the schedule under which such Restricted Share
 Units would have vested. For purposes of this <u>subsection (vi)</u>, the Fair Market
 Value of any security shall be determined without regard to any vesting conditions that may
 apply to such security.

12.  **<u>Taxes</u>** .
 No Shares or cash shall be delivered under the Plan to any Participant until such Participant
 has made arrangements acceptable to the Administrator for the satisfaction of any income
 and employment tax withholding obligations under Applicable Laws. The Company or any Affiliate
 shall have the authority and the right to deduct or withhold, or require a Participant to
 remit to the Company, an amount sufficient to satisfy all applicable taxes (including the
 Participant's payroll tax obligations) required or permitted by Applicable Law to be
 withheld with respect to any taxable event concerning a Participant arising as a result of
 this Plan. The Administrator may in its discretion and in satisfaction of the foregoing requirement
 allow a Participant to elect to have the Company withhold Shares otherwise issuable under
 an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required
 to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which
 may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or
 which may be repurchased from the Participant of such Award after such Shares were acquired
 by the Participant from the Company) in order to satisfy all of the Participant's income
 and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of
 the Award shall, unless specifically approved by the Administrator, be limited to the number
 of Shares which have a Fair Market Value on the date of withholding or repurchase equal to
 the aggregate amount of such liabilities based on the minimum statutory income and payroll
 tax withholding rates that are applicable to such supplemental taxable income under Applicable
 Laws.

13.  **<u>Grants to Foreign Nationals</u>** . Awards may be granted to Service Providers who are foreign
 nationals or employed outside the United States, or both, on such terms and conditions different
 from those applicable to grants to Services Providers in the United States as in the judgment
 of the Administrator may be necessary or desirable in order to recognize differences in local
 law or tax policy, and such Awards shall be considered granted pursuant to a non-U.S. sub-plan.
 The Administrator also may impose conditions on the exercise or vesting of Awards in order
 to minimize the company's obligation with respect to tax equalization for employees
 on assignments outside their home country.

14.  **<u>No Rights to Awards</u>** . No Participant, employee, or other person shall have any claim to be
granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Participants, employees, and
other persons uniformly.

15.  **<u>No Effect on Employment or Service</u>** . Neither the Plan nor any Award will confer upon
 any Participant any right with respect to continuing the Participant's relationship
 as a Service Provider with the Company or any Affiliate of the Company, nor will they interfere
 in any way with the Participant's right or the Company's or any Affiliate's
 right to terminate such relationship at any time, with or without cause, to the extent permitted
 by Applicable Laws.

16.  **<u>Effective Date</u>** . The Plan is effective as of the date it is adopted and approved by the Board
 in accordance with the applicable provisions of the Company's Memorandum of Association
 and Articles of Association (the "Effective Date"). The Company will obtain shareholder
 approval of the Plan only to the extent necessary and desirable to comply with Applicable
 Laws (including any applicable exchange rule).

17.  **<u>Term of Plan</u>** . The Plan will expire on, and no Award may be granted pursuant to the Plan
 after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the
 tenth anniversary of the Effective Date shall remain in force according to the terms of the
 Plan and the applicable Award Agreement.

18. **<u>Amendment and Termination of the Plan</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendment and Termination</u>. The Board in its sole discretion may at any time amend, alter, suspend
 or terminate the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shareholder Approval</u>. The Company will obtain shareholder approval of any Plan amendment only to
 the extent necessary and desirable to comply with Applicable Laws (including any applicable
 exchange rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Amendment or Termination</u>. Except with respect to amendments made to the extent necessary
 and desirable to comply with Applicable Laws (including any applicable stock exchange rules),
 no termination, amendment, or modification of the Plan shall adversely affect in any material
 way any Award previously granted pursuant to the Plan without the prior written consent of
 the Participant.

19. **<u>Government and Other Regulations</u>**. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption. In addition, the Administrator may delay or suspend the issuance and delivery of Shares, suspend the exercise of Options or SARs, or suspend the Plan as necessary to comply with Applicable Laws. 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. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company's counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

20. **<u>Corporate Restrictions on Rights in Shares</u>**. Any Shares to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the memorandum and articles of association of the Company. In addition, either at the time an Award is granted or by subsequent action, the Administrator may, but need not, impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales or other subsequent transfers by a Participant, or a holder of Shares acquired pursuant to the Plan, of any Share issued under an Award, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of transfers, sales or otherwise dispositions by the Participant(s) (e.g., a lock-up arrangement with an underwriter of the Company), and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.

21. **<u>Clawback Policy</u>**. Awards granted under the Plan and any gross proceeds received by Participants with respect to Awards granted under the Plan shall be subject to the Company's clawback policy, as amended from time to time, to comply with regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the listing standards of any national securities exchange on which the Company's securities are listed or any other applicable law, rule, or regulation. Clawback can, if applicable and where permitted by applicable local law, be made by deducting payments that will be due in the future (including salary, bonuses, and other forms of compensation). A Participant's acceptance of an Award under the Plan shall constitute such Participant's acknowledgement and recognition that the Participant's compliance with this Section 21 is a condition for the Participant's receipt of the Award.

22. **<u>Governing Law</u>**. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the internal laws of the State of New York, without giving effect to principles of conflicts of laws.

23. **<u>Section 409A</u>**. To the extent that the Administrator determines that any Award granted under the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related U.S. Department of Treasury guidance (including such U.S. Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines is necessary or appropriate to (a) exempt the Award from Section 409A of the Code and /or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Top KingWin Ltd**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, $0.0025 par value per share | (1) | Other | 1081267 | $0.3650 | $394662.46 | 0.0001531 | $60.42 |
| Fees to be Paid | Equity | Class A Ordinary Shares, $0.0025 par value per share | (2) | Other | 284481 | $0.3650 | $103835.57 | 0.0001531 | $15.90 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $498498.03 |  | 76.32 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $76.32 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional ordinary shares of the Registrant that become issuable under the Registrant's 2025 Equity Incentive Plan (the "2025 Plan") in respect of the securities identified in the above table by reason of any stock dividend, stock split, recapitalization, or other similar transaction effected without the Registrant's receipt of consideration that increases the number of the outstanding ordinary shares of the Registrant. Pursuant to Rules 457(c) and (h) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated for the purpose of calculating the amount of the registration fee and are based on the average of the high ($0.37) and low ($0.36) sales price of the Registrant's ordinary shares as reported on the NASDAQ Stock Market on August 11, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional ordinary shares of the Registrant that become issuable under the Registrant's 2025 Equity Incentive Plan (the "2025 Plan") in respect of the securities identified in the above table by reason of any stock dividend, stock split, recapitalization, or other similar transaction effected without the Registrant's receipt of consideration that increases the number of the outstanding ordinary shares of the Registrant. Pursuant to Rules 457(c) and (h) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated for the purpose of calculating the amount of the registration fee and are based on the average of the high ($0.37) and low ($0.36) sales price of the Registrant's ordinary shares as reported on the NASDAQ Stock Market on August 11, 2025.